Citrades opened their doors to the market in 2012 and uses the new and improved Spot 2.0 platform. But have they improved their services and features as well?
A $100 minimum deposit is required to open an account and start trading with Citrades. 43% of the brokers in the industry today are requiring a minimum deposit of $200 which means that Citrades has a much lower deposit prerequisite.
The type of account and the benefits will depend on the amount that was deposited:
- Account manager: It is better to rely on a third party signal provider and not with the account manager because they still work for the broker.
- One on one training with broker: Basically the same as #1.
- Personal analyst: Just the same as #1 as well.
This is below the normal deposit that other brokers request which is an advantage.
Design and Layout
The design and layout was quite presentable although I find some of the sections to be too cramped with too many elements particularly on the top and right sections. They incorporated the standard layout that is used by most binary options brokers today but the improvements were rather disappointing.
They support credit cards, wire transfer and e-payments. The majority of the brokers today support credit cards and wire transfer which means that Citrades does follow an industry standard. It would have been better though if they added more payment options since they accept clients from different parts of the globe.
The $25 minimum trade size is not the best but still belongs to the normal range. 32% of brokers in the market today also require the same minimum trade size which means that they are at par with the industry standards.
Citrades has a total of 57 tradable assets which is lower than the average number of total assets in the market today which is 76. Even the indices and stocks are very limited which means that the opportunity to make profits are reduced.
Citrades belongs to the rare 12% of brokers in the industry today that are using the new and improved Spot 2.0 platform which is more powerful than its predecessor.
It is very important for the quotes to show the actual market figures. With the test that I made on this broker, I observed that the quotes are sometimes delayed for 20 minutes which is a drawback particularly when markets are rapidly moving. This is proof that their technology is still not that good when matched with other brokers that are capable of supplying real-time market data.
The whole purpose of trading binary options is to make profits and this is the reason why the payout is important because this will measure how much money you can earn. With Citrades, the highest payout rate is 85% which I found out to be true after checking out their platform and looking through the different assets. This also means that they have the same rate with the 33% of brokers who are also offering the average payouts.
Withdrawal Processing Time
It’s a common dilemma of most traders to have a broker that takes a lot of time to process withdrawal requests. Some take days while some can even go as far as a month.
With Citrades, withdrawal requests are processed up to 3 business days with an additional 5 to 7 days for the funds to appear in the account. That’s a total of 10 days which is just as quick as the 21% of the brokers today that have the same withdrawal processing time. Of course it would have been a lot better if they were a bit faster.
Withdrawal Processing Time
Any trader would want to have an honest and trustworthy broker especially when there are questions about bonuses and the conditions that come along with it. The easiest method for me was to contact them via the live chat method but unfortunately, this feature was not working when this review was made. I tried during different times of the day but I still wasn’t able to get in touch with any of their live agents. This is definitely far from the benchmark in customer service!
Citrades belongs to the 59% of unregulated brokers, which means that their trust level is not that good. This is a clear indication that they are not a serious brand because they are aware of the possibility that they may incur with penalties by the watchdogs for violating too many regulations in the event that they acquire a license.
Aside from being not regulated, Citrades has been able to enjoy an unremarkable reputation in the binary options trading community. There were some good comments regarding the quality of their platform but there were also some unhappy traders who find the services of this broker to be mediocre. Taking all of these feedbacks into account, the reputation is just average.
Citrades has been in operation for more than 2 years already but their services still continues to be second-rate and unexceptional. While it is true that the upgraded Spot 2.0 platform is an added advantage, this broker failed to go beyond what is required by the market. A lot of improvements are still needed before this broker can be considered top-notch in the industry.
UPDATE: Citrades is no longer operational.