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How To Choose Binary Options Broker
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Choosing the right broker can be a fateful step that will determine your success in binary options trading. There are some specifications that differ binary option brokers’ quality from forex brokers’ characteristics. Here are some points to take into account when you want to pick a binary options broker.
Choosing the right broker can be a fateful step that will determine your success in binary options trading. The increasing popularity of binary options among online traders have caused the emergence of many binary options brokers, as well as the addition of binary options trading in some forex brokers’ features. It is a common knowledge that the more choices we have, the more difficult it is to find the best ones, as each of them has its own services with different quality and regulation.
There are some specifications that differ binary option brokers’ quality from forex brokers’ characteristics. In choosing forex brokers, traders need to consider hidden fees emerged from things like requotes and slippages, while binary options traders have to think over payouts and option types offered by brokers. However, problems in deciding the best binary options brokers also arise from general matters, such as regulation, deposit and withdrawal process, and customer service.
Thus, choosing a binary options broker can be a difficult beginning if you do not know what should be considered in each broker’s features. Here are some points to take into account when you want to pick a binary options broker.
To guarantee a safe and secure binary options trading, regulation is the first aspect to look for when reading a review of binary options broker. You need to acquire a good understanding in regulations that are able to provide assurance for your trading prospect. You cannot just believe in what is stated by the broker. In fact, you need to search for more information concerning with regulations, since binary options itself is not yet regulated officially in some countries.
The dilemma with binary options is that it is basically a derivative of financial trading derivative, which makes many call it betting rather than trading. Still, despite of the regulation problem, some countries provide binary options license for brokers. Regulators like Cyprus’ CySEC, France’s AMF, Italy’s CONSOB, and Germany’s BaFin are some instances that issue bonafide licenses for binary options brokers.
Deposit and Withdrawal
A broker’s quality can be easily discovered by its deposit system. Simplicity is what matters most in this area. If you have difficulties in depositing your trading capital, there is no guarantee for you to withdraw your money safely.
A good binary options broker should provide an easy, safe, and low cost withdrawal system for its traders. It also needs to have a trusted termination facility that warrants safe withdrawal process when traders decide to close their trading accounts. A broker’s initial purpose is to keep the traders’ money, not to manage it in their own will. Hence, it should be able to provide a safe and easy withdrawal process when traders want to withdraw their money whenever they would like to. If you meet troubles in withdrawing your money, then it is safe to say that your broker is irresponsible in managing your money.
Choices in how to deposit and withdrawal can be a good point too in deciding a decent broker. Here, you should be provided with various ways to deposit and withdraw your money as in wire transfer, by credit card, or even e-payment. With many choices of different methods to choose, you will have a bigger chance to deposit and withdraw your money in the most convenient way.
With a good trading software, you can analyze market movements and place your option with ease. If sometimes you have troubles in your trading platform that do not come from your gadget’s internal problem, then it is better for you to seek other brokers with better trading software. Being able to watch the latest price movements, applying indicators, and placing options with certain expiry times are the most crucial parts in binary options trading. Your trading will not end successfully if your broker’s software cannot give proper support to your trading.
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Other than software quality, the accessibility of platforms through various gadgets also need to be considered, for technology advancements in this era has allowed traders to trade anywhen and anywhere. A broker with platform available in smartphones and other gadgets will be a better choice than those that only provide desktop platform.
Brokers usually offer various different payouts, depending on what the instruments and trading types used by the traders. Most brokers give fixed payouts in each area, but there are also those that give choices to traders in determining their desired payouts.
Different instruments have different payouts. The same thing goes with the trading types. For instance, EUR/USD has payout as much as 83% in high/low options, while oil’s payout is only 73%. Those instruments will have different payouts when traded in other trading types. Brokers usually do not offer refunds for out-of-the-money options. Thus, it is a real all-or-nothing kind of trade when dealing with these types of brokers.
On the other hand, there is also a kind of broker that gives you choices to pick your own payouts. Although ranges also differ for each instrument and trading type, you can choose the amount of profit and refund in your option. Here, the bigger the profit is, the lower the refund you will get. For example, if you choose a profit of 80%, you will obtain the minimum level of refund, which is 5%. But if you pick a small percentage of profit like 10%, your amount of refund will be as high as 25%. This kind of payout can support your money management by either keeping your loss at a minimum risk, or by taking the highest profit in one option trading.
