Every trader is on the lookout for a reliable and trusted broker. Our detailed review of Tropical Trade will help traders get the requisite information regarding how this binary options brokerage works. Tropical Trade boasts of large payouts with an excellent customer service for all the traders who wish to make a profit through binary trading options.
- Running since: 2015
- Based in: Kingston
- Software: Panda TS
- Maximum Returns: 85%
- Minimum Deposit: $200
- Minimum Investment: $5
- Maximum Investment: $5000
- Currencies: USD, CAD, AUD, GBP, EUR,
- Mobile Platform: No
- Available in: All nations
- Good deposit bonus
- High returns
- US Trades accepted
- Contains more than 200 tradeable assets
- Minimum investment is low
- Available only in English
Special Features of Tropical Trade
Tropical Trade has a host of account types to appeal to different traders in the market. However, during our check, we discovered that there is not sufficient information given out by them with respect to the different accounts that they have.
It would be better for the traders if Tropical Trade made more information available regarding the account types that they offer, since they have a website that is solely dedicated to them. The customer support agents told us that the bonuses with these accounts are important, since the account mangers are responsible for designating them.
- Minimum deposit up to $1,000
- Welcome Bonus
- Minimum deposit up to $5,000
- Welcome Bonus
- Minimum deposit up to $10,000
- Welcome bonus
- Minimum deposit up to $25,000
- Welcome Bonus
- Unlimited deposit amount
As you may have inferred from the above information, the accounts on TropicalTrade can get quite costly. Thus, it would be better for the user if they knew what was in store for them before they made a deposit in the range of $10,000. In their T&Cs, it is mentioned that the required turnover amount is just x30, which is close to the binary trading average. The minimum deposit limit is $200, while the maximum is $20,000 that can be made with a credit card. However, for those making deposits using wire transfers, there is no such limit.
The TropicalTrade Trading Software
Upon review, we found that they make use of the Panda Platform, which is one of the newer ones in the binary options market. However, it is liked by the traders due to its user-friendly nature as well as how it provides them an overview of the entire binary trading process and binary options robots.
The platform is designed to be easy to navigate and be user friendly, which is important in the world of earning with binary options trading. There is no mobile app for TropicalTrade yet- but one is being promised in the future, which should be done soon as mobile trading gains popularity. The website is also easy to navigate, with all the important sections at the top.
Once a trader signs up, he/she can start trading with one touch with high/low and range/hyper options. Hyper options, also known as turbo options, are also short-term options.
There are 4 commodities on TropicalTrade: copper, oil, gold and silver; 36 currency pairs, 8 indices and 23 stocks. While this may not be the maximum that a binary options broker offers, this is more than sufficient as a starting platform, even more so for the newbies in trading. It allows for simpler decision making and fund allocation with the broker. On the course of testing the platform, we also discovered that there is a social trading option, which can be used for copying the trades of some of the most renowned investors in the market.
TropicalTrade Customer Support
The biggest issue that we found with TropicalTrade was that their website is only available in English. Almost every good trading platform tries to make the essential information available in numerous languages. As per our analysis, they would benefit a lot by making the website available in Italian, Arabic, French, German and Spanish.
There is an Academy Section for educational purposes. However, only users possessing a registered account can access it. There are a few additional sections that anyone can go through. The FAW section has answers to all the basic questions concerning the registration process and trading in general. While it may not be as detailed, it can be used for solving trivial problems and issues.
TropicalTrade Company and Banking Details
It is worth remembering that online financial transactions do have a degree of unreliability associated with them. For staying safe, it is essential that the traders complete some form of identity verification.
There are several options for withdrawal and deposit. Traders can use credit cards, including Diners, Visa & Visa Electron, MasterCard and Delta; or make use of wire transfer. There is no provision for e-wallets yet- which are fast as well as more reliable.
The minimum deposit is fixed at $200, while the minimum withdrawal is just $1. For withdrawals, $25 fee applies to bank transfers, while those done via credit cards are free. After requesting the withdrawal, processing can take up to 5 days- which again is longer than the average. Decreasing this time to at least 3 days would benefit traders, and TroicalTrade should consider that.
On the course of our detailed analysis, we found that Stony Ground, the Grenadines and FLY Ltd, VC0100 St Vincent, powers Tropical Trade. The payment section is taken care of by Cumberland Capital Ltd. and FLY Ltd. manages the website.
TropicalTrade is a versatile and user friendly trading platform with several trading assets, designed to offer value to new traders. They have a helpful and responsive customer support. There are educational resources, though only paid members can access those. TropicalTrade has several types of accounts to offer, and a mobile app is expected in the future. While there may be brokers with many more features, TropicalTrade doe come across as a reliable one for those looking to trade binary options.
- Customer Service: Email and Live Chat
- Languages: English Only
- Trading Options: High / Low, Boundary, 60 seconds, One Touch
- Assets: Currencies, Commodities, Indices, Stocks
- Early close: Yes
- Expiry Times: 30 sec, 60 sec, 2min, 5min, 15 min, End of Day, End of Month
- Deposits and Withdrawals: Electronic payment, Visa, Visa Electron, Diners, MasterCard, Wire transfer,
- Withdrawal Time: 5 business days
- Demo/Trial account: No