FTrade is a somewhat new entrant in the Binary options brokers business having begun its operations in 2014. The company is under Binext Global Ltd and operates from their main offices in Anguilla, Marshall Islands. According to their website, they have 100 staff in their offices in Anguilla and the one in the UK. In this review, we put forward all the facts about the self-proclaimed World’s Best binary options broker and try to find out if it’s true or if they are the exact opposite.
First off, the FTrade trading platform is the innovative and well liked SpotOption platform which in this case is available in English, Arabic and Russian languages. To this effect, the awesome user experience on this platform should not be credited to FTrade as it is the full effort of SpotOption and FTrade do not add any significant value to it to make it unique. But we have to admit that the system is put forward in a simple, clear way with a user friendly interface designed to make your experience trading in binary options and robots enjoyable. The bonus rates are fairly good and the average returns of above 81% are largely the same as with other brokers.
FTrade do not have any license from any financial regulator and haven’t made any move to do so yet, a big red sign here. In other disappointing news, traders from the United States should not consider FTrade a choice as it is not legally permitted to accept clients from there. Tough luck!
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You had most probably read through hundreds of reviews on trading on the SpotOption platform but that varies depending on the broker as each firm can add or remove features from the platform to make it suit their plans. FTrade has done neither of those and their trading area is what you would normally expect to find on a SpotOption platform. You will find the usual binary options like High/Low and the SpotOption specials One Touch, Long Term and Ladder. To break it down, High/Low also called the call/put option is where you put your money on whether a given asset will rise or fall in value at the end of the specified time. In One Touch, it applies the principles of high/low but in this case the time frame does not have to expire as the value needs to only hit your given strike price once for you to get returns.
The long term option is a favorite of pro traders who are not into making rash decisions and want the asset’s performance in the market to twist and turn and finally hit their predicted price value. Due to its high chances of raking in big payouts, more and more traders are adopting this as a mid to long term investment.
The smallest trade you can make with FTrade is $25 but the 60 Seconds option is open to trades of as little as $5. This is attractive to the traders who are not yet sure about the credentials of FTrade and want to test them out without risking too much of their money.
Another thing to note is that the SpotOption platform is 100% based on the web and no download whatsoever is required, just a password and an email for login purposes. This is a good thing as anyone with an Internet connection can trade in the system in whatever Computer they have access to. This just screams convenience and flexibility in it and is a good development especially to traders who keep traveling about.
Realizing the importance of mobile gadgets like phones, iPhones and tablets, FTrade have duly created a mobile app with more or less the same features with their web platform. The only difference being that the app is tailored for use in the small mobile screens.
Through the app, as with the web version, you get regular market updates and binary signals free from the broker, access to well detailed charts and graphs, your full trading activity report for a certain period and also be able to monitor the trades using the complex algorithms present.
On your mobile phone you can get more information on an asset that you wish to trade in and also get to choose the Binary option you want and make trade(s), all from a simple swap on the screen.
Types of accounts
Bad news for new traders here, FTrade does not have demo accounts which beginners are recommended to try out as a learning material and to test whether the features appeal to them or not. That notwithstanding, there are several account types offered by FTrade according to the deposit amount. Registration is free by the way.
Mini account – The most affordable and easiest to open account at FTrade with a minimum required investment of only $200. The bonus for this is set at 20%
. This is kind of small but you wouldn’t expect more from a basic account. You also get some basic education about binary options, what it is and trading terms used.
Basic account – It goes for $500 for which you are awarded 30% bonus and you are eligible to receive the next part of trader education from the Education Center. Other benefits include the candlestick charts which are pretty helpful.
Standard account – This is the account for semi pro traders and to some extent even beginners and experienced traders will feel at home here. To open a standard account you will need an investment of $1,000 of which the firm will pay you 40% as bonus. The educational materials found are more advanced and include one on one professional training in strategy and bankroll management. On top of it all, you get a personal account manager.
Executive account – Coming For $5,000, this account is for the boss traders and comes with advanced learning material, personal broker, 3 trading strategies and get all your trades professionally analyzed. Not forgetting the 50% bonus on the deposit.
Corporate account – The most lucrative account available will set you back $10,000 in initial investment and get paid back 75% of this in bonuses. What’s more, you don’t have to sign up with personal details, your company name and email is enough to set up the account. All the features of Executive Account are available here with only a slight difference in the bonus and the returns from trades.