Trading binary options does not mean that you will forever stuck with choosing the right price movement by high/low options. There are also other kind of options like deciding a certain level in touch/no touch options, or determining a price range that is made possible by in/out of boundary options.
In this matter, you should be provided by a wide variety of trading types. Brokers with small numbers of trading types can limit your possibilities to gain profit through various ways. Furthermore, you also need to learn brokers’ policy in each trading types. The transparency in providing the rules is also important before picking a certain binary options broker.
Bonuses and Comissions
It is no wonder that the terms “bonus” or “comission” can attract traders’ interest in ways that are far more promising than other advertising tools. It is normal since traders always look for profits and will not waste a single chance that will probably allow them to earn more. The catch is, brokers sometimes give bonuses which eventually inflict bigger loss than what the traders will lose when trading with no bonus attached.
It is certainly not wrong to make use of brokers’ bonuses if they are realistic about it. You need to always remember that brokers always look for benefits. There is no way they give large numbers of bonuses without asserting certain conditions that will end up doing more harm than good to your balance. Therefore, it is strongly suggested for you to not easily be attracted by unbelievably high bonuses. You can always make benefit of bonuses that offer normal comissions and usual conditions that do not burden you with more risks. In this case. you can take an example from deposit bonus. As a rule of thumb, the bonus should stay lower than 40% for it to be considered normal. Brokers that offer deposit bonuses higher than that will have rules that will eventually make you suffer more losses.
Brokers with proper system should be supported by good customer service. You can check their quality by calling their service center and see how they manage questions and complaints. It really makes a difference when you trade in a broker that is supported by a very informative, amiable, and communicative customer service. Aside from helping you with the troubles you may find when trading with a broker, a nice customer service also signifies broker’s transparency level. A decent broker surely needs to be very transparent as it will keep your money for you to manage by trading. Low transparency can indicate a scam broker.
Though seems trivial if compared with payouts and trading types, customer service is one feature that determines the real quality of a broker. The availability of service supports in other systems like e-mail and live chat can be a good point to consider when judging a broker’s customer service.
The aforementioned points are meant to be parameters for you to consider before choosing a binary options broker. You can read broker reviews or perform a complete analysis on brokers’ specifications before deciding to pick the right one. Browsing through several sources can help you to compare information about certain brokers. It is also suggested for you to surf comments from your brokers’ clients. Information in sites can be fabricated, but real users’ opinions will express their real experience with the broker. This way, you will be well-equipped with enough sources and methods to choose the right broker before beginning to trade in binary options.
How to choose a binary options broker
As we see more and more binary options brokers soliciting customers, for a trader who wishes to trade binary options, it can get difficult and confusing in choosing a binary options broker. A quick look at various online forums and websites gives out conflicting reviews and opinions which only tend to add to the confusion. So how does a trader go about choosing a binary options broker? Read this article to help you choose a binary options broker.
Just like with choosing a forex broker, the task of researching into various binary options brokers before you blindly sign up and deposit your funds is essential. While there are many legit brokers, there are equally dodgy and shady binary options brokers. This is one of the main reasons why there are so many complaints about various binary options brokers. In most cases, the trader has not done their research into the broker and only realizes that they have been scammed when it comes to withdrawing their funds. In some cases, traders have lost as much as $1000 for failing to research for the right and legit binary options broker. You can spare a couple of minutes to read through this article, or you could risk giving your money to a shady binary options broker.
Choosing a binary options broker – What to look for
When it comes to selecting a binary options broker, any trader should first look into the following checklist criteria which we briefly explain.
Start by reading the About Us Section
One of the easiest way to filter out dodgy binary options brokers is to simply read the ‘About Us’ section. It is very simple to identify how legit a binary options broker is by simply reading the contents of this page. A legit binary options broker tends to give out as much of details as possible. Traders should specifically look for the following:
The broker’s company details including registration number, country of domicile, number of years in the business.
Validate the address of the broker
Look for the address of the broker. Now-a-days more and more brokers conveniently set up a virtual office in places like London just to make their company look fancy. Doing a search of the company can instantly reveal if the company is indeed legitimate or just has a virtual office. Stay away from binary options brokers that have a virtual office. If the broker is hesitant to give out their details, there is no guarantee that you can trust them with your money.
