Tropical Trade is owned by FLY Limited, a company incorporated in St Vincent and the Grenadines with office in Liverpool, United Kingdom. The company, founded in 2015, offers binary options trading platform. It is currently unlicensed and as such does not report to any known regulator. The company does not accept customers in Belgium, France, the United States, Australia, New Zealand and Canada.
PLATFORM AND TRADE TYPES
Tropical Trade utilizes a proprietary, web based trading platform. The platform offers real time price feed from Reuters giving traders the confidence that they are getting correct price data. Trading is easy and execution is fast. You can trade various time frames: 60 sec, 15 min, 30 min, 1 hr and 24 hr+.
⦁ High/Low: This is the traditional trade type where a trader purchases a call option if he feels the future price of the asset would exceed the strike price or purchases a put if he believes the rpice would fall below the strike price.
⦁ One Touch: In One Touch trades, traders purchase or sell an asset when the markets are closed and bet on whether the asset would reach a predetermined price/rate until expiry on Friday.
⦁ Pairs: Instead of trying to predict price direction of an asset, you predict the relative performance of two assets.
⦁ Ladder: Tropical Trade offers Ladder trading options which a trader can use to “lock-in” profits as prices vary and exceed certain predetermined price levels.
TROPICAL TRADE DEPOSITS AND WITHDRAWALS
The minimum deposit is $200. Deposit methods include Credit Card, Debit Card and Wire Transfer.
There is no minimum withdrawal and you can withdraw any amount you like provided you have made trades on your account.
Withdrawal methods include Credit Card, Debit Card and Wire Transfer. There are no fees for card withdrawals but a $25 fee applies to wire transfers.
BONUSES AND PROMOTIONS
Tropical Trade currently offers 100% bonus on all deposits. However, you must trade 30 times the bonus amount before you can withdraw. For example, if you fund your account with $500, you would get a $500 bonus but you would need to make $15000 worth of trades before withdrawal.
The customer support can be reached on business days through several means below:
⦁ Web Contact Form
⦁ Live Chat
⦁ E-mail: firstname.lastname@example.org
⦁ Phone: This depends on your region. Each region has a dedicated phone number.
They offer quick, responsive customer support.
PROS AND CONS
⦁ Easy and Quick setup
⦁ Quality web based trading platform
⦁ 100% bonus on all deposits
⦁ No demo accounts provided to traders.
⦁ Not open to all countries.
⦁ Limited deposit and payment methods. You can’t use Skrill or Perfect Money.
⦁ Relatively new broker so there is limited history on which to judge the broker’s services.
Tropical Trade has a professional looking platform but is a relatively new binary options broker and the jury is still out on whether they would live up to the promises they make in their marketing materials. Prospective customers should undertake their own due diligence before operating a real money account.