TraderXP Scam – Oldest Binary Options Scam To Ever Exist? [Review]

Today we are going to review a broker that was introduced in the early days of online brokerage, a platform that is completely web-based and has managed to earn higher ranks as a veteran trading platform. TraderXP was launched in 2009 and continued to serve for over about 6 years…

TraderXP Broker Website Screenshot

TraderXP is based on SpotOption that is suggestive of a user-friendly and easy-going solution recommended for the beginners as well as experienced traders. The broker offers all standard trading options in addition to the live updates from various financial markets. The great news is that you can trade over the weekends as well. Live Support is available 24/7 in 12 countries.

Is this broker the top-choice? What’s the history of the company? And how significant and reliable are TraderXP scam claims? This review will let you know each and everything you need to know about this promising platform.

TraderXP Review Summary

Cost: $250+

Recommended: No (See Our Top Ranked Legit Program Here)

Rating: 0/100

Summary: Having launched back in 2009 & operating for around 6 years TraderXP may be one of the longest running scam binary options ever to be seen – however, it is a scam all the same. Thankfully though it has since closed down – but if you have unfortunately found yoursaelf a victim of the TraderXP scam then keep on reading to see how you can get your money back.

Quick Navigation

To make things easier for you if you just came here looking for some specific information we have put some links together below which you can use to quickly navigate through the review.

 

TraderXP Background

TraderXP began its journey in October 2009 and the platform operates from the British Virgin Islands, the notorious off-shore location. You can start trading with a minimum of $200 deposit. The maximum of $1500 is allowed per trade. The website is available in English, Spanish, Arabic, French, and Russian.

Is TraderXP Regulated?

TraderXP was NOT regulated for the reason that the platform was operated from the off-shore location. We never recommend a broker that is not regulated. The website stated different addresses which trigger the alarm. Lack of regulation ultimately encouraged the traders to stop relying on this broker and eventually it had to shut down in November 2015.

TraderXP Complaints

TraderXP was notorious for its marketing tactics and promotional activities that made it look more like a pyramid scheme. Even after a bunch of frequent complaints the administration never cared for its clients. The promotional content was extremely misleading. They exactly knew what the traders like and the marketing team did well to convince the audience initially but it turned into a frustrating reality with the passage of time because the clients began to realize that the claims were misleading.

Some traders even called them Cheaters while suggesting that the broker was cashing on its clients. TraderXP clients, after 2014 found it hard to withdraw their money. The broker served well until 2014 but during the last year of its services, i.e. from 2014 to 2015, traders realized that their money was stuck and there was no way to get it back. Making a deposit was super-easy but the withdrawal was virtually impossible.

TraderXP Withdrawal

It was extremely disappointing to realize that TraderXP charged 35 currency units for the processing of each withdrawal. You couldn’t submit the withdrawal request within 30-days of the last deposit. These policies had been extremely discouraging. We don’t see such high charges for the withdrawal processing. And this 30-day post-deposit wait is completely illogical.

The platform required at least 5 working days and a maximum of 10 business days for the processing of the transaction. It worked as promised in the beginning but after 2013, things went beyond proportions.

The platform accepted Visa, MasterCard, UK Switch, Delta, Solo, UK Switch, Skrill, CashU, iDeal, Nordea, and Wire Transfer.

Is TraderXP a Scam?

TraderXP scam complaints are everywhere on the internet but it’s a tough call. Initially, the broker served well and its clients were satisfied with its services. But we can’t ignore the fact that the platform operated from an off-shore location.

Most of the brokers from such locations know the art of attracting traders, tricking them into making big deposits, and then holding their money by hook or by crook. The fact that the platform did not process the withdrawals after 2014 is enough to conclude that this broker was indeed a scam.

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Our Verdict on TraderXP

Thumbs Down

TraderXP is no more in business but it doesn’t mean that the broker has gone forever. Even today, there are online brokers operating from virtual off-shore offices and the same team could have been operating a couple of platforms. We don’t really know but it happened in the past.

Brokers disappear and return silently with another brand name. If you love your money, please care for it. Never ever think of trying a NON-REGULATED broker. There is no need to expect a different outcome by doing the same thing over and over. Once a scam, always a scam, and it holds true for all unregulated brokers.

Get Your Money Back From TraderXP

Have you already lost money to TraderXP prior to coming to this review? Well that is obviously not the most ideal situation but there is a still a very strong chance that you can get it back with the help of our free scam reclaim guide.

Our guide shows you the exact steps that you can take to reclaim the money back from the hands of scammers & it has helped thousands of people successfully reclaim their funds to date.

So if you have been scammed by TraderXP we highly recommend you check out our guide which you can access for free by clicking here as we’re extremely confident that it’ll help you out.

A Legit (And Better) Way To Make Money

Hopefully you haven’t been scammed by TraderXP but if you haven’t no doubt you are still wondering how you can make money since TraderXP is a scam… Well don’t worry, there are plenty of legitimate opportunities to do exactly that.

Whilst carrying out our investigations we’ve come across many legitimate websites but there has been 1 in particular that has stood out from all of the rest & we have crowed it our number 1 recommendation for working from home.

So if you want to get access to our number 1 recommendation for working from home you can do so by clicking the link below (and don’t worry it’s totally free):

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About the Author:
Hi, I'm Dale, the founder of Stopping Scammers. I fell victim to an online scam many years ago & I launched this website, as a result, to protect others from making the same mistake. I now earn a living working online after discovering a legitimate method called affiliate marketing & I aim to share what I've learned to help others to do the same. You can report a scam here or you can see the legitimate methods for earning online here. I truly hope you find this website helpful.

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