23Traders Promises vs. Reality
As a marketing strategy 23Traders, as with all binary options brokers, promise heaven. All this is intended to lure traders to join and entrust their money with the firm. But what are these “benefits” you get when using 23Traders as your broker? How true are they?
The first thing you notice, on very large letters, when you visit 23Traders.com is a banner that says that you stand to make $532 per minute. Whoa! That’s in straight terms, a lie. $532 is big money, and to promise traders that they will get that amount is an insult to their intelligence. If traders got that even per hour of trading don’t you think 23Traders would be a market leader in binary options trading?
They also promise traders to provide 85% accurate signals as a trading aid. Now, if you ask any trader who has ever used this broker, they will tell you that this is a bit far from the truth. Reality is, the assets trading market is very unpredictable and only a few binary options brokers can predict correctly, or even close, the outcomes. Also, considering the fact that 23Traders is not among the big players in the trade, you can agree that 85% is a bit ambitious.
Shortcomings of 23Traders
While 23Traders are a quite promising brand, they have some major shortcomings that they will need to address to position their brand on top of the others. As of now, the most common traders’ complaints are on one, or several of the following:
- Unavailability of 23Traders in the United States
This is a major disappointment since there is a very large number of Binary options traders based in the States. Not accepting them may be a bad move as there is a lot of money to be made in the American market.
- Customer support
Going by their slogan of “By Traders, For Traders”, one would expect them to have a unique and client-driven customer care team. While they are slightly above average on this, it simply is not good enough. For instance, support is only available in English and Arabic. Yes, a significant portion of the world speaks these two languages but it’s not fair to exclude other languages too. Languages like French, German and Spanish should be present here too as they are spoken by a large number of people worldwide.
The features and quality of the 23Traders support falls right on the expected market standards of 24 hour support, Email, phone call and live chat. No efforts, whatsoever have been made to bring anything new and distinguishable to the table. Traders have been complaining of waiting for extended periods to get their emails replied to which is not good for business at all.
23traders trading program
- Licensing and Regulation
23Traders have been licensed to operate as a financial services provider by the Vanuatu Financial Services Commission (VFSC). This is pretty assuring to know that they have been regulated. However, this is far below the Binary options market standards which require brokers to have a license from the acclaimed Cypress Securities Exchange Commission (CySEC). Since 23Traders is in competition with these brokers, it is a big shame that they do not meet the set quality requirements to earn a license by CySEC.
Traders are advised to check for the licenses a broker has as a test for legitimacy, or lack thereof, as it is with 23Traders.
- Withdrawal policy
This is the major cause of client frustrations about the broker. To start with, they give absolutely wonderful bonuses on deposits, sometimes up to 100%. Perfect, right? Wrong. To be able to withdraw the bonuses, you will need to meet the minimum trade volume of, get this, 40 times the sum of your deposit and the bonus. This practically means that to get a, say $500 Bonus, you will need to have attained a minimum trade volume of $20,000. To make it worse, you have to do this for every single Bonus you are awarded.
In all honesty, the minimum trade volume is a good and commonly used measure among binary options trade brokers. However, the ×40 wagering requirement by 23Traders is unreasonably high seeing as some brokers have set it at ×20.
Secondly, the long periods of up to 5 days taken to transfer withdrawals into the trader’s credit, eWallet or bank account are some of the longest in binary options. Some brokers have even gone ahead and introduced Same Day Withdrawals to increase convenience and make their clients happy.
For a broker whose slogan is By Traders, For Traders, 23Traders seem to be headed on the wrong direction.