23Traders is a binary options broker owned and operated by Hermes Ventures Ltd. Simply put, an investor can deposit a minimum of $250 in a 23Traders account, and make trades in different binary options formats.
We are going to provide a review of 23Traders. We are not affiliated with this binary options broker, so you will be receiving information that has no bias to help you choose the broker you would like to use.Visit Website
- Uses the popular Spot Option platform
- Offers a huge assortment of educational materials
- United States traders not accepted
- Not licensed or regulated
23Traders Deposit & Withdrawal Methods
23Traders Broker Information
- Company:Hermes Ventures Ltd
- Platform:Spot Options
- Minimum Deposit:$250
- Minimum Withdrawal:
- Minimum Trade:$5
- Demo Credits:
- High/Low, Pairs, One Touch, Ladder, Forex
- 30 sec, 60 sec, 90 sec, 2 min, 5 min, 15 min, 30 min, 45 min, 1 hour, End Of Day
- iPhone, iPad, Android
23Traders is a binary options broker based in Anguilla, and also have offices in London under the owners and operators name: Hermes Ventures Ltd.
23Traders uses the very popular Spot Option platform for binary options trading. That platform is not favored in the United States, so U.S. traders cannot trade with 23Traders. The trading options are immense with 23Traders. They include:
- One Touch
- Speed Options
- Long Term
- and more
While some reviewers have claimed that 23Traders is new, they have actually been on the scene for awhile. The 23Traders website was registered in September of 2013, but the reason that so many claim they are new is because the Spot Options platform they use is new.
Hermes Ventures Ltd started 23Traders on the pretense that they put 23 separate Traders together in a brainstorming session to discover what they wanted in a trading platform. The technique worked so well that 23Traders still uses the system of allowing traders to suggest what they would like to see in the trading platform. As requests are made, the engineers behind 23Traders do everything possible to make those requests happen if they are feasible.
23Traders Terms and Conditions
As with every binary options broker, there are certain terms and conditions that must be followed to have a positive trading experience. I suggest you read all the terms and conditions before creating an account with 23Traders.
Some of the primary terms and conditions of 23Traders are:
- Traders must be 18 years of age or older
- The company reserves the right to refuse service or suspend accounts for any reason
- Dormant accounts (not in use for 3 months or more) will be charged $99.90 monthly which will be deducted from the trader’s account.
It is very important that you read all terms and conditions before creating an account with 23Traders, or any binary options broker.
23Traders Withdrawal and Bonus Terms and Conditions
As I read through the withdrawal terms and conditions, there is one area that really created a suspicion. It says that withdrawals cannot be more than the original deposit. So if you deposit $250 and you do well, you can only withdraw $250 at any given time. This seems like an odd system. Withdrawals are processed within 7 working days, and the company can choose to pay in other ways then the original deposit.
With bonuses, the trader must make trades of 40 times the bonus amount before he/she can withdraw the bonus. So, if you receive a bonus of $100, you will have to make trades equaling $4,000 before you can withdraw. You should always keep this in mind before you ever accept a bonus.
23Traders Demo Account
23Traders does not have any type of demo account to offer investors. They do offer a healthy amount of educational items to help traders understand how to trade in binary options. They have personal trainers, many videos and eBooks, along with an economic calendar.
23Traders Scam Watch
While 23Traders seems to be a professional trading website, I do have some questions on practices. The withdrawal term stating that a trader can only withdraw the amount of their deposit seems quite unreasonable.
It seems the company is also trying to paint a picture that they are licensed and regulated when they are not. The Spot Option platform is CySEC licensed, but 23Traders is not.
So do I think that 23Traders is a scam? I cannot say that. It seems there are many people who have been happy with the treatment they have received from 23Traders. I cannot find many negative reviews or comments, and the ones I did find were quickly alleviated by 23Traders. It does seem they want to keep their clients happy.
Personally, I won’t use 23Traders, but I also do not feel they are a scam. Hopefully they change a few things to take suspicions away. The top one would be getting a CySEC license.
23Traders on Mobile
23Traders has mobile availability. You can get apps from the Apple App Store or the Google Play Store. This way you can make trades while you are on the go.