Nowadays, more and more binary options brokers are making the move to get regulated by CySEC. In many ways, this is a good thing, but it does come with a huge drawback for USA traders. CySEC does not allow USA traders to participate, so this means that fewer and fewer brokers are accepting USA customers. Out of those who do … well, most of them you should avoid.
- Official Website: https://tradorax.com/
- Headquarters: Marshall Islands
- Phone number: 16469777912
- USA traders allowed
- Trading platform: TechFinancials
Is Tradorax a Scam?
You may be worried that Tradorax is a scam since the broker is unregulated. While regulation is a good sign that you can trust a company, it is not a must for trust. There are other foundations for trust as well. For example:
Tradorax has a well-designed website which actually works. Seriously, I cannot tell you how many binary options brokers I have seen that have buggy websites with errors all over them. It is amazing how little care most brokers put into their services. Tradorax has gone the extra mile to ensure that traders are getting a great experience from the moment they type in the URL.
Tradorax offers features which truly benefit traders. These include risk-free trades on a monthly basis (at the upper account tiers), higher returns on trades, and a free educational center.
Going off of the features they offer and the current feedback found from around the web we are giving them the trusted badge.
Deposit Info – Minimum Tradorax Deposit
You can deposit using your credit or debit card, wire transfer, or Neteller if you want to trade on Tradorax. Your account currency can be EUR, USD, GBP, RUB, or JPY. The minimum deposit is $250 (which will get you a Mini account), but if you want to use wire transfer, you have to deposit at least $1,000. This will get you access to a higher account tier and all the resources that come with it, so it may not be a bad thing if you can swing it. Plus, with a $25 minimum trade, you definitely want to deposit more than $250 for reasons relating to sound money management.
You get one free withdrawal every month. After that, you need to pay a fee. While this is not wonderful, it is not terrible either (and pretty much in line with what most binary options brokers do).
Types of Options Available
There are four types of options you can trade on Tradorax. These include High/Low, One Touch, Boundary, and Short Term. You can trade on your desktop, laptop, or mobile device.
High/Low trades, One Touch trades, and Short Term trades are all very common; most binary options sites offer them these days. When you enter a High/Low trade, you just say whether you believe price will trade up or down from its current level. When the trade expires, if price is doing what you said it would, you win a payout. Short Term trades are just the fast version of that, taking place on a one to five-minute timeframe.
What is a One Touch trade? With this type of trade, you predict that price will reach a certain level before the trade expires. If you are right and that is what happens, you win the payout.
What about Boundary trades? This is one of the things that really excites me about Tradorax. While Boundary trades have been around for years, most other brokers fail to offer them, and they are one of the types of trades which makes binary options a unique opportunity. With a Boundary trade, you wager on price remaining inside a certain defined channel. In other words, you are profiting when price doesn’t move. That isn’t something you can do with traditional stock or FX trading.
Trading and Training Features at Tradorax:
Trade as little as $25, or as much as $5,000. Yes, the lower end of that range is a little higher than it is on a lot of other broker sites, and that is not great—but the upper end is significantly higher than the $1,500 ceiling most sites impose. It is a wider bracket overall, which is a good thing, especially as you grow your account.
Tradorax has a comprehensive Educational Center with training videos to help you learn how to trade. Other useful features include trading signals, risk-free trades, higher payouts for account holders at the upper tiers, and cash back.
There are a lot of promotions on Tradorax. You can get a 200% match bonus on your first deposit and five risk-free trades. You also get trial access to the VIP signals. Judging by the fact that there is a page for promotions, I would not be surprised if Tradorax offers other promotions throughout the year.
What Can You Trade on Tradorax?
Final Thoughts on Tradorax
While I have tried to describe some of the features and extras which make Tradorax superior to so many competing brokers, much of it is in the general design of the site, the information provided, and the TechFinancials platform. The overall quality is just so much higher in every respect. You can really see the time and attention that Tradorax has put into making their site one of the best. The message that sends is simple and clear. This is a company that takes your experience as a trader seriously, which means they also take your business seriously.
In short, I can easily give Tradorax a high recommendation based on my research—especially for USA traders, who otherwise have a very limited selection. Most brokers who still serve USA clients are unregulated, and it shows. This broker may be unregulated, but the company seems to be making up for it by setting their own standards.
Trader Reviews of Tradorax
Have you traded there? What was your experience? Good, bad or inbetween? Please let others know by leaving your ratings and comments below.