Tradorax has been around for more years than a majority of the binary options brokers in the market, and hence, have developed a trading platform that is targeted for mass market requirements. However, there are some pressing concerns faced by existing clients, which may require the broker to revisit its client-interaction strategy for ensuring a better trading experience.
Introduction To Our Tradorax Broker Review
Tradorax is a binary options trading company that has been an integral part of the community for many years. Since its inception, Tradorax has witnessed the frequent changes and evolution that has occurred in the industry and has also been subjected to some of these changes on its own. In the present day binary options market, investments are no longer considered to be a privilege that is enjoyed by a few. In fact, the sheer popularity of binary options market has led to an exponential rise in the number of binary options brokers operating in the market.
We give you our unbiased view into the world of Tradorax trading by discovering the different investment opportunities and trading products offered by the company. The binary options industry, as a whole, sees a larger number of scams than any genuine financial brokerages. Therefore, we make it easier for you, the trader, to investigate the different aspects of Tradorax fees, trading services, payouts, platform features, and the overall reliability of the company. We also incorporate existing testimonials and reviews of authentic clients to provide a better picture for the traders before investing.
Details About Tradorax Ownership & Regulation
It is an established fact that binary options brokers that are serious about their commitment to traders will make it a priority to obtain a regulatory license from any of the popular regulatory organisations in the world. Some of the top-end companies in the market are regulated by leading regulators such as the FCA (UK), the CySEC (Cyprus), the NFA (US), and the ASIC (Australia). Other mainstream companies that have a credible presence in the markets are also regulated by some of the lesser-known regulatory organisations, typically by those located in tax havens.
Despite the general market consensus about regulation, Tradorax hasn’t provided any identifying information about its parent company, regulatory licenses, or the safety of funds. Tradorax has also not provided a physical address neither has the company taken any effort towards informing its clients about the policies that govern the safety of investors’ funds. All the company has ever provided is its 256-bit encryption protocols and some security information that protects its website users from information phishing or virus attacks.
We performed a deeper investigation into the history of Tradorax regulation, and we found out that the company was regulated by the CySEC for a brief period. Regardless, Tradorax is now a non-regulated binary options broker, and we wouldn’t openly recommend trading with a company that seems to be reserved about imparting its official company information to its investors. Regardless, the company has been catering to traders from all over the world, except to traders from the US, and Tradorax has been playing a significant role in the binary options market.
Underlying Financial Instruments At Tradorax
The binary options markets became popular among the retail traders due to the simplicity of trading, and the massive number of financial assets available for trading. While a majority of binary options companies try to limit the number of tradable assets in their portfolio, in order to reduce their overhead costs, Tradorax is among the select few that willingly provides a wide range of instruments that covers the global financial markets. Tradorax clients have easy access to more than 120 assets from the usual markets such as Forex, commodities, stocks, and indices, and are at liberty to choose their financial instrument according to their diverse preferences.
List of Tradorax Assets:
Forex: EUR/USD, GBP/USD, EUR/GBP, GBP/JPY, EUR/JPY, USD/JPY, AUD/USD, USD/CAD, USD/ZAR, USD/TRY, USD/CHF, CAD/JPY, USD/NOK, NZD/USD, AUD/JPY, USD/RUB, GBP/CAD, EUR/TRY, EUR/NOK, EUR/CAD, EUR/ZAR, AUD/CHF, EUR/AUD, GBP/AUD, NZD/CHF, AUD/NZD, CHF/JPY, GBP/CHF, CAD/CHF, USD/MXN, AUD/CAD, USD/CNY, BITCOIN/USD
Commodities: Oil, Gold, Silver, Platinum, Gold/EUR, Gold/Silver, Copper, Gold/JPY, Corn, Coffee, Sugar
Stocks: Barclays, Telefonica, Orange France, Societe General, BBVA, Gazprom, Renault, Sberbank, Tesco, Vodafone, BP, BNP Paribas, AXA, Royal Dutch, Verizon, Google, Apple, Coca-Cola, JPMorgan Chase, McDonald’s, Microsoft, Cisco, Intel, Dell, Amazon, Yahoo, Ebay, Pfizer, IBM, NIKE, EXXON, CITIGROUP, Amex, Baidu, Facebook, Netflix, Priceline, LinkedIn, Disney, GoldCorp, SilverWheaton, Goldman Sachs, Twitter, Adidas, Alibaba, Deutsche Bank, Anz, BHP Billiton, Westpac Banking, Rio Tinto, Sony, Sumitomo, Samsung, ICICI Bank, Tata Motors Ltd, Ferrari, Walmart
Indices: CAC-40 future, FTSE 100-future, South Africa future, SMI-future, S&P 500-future, DAX-30 FUture, IBEX-Future, TADAWUL, BUX, MICEX, RTS, Dow Jones 30-Future, Nasdaq 100-Future, ASX-200 Future, Nikkei 225- Future, Kospi 200, Hang Seng Future, NIFTY-Future, Bombay 30, DUBAI, Qatar Index, Kuwait Index
Tradorax does provide access to some of the most commonly traded instruments in the financial markets, but there are some slight disadvantages when it comes to the outright choice of options. For instance, the broker does not offer any pairs for trading; neither does the broker cover some of the main financial markets from Asia and Africa. Nevertheless, Tradorax should meet the average trader requirements.