Read the Terms & Conditions
The terms and conditions although lengthy and complicated as they might seem is in fact a very good place to get all the finer details. It is essential for traders to read through the terms and conditions as it makes for a legal document. Pay attention to the sections dealing with deposit and withdrawal of funds, look for any restrictions or any fees that may be charged and so on. You would be surprised to know that of the many traders who feel they were cheated, simply did not pay attention to the terms and conditions. Again, it pays to spend some time reading through the binary options broker’s website rather than deposit your funds and then have difficulties during withdrawal.
Check for Regulation
Regulation is a grossly misunderstood area for traders. Just because a binary options broker is regulated doesn’t mean that they are legit. Regulation from CySec in Cyprus is one of the most common licenses held by binary options brokers. Yet, despite the broker being licensed, there have been instances when traders were cheated out of their money. Having a license does not guarantee anything and there have been no documented evidence of a financial regulation authority intervening to help out a trader. However, when a binary options broker is regulated, it does mean that they are subject to fair and transparent business practices which make it a little bit better to trust the broker.
Number of years in business
Logically, the longer a binary options broker has been in business, the less likely that they will cheat their customers. Always check when the binary options broker’s business was established in order to learn how long they have been in business. For a new binary options broker, it is much easier to disappear with funds overnight or to cause problems with withdrawals than it is for a broker that has been in business.
This is also the reason why you get to see big bonuses being offered mostly by new binary options brokers rather than the established ones. See here List of best bonuses from BinaryOptions brokers
Check their customer support (Chat/Email and Phone)
The next step is to contact the binary options broker’s customer support via Phone/Email and Chat. This will help you know how professional and helpful the support staff is while at the same time allows you to get an idea about the broker’s operations.
To conclude, despite doing the above research, there is no guarantee that the broker who meets all the above criteria is legit. There are many cases of well established business going bust and thus taking their customer’s money with them as well. However, by sticking to the above criteria, a trader has a better chance of choosing the right binary options broker.
How To Choose Your Binary Option Broker
Do you want to become a binary options trader? If yes, then the binary options broker that will choose will determine whether you will get the success that you are looking for or not. The popularly of binary options trading has increased tremendously over the past decade.
This is because binary options trading is highly profitable and straightforward. The worst thing that you can do as a trader is choosing a broker based on guesswork and emotions. We cannot dispute the fact that there are many legit brokers out there. We also cannot ignore the fact that there are many shady brokers.
You have probably heard stories of traders who have lost huge amount of money from unscrupulous brokers. To avoid falling into the trap of this crooked brokers, you need to do your research well.
Below are 10 tips on How to Choose Your Binary Option Broker.
1. Check if the broker regulated
Most traders only check if the broker is licensed. Although being licensed is a good move, the fact this remains that it does not prevent brokers from being crooked. There are many scam brokers who are licensed. In addition to checking if the broker is licensed, you need to go a step further and check if the brokerage firm is regulated by a relevant regulatory body.
If a binary options broker is regulated, then it means that they have proven to follow a certain code of ethics. As a result, such brokers are more reliable and trustworthy.
2. Ensure that you read the terms and conditions of the broker
Most traders don’t pay attention to the terms and conditions because of obvious reasons. They are long and boring to read. However, ignoring to read terms and conditions is a huge mistake. Most crooked binary options brokers know that very few traders read terms and conditions.
As a result, they usually take advantage of that to include certain things that are not friendly to traders. You should, therefore, read the terms and conditions section before you make your final decision.
3. Consider the broker’s experience
For how many years has the brokerage firm been in this business? The general rule of thumb is that more experienced brokers are more reliable and trustworthy. If a binary options broker has managed to render their services for a long period of time and has a huge customer base, then it means that most traders are happy and satisfied with their services.
Choosing a broker who is new in the industry is a big gamble. Chances are that you may end up choosing a broker who will disappear with your hard earned money. Experts recommend that traders should choose a broker who has more than 5 years’ experience in this industry.
4. Consider if the broker offers trading tools
Genuine and reputable brokers care about the welfare of their clients. Their main aim is not just to make profits at the expense of the trader. Instead, they provide important trading tools to also help traders make wise decisions when trading. Following your instincts can sometimes lead to you making costly mistakes.
The only sure way to increase your chances of making profits from binary options trading is by using trading tools such as indices, live stocks currency data among many others. This tools will help you analyze the market and make an informed decision when trading. Prioritize brokers who provide trading tools to traders.
5. Consider if the trader offers demo accounts
Demo accounts are very important, especially for novice traders. A demo account gives you a chance to practice and gain the much-needed experience without putting your money on the line. If you are new to binary options trading, then we recommend that you choose a broker who offers a demo account to practice before you get into the actual trading.
