Tropical Trade is perhaps one of the most recent binary options brokers that opened its doors to the public in January 2016. This new binary options broker is solely owned by FLY Limited which is located at Stoney Ground, Kingston in St. Vincent and Grenadines. It is not surprising that this new broker does not have a trading license yet because most brokers, who have in the industry for long, are actually not licensed.
What makes this broker attract investor confidence is the fact that they have an official mailing address which many traders see as reliable due to the fact that they can easily be accessed in case of queries and concerns. TropicalTrade accepts traders from the US mainly because they are not licensed and regulated by any authority. But this might change depending on which regulatory authority they will subscribe to.
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TropicalTrade operates on the Panda Trading Systems software for binary options which avails more that 100 trading assets to investors. It offers standard returns of 81 % on the conventional High/Low binary options. This system also offers other types of trading options which include the Range and the One Touch binary options. Also featuring in this trading system are the 30 seconds, 60 seconds, 2, 5 and 10 minutes options which are available for high speed traders.
Forex traders in this platform are treated to a wide variety of currencies which include all the major cross on the US Dollar, Euro, New Zealand Dollar, Swiss Franc, Canadian Dollar, The British Pound, and the Turkish Lira among others.
In order to open a new account with TropicalTrade one needs to make an initial minimum deposit of 200 Dollars. This is a fairly attractive amount compared to other brokers who actually require a deposit of 250 Dollars and above. The broker will give 5 Risk Free Trades to new account holders to familiarize themselves with the trading platform. The highest payout for the High/Low type of trading is an impressive 85% but this will depend on type of option traded and also its expiry time. In some cases the payout can slide to as low as 60%. They offer a minimum trade size of 5 Dollars and a maximum of 10,000 Dollars.
Customer service and support
The broker offers a very comprehensive and complete support for traders who are on its platform. Among the various support tools on offer include the live chats features. This support system offers assistance to traders on matters relating to updating of account information, withdrawal policies, contacting the support team and many other general queries. All these are to be found on their website. In case of further clarifications or a more specialized kind of concern the support team can be contacted through email and on the phone.
As earlier mentioned, TropicalTrade uses the Panda Systems trading platform which offer traders various tools to enable them generate higher profit margins on their investments. This platform is a 100% web-based platform that doesn’t require any downloads or installations. Its user interface is simple and this allows traders to access information quickly. This goes a long way in ensuring that they make informed decisions and fully optimize their performance in the market. The trading platform offers a payout ratio of between 70% -1500%. When all of its trading assets are clumped together, it forms a very large pool of trading assets which include Market Indices, Stocks, Commodities and Currencies. This trading platform has four different trading options to choose from. These options include
The High/Low trade – Where one is expected to choose an asset from the list and use the appropriate tools to predict whether the prices will go up or go down.
Range option – This option lets you place a trade which will expire within certain parameters that are dictated upon by the system.
One Touch – Allows one to determine whether the price of an asset will hit a lower or upper target within a specified time period.
Hyper – This offers a range of short expires whereby one has to make price predictions within the given time period. It enables traders make a multiple number of trades within a very short span of time.
Bonuses and account types
As part of its marketing and promotional venture, TropicalTrade features two types of bonuses which can be chosen by new traders trading in its platform. These bonuses are the 100% bonus and 5 Risk Free Trades. However, traders are advised to read the terms and conditions of these bonuses before they accept them to avoid disappointments when it comes to withdrawing such bonuses.
This broker operates a number of trading accounts which are tailored to the specific needs of their customers. They cater for every type of trader imaginable starting from the new ones to the most seasoned ones. Account types that are operated by Tropical trade are;
Basic account – This is a good account for new traders in binary options and those with scant knowledge about the trade. It has maximum deposit of 1,000 Dollars and this restricts huge losses from new traders.
Professional account – Especially suited for traders with a little bit of knowledge about the trade. It has a maximum deposit of 5,000 Dollars which gives them leeway to perform more trades and minimize their risks at the same time.
Expert account – With a deposit amount of up to 10,000 Dollars this is probably the most popular account by TropicalTrade. It is suitable for those who have vast experience in this type of trade and gives them room to explore the various trading options.