Tradorax Binary Options Payouts, Fees, & Features
Trading with Tradorax requires a trader to invest a minimum of €25 or its equivalent in USD or three other local currencies. Tradorax may not be the absolute cheapest binary options broker out there in terms of the minimum investment per position, as most of the leading binary options brokers offer the option to trade from $1. The maximum investment per binary option, on the contrary, is set at €1,500. $1,500 is indeed the average maximum investment offered by most brokers as per industry norms, with only a select few brokers offering an option to invest more than $1,500. Of course, there are brokers that can provide the option of investing up to $15,000 per position, but such a high initial investment is incredibly risky, particularly for larger traders.
Traders may be confused by the broker’s slight typo on its FAQ page that specifies a maximum investment threshold of €15,000. We can confirm that the maximum investment per position is indeed €1,500, and traders are free to open multiple positions, provided the maximum exposure does not cross €2000. Regardless, the Tradorax payouts for investments may vary from 70% to 85%, depending on the underlying instrument. We have to presume that the broker has avoided taking any risks by creating a binary options product portfolio that is capable of matching the payouts and ROI set by the majority of binary options trading companies.
Tradorax will offer higher payouts for other binary options products such as One Touch and Boundary options. These unique options offer payouts as high as 300% but expect the payouts to be in the nominal range of 110% to 250%. The ROI for these exotic options may be slightly lower than the trader’s expectations, but fortunately, Tradorax has done away with any spreads or commissions for trading. There are no fees involved in trading, and the quotes offered by Tradorax are derived straight from the liquidity markets. Of course, there might be slight differences between the real-time market price and the quotes provided by Tradorax, but such an occurrence is common among most binary options brokers.
Tradorax clients have the option of exiting trades prematurely at a smaller profit or loss, provided they satisfy the broker’s terms and conditions. Traders can modify a position after 3 minutes opening a position and at least 5 minutes before the option expiry time. Therefore, short-term positions cannot be modified, and traders will need to choose higher time frames to be able to modify their positions according to their market analysis.
Tradorax Trading Software
The Tradorax trading platform is a customised version of the TechFinancials trading platform and offers a reliable trading interface to invest in binary options, as well as FX/CFD products. The TechFinancials platform is a rather popular trading interface, which is adopted by a number of financial brokerages that deal in binary options trading. The Tradorax version of the platform does not skip out any features. Instead, it offers the same tried and tested formulae that are comfortable for all levels of traders. The choice of both binary options and FX/CFD trading in a single trading platform is indeed a unique aspect of the TechFinancials platform, which provides an additional incentive for traders to diversify their investment strategies.
The Tradorax platform, owing to its TechFinancials origins, is based on a web-trading interface that can be accessed through almost all popular browsers in the market. Traders don’t have to download any software for trading, aside from some support files that are required for audible notifications. The fully online trading platform is indeed a great feature since traders can access their accounts on any device without having to go through the trouble of downloading and installing the trading interface on individual systems. Most of the online binary options brokerages support a web-trader interface, with only a few of them opting for a dedicated installable platform.
Tradorax Mobile Apps
Mobile traders expect their brokers to offer a wide range of mobile apps and access points for accessing their accounts, which is why most companies offer dedicated binary trading apps for iOS and Android operating systems. Tradorax, on the contrary, has only provided a dedicated Tradorax app for the Android OS. iOS users, unfortunately, have to be content with the TechFinancials platform that can be accessed through the web browser. Despite the fact that the Tradorax web trading interface works seamlessly on all types of devices, Tradorax should ensure that both Android and iOS users get access to the best mobile trading platforms.
