TradePlus Review

TradePlus Review: Recently, the rise of the binary options trading has opened up the whole new opportunity for the binary brokers and option robots and has added many choices of trading platform and signal providers for the traders. Traders and investors need a dependable partner to get associated and embark on their journey. We assess each and every broker with their pros and cons, in order to make that journey the informed one.

Today, we are going to review a considerably new binary broker named the TradePlus, and provide comprehensive analysis of the same for the readers. Following text, highlights various advantages and disadvantages of using this new broker.

TradePlus Review

TradePlus uses proprietary software to provide safe and convenient trading environment. The platform is designed to give ease of access, and one of the most user-friendly interfaces for the traders. Although it uses indigenous software, it receives the rates through the well-known Forex Capital Markets or FXCM. The website is neatly designed with black, green and white color theme and gives a professional feel. The brokerage house makes it clear through its mission statement to perform fair and square practices. It has transparent terms and conditions which clearly states that there is no hidden commissions or fees on the platform, and traders get what they see.

The trading platform also provides one of the most advanced and real time chartings of assets, allowing traders to perform various analysis on real time basis. The visually soothing graphs encompass some serious tools to analyze technical patterns, trader sentiment, and also alerts the trader through its risk exposure alerts. The company offers analytics to identify the best asset to trade in the session along with risk mitigation through alerts. The years of experience of the promoter is utilized in the platform to provide an ideal trading environment for the traders.

The indigenous platform records all the trading activity of the client and provides details on demand through a simple click. It shows how much customer has deposited in the month along with all the transaction for the month. It also shows withdrawals and trading summary of the customer and provides a simple process for depositing funds through their secure and safe channel.

TradePlus Mainpage

The platform provides limited option type like high – low, high – low spread, short-term and short-term spread for the trading. It provides various assets to trade including currency pairs, commodities and select indices for the traders. The number of assets available for the trading is limited and it is even disheartening that it does not provide long term trading options. It seems that the website targets specific sets of clients for their platforms. The resources available for learning and acquiring knowledge is also limited when compared with competitors in the field.

The broking company requires generic form filling to register and start trading, but a client needs to fulfill Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines to withdraw their funds. The practice account or the demo account also requires going through the registration procedure. The heartening aspect of the broker is that it provides payouts up to 100 percent and offers generous bonuses for loyalty to their clients. The company requires a minimum deposit of $50 and allows you to trade as low as $5. The company limits payment in limited currency only, and all the transactions also happen in the US $ only.

Along with providing a web-based platform, the broking house provides executable software to download and trade on desktops. The company also provides mobile applications for trading in Android powered or IOS powered smartphones.

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Deposits and Withdrawals

TradePlus offers very limited deposit options compared to their competitors. It only includes credit or debit cards and wire transfers. The minimum deposit requirement for the website is $50 which is a big positive compared to many brokers asking to deposit $250 as a minimum deposit amount. The website allows transactions only in the USD compared with various currency options offered by the competitors.

TradePlus is proud of its withdrawal process and provides seamless withdrawal experience to their clients. Currently, the withdrawal process does not have any strings like fees, charges or cap on withdrawal amount but readers are advised to read terms and conditions before enrolling. The company offers fastest withdrawal provided the client has completed the AML and KYC formalities. The company claims that the withdrawals are processed within 24 ~ 48 hours after receiving the request, but the wire transfer can take up to 7 days for the funds to reflect in the client’s account.

The limiting factor is that it offers only two modes of payments, cards, and wire transfers, and same applies to the withdrawals.

Signup and Bonuses

The company offers a fixed deposit bonus of $ 50 on your first deposit without strings. The company does not require to fulfill any trading volume conditions or other trading conditions to utilize this $ 50. The company offers an innovative incentive to their loyal customer through their Loyalty+ package. The company rewards its customer for every $ 10 traded on the platform with 1 bonus point. The broking house also offers lifetime loyalty bonuses which never expires and the traders can utilize to receive further incentive and bonuses from the website.

As soon as you enroll on the site, you become the member of the Loyalty+ program. Each and every trader starts at the basic level of the program and moves the ladder as and when s(he) accumulates the points. Along with offering cash bonuses the Loyalty+ package also provides skill plus cash bonuses to their clients. Following table provides the details about the Loyalty+ package.

The customer needs to reach a minimum level of points to attain levels and also, the customer requires to earn minimum monthly points to stay at that level. As always, please refer the terms and conditions of the website to learn more about their bonuses and incentives.

