It’s easy to find a binary options broker to trade with these days given the number of companies offering online trading services with promises of good payouts and a wide range of possibilities. The challenge here however is to find which one can actually fulfill this promise. I’ve been trading binary options for several years already and have reviewed a number of brokers but in general, most of them are quite the same and only a few brands were able to get my approval. So when I heard about 23Traders, I was not really expecting that much until I was able to checkout its background and fully test out its features.
What’s interesting about 23Traders is that they are regulated by the Vanuatu Financial Services Commission (VFSC) and that its operating company has been in the business since 2012. Their web-based platform is powered by Spot 2.0 which is the same platform that is used by many trusted brokers today while the assets that can be traded are diverse enough to expand my portfolio for the long term. Lastly, their personalized training packages were the best among the ones I have seen in this industry. It’s wide-ranging, comprehensive and is catered to those who really want to enter the profitable world of binary options trading. Interested to know more? Continue reading for more details.
Demo Account: Only for corporate accounts
They demos are rarely provided and usually these are only for those who have corporate or high-new-worth clients. Alternatively, you may visit their academy to view their lessons or use the actual live trading account to explore the platform sans the practice trades.
Bonuses: Match up bonuses and more
There are different account types (Basic, Bronze, Silver, Gold, VIP and Elite) that comes with different trading perks such as access to certain training materials, webinars, trading alerts, strategy advisor and many more. The matchup bonuses range from 10% to 100%.
Platform: Smooth and efficient
The platform is 100% web-based so there is no need to install any software on the PC. Its response time was pretty fast. I’ve noticed that the live rates are highly accurate based on the comparison that I did with the prices that are displayed on the platform and from the real-time market quotes.
Mobile Trading: Simple and easy to use apps
Trading anywhere you go is possible thanks to the mobile trading apps that they have for iOS and Android users. It’s easier to manage the account, access current and past trades and do almost the same actions that you could do on a PC directly on a mobile device.
Tradable Assets: More than the usual
I’ve always preferred to trade with a broker that could enhance my portfolio and fortunately, 23Traders was able to meet my expectations in terms asset diversity and the major plus here is that they include the ones are that offer the best trading opportunities in the market.
Minimum Trade: Lower than the normal
The allowed minimum value to purchase an option is $20, a little lower than the standard minimum trade size. It’s an advantage for those who prefer to trade with smaller investments.
Payout Rate: 78 to 91%
Payouts differ per account type and this ranges from 78 to 91%. Generally, these rates offer substantial returns and pay more in comparison to what other brokers can give.
This option type featuring a flexible choice of expiries is under the Binary Options tab.
Labeled as Speed Options, the short term option has expiries ranging from 60 to 300 seconds.
There’s a variety of interesting assets that are paired or match under this option type.
Other special options include Long Term, One Touch, Ladder and FX/CFD.
Deposit & Withdrawal/Support
Minimum Deposit: Not too high, not too low
Their minimum deposit requirement is $250. This is not the lowest in the market but it is not the highest either. For me this amount is well within the acceptable range as most brokers do require the same initial deposit amount.
Deposit Methods: Lots of options
In order to make a deposit, I have the option of using various payment methods like credit card, electronic payment or wire transfer.
Withdrawal Methods: Easy and secured
The same goes for making withdrawals which was as easy and secure as the funding process.
Withdrawal Processing Time: Fast and guaranteed
In compliance with the anti-money laundering policies they require proper documentation for the initial withdrawals and the waiting time only takes 5 business days before the funds get returned. This is much better than the standard processing time of the majority of the brokers today which exceeds beyond a week.
Channels: Communication made easier
I never had any difficulty contacting the support team because they can be easily reached using various methods. I can simply call them up by phone, send a message via email or fax or get instant assistance with the help of the live chat.
Availability: Round the clock
Contacting them anytime is not a problem because the support is available 24 hours day, 7 days a week.
Supported Languages:Multilingual customer service
It’s also an advantage that they support various languages such as English, Chinese, French, German, Spanish, Italian, Japanese, Turkish, Russian, Arabic, Danish, Indonesian, Korean, Latvian, Portuguese, Romanian, Swedish and Greek.
Average User Rating: 9.8
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Visually pleasing and engaging
I certainly enjoyed using their platform which has a very sophisticated and stylish design. It was very organized and doesn’t have any unnecessary and distracting elements. It’s very user-friendly and I’m pretty sure that even newbies won’t have a hard time getting used to the interface.
Support: Customer service at its finest
The support was no doubt fast in providing help and assistance. Regardless if they were contacted via phone, email or live chat, they deliver the same quality of service that is fast and reliable.
Reputation: Rock solid
They have a well-established name in the market and are known to be one the world’s leading brokers. I usually find this broker ending up on the top of the list of recommended brokers by trusted review sites and financial experts. Having approval and registration from CySEC and other financial regulators is important for me, to know that my investment is safe and secure.
Editor’s Rating: 90
23traders has definitely done an amazing job in providing a straightforward platform that has plenty of useful features and value-added extras. Their years in the business and expertise in financial markets makes them one of the best choices for trading binary options.