Trade Rush Broker Review
Overall Rating = 9.6/10 – Trade Rush Broker Review (Revised Withdrawal Rating on June 25th, 2012)
(This should’ve been done a few months ago but I forgot about it till now. After ending the $100 bonus deal below, I requested my remaining balance be transferred out via Bank Wire. It took them about a day to process it on their end then it took 6 business days to reach me, they told me it would take 3-5 days.)
Revised Review on Jan 5th, 2012 (I was given an opportunity to trade with them again, see update below, to read the original broker review scroll below this review. I’ve kept it there to show their improvements over the past couple months. This shows commitment of a broker to be subjected to change based on client feedback.)
UPDATE: December 20th, 2011 – In a nut shell, affiliate department offered me $100 free LIVE bonus redeemable for up to $500 given $2500 in trade volume. In order to test out their platform improvements. See the full info in the blog post for more details. With this opportunity to trade with them again, I’ll be able to update this broker review.
Deposit: Rating – 9/10 (Revised review)
I deposited via credit card like most other brokers, they all accept major credit cards. This doesn’t really matter, all the brokers are the same in this category. You start trading instantly as soon as you deposit. The other brokers got 9/10 on this as well, I would love it if a broker in the future could accept PayPal. Since PayPal is tailored more towards North America vs. Money Bookers is for Europe/Asia, or at least that’s how I see it.
Platform: Rating – 10/10 (Revised review)
Trade Amounts: They pretty much combined StartOptions (SO) and BBinary (BB) together. Their normal options use the entry field like BB whereas their 60 second options uses a drop down menu like SO. This is good, if you’re entering 60 second options, you don’t have the time to enter the amounts each time. Since it’s a drop down menu, I don’t have a problem with fixed trades, max is $100. I doubt anyone would want to risk more than that in 1 minute anyways.
Trade Entry/Expiry: Due to better servers, entry lag no longer exists and expiries are done so in a timely fashion that are tolerable. For example, normal options take about a minute to expire, that’s fine. 60 second binary options take between 10-20 seconds to expire. Much, much better experience with expiries now.
Also, I mentioned in the old review that confirmation screens messed up the dynamics of trading. It did pose a problem in the past given the slow servers, since they’re on faster servers now. The confirmation + entry is much faster now, so it’s no longer a problem.
Open an account and start trading now!
Price Quotes: Rating – 10/10 (Revised review)
Based on how I’ve reviewed other brokers, this section is based on entry and exit prices. Since there’s no lag, I can easily spot if there’s a spread or not, and the spread does exist as it does for all the binary brokers on the market but it’s tolerable and acceptable by industry standards. Given the trade confirmation screen on both normal options and 60 second options, this helps you pick your entries better.
Withdrawal: Rating – 9/10 (Revised review)
Trade Rush is the first broker that I’ve requested a bank wire withdrawal from, It took a total of 7 business days after I sent in the request to withdraw my balance. From what I’ve observed in bank wire times, this is pretty standard provided that you give them the appropriate bank details. Any delays would likely be on the bank verifying your info rather than them processing it. Thus, with this new piece of information, I’m upgrading the withdrawal rating from 8/10 to 9/10 since it’s standard withdrawal time. A perfect score would be for a broker that provides instant withdrawal (money bookers or paypal).
“Live” Chat / Support: Rating – 10/10 (Revised review)
During the period of trading with the live bonus money, I needed their support to fix trades on multiple occasions and this time, there was actually someone there. It was the same person every time but, at least she was there. Her name is Katie, very helpful, solved my problems in a timely fashion, within the hour.
Hopefully my Trade Rush Broker Review has helped you out in deciding if Trade Rush is the right broker for you.
OLD TRADE RUSH BROKER REVIEW – SEE ABOVE FOR THE REVISED REVIEW AFTER IMPROVEMENTS.
The following review was written with the problems they had in the very beginning, given the changes, I decided it would be cleaner to write a brand new review for them.
Open an account and start trading now!
