TropicalTrade Review

TropicalTradeEvery trader wants to find a reliable broker. Our in depth Tropical Trade review will provide traders with detailed information into the dealings of this binary options brokerage. Tropical Trade talks of huge payouts and superior customer service for every trader looking to make a profit trading binary options.

Basic information:

Online since: 2015
Jurisdiction: Kingston
Software: Panda TS
Max Returns: 85%
Minimum Deposit: $200
Minimum Investment: $5
Maximum Investment: $5000
Currencies: USD, AUD, CAD, EUR, GBP
Mobile: No
Countries: All nations

Pros:

– Excellent returns
– Accepts US Trades
– Good deposit bonus
– Over 200 tradable assets
– Low minimum investment

Cons:

– Only available in Engish

7 Binary Options Rating:

4,5 stars

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TropicalTrade Special features

TropicalTrade has created a variety of account types that will appeal to every type of trader on the market. Unfortunately, during our TropicalTrade Review we noticed that they do not give enough information on the benefits that go along with the various accounts.

We feel it would be more beneficial to traders if they gave more information about every account option on their website as they have a specific section dedicated to these accounts. Their customer support team let us know that all of the bonuses associated with these accounts are a matter of concern for the account managers who are must designate them.

Basic account

  • Up to $1000 minimum deposit

Professional account

  • Welcome bonus
  • Up to $5000 minimum deposit

Expert account

  • Welcome bonus
  • Up to $10,000 minimum deposit

VIP Account

  • Welcome bonus
  • Up to 25,000 minimum deposit

Corporate Account

  • Welcome bonus
  • Deposit amount is unlimited

As you can see from the information above, TropcialTrade has some pretty costly accounts, so it would be beneficial for traders to know what to expect before making a deposit upwards of $10,000. It is stated in their Terms & Conditions that the required turnover amount is x30, which is average in binary trading. The minimum deposit with this brokerage is $200 and $20,000 is the maximum deposit that can be made with a credit cards. However, there are no limitations on wire deposits.

TropicalTrade Trading software

In our TropicalTrade review, we discovered that this broker utilizes the Panda Platform. Panda is one of the newest platforms available on the binary options market. However, traders seem to really like it as it is user friendly and gives a great oversight of the overall process of binary trading and binary options robots.

The platform is extremely user friendly and easy to navigate, which is crucial i the fast-paced world of making money with binary options. As of this writing, TropcialTrade does not have the option for a mobile app. On the bottom of their website they do announce that there will be one released in the future so we are looking forward to this as mobile trading is becoming more and more popular. The website is also easy to navigate and we were happy to find that all of the relevant sections are displayed on top of the page.

Traders who sign with this broker can expect to trade with one touch and high/low options as well as range and hyper options. Otherwise known as turbo options, hyper options are essentially short-term options.

TropicalTrade offers 4 commodities: oil, copper, silver and gold; 36 currency pairs, 23 stocks and 8 indices. While there are binary options brokers who offer more assets, we feel that this is a great starting platform, especially for novice traders. Decisions can be made with ease and funds are able to be allocated with this broker as well. Our TropicalTrade review revealed that there is also a social trading option that allows traders to copy the trades of some most highly successful investors on the market.

TropicalTrade Support information

In our TropicalTrade review, we noticed that this brokerage only offers a website in English, which in our opinion, is a bad move. Most trades highly prefer to have all of the necessary information readily available in their native language. We feel it would be highly beneficial if the site could be made available in French, Arabic, Spanish German and Italian as well.

The Academy Section, which is designated for educational purposes, is only made available to those users that have a registered account. However there are some sections that are free for anyone to utilize. There is also a FAQ section that answers basics questions about trading as well as the registration process. While it is not extremely detailed, it can prevent a call to customer service with a few simple clicks.

TropicalTrade Banking and Company Information

It should be notated that financial transactions made online are often unreliable. For protection purposes, the traders must verify their identity before any transaction is completed.

There are a variety of options for deposit and withdrawal processes. In the TropicalTrade review we made note that traders can use bank wire or credit cards including: Diners, Visa, Visa Electron, Delta and MasterCard. It would be nice if they also provided an option for e-wallets as they are both reliable and fast.