Apart from bonuses on deposits, FTrade rewards you for referring your pals through their “Refer A Friend” program where you get bonuses as high as $50 when your “friend” opens an account and makes a deposit. This is a good way to increase your account balance with zero risk.
The number of assets that FTrade deals in, currently at around 60, is definitely not the best or the biggest in the market, in fact it is on the small side. But recent developments indicate that they can, and truly have, improved over time. The more than 60 assets are generously split into the usual 4 categories by name Indices, Commodities, Forex Pairs and of course stocks. Over the few years they have been around, FTrade have upwardly reviewed their asset list to include popular and more appealing assets such as stocks of big global multinationals like Google and Ferrari. We are hoping to see them adding more and more to that list so as to compete favorably with other brokers with even larger asset indices.
The minimum deposit amount into your FTrade account is $250 which falls perfectly on the average minimum all brokers require for first deposits. The bonuses on that are largely dependent on the type of account you hold. However, the more the deposit the more the bonuses you get irrespective of the account type. As with most of the brokers, credit card deposits are accepted using the primary card providers like MasterCard, Visa, Maestro and the rest. If you are the traditional type, you can deposit funds to your account using the more conventional bank wire transfer while the fancy tech savvy traders can make use of various ewallet money transfer methods such as WebMoney.
The broker fully assures you full security for your finances as it has tough Anti Money Laundering policies in place and their banking software uses the modern SSL technology which is being used by banks worldwide to secure their systems.
The withdrawal process is always a strictly controlled one across all brokers. First you will be asked to provide due identity documents like a valid passport, driving license or a government issued identity card and a utility bill that has your name in it and has been mailed to your current home address and which should be at most 3 months old. Accepting the bonuses given out by the brokers naturally comes with its own conditions one of which demands that you make a trade volume of about 30 to 40 times the bonus amount. Most people, even with other brokers, disregard this clause and go ahead to loudly complain how the broker locked their money in after accepting the bonus.
Withdrawals generally take less than 5 business days to be processed after all the withdrawal terms and conditions have been met and identity verification is made. This is a big miss by FTrade as we expected them to have fast withdrawals for the simple reason that they are a new firm.
As binary options grows and attracts more people, the need to educate these people on the fundamentals of Binary options trading also grows. Every broker has a responsibility of making educational resources available to new traders especially as it is a win-win situation for both of them when the trader is well informed. FTrade has invested heavily in its education center to turn it into a spring of knowledge for their clients. There are numerous videos on different aspects of the trade, tutorials and eBooks are featured heavily and address a variety of issues from introduction to binary options, to best winning strategies to employ, to how to manage your money.
Personalized one on one training for premium account types are also available. In these, the trader gets educated based on his/her level of experience with less experienced traders getting basic introductory education which gradually becomes advanced as they gain more skills and experience.
In any review of Binary options brokers, it cannot be deemed complete without looking at the customer service, which is above all the most important feature of any legit broker. FTrade provides support to its clients for a select number of hours per day, nothing wrong with this but if they want to retain and attract members they should consider making 24/7 support a reality.
Anyway, there are several ways you can contact FTrade and one of them is via email at Support@Ftrade.com. This doesn’t assure you of the fastest replies out there but a little patience always helps. Voice calls can be made to their UK phone number +44 203 318 1472 or you can live chat by visiting FTrade.com.
We must give props to FTrade for coming in and claiming a part of the market in such a short time. They are not a perfect fit but they have made, and are continuing to make major improvements to their features and services.
You are advised to go through this, and other reviews from customers themselves before you make any decision for or against FTrade. It is very tricky dealing with unregulated brokers as taking legal action against them is next to impossible.
Is there a way out?
Contrary to what you may think, most likely from past experiences, binary options can be profitable too. Oh, and you don’t have to be a pro to make money from it. Binary Option Robot is a new fully automated trading software built specifically for people who have lost money due to shady advice from their brokers and are tired of it. It is also for the traders with little trading knowledge who are thinking they can’t make it because of that. And no, the software does not need to be downloaded; there goes all your worries about complex software installation processes. The robot’s signals have an accuracy level of almost 90% which is very rare to find elsewhere. You are always almost assured of winning trades. Why not try it out?
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Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.
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