Full Review of TradeRush Binary Options Education
This morning I woke up earlier than usual, made a strong cup of coffee, rolled a cigarette (I know…bad habit) and started thinking about all the losses I had in trading. The fact is that all traders are losers; I mean 100 percent of us lose, there is no trader than can win every time. When I say this, it doesn’t mean that there are no successful traders, but even the best trader in the world loses sometimes. Now, when I lose, but I followed my system the way I am supposed to, I don’t get mad, as I know it is part of trading. I call this the cost of doing business, just like in a firm: you have costs like taxes, paychecks, transportation costs. You can’t do business without these costs. But what really gets me mad is when I lose a trade because I was misinformed or the education I had before starting to trade was misleading, uninformative or just not enough to prepare me for the lion’s den which is trading. And this gets me to my next review, the education provided by Traderush.
Traderush – First impressions – “Exclusive”?
At first glance, it looks like a professional broker, not too many flashy things on the first page and the educational information seems acceptably well organized at the bottom of the page, although they could do a better job organizing the sections. However, they start off with the wrong foot by telling me on the Home page that they offer the “Exclusive 60 second Options”. Throughout their downloadable Options trading guide they claim several times to offer this kind of Options exclusively and we all know that is not true; many brokers offer Options that expire in 60 seconds so why brag about a thing like this. Personally I’m not really fond of brokers who use female models on their website and Traderush unfortunately falls into this category, displaying the picture of a pretty blonde girl as their customer support. I know it’s not really a big thing, but I consider that advertising using female models is more appropriate for purses than for financial investments…and no, I am not misogynistic, I just think that everything needs to be in the right place.
Traderush Education Basic Level – A crack in the wall appears
I could find a “Dictionary” that does a good job at explaining the basic Binary Options terms… and you know what, sometimes it’s better to have a clear, to the point Glossary, without terms that I will never use. Their Dictionary does just that – it explains me only the most frequently used terms. Ok, next I got to the “FAQ” section and this is much more complex than the Dictionary, answering all the basic questions like “What are Binary Options” or “What is a Call/Put Option” and also questions about the trading platform, deposit and withdrawal…hmm, now this is where the red light turns on and I feel like I have to mention it although it is not directly related to the education: minimum deposit amount is USD200, EUR200 or GBP200 and the minimum withdrawal amount is…USD200, EUR200 or GBP200. Let’s take a moment to think about it: if I deposit USD200, lose a 5 dollar trade and then, for any reason, decide that I don’t want to trade with them anymore, I cannot withdraw my money because minimum withdrawal is UDS200…this means they force me to trade further with them or to deposit some more money so I can meet the USD200 requirement and then withdraw. It just doesn’t seem very professional…to say the least. They also offer almost three minutes of video about how to use their platform, a subject covered over and over throughout their site and downloadable guide. I hate it when Binary brokers put a video presentation under their “Demo” link, just like Traderush does. I mean, if I click on “Traderush Demo”, I expect them to allow me access to a “Demo” account, where I can trade virtual money and get a feel for their execution and reliability, not a few minutes of platform guidance.
Traderush Education Medium Level – Still no hints about direction
I strongly consider that the education material of a broker should contain information about how to correctly analyze charts with the purpose of predicting the direction of the underlying asset or currency and of course, at least some basic Money Management rules. But Traderush doesn’t give us any of that. They do provide a downloadable Options Trading Guide, but in its whole 21 pages, there is no talk about trends, candles or any form of technical or fundamental analysis. Usually brokers that offer e-books try to provide through them more detailed information, but Traderush just offered me an extended guide to using their platform and features like “Double up” or “Rollover”. Additionally, I could find some good but brief information about the history of Binary Options and a Glossary, but that will certainly not protect a novice trader from blowing his account. Thinking that maybe I am missing something, I contacted Customer Support to ask if they have any additional educational material, something that teaches me how to decide when to use a Call and when to use a Put, or some money management techniques. I received an almost bored answer, telling me that the downloadable guide is the only educational material other than what I can find written on the site. Thanks, but that’s not very helpful. However, they do have an Extra feature, located under “Market News” at the top of the Home page and containing daily, weekly and monthly market news and review, plus the daily main economic events. What I can say is that this is a great feature and adds a lot of credibility to an otherwise disappointing broker in terms of education.
The binary conclusion
Traderush doesn’t fall into the category of brokers that instill dreams of overnight wealth into their clients and I commend them for that. They certainly do a good job at explaining how their platform works and what are the main features they provide to the trader…but I consider they fail at teaching a novice trader ways of protecting his account and hopefully, increasing the balance. Since, in my opinion, this is the main thing trading education should be focused on, I can’t be too happy with the education provided by Traderush. But let’s not forget about the”Market News” section which is a very good addition to their site and of great help to traders of all levels.
Check out the complete TradeRush Review by Martin Kay