6. Check deposit and withdrawal options
Most binary options brokers have set deposit or withdrawal limits. This means that you cannot deposit or withdraw an amount that is below the set limit. Before you make your final decision, check to see if the broker has set deposit and withdrawal limit.
If yes, then check to see if they are manageable. If not, then you should search a brokerage firm that has a limit that you can comfortably manage. The deposit and withdrawal procedure should also be simple and straightforward.
7. Multiple asset investing
Assets offered by binary options brokers varies. There are some who only offer 2 assets while others offer up to 5 assets. We recommend that you choose a broker who offers more assets such as currency pairs, stocks, and commodities to traders. This will increase your profit margin.
8. Consider if the broker offers support
It is prudent to choose a binary options broker who will always be there for you when you need them. You should, therefore, choose a broker that offers customer support to its clients. Customer support not only shows that the brokerage firm cares about its clients but it also demonstrates their professionalism.
Choose a broker that provides multiple contact options including email, Skype, live chat, phone among many others. This will allow you to contact the support team using a means that you are comfortable with. The level of support also differs between brokers. Make sure that you are comfortable with the level of support that the broker offers.
9. Check the broker’s user interface
Before you make your final decision, take your time and analyze the trading platform that the broker has provided. Check if the trading platform is user-friendly and easy to use. Only choose a broker whose trading platform is efficient but easy to use. This will help you save time and effort that you would otherwise have used to learn how the platform works.
10. Check return and pay-outs
All binary options traders want to make more money from their investment. Choosing a broker who offers higher payouts and returns means that you will make even more money. In most cases, returns usually range from 60%-80%. Although there are many other important factors that make a good broker, finding a good broker who also offers higher return is indeed an added advantage.
13 Facts Before Picking The Right Binary Options Broker
There is a need for a lot of comparisons before picking the right binary options broker. Whether you are a novice or an experienced trader, getting the right broker for any trading activity is very crucial.
Out of the huge list of scammed brokers, finding a reliable and trustworthy one is not an easy task.
Your initial few days should be spent to investigate, compare, and choose the best binary options trading broker. There are even some excellent brokers who instruct you with suggested trades, and right moves.
Before that let’s have a short introduction on binary options broker.
What Is Binary Option Broker
The broker is a platform where you can buy and sell trading assets to earn maximum profits. It is necessary to mention that for entering into the trading world, you have to choose a broker platform.
A broker can be a company or a separate soul. Similar to the other trading classes brokers, binary options brokers are also there for you to help.
Binary options brokers allow you to connect with them via the trading platform.
Moreover, through the platform, you can choose assets from underlying trading asset’s list along with important trading news, indicators, charts, and others.
Either you can download the platform in your trading device, or can execute a trade from a web browser.
Apart from the basics, the binary options broker follows some rolls. These are:
- Help traders to choose the right trading assets by giving trading world’s update
- Via broker, traders can deposit money and can execute a trade
- Can practice trade by using a practice account
Why Picking A Right Binary Options Broker Is Needed
Picking the right binary option broker is necessary for all traders to make a safe and secure trading environment. On the other hand, the right broker will help you with your trade by providing the required trading information.
It is also vital to check the regulation before picking up a proper and good broker’s platform. Moreover, a good broker will increase the chance of earning more money.
Below, we have mentioned some of the factors that should be compared while choosing the right binary options broker.
The first and foremost work for traders is to check the broker’s regulation. Traders can consider it as an important part while choosing a broker.
The main purposes of regulatory bodies like CySEC, ASIC, FSA, are to supervise brokers and maintain the safety of trader’s capital.
However, binary options itself is not regulated in many countries. So, traders from some countries are not able to trade classic or binary options.
Working with a regulated broker is more secure than a non-regulated broker. Your money will be safe.
At the same time, there is no chance to be scammed with a licensed broker. A regulated broker will offer you a fair market price with quality products.
Another key point is that if you are based on the USA, then you have to trade with the USA regulated brokers.
2. Compare Deposit Bonus:
Though not every broker, most of them offer a deposit bonus or welcome bonus.
Compare this amount with different brokers to check which offers the maximum amount.
Again, some brokers offer very low initial deposit whereas they don’t offer any bonus.
Especially, if you are new in binary options, it is good to use low initial deposit until you are comfortable with the trading activities.