VIP account – This is an account which is highly suitable for seasoned traders and has a maximum deposit amount of 25,000 Dollars. With this amount traders can execute large volume trades on a wider scale.
Corporate account – This is suitable for corporate customers who operate at the company level and has no limitations in terms of the deposit amount.
Signals and trading robots
TropicalTrade is well known for its trade signals which are offered free of any charges. The signals specifically feature breaking trades and provide useful information to any trader. They give information relating to the performance of assets and also which asset values are likely to slide or rise. Traders can utilize these signals to increase their chances of making handsome returns.
In their trading system, TropicalTrade features a built-in trading facility that has the follow feature. This is more or less a type of social trading tool where traders can observe other traders and imitate their trading actions. The trading platform does not have a trading robot that is integrated into it.
TropicalTrade understands the importance of providing security and privacy especially with regards to financial information and transactions of its customers. They safeguard personal and banking details of their customers by a system that is secure and operated by professionals in the field. Like other brokers, they have also incorporated the SSL encryption system.
Deposits and Withdrawals
The minimum deposit amount on this platform is 200 Dollars which can be effected using various methods. One can be able to make a deposit using credit and debit cards. Cards that are used here include MasterCard, Visa, Switch, Solo, Delta, Diners Club and many more. One can also use Neteller and bank wire to affect both deposits and withdrawals. The broker has a maximum withdrawal limit of 20,000 Dollars which is quite a sizeable amount especially to individual traders. The depositing and withdrawal process is quite simple but the trader has to follow the laid out regulations in ascertaining and authenticating his/her account. A withdrawal request can only be sent once the account is fully authenticated.
Accounts are offered in a number of currencies including the British Pound, The Dollar, Canadian Dollar and the Australian Dollar. The broker also offers a free demo account to new traders who are hesitant in trying out trades right away.
When trading in binary options, it is important for a trader to be well informed about the operations in this type of trade. Well-informed traders perform exceptionally well in terms of returns on their investments. That is why TropicalTrade has invested heavily on the TropicalTrade Academy. It has experienced and well seasoned traders who show others how to analyze prevailing market trends and how to be able to identify wise investments in the binary options field. They help to educating others on good money management strategies and the ability to minimize risks when trading. This goes a long way in enabling struggling traders to come up with great trading strategies and build a very good trading portfolio.
TopicalTrade also offers a one-on-one training session with one of their traders who actually guide traders that are in need to set out on the right path especially in relation to the binary option trade. The broker also features a library full of eBook and training videos which are a huge resource base to most traders. This is not only targeted for the newbies in the business but also the seasoned and advanced traders who from time to time need to re-orient themselves with the prevailing market conditions.
This broker is relatively new in the industry and has currently no mobile app for trading. It is whispered that plans are underway to integrate this very crucial platform into their system for the Android, iPhone and iPad mobile apps. The mobile platform is very useful because it enables traders to perform trading activities anytime even when they are on the go.
Scam or not?
Checking on this broker, one can state conclusively that they are not definitely a scam but their trustworthiness actually hangs in the balance because of several factors. There have never been serious customer complaints about this broker for the short duration of time they have been in the market. What actually makes most traders to be wary of this particular broker is the fact that they are not licensed nor regulated by any authority.
Many traders are also cautious about free trading signals like those that TropicalTrade is offering. Some take them to be just random number generators which have no capability of actually interpreting trading trends on the ground. This is especially so when it comes from an unlicensed broker like TropicalTrade. We are not saying that this broker generates random numbers but the apprehension occasioned by relatively new and unlicensed brokers justifies this point. Even seasoned brokers have disclaimers such as ‘simulated results do not represent actual trading’ in relation to their trading signals. It is therefore prudent for traders to actually investigate the authenticity of these signals before they decide to use them in their trading activities.
This mere fact alone is enough to keep traders out of this brokerage because it is so unsafe to put money in a broker that does not meet the minimum market standards not to mention the various cases of rip-offs that have been reported in this industry in the recent past. However, all is not lost for this broker because based on customers reviews, they only need to fix the licensing issue and this might help them to hit the ground running.
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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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