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Tropical Trade is a newer binary broker founded in 2016 and operates under the name FLY Ltd. This company is based in St. Vincent and Grenadines, but their payment services is done by another company called Cumberland Capital Ltd which is headquartered in Liverpool in UK. Since Tropical Trade is new, many traders will be curious to want to know whether it is a scam company.
There aren’t many customer reviews posted on the web concerning this brokerage firm. So far, all the reviews about this companies have been positive. Tropical Trade is not regulated but they are probably submitting their applications for the license soon. The company is among the small list of binary options brokers that allow trades from the US to deposit and trade with them.
Tropical Trade Trading Platform
Tropical Trade offers a user friendly web based Panda Trading Systems and there are over 200 types of assets to choose from. The average return rate you can expect from the high/low options is 81% if you trade on the EUR/USD currency pair. The chart in the platform is updated based on the real time feeds that are streamed from the leading financial portal, Reuters. The chart features technical indicators that inform you about the expiry time of each asset, as well as the exact payout and maximum return rate you will receive if you win the trade.
The Hyper feature allows you to place trades in bulk in a short time so that you can maximize your profits. You can also place your trade on other types of options including one touch, range and short term options. It also has a mobile platform for traders who frequently travels around different places and want to be able to monitor their trades on the mobile phones.
Tropical Trade Trading Accounts
Tropical Trade offers 5 types of accounts:
The basic account is for traders who want to deposit up to $1,000 in their accounts. The professional account is for traders who has a capital of between $1,000 – $5,000 to invest. The expert account is designed for traders who want to open an account and deposit between $5,000 – $10,000 into the accounts.
The VIP account is for traders who have $10,000 – $25,000 to invest in an account. All the accounts feature welcome bonuses. You must meet the 30 times trading volume before they will let you withdraw all the balance in the account. There is no cost to sign up for the account and it only take a few minutes to input your personal information in the registration form to apply for a new account. When registering for a new account, you get to choose from 5 different types of currencies including USD, EUR, GBP, CAD and AUD.
Deposits & Withdrawals
For deposits/withdrawals, Tropical Trade accepts a variety of credit/debit cards including MasterCard, Visa Electron, Solo, Maestro, Diners Club, Switch and Delta. They also allow you to make deposits/withdrawal through bank wire transfer. When you want to withdraw, you simply place a withdrawal request on the My Account page. They offer a demo account and the minimum amount of deposit they accept is $200. You can place a trade for as low as $5 and they let you invest up to $20,000 per trade. You have to submit proof of identity documents whenever you want to perform a deposit or withdrawal.
The Tropical Trade Academy offers a variety of educational materials including binary e-book, glossary, market analysis, trading strategies and trading signals. You need to have an account with them before you can access them.
Traders can contact the customer support through email, telephone and live chat. There are telephone support for customers located in North America, UK and Australia. There is one support email address which you can use to contact their customer support team whenever you face issues. It has a FAQ page where you can find answers to questions frequently asked about the platform, account registration, deposit and trading platform.
Is Tropical Trade a scam?
In conclusion, Tropical Trade is a good choice for US traders because they have a low minimum deposits and offer fast withdrawal processing. Tropical Trade offers a trading platform with a simple layout, great educational materials, and responsive customer support.