One unfortunate thing that binary option trading has come with is the number of scams masquerading as legit binary options software. Thousands of people have made and are still making good money from this trade but scammers are pushing away a good number of would-be investors due to their fraudulent activities. Add this to the out-of-this-world promises that newbies are bombarded with the moment they go to the search engines in search of binary option software and you have a fertile place to rip off people who do not know better. The danger is precipitated by the fact that there is very little international regulation in this fast growing industry. It is therefore important that you do your due diligence before depositing your hard-earned money with fly-by-night scammers.
To get to know what ZoomTrader is about, you need to know the following about the binary options broker:
Created in 2012, ZoomTrader has been around for a long time in binary options trading terms. Domiciled in British Anguilla, this broker tries to make things look easy to traders, probably as a lure to hem in as many investors as possible.
The trading platform on which ZoomTrader operates is the Tradologic platform. It offers a wide range of trading possibilities including Range options, One Touch Options, Touch Up/Down, Turbo and Digital Options.
They promise very impressive returns at 80% on all your trades. This is quite on the high side considering that people who have traded with this broker report much less returns. They will also promise the investors who trade in Bitcoins at the side or full time a return of 67% on their trades.
ZoomTrader offers a demo account for people to try out their software. The downside is that you will need to make a deposit first before you access the demo account. This implies that you will not give the software a test run to help you decide whether to make a deposit or not. In fact, you need to have made the decision to make the deposit before accessing the demo account. If you are the cautious trader who tries a totally free demo first, this is not the software for you.
The Promotions at ZoomTrader
The main promotions with this software are in the bonuses. These bonuses are set at 50% for deposits of between $500 and $1999, a bonus of 75% for deposits between $2,000 and $4,999. A bonus of 100% for deposits that are between $5,000 and $19,999 is awarded. Traders can expect more extra opportunities to earn money with risk free trades. Provided are current market reviews and trading strategies.
While this is what it says in its website, independent reports on the veracity of these promises are yet to be received in numbers enough to generate a firm opinion on the same.
Trading accounts at ZoomTrader
There are four different accounts that you can trade from with ZoomTrader. The bonuses you receive and the benefits accruing will depend on the account you hold. These accounts are:
Bronze Account: The minimum deposit here is $500 and a maximum of $1999. It attracts a bonus of 50% and the benefit of introductory videos.
Silver Account: Deposits of $2000 to $4999 make up this account. Your bonus here is set at 75%. Apart from video courses, you will also receive 2 trading strategies, webinars and market reviews.
Gold Account: This holds deposits of between $5000 and $19999 and attracts a bonus of 100%. Other benefits include introduction videos, 2 risk free trades, webinars, 3 trading strategies, high payouts, same day withdrawals and your own account manager.
Platinum Account: This one caters for deposits in excess of $20000 and gives preferential treatment with all the benefits that the Gold Account offers and more.
Deposits and Withdrawals at ZoomTrader
With this software, depositing and withdrawing is not restricted to specific cards and wireless transfers. You can also deposit in your preferred currency. This raises the pool of traders who can join. It also raises the question of safety and security of privacy and of funds since it looks like anything goes here.
Minimum withdrawals are at $100 and you cannot withdraw unless your bonuses have all been traded. For the silver and bronze account, you will need to wait for at least three days as this is their waiting period. Same day withdrawals are only for Gold and Platinum accounts.
Trading with ZoomTrader seems risky if these red flags are to be considered before you make your first deposit:
Customer support is terrible. There are complaints all over the internet about the poor communication methods the company has. It is probably due to the factthat all correspondence and customer queries seem to be in the hands of one person who goes by the name Jack Moore. This is red flag number one. You would think a large company like ZoomTrader would have more employees to handle customer complaints. This one seems like a lone ranger kind of outfit.
Withdrawing delays have been the constant complaint about this software. There is no reason to delay traders withdrawals beyond what the account requirements stipulate. There are also complaints of traders who have been unable to access their accounts completely. You want to put your money here? Do so at your own risk.
Bonuses are not optional here. They are lumped into your account whether you ask for one or not. The fact that you cannot withdraw with bonuses that are untraded, you will have to wait a while before your money is accessible because you will be forced to trade the bonuses before you can withdraw.
Reports have surfaced of expiry times being extended arbitrarily. This is where you are trading a 60 second option and it does not expire till after more than 40 seconds after the time it was supposed to. By this time, the signal could have changed and you would have lost your money.
ZoomTrader is not a trustworthy software, no doubt about this. The red flags are serious enough to make you think again about giving these people an opportunity to get your hard earned money.
What you need to do
Your only reason for wanting to trade in binary options is to have a good return on your investment. It is for this reason that you should opt for a trading platform where you and your investment are treated with the deserved respect and worth. This software that does all this is the Binary Option Robot.
It is fully automated and the promised returns are not out-of-this-world; they are realistic and achievable as is the testament of so many traders, professionals and beginners who continue to enjoy the true benefits of binary options trading with Binary option Robot.
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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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