Tradorax Account Options & Funding
Tradorax has specified a minimum deposit of €250 or 250 units of local currency in USD, GBP, and 20,000 JPY. Tradorax wouldn’t risk specifying any higher deposit requirements, as most companies are aware of the consequences of stipulating higher investment capital for a trading account. Some brokers have even gone to the lengths of specifying a $1 minimum investment for a trading account, which may be far more suitable for smaller retail traders. However, in the case of a Tradorax account, traders will need to invest anything larger than €250 to account for the higher minimum investment per position of €25.
Tradorax has four different account categories for its traders, which are divided into the Mini, the Silver, the Gold, and the VIP account options. The main difference between these accounts is the increased payouts enjoyed by the Silver, Gold, and VIP accounts, which offer 2%, 3%, and 4% respectively. There is also a cashback of 0.5%, 1%, and 2% for the higher account categories, along with an increase in the availability of training materials. Higher account holders also get access to a personal broker and risk-free trades as per their account standing.
Tradorax supports numerous popular funding methods such as Visa, MasterCard, Neteller, Skrill, CashU, WebMoney, QIWI, and Wire transfers. Therefore, customers do benefit from the varied choice of payment options, but the minimum withdrawal is set to €100, along with a limitation to 1 free withdrawal per month. There are also some obvious concerns regarding the company’s antics when it comes to withdrawals, as several traders have reported the company to dishonour its clients’ withdrawal requests with no apparent reason. We have seen several complaints from existing clients, and such problems are mainly due to a lack of regulatory oversight. Regulation indeed plays a vital role in ensuring problem-free withdrawals, but the absence of regulatory licenses does indeed worry potential investors while trading with Tradorax.
Tradorax has one of the highest bonus programs in the market, which offers up to 200% in bonuses, along with free, risk-free trades. Gold and VIP traders can enjoy one and two risk-free trades per month, while other account holders will have to be content with the bonuses available for their initial deposits. As an added bonus, VIP traders can also receive unlimited trading signals, which can help in their trading quests.
Tradorax Demo Accounts
Tradorax does not offer a demo account unless traders are willing to make an initial deposit. Although a considerable number of binary options brokers follow this strategy, a majority of them honour their traders’ withdrawals without any conditions. On the other hand, there are some known issues with Tradorax withdrawals, and it may not be suitable for traders to invest their trading capital with Tradorax for a demo account. The entire concept of a demo account revolves around the trading opportunity offered to traders without making any investment, but it is up to the broker to decide whether they provide the option of a demo account or not.
Contacting The Tradorax Customer Service Channel
Contacting the Tradorax customer department in itself is an easy task, as the broker provides numerous customer interaction channels such as live chat, Skype chat, email, web contact form, and direct phone numbers to the UK, Sweden, Norway, Denmark, South Africa, Hong Kong, and Singapore. Immaterial of the diverse customer support channels, there are still concerns over the approach of the broker towards its existing clients, as the customer service department has been known to block users from accessing the support departments. New traders do get the best in customer service experience, but we only consider a broker to be committed to their customer interaction channels if they are able to meet the demands of their existing clients.
Tradorax Training Resources
The VIP account offers the most comprehensive collection of training resources, followed by the Gold account. The Mini and Silver accounts are primarily basic account choices that do not provide any extensive trader education, but the Gold and VIP account has several VIP benefits such as enhanced personal broker access, in-depth training lessons, and increased profits or payouts. Regardless, all traders get access to the basic education center, and the trading signals package is made available to all traders, except for the Mini account holders.
- Tradorax covers all major financial markets, and offers around 120 different underlying assets.
- Payouts are provided as per the industry standards.
- A high bonus offering for larger traders.
- Robust trading platform that offers excellent online trading access.
- Varied funding methods.
- Not regulated, and there are some serious concerns over withdrawals.
- No dedicated mobile app for iOS users.
- Tradorax does not offer a free demo account for its clients.
- Customer service department does not provide a reliable user experience.
What Is The Minimum Deposit Requirement For A Tradorax Account?
All traders should deposit a minimum of €250, $250, £250, or 20,000 JPY for a Tradorax binary options account. The minimum withdrawal is 100 units of base currency.
Is The Tradorax Platform Reliable?
Yes, Tradorax uses the TechFinancials trading platform, which offers excellent usability for traders through a web browser. Tradorax supports mobile trading through Android apps, but iOS and other mobile users will have to access their accounts via the online browser interface.
What Are The Payouts?
The maximum payout for high/low binary options is 80%, but the payouts may fluctuate between 70% and 85%. Other binary options such as touch and boundary options should qualify for higher payouts of up to 250%.
Is Tradorax Regulated?
Tradorax is not a regulated company, and the company has not provided any information about its official headquarters and country of regulation.