Overall Rating = 4/10 – Reviewed on Oct 1st, 2011 (Low rating due to platform issues)
UPDATE: October 7th, 2011 – Pretty much wiped my account testing out how they treat higher trade amounts and to test the confirmation feature out. Downgrading the platform and price quote ratings from 2/10 to 0/10. This drops the overall rating from a 4.8/10 down to a 4/10. Note: now that I have wiped my account, I can no longer provide updates with this broker in the future. This is the end of the line between me and them, TR will no longer be mentioned again in future blog posts.
Deposit: Rating – 8/10
I deposited via credit card like most other brokers, they all accept major credit cards. This doesn’t really matter, all the brokers are the same in this category. You start trading instantly as soon as you deposit. The other 2 brokers got 8/10 on this as well, I would love it if a broker in the future could accept PayPal. Since PayPal is tailored more towards North America vs. Money Bookers is for Europe/Asia, or at least that’s how I see it.
Platform: Rating – 0/10
Trade Amounts: They pretty much combined StartOptions (SO) and BBinary (BB) together. Their normal options (which I don’t trade) use the entry field like BB whereas their 60 second options uses a drop down menu like SO (I only traded these here). This is good, if you’re entering 60 second options, you don’t have the time to enter the amounts each time. Since it’s a drop down menu, I don’t have a problem with fixed trades, max is $100. I doubt anyone would want to risk more than that in 1 minute anyways.
Trade Entry/Expiry: Varies thru out the 250+ trades that I made. Sometimes, it lags on the entry or the exit. Apparently, from what I’ve been told, they have now added a confirmation screen on the entry price (exactly like BB I’m assuming).
Why this is THE MOST IMPORTANT issue: You’re trading SIXTY second options, if it lags 2-5 seconds, that’s already affecting your trade. Let’s say you see price at 1.0160 enter a call, lags 2-5 seconds, you enter at 1.0165, 60 seconds later, it’s at 1.0164 but just 2-5 seconds earlier, it was still at 1.0167. The example goes both ways for entries and exits. And yes, I’m fully aware that this lag name is “normal” for the industry, but if you’re going to offer 60 second options, make sure you can give pinpoint instant entries. Everyone knows that in a split second price can change by so many pips. Time is just as important as price.
As for the new addition of the confirmation screen, that doesn’t affect my decision that much. I haven’t tried it yet, but if anything. It’ll affect the dynamics of the trading experience, not the accuracy that much. When I logon to trade 60 seconds, I want to press start; 60 seconds later get/lose my money. If I have to confirm a price, it’d mess up the dynamics. Making 10 trades in 5 minutes would drop down to maybe 5 instead, that extra couple seconds to click confirm is just as bad as trade entry/exit lag.
UPDATE October 7th, 2011 – Tried confirmation feature, it sucks, it removes the vibe out of 60 second options. You’re no longer trading for the thrill, the speed, the excitement. Previously, I could just click start, start, start and enter multiple trades simultaneously. Now it’s start, confirm, -lag/wait time (1 second), start, confirm, -lag/wait time (1 second), repeat. The speed is no longer a factor, since this is the case, I’m downgrading the rating. This in turn affects the price quotes below as well since entry time has changed, price quotes fuck up as well.
Open an account and start trading now!
Price Quotes: Rating – 0/10
Based on how I’ve reviewed other brokers, this section is based on entry and exit prices. Given the lag, entry and exit prices are messed up along with any price spreads. The algorithm they use (if they have one) is a variable price spread on your entry/exit point. I’ve seen my trades lose or win by 1-3 pips difference from real price, losing more than winning of course. Entry and exit prices given the lag will just be different because you’re not entering or exiting when you’re supposed to. The spread here is not in the price but in the time, time spread is a problem for 60 second options.
UPDATE October 7th, 2011 – As mentioned above in my original review. TIME spread is just as important as price spreads. The trade confirmation has changed the dynamics of trading 60 second options. Let’s give an example, :01 (seconds) price at 1.35465 enter put, confirm, it’s now :05. At :03, it spiked up to 1.35495, you missed the entry for an additional trade. Before I get bashed for not considering the possibility of cancelling the first trade and entering the higher price due to confirmation. What if I want both prices? then ask the question, what are the odds of catching the higher price after rejecting the confirmation because it takes time to cancel, then re click to enter. All in all, confirmation has fucked the DYNAMICS of trading 60 second options!
