Welcome to our TradeRush review.
But …you might want to read our review first. Not everything about them is kosher.
While searching the internet for compliments, complaints and scams, I came across one post that left me feeling uneasy.
TradeRush did something I could only describe as shady. And, yes, the forum poster provided proof.
Maybe you won’t care. But I bet most people will – it might even be enough for them to pass on them and sign on somewhere else.
I’ll get to that in a minute. Let’s cover the basics first, huh?!
A little bit about TradeRush:
- They launched in 2011.
- They do not accept US customers. Instead they refer you to Magnum Options – and receive a commission for it.
- They’re owned and operated by Marblestone Partners (same as Boss Capital – a US friendly alternative).
- TradeRush is regulated by the Cyprus Securities Commission (CySEC).
That covers the important stuff about their company.
Let’s now start from the beginning of the trading process – making a deposit. I’ll tell you about the shady stuff shortly after.
- Bank Wire
Putting Monies In, Pulling Monies Out
You can make a deposit using:
- Credit Cards
- Debit Cards
- Wire Transfer
The minimum deposit is $200, unless you deposit by wire transfer – anything below $500 will run you $30.
When you make your deposit you’ll have the option to receive a bonus. These are match offers usually up to 100%. I say usually because each offer is personalized. You’ll have to talk to the account manager when they call you after creating your account.
(To give you a baseline, though, I saw an example where someone was given a 40% match for depositing $1,000.)
You can use the same options to cash out. Some options will have limits:
- Credit Cards – $30 min / $20,000 max
- Wires – $100 min / unlimited max
Your first withdrawal of every month is free. Every withdrawal after that will cost you $30.
Now you’re ready to trade.
Ready to Trade, But Don’t Know Where to Start?
Then let’s talk education. After all, not everyone is a certifiable trading genius.
But that’s okay, because TradeRush has an education section with 3 different options:
- Academy – A video series that shows you step by step how to trade on their platform, an intro to binary options, money management and market analysis.
- Courses – These are videos that span 3 categories, Beginners, Advanced and Our Platform. There are 21 videos that cover trading, risk, trends, the different trading options, how to trade aggressively and more.
- Ebook – A 50 page book that covers the basics (for people that prefer reading over watching videos)
- Live trading webinars
Their FAQ page looks detailed, so if you have any questions after going through their training you’ll probably find an answer here.
Trading Assets & Options
TradeRush has more than 100 assets to trade in these categories:
- Hot Assets
You’ll find all their assets on their index page, but they include the normal stuff like forex, oil, gold, Nike, Apple and so on.
Then they have these features:
- Option Builder
- 60 Seconds
- Double Up
The buy out option looks interesting because it allows you to liquidate your options as a sort of stop-loss strategy. But you can only use it for specific assets and only up to 1 hour before it expires.
The minimum trade is $5 for 60 Second options and $10 for everything else. The max trade is $2,500.
You can expect returns as high as 85% and rebates as high as 15%.
A List of Good and Bad Things
Here are all the reasons to like and dislike them in a tidy list.
- They offer up to 15% back on losses.
- They’re licensed and regulated.
- You can trade from your iOS and Android device using their apps.
- They have a large education resource center.
- They have a lower deposit threshold (200) compared to their competitors.
- They have a low trade threshold ($5-$10).
- They give you one cash out free each month.
- Their rollover for bonuses is a bit higher (30x) than other platforms (such as OneTwoTrade’s 20x).
- There is no demo account.
- They don’t accept Americans.
Then there’s the shady stuff – let’s get into that.
Is TradeRush Legit? Explaining the Shady Stuff
Pros & Cons
Let’s chat about the shady stuff first.
Most of the complaints I came across were the standard I didn’t read the bonus terms or I lost money trading. There were a couple complaints about software glitches, too, but it must not be too big a deal since only a couple people posted about it.
Those things are minor, and not enough to stop anyone from checking them out. But the following might be.
One complaint I found was from a customer who had his account shut down for supposed abuse of the cancel trade feature. According to their terms you cannot cancel more than 20% of your trades.
Apparently this guy didn’t – and proved it.
The staff then accused him of charging back, which he said he didn’t do, nor did they ever prove he did.
That’s where the thread ended. There are no updates from him or anything from TradeRush.
What made this post so scary is he has proof of him not canceling more than 11% of his trades. He also has proof of TradeRush editing their terms and conditions – they removed the 20% and left it open-ended – it’s more or less at their discretion.
They’re clearly allowed to change their terms and conditions, but it’s pretty shady to do it while in the middle of a situation with a customer. They should’ve taken care of him first – giving him the benefit of the doubt – and then change their terms.
And I’ll be honest – I can’t think of too many legit companies who have done this.
So, that’s the shady stuff.
To balance that out, I came across another post from a user who was having troubles cashing out. Apparently he had too accounts, and there was some confusion as to which account he was using (even though the one TradeRush says he was using was empty).
They weren’t letting him cash out because they thought he accepted a bonus, and therefore had to wager more money before they could ship him a check.
But after some back and forth, they agreed to remove the clearing requirements and to let him cash out his money.
He didn’t update his thread, but I assume he got his money back.
The Bottom Line
The biggest problem I have is TradeRush changing their terms and conditions. Had they waited until after the issue was taken care of, I wouldn’t care at all. But they didn’t and that bothers me.
But is it enough to condemn them, to not check them out?
I don’t think so. They have average ratings elsewhere and those were the only major complaints I came across. Here’s what I suggest: