A Review of TraderXP and Their Business Practices
Should I Use TraderXP for Binary Options Trading?
TraderXP is a well known binary options trading platform. They're well known not because they have a superior platform or provide good service to their traders. They're well known because they are a marketing machine. They spend a lot of time and money attracting new traders to their business because they always need new traders to replace the ones they have already used up. By used up, we mean they have taken everything that was deposited into their accounts. When asked what we think of TraderXP, our answer is simple. In our opinion, TraderXP is a total scam!
Reviews From Former TraderXP Customers:
"TraderXP is very good in asking for your money. But when you want to withdraw they delay and try to stall the payment. I have proof to show that my withdrawal took more than one month (but deposit takes a few hours by credit card)."
"They have a few people who will advise to take certain position(s). Their performance is as good as flipping a coin. Send me a note for a proof or ask them directly for a record of their performance."
"Even when I made complaint they playing around without answer. They always delay everything except your deposit. The server always problem and they do not care about customer complaint but what they do ended the session without reasonable answer."
"Big cheaters. They don't let you get your money back. Save your money. Better give it to charity than to criminals."
"They are a new form of Bucket Shop. They will lure you to invest there by providing false information and then do all crazy things to stall returning your money (provided that you did not loose your money by then with those people's recommendations and almost everyday calls to take positions). Try withdrawing your bonus to see their true face. Is there a way that we can seek legal action against these bunch of swindlers?"
"It took them over 2 months to release my money from my account when I asked for a withdrawal. Also I called a government office here and I was informed there are other victims to this company who lost their money because of their fraud. They may be under investigation from multiple different agencies. These guys are a scam!!!"
What can expect from TraderXP:
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Dragging their feet and/or ignoring your request to remove money from your account |
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Terrible or non-existent customer service |
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Manipulating trade data to turn your winning trades into losers |
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Sales people posing as advisors to give you bad trade recommendations so you lose your money |
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Constant stream of emails and phone calls to try to get you to add more money to your account |
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Eventually, an empty trading account |
While TraderXP is a complete scam, this doesn't mean binary options are a scam. If you open an account with an ethical, honest broker, and you're good with short-term technical analysis, you can make a lot of money with binary options.
If you're going to trade binary options there are plenty of legitimate, ethical brokers to choose from. We feel that Global Option is by far the best one.
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