Withdrawal: Rating – 8/10
This is the first positive withdrawal rating that I’ve given. This rating will be updated in the future after I try a bank wire withdrawal. But in my books, 6 days is pretty fast compared to SO’s 11 days. The good thing with TR, is that they request your personal info, ID, etc ahead of time (usually a few days after you deposit) so that when you withdraw, it’s faster. No need for confirmation time, just processing time.
“Live” Chat / Support: Rating – 4/10
Note: I’ve had 3 encounters with their team or maybe just 2 since apparently; marketing is a separate unit and does not represent them in anyway. Once on the phone with a service rep (whom was requested to call me by the marketing guy). Once on the live chat in the morning. Plus, one more encounter when the same marketing guy came into a chatroom and the room full of traders at that time bombarded him with questions.
One word to describe the experience, would be uneducated? Based solely on the encounters that I had with them, which was near the beginning of my trading period, they were for the most part uneducated. Didn’t know that much about the technicalities behind the trading platform, liquidity, etc. The last encounter was on the live chat service rep, the whole conversation lasted 30 minutes on live chat. I played a dumbass and asked stupid questions to see how educated the guy was. Not very. I basically just asked questions from their Q&A section. I’m pretty sure I was the only person in chat at that time, since the trade entrys for that day was consecutively all mine. The only reason I can think of for him taking long to reply was he had to a) ask his superior or b) look up the info himself.
Open an account and start trading now!
I started trading with them on Aug 25th, 2011 all the way till Sept 22nd, 2011. I didn’t “stop” per say, the account is still there, it’s active, everything left in the account is my profit which I don’t plan to withdraw until I make enough to make it worthwhile to pay the $25 bank wire fee to withdraw.
At this point in time, I’m still in the green (profits), so this review is in no way a bitter response towards them. Every trader in the world will agree with this, when you trade, you want the best/smoothest/no bullshit platform. Because hiccups will screw up your mentality and irritate you. In a chatroom, through out my 250+ trades, on multiple occasions, members would see me come on to rant or complain about lags and how it screws up my trading. Platform issues is a stupid reason to lose a trade, if I lose a trade I want it to be MY fault for reading the chart wrong, not the platform.
As a broker, TradeRush is no different from any other broker. I’m sure they’re (for the most part) run by “honest” people. The problem with them is their platform, it’s so slow and laggy. They’re the first ones on the market to offer 60 second binary options, so kudos to them for that. But they didn’t back it up with a good platform.
TradeRush is not a bad broker; just their platform needs some work/improvement. Until that day comes along, I see no reason to use them unless you like gambling with 60 second binary options.
Comments from another veteran trader / friend of mine, the legendary binary option trader CherryCoke from HSM/BOD
“I opened an account with TR the same time with Brian. At that moment, TR stands out in the industry as the only full-fledged binary broker that offers 60secs binary options expiry window.
And with Brian, i too experienced the much less than desired trading experience with regards to those 60 secs options. Platform performance is the main issue. Online support chat was only available during the first few days of my sign-up. Emails were replied after a week (as laggy as their options LOL !)
When TR introduced 60 secs on their site, it was obvious that its a boon to them. Gathered a lot of attention (and business as well). And over time, the platform was obviously not able to cope with the bandwidth of users trading the 60 secs which resulted such poor reviews among traders.
So the boon of the site has become the bane. No one will remember TR for being the excellent binary options trading site simply because they are not offering anything more than other competitors in the industry. But now that their “trump card”, 60 secs is failing them. The users, all the more would not even bother continue with a broker which cant even have a stable platform that can guarantee the “smoothness”, “efficient” and a “reliable” trading experience.
And these are just the rudimentary criteria for any binary platform. I would like to see if TR’s future would be as “short” as their 60secs binary options.”