Notice – Broker does Not Exist anymore.
Editor’s Note- Why does TradersRoom Suck in 50 Words
Generally, TradersRoom are among the average Binary Options brokers from most trading aspects. Some Binary Options brokers just fail to bit the average, TradersRoom is applicable with this very unattractive category. When you get to see so many brokers every day, it takes only a glance at TradersRoom homepage to understand that I better look for another broker to recommend.
Why doesn’t TradersRoom Suck in 50 Words
Just couldn’t find many good points about TradersRoom. ThatSucks.com (former BinaryOptionsThatSuck.com) have been following this broker for quite a while now, still, nothing real changed or improved.
TradersRoom Full Review- Traders outside the Room
TradersRoom was launched on early 2010 under TradersRoom Ltd Company listed in London, although further inspection reveals that the company works from Cyprus. Their website is based on the reliable 100% web based SpotOption platform, very clean, easy to use and user friendly trading. TradersRoom invites their costumers to take advantage of the Pro Trader\ Fast Trader option, built for the different types of investors, alongside with the In-the-Money return which is among the average in the industry. The overall design of the website is very friendly, simple but somehow sophisticated. So why does TradersRoom Suck? TradersRoom is full of contradictions. The first conflict I noticed was the inappropriate proportion between the minimum investment and bonus qualification and the trading tools available. Traders minimum deposition is at least 250$ or Euro, defiantly above average minimum deposit, while the minimum deposit needed to be qualified for bonus of between 20-30% is 1000$ at least (!). The minimum investment for any option is 25$ or Euro, also, not cheap at all for just one option. In simple words: TradersRoom want to attract affluent investors, or at least the more experienced traders. Amateur traders may want to look for another broker, as the minimum investments are a bit high. If you ask me, and I truly hope that that’s why you’re reading this page, beginners should only start trading with lower amounts since the risk is lower. Generally I don’t advice amateurs to start investing in Binary Options for more than 100$ minimum deposit and 10$ minimum investment, Nevertheless, there some exceptions; For example, some brokers offer their customers a free Demo account after making their first deposit so they could learn trading before investing in Binary Options with real money, but unfortunately, TradersRoom does not offer any sort of a demo account. When I asked TraderRoom live chat representative about a demo, the answer was: “No, we don’t offer any demo account, but we do offer a bonus so you could invest risk free”, and as I mentioned before, the minimum investment for a bonus is 1000$. Now it’s up to you to do the math and think about the “risk free” part.
Is TradersRoom a Scam?
Until here I only discussed the contradiction between the high minimum investments and the more common type of an investor, the amateur trader. My conclusion was that TradersRoom isn’t fit with beginner traders, and I must warn those traders that TraderRoom live chat representatives are highly qualified salespersons. Those people’s selling and barging skills exceeds their overall knowledge of Binary Options. I wouldn’t call TradersRoom scam since those representatives are just doing their job, but they can easily make an excited beginner deposit over 1000$ for nothing, really. Another downside of the site is also about the contradiction between the minimum investments and the Trading tools- although the minimum investments are high, Traders room do not have any special trading tools. The only trading tools available on TradersRoom are a simple Above or Below strike point with very limited expiry times and a Touch Option for weekends, and the newest update- 60 seconds option. It’s a pity that a broker demands so much money just to get you inside the game, but on the other hand, offer so little. Most “lucrative” brokers have Roll over and extended option to make the trading more fun and interesting, some brokers have great analysis tools specialized for expert traders, some brokers invest in lucrative live news feeds and so and so. They do it because they want the more experienced investors to keep on trading with them. TradersRoom, on the other hand, doesn’t offer a damn thing- no analysis tools, no extended expiry times, not even a worthy live news feed, not to mention the small amount of trading assets. I really don’t mind depositing 1000$ if I had the right tools in hand, but once I don’t have those tools- I go somewhere else. My last wish is to warn all readers- don’t be shy to demand what you deserve. If you deposit so much money, you should at least be treated right and be given the right tools to trade, or even more. TradersRoom is a lion dressed in cat’s costume, it may seem harmless and cute, but really, it could bite you real hard.
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In Bots.com we do the research! We’re looking for binary options broker’s complaints all over the web, checking them out and bringing the results to our readers. What we do is very simple – we searched on Google for TradersRoom complaints or TradersRoom fraud, scams, Etc. you can try it also. Well, there are quite a few complaints about TradersRoom. Most complaints are about withdrawal issues, some traders claim that TradesRoom are causing trouble when they are trying to withdraw their money. We did find some very detailed comments, therefore we couldn’t’ avoid the possibility that it’s true. On the other hand, we did find some comments that shed a different light on TradersRoom.
The bonus given TradersRoom is quite high. Some traders are given 100% bonus from the first deposit. The problem is withdrawing your profits. If a trader wants to withdraw his money, he needs to trader in a volume of 15 times the bonus value (which is OK!) + The deposited cash (not so OK…)!
On thatsucks.com the most important part we care about, which could also be seen as the most important thing in binary options – Withdrawing your profits. Brokers don’t usually cause problems depositing money, but some binary Options brokers will cause problems withdrawing it.
We couldn’t find any information regarding the maximum withdrawal amount on the FAQ section, but we do know that the minimum is too high, 100$.
User Friendly 15/20
TraderRoom is 100% web based platform Spot Option platform, so there’s no need for software to be downloaded to the PC. The website is clean and smooth; trading is easy and very user-friendly. TradersRoom invite users to enjoy the Pro\Fast trading platform, for the different types of investors. The tutorial is efficient and detailed. The website is available in 4 different languages.
No. of Assets and Expiry time 8/20
Total of 49 Assets: 15 stocks, 10 currencies (forex), 4 commodities, 20 indices. TradersRoom is lacking variety and expiry time as there are only 49 trading assets available and the expiry times are generally short. The lack of choices and investing opportunities harms the overall exctiment from trading, a downside for TradersRoom. On the bright side, TradersRoom does have Touch Options for weekends of up to 400% return.
Commissions, Support and Effective return 11/20
TradersRoom Don’t charge any fees or commissions from investors when they initially deposit or purchase options. TradersRoom support is only available via 2 international numbers, one for US costumers and the other is international line, in English, or via email. The live chat service is very quick and helpful, available 24/7, but ironically (or not), the representatives are better in sales then investing. The effective return is among the average in the industry- an average of 70% In-The-Money return for most assets, while the Out-of-Money refund is usually 4% for most cases, average low for Binary Options.
Deposit, Payment and Bonus 7/20
TradersRoom Minimum deposit is above the average – 250$ or 250€. Deposit is available via C.C. or Wire transfer. Withdrawals are limited to a minimum withdrawal of 100$ or 100€ depending on your currency or in a case of lower withdrawal, TradersRoom charge 10$ for the transaction. Withdrawals are generally available via C.C or wire transfer (25$ charge). TradersRoom offer a bonus of up to 30%, but the bonus is only eligible from a 1000$ minimum deposit.
Website Extra’s 7/20
TradersRoom offer it costumers a special Pro\Fast trader option- Clicking on Pro trader will disclose more information about the asset while the Fast trader option will disclose less information about the assets, but the trading screen will be filled with more assets available to trade. Using those options a trader could either trade faster or smarter. There’s also a CNBC Finance news live feed, but unfortunately it’s a little slow and lacking information. Except of these extra features, TradersRoom have nothing special to offer.
TradersRoom Overall Rating: 48/100
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