Is TitanTrade a Scam?


Currently, we are not able to deem TitanTrade as a safe binary options broker. We highly advise you to proceed with a trustworthy and reliable broker. For a more reputable binary options broker, choose from the list of other safe and highly reviewed brokers.

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TitanTrade Evaluation

TitanTrade is an unregulated broker owned by Titan Trade Capital Ltd. and has been providing its services since 2010. Their address is Trident Chambers, Victoria, Mahe, Seychelles. Their UK phone number is: +44 203 608 8333 and their email address is support@titantrade.com.

 This broker claims to offer financial expertise in the binary options trading market with a wide array of trading services. TitanTrade offers short and long-term investment options and uses the SpotOption platform, which is completely web-based. They have five different account types, which don’t encompass many unique features that differentiate themselves from other brokers. Their minimum deposit is $250, depending on your region, to begin using their platform to execute trades.

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All the above mentioned seems to infer that TitanTrade is flawless, but read our review to discover more details, and then decide if this broker is optimal for binary options trading.

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 Is TitanTrade a Scam?

Although TitanTrade lists their address details, we sadly report that there is no registration or license number for their business. When a broker is not regulated or given a license by a higher authority, complaints go unheard by those your report them. We have come across a number of complaints that their auto trading bot is not up to par and has disappointed many traders who have tried this broker. There have been many complaints that users have been unable to access their accounts and the withdrawal process is very difficult. Traders who have worked with Titan Trade, have had many technical issues with the platform and have stated that it needs to be improved.

These types of complaints are very bad indicators that you might not want to deposit your money with this broker. Their credibility is very questionable, thus we suggest you check out more reliable and regulate brokers that have good reputations.

TitanTrade Withdrawal Complaints

Just like most common withdrawal procedures, you’ll need to provide a scanned copy of a valid ID or passport and a utility bill with your current address listed on it. In addition, you can choose a preferred payment method such as Credit/Debit card or wire transfer to obtain your earnings. The minimum withdrawal amount various country to country, but the listed amount we found was $100. We were quite daunted with their withdrawal fee, as they claim to not charge for withdrawals. According to their terms and conditions, a $30 surcharge is required to withdraw your money for every transaction you request. Compared to other brokers, this is a bit too much. Many ex-clients have left this broker due to this incongruity; traders felt the company was dishonest.

Ethical binary options brokers will not publish that there are “no withdrawal fees” and then charge you a fee for the transaction. This is not fair business practice and will cause a downfall in reputation. This would definitely cause traders to be hesitant towards TitanTrade and they have every right to complain.

TitanTrade Trading App

Clients you choose TitanTrade as their preferred broker are entitled to gain access to their mobile application. This mobile app is said to help traders understand market conditions and help them improve their trades with inclusive hourly updates. The TitanTrade app is appropriate for new and pro level traders and can be downloaded from their website and on Google Play Store.

The trading app offers flexibility to its clients, thus they can trade on the go and away from the PC. As per our findings and according to store ratings, the reviews of this app are fairly low. We advise prior to opening an account with this broker you take a look at the app reviews to get a well-rounded perspective of what you can expect.  Many more reputable brokers also offer mobile applications to their clients which you can check our list of regulated and top ranking brokers in the industry.

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 TitanTrade Account Deposits

riskThe minimum deposits listed for each account on the TitanTrade website are fairly high compared to other binary option brokers. The minimum amount is $250, but if you opt to do it via a bank transfer, it must be at least $500. Also, test accounts also require $500, which the Scam-Rank team finds it a pretty big amount to do a demo run. Many brokers that have a high quality platforms offer free demo accounts to interested clients as this is very appropriate for new users to check if the platform suits their needs or not. Making such a big deposit with an unregulated broker without testing the software free of charge, is setting your investment up for disaster.

TitanTrade’s other account types require the following minimum deposits: Classic $1000, Premium $2500, Platinum $5000 and for the VIP account $10,000. These are moderately high initial deposits which makes TitanTrade a bit more costly compared to other brokers in binary options market. We can understand how such high deposits may have users uncertain about opening an account here, not to mention the fact they are not licensed and regulated.

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Pros
  • Educational Materials
  • Mobile App
Cons
  • No Free Demo Account
  • Not Regulated nor Licensed
  • High Min. Deposit Amounts