Not approved broker by thatsucks.com
5.9
  • PlatinumTrader

  • Bonus: 100
  • Options Payout: 75-80%
  • Rating: 5.9 / 10
Broker Name: PlatinumTrader
Platform: SpotOption
Founded: 2013
Bonus: 100
Return/Refund: 60-80%/0-10%
No. Of Assests: 62
Regulated:   No
Demo Account: No
Minimum Deposit: 350
US Traders:   Accepted

PlatinumTrader Review

Editor’s Note – Why does Platinum Trader Suck in 50 Words?

 This brokerage doesn’t offer a single viable reason why I should trade with them. The entire experience can be summed up in one word: “Boring”. There is no area where they excel in and it looks like all they did is to purchase a SpotOption platform and to copy everything else from other brokers.

 

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Why PlatinumTrader doesn’t Suck?

I have yet to find a reason, but I promise you will be the first to know… don’t hold your breath though.

 

 

PlatinumTrader Full Review – Shiny and Exquisite? Not Really…

Just as most brokerages out there, Platinum Trader consider themselves a leader of the industry but when it comes to proving it, they fall short. The website doesn’t look too bad, it’s rather clean and well organized and we couldn’t find any major functionality problems, but then again, it’s nothing special. Information about the owning/operating company lacks completely from their website and from their Terms and Conditions. However, Live Chat provided us with an answer: Midmar Trading, a company located in Malta according to the chat representative. However, a Google search showed that a company named Midmar Trading exists in Cyprus but none in Malta.

 

Since things are not very clear regarding who they really are, let’s move on to other stuff: account types. There are three available accounts: Bronze (requires a $250 deposit), Gold (requires $1000 deposit) and VIP (requires $5000 deposit). To be honest I would have expected a “Platinum” account since their name is Platinum Trader but that doesn’t matter so much. Anyway, the information about the minimum deposits listed above comes from their chat representative but their website states that minimum deposit is 350 USD so I think they should get their stories straight. The available educational material is very basic so don’t expect a breakthrough in your understanding of Binary Options. They offer a free e-book, a Glossary (18 words…) and some classic tutorials on how to open a binary trade. As expected, their Daily Market information is a month old… I’m not going to discuss this matter because I am sure you already know my opinion about binary platforms which call themselves leaders but don’t have an up to date Daily Market review.

 

Although they use the new SpotOption platform and advertise an Option Builder, we couldn’t locate it so we must assume it is missing. All the other usual features are available and functional but that is thanks to SpotOption, not Platinum Trader. Overall this broker left me with a bitter taste, didn’t offer anything else than the overused slogans like we are specialists, we are the best, invest with us and didn’t offer me a strong reason to invest or trust them.

 

 

Is Platinum Trader a Scam?

A definitive answer is always hard to give, but I do not trust a brokerage which doesn’t provide clear information regarding the location of their headquarters and the name of the owning company. None of this information is available on the website and all we have so far is a company name given to us by a chat representative. Sure, that company exists, but it is not located where he said it is and there is no evidence that it really has a connection with platinumtrader.com. So at the moment all I know is that I am giving my money to a website… and if that website is down forever starting the day after I deposited, what will I do? What can I do? Nothing!

 

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PlatinumTrader Complaints

Not a lot of complaints have surfaced but then again, we don’t know how long Platinum Trader has been in business so maybe they are too fresh or too small to have any complaints.

 

PlatinumTrader Bonus

The Bonus goes up to 100% but cannot exceed $5000 per year and the wager is 20 times the deposit + bonus.  As always, we recommend not taking such a high Bonus because your ability to withdraw is limited.

 

PlatinumTrader Withdrawal

Withdrawals don’t come with any special conditions and the same procedures as seen with other brokers apply: 5-7 days until the money reaches your account (after the request is processed and the bonus cleared), ID copies need to be sent and a $25 fee is paid for wire transfers. Credit card and Webmoney e-wallet withdrawals are available. Minimum withdrawal amount is $100.

 

PlatinumTrader Extras

At the moment there is nothing which could be considered a positive extra.

 

 

Platinum Trader Ratings

User Friendly 13/20

The website is offered in English only which makes it almost impossible to use by traders who don’t speak English. Other than that, the platform works OK and there are no major functionality issues.

 

Number of assets and expiry times 16/20

Their Asset Index contains 18 stocks, 15 currency pairs, 7 commodities, 22 indices and a single Pair (Gold vs. Silver). The expiry times range from the ever popular 60 seconds to 15 minutes, hourly and end of day with the possibility to trade during weekends (One Touch) and Long Term Options (end of year).

 

Commissions, Support and Effective return 14/20

There is no fee to open an account but wire transfers incur a $25 extra charge. Live Support is extremely slow to answer and the information provided is not reliable. The effective returns average 75% – 80% on the most traded assets and the refund on OTM trades goes up to 10%.

 

Deposit, Payment and Bonus 12/20

The minimum deposit is 350 USD which we consider too high. The minimum withdrawal is $100 and transactions can be conducted through Credit Card, Wire Transfers and some e-wallets. The Bonus goes up to 100% while the wager is 20 times the deposited sum plus the bonus received. Make sure you read the Bonus conditions before accepting one.

 

Website Extras 4/20

The entire experience was plain boring and the website has no special features or innovations.

 

PlatinumTrader Overall Ratings: 59/100

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