Why Choose TropicalTrade?
- Open to USA Traders
- Fantastic Trading Support
- Accurate Trading Signals
ALL New Accounts: Use code EXTRA20 to receive an additional 20% on all bonuses
TropicalTrade was launched into the retail trading marketplace in late 2015. Although the broker is relatively new, we found out their management team were experienced financial professionals. This added credibility to their operations and explained their straightforward platform, which was a real pleasure to trade on. TropicalTrade gave us the impression that they intentionally put you, the trader first, and have a real focus on your user experience.
The broker welcomes traders from all around the world, without exception. However, most of its clientele tends to be from non-US, English-speaking countries (UK, New Zealand, Australia and South Africa being some of the more popular territories). This is due to the platform only being available in English at the time of writing this review.
Whenever we review a broker, we like to identify what differentiates them from the others. In TropicalTrade’s case, it seemed very simple: “user experience”. It was clear that they concentrate much of their efforts and resources on making sure traders get the most from their experience. They also offer high payouts and a growing number of educational resources. The most standout feature however, is their responsive customer support/account management team. We have no doubt that they will be one of the market’s favourite brokers in the very near future.
Trading Platforms and Features
TropicalTrade is entirely web-based and is powered by the Panda trading software. Their platform requires no download or installation of additional software, and can easily be accessed through all popular browsers available on Mac & PC.
Traders on the go can access the trading platform on mobile devices such as smartphones and tablets via a mobile browser. However, we felt that the mobile browser version of the platform was disappointing. It was hard to use and the interface didn’t always scale correctly, varying greatly depending which device you are using (larger screens were better). We did manage to get a sneak-peek of the soon-to-be-released TropicalTrade native mobile apps for Apple and Android devices. These look great, and will no doubt be a fantastic addition, making this broker more accessible.
The platform provides you with access to more than 100 popular assets. These can be traded with the popular binary option trading instruments as you’d expect; High/Low, One Touch and high yield Range options offering payouts as high as 1500%. “Hyper Trading” is the term given to short-term options at TropicalTrade. Selecting this will provide you with a range of assets that are suited to short-term trading on this platform, and provide expiry times ranging from 30 seconds to 10 minutes.
The two standout features at TropicalTrade are social/copy trading feature and the easy-to use/navigate platform interface. The social trading element is a feed showing winning trades located at the top-right of the platform. It displays the trader’s username, amount won, asset, trading instrument and provides the option to “Copy”. Clicking on this will immediately open the asset concerned and allow you to setup a contract in less than 10 seconds. Although a nice feature, we strongly advise traders to research an asset before placing a trade, as copying a trade does not guarantee success.
TropicalTrade doesn’t offer demo accounts, but they do offer a number of other incentives such as risk free trades, free signals, training sessions and more. Register a new account for at TropicalTrade, and speak with your personal account manager/broker about what promotions are available to you.
Five different account types are offered: Basic, Professional, Gold, VIP and Corporate. Each trading account has a different investment ceiling and the promotional offers for each vary accordingly. Once registered, your personal broker will assess your specific needs and will advise you regarding the account type that will best suit your trading abilities and goals, (but feel free to ask for an upgrade!).
Five Account Types:
A deposit between $200 – $2,499 gets you access to their entry-level account. This comes with a 20% welcome bonus, a junior broker to help you trade and access to Package 1 of the education centre.
Deposits of $2,500 – $6,499 will get you access to the “Pro” account. This comes with a 35% welcome bonus, access to a senior broker to help you trade, one hour of one-on-one basic training, access to Packages 1 & 2 of the education centre. You will also receive general trading signals with this account.
Deposit between $6,500 – $49,999 to gain access to their most popular trading account. This comes with a 70% welcome bonus, trading assistance with an executive broker, three risk-free trades, 3hrs of advanced one-on-one trading training, access to Packages 1-3 of the education centre and general trading signals.
Deposits of $50,000 – $99,999 will get you access to the TropicalTrade VIP account. Your welcome bonus will be 50% and you will be eligible to receive trading support from your own executive broker and a financial analyst. You can claim five risk-free trades, 7hrs of one-on-one training sessions with an analyst, access to Packages 1-4 of the education centre and personalised trading signals.
This is the highest profile account at TropicalTrade, and is provided to all those that deposit $100,000+. Your welcome bonus is reduced to 30%, but is will be substantial as this is based on your deposit amount. All corporate clients will receive trading support from their very own corporate-level broker and analyst. You are provided with 10 risk-free trades, unlimited one-on-one analyst/trading sessions, complete access to the education centre and personalised trading signals.
*TradersAsset Tip*: When registering your new account, ask your support agent for any of the perks above that entice you. They may say no, but we found that most brokers are willing to negotiate and offer new traders incentives to deposit.
TropicalTrade offers a number of easy deposit and withdrawal methods including credit cards (Mastercard, Visa, Diners Club), debit cards (Maestro, Solo) and wire transfers. NB: They require a copy of the front and back of all credit cards use to deposit funds into an account. Don’t be alarmed, this is just a security protocol to ensure that you own the card used to make deposits, and you can hide the first 12 digits of the card number and the CVV (security code at the back). No e-wallets are supported at this time, but please do check with them when you are registering your new account for any updates on this. All pages of the online broker are SSL enabled, therefore your information and details are secure.
Deposits can be made in USD, EUR, GBP, CAD and AUD. The minimum deposit is 200 of whichever of the five currencies you have chosen for your transactions. Please note: your account will be set to the currency of your initial deposit. The maximum credit card deposit is $20,000 and wire transfers have no maximum limit.
The broker abides by industry protocols that require customers to authenticate their accounts in order to withdraw money. Here at TradersAsset, we advise our traders to authorise your accounts at registration to ensure speedy withdrawals when you eventually do decide to withdraw funds. Simply forward your ID verification documents such as a copy of your driver’s license, passport, residency card, or a similar government-issued ID document, a recent bill or other official document that confirms your billing address (a utility bill or bank statement for example). Then ask your personal account manager to confirm that your account is verified.
This takes us back to the start of this review where we stated that “user experience” was a key selling point of TropicalTrade. For a broker that has only been operating since 2015, they really have nailed the support part of the job!
Personal Account Managers
Their personal account managers and analysts are well informed, educated and genuinely want to help you succeed. In fact, we believe their own bonuses and targets depend on it! Losing a trade is an inevitable part of the process, as you know. Trading success is about making small, consistent gains over a long period of time. We encourage you to retain full control of your trading account to ensure you action all trades, however, you should use the resources and support at TropicalTrade to succeed in your own trades.
All traders are given personal account managers, however, the company’s general support agents can be reached by email, phone and live chat. They are responsive and direct, and answered our questions/concerns without delay or issue. Again, this is a real credit to the management team. They clearly focus on hiring well and have a good training program.
Why Trade at TropicalTrade?
The broker has already become a firm favourite among US traders due to the simplicity of their platform and fantastic trading support services. TropicalTrade also appeals to traders of all levels, and this combination ensures that its appeal will continue to increase. We were a little disappointed with the mobile browser based web trading and the lack of e-wallets for deposit/withdrawals. These concerns were easily dealt with however, as their mobile apps are in the latter stages of development and the credit/debit card and bank withdrawals were fast and hassle-free.
Whilst relatively new to the binary options industry, TropicalTrade has rapidly managed to earn the trust of many traders and they offer everything that is necessary to satisfy us. We have no trouble in recommending them to our online traders. Click the “TRADE NOW” button, open a free account and see for yourself.