TradEqual Binary Broker Review
TradEqual was quick to catch our eye when it came time to review it as it is definitely something that is more than a little different to the norm. We had actually not heard all that much about the brand prior to coming to review it for ourselves and the first thing that we noticed about it was that this is not exactly what most traders would call a brokerage. Instead, it is the world’s first binary options trading exchange, where investors are essentially trading against others on a peer to peer platform rather than going ‘up against the house’ as it were.
There’s definitely a lot to explore as part of this review and we have to admit that we haven’t been quite this excited about an online trading opportunity in a long time. Ultimately, we want to know just how good the platform is and whether it is actually worth trading on, but we’re pretty sure that we’ll have a great time finding out!
There can be no question about the biggest feature at TradEqual – that definitely being the fact that it is an exchange rather than a brokerage. There is a very real social element to proceedings too, as traders can follow and interact with each other when deciding on the trades that they wish to make. That can lead to even some of the most experienced investors being able to do extremely well, just by following the correct trend setters on the platform.
One of the best things about using a trading exchange rather than a conventional brokerage all comes down to flexibility. While the use of option building has become incredibly popular over recent times, traders have always been somewhat restricted by the terms and available trades of their favourite broker. However, TradEqual makes use of order books, while also giving traders the ability to purchase options that are based on another trade. They can even create their own options and put it out into the wild for other traders to match.
That is where the beauty of a trading exchange really comes to the fore, as traders can create just about anything imaginable, and the chances are that there will be another trader out there that is more than willing to match their demands. This leads to the most flexible platform that we have ever encountered in all of our time reviewing trading platforms, as traders can be as outlandish or demanding as they like. As long as there is value to be found, the chances are that someone will be more than willing to take up the opposing position!
Investors will also benefit from the fact that TradEqual genuinely does take an interest in all of their traders doing well. While most brokerages offer traders the chance to explore a variety of educational resources and other tools, the trader is ultimately backing their pick against the odds set forth by the brokerage. Here, there is no ‘house’ so to speak, and the trades that can be placed are reliant solely on finding someone to match a position with.
TradEqual is of course in business to make a profit of its own. Rather than relying on losing trades, it achieves its cut of the action by taking a two percent commission from all winning trades. This is taken only from the winning trader, so those that backed the wrong end of any particular trade need not worry about losing out further. The only exception to this is when a trade results in a tie, at which point both investors contribute to the resulting platform fee.
The TradEqual Demo Account
It is safe to say that TradEqual is unlike anything that we have ever encountered before while trading, making it all the more valuable to have access to a demo account in order for traders to familiarise themselves with the platform as a whole. There is of course an additional element to such a demonstration, as the positions of opposing traders are taken by robots. Fortunately, they seem to have been scripted in a way that truly reflects how real traders would act, making this a sure fire worthwhile investment of time.
The TradEqual Platform
As you would almost certainly imagine, TradEqual has not been created based on any of the familiar platforms that we are used to, such as SpotOption or TradeFinancials. Indeed, both pieces of software were created to enable standard trading and an exchange is much different. However, anyone experiencing what TradEqual has to offer for the first time will quickly find that the platform offers everything that they would expect to find anywhere else.
There is the standard selection of trades on offer, including High/Low options, and that automatically sees the majority of traders being covered. However, it does not end there and, as already noted, one of the best things about an exchange is that traders can make their own rules and, subsequently, list their own trades. As long as they are realistic about it, the chances are that someone will be out there just waiting to snap up the trade and match it. In fairness, there is no need for too many basic options at TradEqual, simply because traders will be able to do just about anything imaginable when trading there!
When putting forward a trade, investors will be required to select an asset, then the direction that they think it will go and the amount that the winning trader will receive. In fairness, this is more complex than any other trading platform that we have ever reviewed before and we probably would not recommend it for anyone other than suitably experienced traders.
Essentially, it allows any trader to ‘be’ the trading platform. You set the risks and you set the terms of the trade. This mean that the top level payouts from other brokerages are irrelevant as you can choose just about anything you want. As long as it is fair enough to appeal to another trader, the chances are that it will be snapped up and matched in no time.
TradEqual Customer Service
TradEqual fully appreciates that its unique platform will be brand new to the majority of traders and has set up an excellent support mechanism with this in mind. Skype, live chat, email and phone are all available around the clock and while they are unlikely to offer any trading tips, if there are any problems at all with the platform then they are on hand right away to point all members in the right direction. Even though we always prefer live chat and Skype, we would promote them even further in the case of TradEqual simply because when you are up against other traders, time is most definitely of the essence!
Managing Your Money
It was when looking at the banking options that we realised that there are some reasonably standard elements of TradEqual after all. Credit and debit cards, bank transfers and the most popular electronic wallets such as Skrill and Neteller are all supported on the platform, and that sounds like more than enough to cover the majority of traders. There are minimum and maximum deposit limits, set at $250 and $10,000 respectively. There are then further limits on trades too, although they are nothing that at least midrange traders will shy away from. Specifically, when writing an option, it must be worth at least $40, and purchasing an option must be worth at least $30.
As for withdrawals, the minimum limit is $100 and that is pretty much in line with the industry standard at the moment. TradEqual does require traders to verify their identity prior to making their first withdrawal but it is plain sailing from that point onwards, with all deposit methods also being supported for withdrawals. Those withdrawals can then take up to five days to process, although our review checks found the process to be much quicker, and we would peg it at somewhere around two days for processing.
TradEqual Review in Summary
Even if you’re one of the most experienced traders in the world, the chances are that TradEqual will be unlike any trading platform that you have ever encountered before. We cannot imagine this being the only options trading exchange for long, but while it is we would definitely recommend checking out absolutely everything that it has to offer. It is not for beginners, but if you know what you are doing and are looking for higher risks for higher returns, this platform definitely cannot be faulted.