TraderXP – The Winds of Change are Blowing?
TraderXP Makes Contact with unsatisfied Clients – The Winds of Change… or NOT?
People will always be attracted to promises… it’s human nature. But unfortunately sometimes promises are false and used just to lure unsuspecting victims and the internet is the perfect place for such scams to unfold. The Binary Options industry is filled with so called trading companies or Binary Options Brokers who, just like a black hole, suck up all your money and make you regret ever thinking of investing in the financial market. These companies give Binary Options a bad name and if they don’t change or disappear completely, the entire industry will have to suffer and the good guys – brokers with reliable services and professional staff – will lose their clients as well.
There’s good news, though. Lately some not-so-good brokers start to show some improvement and one of them is Trader XP. If you read our review of Trader XP, you will see they are not one of our trusted brokers and we don’t consider them as one of the best in the business. But… we are noticing some improvement and as a result we recently updated our review. It’s true that the improvements are too small for our opinion to be completely changed, but at least they show they care enough to update their Daily Market review and introduce more underlying assets. Just as I mentioned many times before, a Daily Market outlook which is up to date should be a normal thing and not a reason for someone to say “Oh, what a great company, how caring and thoughtful of their clients.” So the fact that a Daily article is actually written daily is nothing to brag about. Yea, it’s a change, that’s true but if a broker improves from “very bad” to “bad”, is that something we should cheer about? Not really…
However, there is another area where they improved: communication. Notice the Comments section on our website, below the Trader XP review. Almost 6 pages are full of complaints about how this broker scammed people by not allowing them to withdraw or imposing some limitations which were not mentioned prior to opening the account and depositing. During all the time it took for those six pages of complaints to be created, not a single Trader XP representative bothered to answer. Sure, they are not obligated to check every website for customer complaints so maybe they didn’t see any of those comments, but I think a serious company cares about their internet reputation and they should check leading sites like BOTS for such things. Now, finally a Trader XP representative addresses those complaints and is trying to contact those customers via our Comments section. This is a move in the right direction and one that should have been made some time ago.
Could this be the “wind of change”? Maybe we are about to see more commitment from Trader XP and hopefully the company representative’s comments are made with the best intentions, not just throwing up smoke screens or dust in the eyes of the people who are unsatisfied with the service and want their money back. We hope the Trader XP representative will create an account on our Forum as well in order to facilitate further communication and address other people’s concerns and problems.
Traders Must Change Too, Not Just Brokers.
Binary Options trading companies must improve, that’s for sure, but let’s call a spade a spade: Binary Options traders must start to read the Terms and Conditions before they open an account and make a deposit. It clearly says in most of those documents that a certain trading volume must be reached before a withdrawal can be made. Clear, black on white! But many traders are blinded by the potential profits of Binary Options and they don’t bother to read the Terms and Conditions. When they see trading is actually not as easy as they thought, they want their money back. Tough luck! You agreed to the Terms when laziness made you click without reading and that is not the brokers’ fault. Some of the brokers’ terms are amazingly biased towards their benefit, but accepting those terms or not is entirely up to the client. I’m not talking specifically about the users complaining on our website about Trader XP, but it’s a fact that many “scammed” traders are not actually scammed… they just don’t read the Terms and Conditions.
We are Here to Make your Voices Heard
Reading a document before signing it is basic common sense so let’s all start to do that before opening a trading account and maybe the word “scam” will be used less and less when it comes to Binary Options. The breeze of change showed by Trader XP is comforting but it’s just a drop in the ocean at the moment. However, we are glad to act as a bridge between traders and brokers because that’s why we are here: so people can speak their minds and their voices to be heard. If you post your complaints in our Comments section or on the Forum, you can be sure that brokers will see them and eventually they will have to answer, especially if they treasure their reputation. Trader XP is a good example of a broker who tries to change, but we would like to hear from the clients involved if their problems were actually solved. Feedback is important so post your concerns and complaints on the Forum and help us help you.