Payouts and Trading

TradePlus offers payouts up to 100 percent of the investment amount on specific option type, this is a big positive for the brokerage company as it falls in the top bands of the brokers. The number of assets to trade and the number of option types are very limited with the TradePlus, as it offers to trade only in currency pairs, select commodities, and select indices through high – low, high – low spread, short-term and short-term spread, option types.

The limited options are very discouraging and seem very few when compared with the competing brokers who provides several option types and more than 200 assets to choose from. Also, the duration of expiry is limited to only 5 minutes compared to some of the brokers who provides expiry range up to 7 days and even in some cases it can go up to 1 month. So for a long term trader, this is definitely the one you are looking for.

As indicated earlier, the TradePlus platform is optimized for the mobile devices and it comes with android and IOS applications. It also has an executable download file which can be run to have full-fledged application for the desktops.

TradePlus Features

Support

The years of experience of their promoter is reflected in their state of the art customer service. The company can be reached through various mediums of communication including phone, e-mail and live chat. If the client has a specific question he can write in a web-form and the support staff will revert within 24 hours. That’s not all, the client can directly reach the support by dialing a phone number +44 2070 480 506, or e-mailing at support@tradeplus.com.

In the event, if the customer needs an immediate assistance he or she can contact the customer support staff through a web chat which is available at the bottom right corner of the website. The support staff is equipped and knowledgeable to provide immediate assistance through live-chat, round the clock. The best part about the customer service, which is also mentioned in their about us page, is that the customer will never be called for any upsell or deposit. The customer will only be contacted on a specific request from the client.  This is very appealing as the brokerage house does not bother their clients with unwarranted phone calls and only supports their customers when they are requested.

The TradePlus offers its website in Arabic besides in English. This is a limiting factor for the traders of other languages, also, the customer support is offered only in English, which adds to the limitations.

The Company

Seasoned traders got together and have created a binary trading platform, to provide peace of mind and give you one of the most transparent trading environment. The website of TradePlus is owned and operated by TradePlus Limited.

The operating company of the brokerage site, the TradePlus Limited is incorporated in the Republic of Vanuatu. The TradePlus limited is regulated by the lesser known Vanuatu Financial Services Commission (VFSC) of the Republic of Vanuatu under the license number 300 352. The broker restricts the enrollment from the residents of the US, Japan, Canada, New Zealand and MiFID countries.

The Verdict

TradePlus review has revealed interesting aspects of the broking company. The company has developed its own platform implying their strong belief in the business. The company aims to stay transparent in their conduct and which is reflective in no string bonuses and other offerings. The trading platform is reflective of the promoter’s experience of trading and provides a convenient, safe, secure and transparent environment to the traders. The comforting fact is that it is a registered entity and has obtained a license from VFSC (Vanuatu Financial Services Commission), a primary regulatory body of the Republic of Vanuatu. Major discomfort comes from the fact that the website provides limited assets for the trading, and also, it has a limited education material compared to their counterparts. The broker limits the number of options types and also, it allows expiry range only up to five minutes while the binary trading market has many brokers who are offering range of expiries to suit the gamut of traders. The higher payout ratio of up to 100 percent and minimum deposit amount of $ 50 are some of the positives including their Loyalty+ package.

Though the indigenous platform is attractive, it is still a relatively new name in the arena. Although, the company has obtained a license from a regulatory authority, the regulatory authority itself is a lesser known name in the binary market. Hence, we would advise our readers to adhere to the established names like IQ Option, Banc De Binary and Option Robot for their trading requirements, as these brokers have earned their reputation over a considerable period of time with their consistent and world class services and offerings. These brokers are regulated by the established agencies and are consistent in their conduct. Also, they offer entire range of assets and option types to suit each and every binary trader.

Overall, we would advise our readers to stick with the established names and avoid new brokers like TradePlus due to their limited offerings. Happy Trading!

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References and Further Reading

  1. Open Access and the Use of Games Theory in the Studies of Stock and Forex Trading
  2. Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
  3. Accelerating forex trading system through transaction log compression
  4. The forex fixing reform and its impact on cost and risk of forex trading banks
  5. An investigation into the recurring patterns of forex time series data
  6. Optimal Step-wise Parameter Optimization of a FOREX Trading Strategy
  7. Risk avoiding strategy in multi-agent trading system
  8. Lessons from the evolution of foreign exchange trading strategies
  9. The forex trading course: a self-study guide to becoming a successful currency trader
  10. Commodity index trading and hedging costs
  11. Pricing and hedging index options under stochastic volatility: an empirical examination
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Author: Michael Allen

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.