In this ZoomTrader review, we created an account and examined the platform, support and account overviews. We found that Zoomtrader emphasises it’s user friendly system. This is advantageous for those individuals who are new to Binary Options trading.
Started in 2012, ZoomTrader is also regulated by CYsec which means that they are fully compliant with MIFID. This means that they are beholden to E.U. financial protection rules such as maintaining customer accounts in a separate account and having certain funds insured. Let’s dig into the review right now.
|Support Features||Live Chat, Phone, Contact Form and Email|
|Free Demo Account||No|
|Deposit & Withdrawal Methods||Wire Transfer, Credit Cards, Skrill, WebMoney|
|Account Currencies||EUR, USD, GBP|
|Languages Available||English, Spanish, German, French, Italian, Dutch, Japanese, Arabic, Portuguese, Russian, Swedish, Korean, Turkish, Chinese|
|Option Types||High / Low, Touch / No, Boundaries|
|Option Expiry Times||60 seconds to End of Month|
|Mobile Trading||Android & iOS|
ZoomTrader Trading Options
ZoomTrader has three different account options available to new clients. These offer a number of benefits including educational materials, trading signals and expedited withdrawal.
- Bronze. The Bronze ZoomTrader Account requires a minimum investment of at least $1,000. With this account, an investor will get access to 1 trading strategy, weekly market reviews and an introduction video course
- Silver. The silver account has everything that the bronze account has including daily market reviews and an advanced video course. You also are allowed an extra trading strategy. In order to get access to the silver account, you will need a minimum deposit of at east $5,000.
- Gold. With the Gold account, you are entitle to an additional 3 trading strategies as well as same day withdrawals, a dedicated account manager and a weekly one-on-one trading session. The Gold account requires a minimum deposit of at least $10,000.
- VIP Level. This is offered to investors who deposit over $50,000 and has one of the most bespoke trading experiences. We did however find that the depending on your trading activity, you may request VIP status from your account manager.
Depending on the account level, the trader may also elect to get the added benefit of a sign on bonus (up to 100%). It is of course advisable to examine the terms and conditions that are attached to these bonuses before you commit to receiving it.
Deposits and Withdrawals
ZoomTrader has a very secure trading and banking platform. It has full 128 bit SSL encryption. When it comes to depositing money into your account, you have a number of different options. They accept all major credit cards as well as Skrill, WebMoney and normal wire transfers.
Normal withdrawal times range from 1 to 2 days. When you have the Gold account, you are assured withdrawal within one day. What is important to note is that they require full identity verification until they will process the withdrawal (for security reasons). The minimum withdrawal amount is $200.
ZoomTrader Trading Platform
As mentioned, ZoomTrader has places an emphasis on running a simple and user friendly trading platform. This does not, however, take away from some of the more advanced options available to skilled investors who are familiar with binary options. The technology provider behind the platform is Tradologic.
In terms of layout, an the user can choose between multiple views, single view or a simple “classic” view. This will allow the investor to best customise the platform to their own preferences.
When it comes to trading particular assets on the platform, one can trade a number of different commodities, single stocks, indices and of course FX. When trading these assets, the types of options available are similarly numerous. These include standard High / Low options, Boundary options and one touch options. There is also quite a bit of choice when it comes to expiry times. An investor can choose options that expire anywhere from 60 seconds to end of month. This means that a trader can hone his strategy whether he uses technical of fundamental analysis. They also have the helpful feature of being able to extend or close out a trade depending on how you view the trade going forward.
If you would like to monitor your trades away from your PC, ZoomTrader also has a mobile trading platform. This application is compatible with iOS and Android devices.
When we tested the customer service at ZoomTrader, we were quite impressed with their responsiveness. When we had any questions about the platform, we reached out to their support representative on live chat. We were dealt with almost immediately.
Investors could also reach out to their team via email or a number of international phone numbers. Given the global operations of ZoomTrader, they also offer support in a number of different languages including most European languages as well as Arabic, Japanese and Chinese.
After testing the ZoomTrader platform and customer service, we are quite impressed with the overall package. We found that the user friendly layout together with the large array of educational material provided for an ideal experience for new traders.
We also found that the minimum trade size of only $10 allowed new investors to adequately dip their toes and build up their Skillset before embarking on larger trades.
One of the drawbacks of ZoomTrader is that it is not available to US investors. If you were interested in a list of our US approved brokers, we have an extensive list.
Given our positive experience and the regulatory oversight, we feel comfortable recommending ZoomTrader.