Update (January 30, 2017): I just found out that TradePlus closed down. Feel free to visit our Recommended Brokers page for alternatives.
TradePlus.com is a relatively new binary option brokerage, founded by people who claim to have considerable knowledge and experience in binary option trading and in the ways of the binary options industry. Nowadays, new binary option brokers start out by sorting out their regulatory status – a very good approach indeed for all those involved. Despite its tender age, Trade Plus is regulated too. It has a license from the VFSC (Vanuatu Financial Services Commission), and its offices are apparently located in Kingstown, in St Vincent and Grenadines. Those who want to contact the operator for whatever reason, can do so through a UK phone number (+44-2070480506) and an email address (email@example.com).
According to the TradePlus crew, the aim of the operation is to give traders a simple, secure and potentially rewarding way to use their preferred financial instrument. Every financial move made at the site is protected by top-notch encryption. The terms and conditions attached to the services offered by the site are straightforward, with no hidden provisions regarding price-manipulation and profit-reduction on the part of the broker.
The operation prides itself on the fact that it doesn’t push any aggressive marketing tactics. TradePlus’ clients will not be called unless they expressly request it, and the policies regarding express withdrawals make it easy for everyone to cash out in a timely and hassle-free manner. There is a security verification process which needs to be completed before withdrawals can be made, but once it’s out of the way, traders will be able to get money out of their TradePlus accounts at a whim.
The Trade Plus Platform
The trading platform used by TradePlus.com is the Market Pulse one. While this technology provider isn’t quite as popular as SpotOption, the trading package it delivers is very impressive indeed. It too is focused on simplicity and straightforward communication between client and service provider. At TradePlus, even those without any kind of financial and trading experience can be trading away within minutes. Trading tools are available too, meant to help traders with market analysis and trading in general. There are all sorts of charts and technical indicators included in the package.
The Market Pulse software makes trading through mobile devices like tablets and smart-phones possible too. In fact, the various mobile versions of the trading platform are just as capable as the “main,” PC-based trading interface.
TradePlus Free Demo
On top of all the above, traders can access a free demo account at TradePlus too, which not only allows them to put various features of the platform to the test, but also proves handy in the testing of trading strategies, in a risk-free environment. Furthermore: practice mode can be used as much as one really wants to use it. Even if one has already switched to real money trading, the option to switch right back, is always there.
To make a long story short: software-wise, TradePlus makes the cut without problems.
The TradePlus payouts are indeed some of the best in the industry. They can apparently be as high as 100% on some options (like Daweda Exchange,) although this is probably only available on a few select options/expiry times. Still, even in a general sense, the payouts are much higher at TradePlus than the industry-average.
Although TradePlus keep mentioning a “huge” selection of tradable assets in several spots throughout their website, it turns out that this selection isn’t all that huge after all. They apparently cover 30 such assets, which include the most popular currency pairs, stocks, commodities and indices.
Despite the unimpressive nature of this selection, this isn’t likely to be a problem for most traders. Indeed, unless one comes along looking to trade through a very specific strategy that calls for a very specific asset that isn’t covered at TradePlus, no such problems will occur.
The featured option types carry a far greater potential impact on one’s trading strategy than asset-selection. Unfortunately, TradePlus do not excel in this regard either. While they cover a wide range of expiry-times, their options are restricted to classic High/Low and Spread High/Low options. The latter do carry payout rates of up to 100%, so that makes up for the lack of variety.
Expiry-wise, we’re looking at 30-second, 60-second and 120-second options, all the way up to 3 minutes and 5 minutes. Long term options are also available.
This is one area where TradePlus is truly at the top of its game. Few other binary option brokers can match what they offer in this regard. The minimum on one’s first deposit is just $50, while the minimum on trades is $10. What this means is that with a single minimum deposit, one can make 5 trades – not exactly an ideal setup. They could’ve gone for $1 minimums on trades, or $5 ones, to make the deal truly attractive.
Some will argue that no one serious about his/her trading effort will go for a $50 deposit, but the fact that the minimum is this low, creates a lot of flexibility. Plus, there are indeed people who will take the site up on its $50 offer. This is in fact the feature that has made TradePlus very popular in countries like Malaysia, the Philippines and Indonesia.
The only great broker that offers a lower minimum deposit and minimum trade is IQ Option, with a $10 minimum deposit and a $1 minimum trade.
TradePlus aren’t really keen on educating their traders for the time being. Unlike some of the other brokers, who have whole website-sections dedicated to the education of their traders, including video series, eBooks and strategy articles, TradePlus only have a brief description about binary options. This description isn’t particularly exhaustive either.
Given the requirements of the ESMA (the EU’s foremost financial regulatory agency), bonus deals have been quickly going out of style with CySEC-regulated brokers. One has to bear in mind though that TradePlus is not CySEC regulated, and they are therefore not impacted by the ESMA’s directives yet. They offer their traders a 100% match on a minimum deposit of $50, which means that those who make such a minimum deposit, will have $100 to trade with. The bonus is advertised as a “no strings attached” one, which should in theory mean that it carries no turn-over requirements. However, even in this situation we do not recommend accepting any bonuses.
The TradePlus.com website is currently available in English and Arabic, and there are apparently plans to add more languages in the future.
TradePlus Review Conclusion
TradePlus’ regulatory status does not cover its operation in any of the EU countries. It cannot legally accept traders from the US either so if you’re in the US, we still don’t have a better solution for you than Nadex. Other than that, the site is a decent – albeit very new – trading destination, with extremely attractive minimums on deposits and trades. The fact that it’s very popular in Asia reflects its regulatory coverage well. The Market Pulse trading platform is decent, though it definitely leaves room for improvement in regards to underlying asset- and option-type selection.
We will wait to hear from traders who have actually tried and traded with TradePlus before we add this brand to our Trusted Brokers List. Please let us know by leaving a comment below this Tradeplus Review.