The minimum deposit for this broker is $200 with a minimum withdrawal of $1. There is a $25 fee for bank transfers; however withdrawals made via credit cards are free. Once the request for withdrawal is complete, it can take up to 5 days to be processed on their end. This is a bit longer than the average. We feel that decreasing this time period to three days would benefit those traders who have earned profits and wish to withdraw their money.

During our extensive TropicalTrade review, we discovered that they are powered by FLY Ltd, VC0100 St Vincent, the Grenadines and Stony Ground. The payment services are operated by Cumberland Capital Ltd. while the website is operated by FLY Ltd.

Summery

TropicalTrade offers a wide variety of trading assets and is a user-friendly platform, which is beneficial for new traders. Their customer support is responsive and helpful. They do offer educational tools, but for paid members only. They do offer a multitude of account options and will be launching a mobile app in the future. While there are systems that offer more features, we feel that TropicalTrade is a reliable broker for those who are serious about trading binary options

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English
Trading Options: High / Low, One Touch, 60seconds, Boundary
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 30 sec, 60 sec, 2min, 5min, 15 min, End of Day, End of Month
Deposits and Withdrawals: Visa, MasterCard, Wire transfer, Electronic payment
Withdrawal Time: 2 business days
Demo account: No

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References and Further Reading:

  1. Participation Costs, Trend Chasing, and Volatility of Stock Prices (Gerhard O. Orosel-1998)
  2. Cooperative processing interface and communication broker for heterogeneous computing environments  (Peter Page, Ruediger Warns, Terence G. Kennedy, Omid Ejtemai-Jandaghi-1994)
  3.  The process group approach to reliable distributed computing (Kenneth P. Birman-1993)
  4. A framework for reliable and efficient data placement in distributed computing systems (Tevfik Kosar, Miron Livny-2005)
  5. An exposition of consumer behaviour in the financial services industry ( Antony Beckett, Paul Hewer, Barry Howcroft-2000)
  6. Ethical foundations: a new framework for reliable financial reporting (Lesley Greer, Alyson Tonge-2006)
  7. Broker-Dealers’ Financial Responsibility under the Uniform Net Capital Rule–A Case for Liquidity (Steven M. Molinari -1984)
  8. A financial brokerage model for cloud computing (Owen Rogers, Dave Cliff-2012)
  9. Research of Management Accounting Changes in Lithuanian Business Organizations (Marius Strumickas, Loreta Valanciene-2009
  10. Buyer‐seller relationships: A conceptual model and empirical investigation (Adrian Palmer, David Bejou-2010)
  11. A Trust-Driven Financial Crisis. Implications for the Future of Financial Markets (GUISO, Luigi-2010)
  12. Option trading and individual investor performance (Rob Bauer , Mathijs Cosemans, , Piet Eichholtz-2009)
  13. Optimal Replication of Options with Transactions Costs and Trading Restrictions (Chanaka Edirisinghe, Vasanttilak Naik and Raman Uppal-1993)
  14. UK Directors’ Trading: The Impact of Dealings in Smaller Firms (Alan Gregory, John Matatko, Ian Tonks and Richard Purkis-1994)
  15. THE VALUATION OF OPTION CONTRACTS AND A TEST OF MARKET EFFICIENCY (Jerome B. Cohen, Fischer Black, Myron Scholes-1972)
  16. Recovering Risk Aversion from Option Prices and Realized Returns (Jens Carsten Jackwerth-2000)
  17. Trading and Exchanges: Market Microstructure for Practitioners (Larry Harris-2003)
  18. Process of and system for trading securities and options and markets related thereto  (Andrew Klein-2002)
  19. Controlling a trading account owned by a securities trader  (Thurston Gilman, David Gelfond, Scott Gilman, Aleke Msumba, Paul Bonnarigo-2002)
  20. Informed trading in the index option market: The case of KOSPI 200 options (Hee-Joon Ahn, Jangkoo Kang, Doojin Ryu-2008)

 

7 Binary Options review: Tropical Trade: 4,5 stars.
John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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