Keep in mind that following some terms and conditions is mandatory to enjoy deposit bonus. So, before applying for a bonus, read the terms and condition carefully.
3. Payout Of Maximum Percentage:
Payout percentage means an expected return that a trader will receive after completing successful trading. It will depend on the trading assets.
Based on the asset price, expiry time, and options type, the broker will set the percentage of winning rate. Surprisingly, the maximum payout percentage can be more than 90%.
Brokers like IQ Option , Binomo , Expert Options, and Olymp Trade are offering payout more than 90%.
Find out which broker is offering the highest payout while selecting a broker.
4. Minimum Deposit:
A minimum deposit amount is required to open a real account with a broker. However, the amount varies from brokers to brokers.
Try to start with a broker who offers a low initial deposit amount. It is alright to be a little flexible if the features and benefits are exceptionally great.
But just for marginal difference, don’t take chance with your money.
Low deposit amount is good for those traders who don’t want to take a huge risk.
5. Deposit And Withdrawal Options:
Traders have to verify their trading account before withdrawing profits. So, try to read terms and conditions before opening an account with any broker.
Furthermore, deposit and withdrawal procedures are not the same for all countries. Find out the best way to deposit money and withdrawal profits according to your country rules.
On the other hand, some brokers charge fees on deposit money and withdraw money. Fees will depend on the country of the client’s residence.
Plenty of deposit and withdrawal methods are available including e-wallet, debit/credit card, wire transfer, etc. As we mentioned above, you can choose methods depends on your country.
6. Multiple Assets Investing:
After opening an account with a broker. you will get a list of underlying trading assets. The assets class offered by different brokers.
Make use of the platform that offers more assets. A good number of trading assets will help you to trade at different market scenarios.
In order to increase the profits margins of the trades, investing in more than one asset is made available. With the help of this, investors can invest in Forex, commodities, and stock at the same time.
It is also the best factor of investing by having a balanced portfolio, and all risk is not put into a single basket. Read more about the asset class from Wikipedia .
7. Trading Tools:
Trading tools are necessary for traders to analyze the market. While some trading platforms might have different trading tools, indicators, automatic trading signals, and some don’t.
Though almost every broker doesn’t provide auto trading facility directly, many of them partnered directly with different binary options robot for auto trading service.
Choose a platform according to the tools that you prefer for trading binary options.
8. Demo Account:
Gain pre-trading experience with the help of demo classes and use the same for implementing better trading styles in live trading accounts.
With a demo account, you can have the experience of a real trading market. However, there will be no exposure to market risk.
Having said that the practice level and level of service offered will be as same as the live-market.
Some demo accounts are available only for the first few days from the trading day, while some are for a lifetime.
So, always choose for a lifetime demo account, where you can practice your own trading style and strategies .
You are expected to know almost everything about binary options else surviving in the competitive field will be very challenging or almost impossible.
Read these below broker review who are providing a free demo account for a lifetime and minimum deposit to start real trading –
9. Customer Service:
To know the level of customer service offered the best option is to go through the reviews and feedbacks from other customers and users.
Use a Google search to understand the rating of a broker platform, services, and legitimacy.
Customer support team make a bridge between a trader and a broker. You can contact the support team via online live chat or email.
Mainly, the customer support team are available for traders 24/5 days. The dedicated multi-lingual support team is always there to solve your problems regarding trading.
10. Simple User Interface With Multi-lingual Facility:
By being a user-friendly platform, the broker platform will be well accepted and used by traders. It will save time for the traders to navigate through the system and also needs less effort.
Moreover, for novice traders, it is easy to execute a trade if the trading platform is user-friendly.
On the other hand, some brokers give an opportunity to customize the trading interface, according to the users choice.
So, you can place your trading tools as per your need.
Thus make sure to check the platform personally to see if it is easy to navigate through with the help of demo accounts.
Sometimes, traders get trading news and alerts from the platform according to the market movement. So, you don’t have to look for important news and events.
Binary options brokers now offer different languages in their platform to communicate with traders. Choose broker service that is offered in your preferred language.
Else understand, trading, and communication will be very time-consuming, or at times impossible.
From the platform, you can select your native language.
How to Choose a Binary Options Broker
Correctly choosing an online broker is essential for the success of your trading career. If you go for a broker that does not care about your needs and preferences, then you could just be shooting yourself in the foot. You need to engage the services of a binary options broker that has earned the industry’s reputation in delivering quality service and demonstrated commitment in addressing the needs of clients. And, with the hundreds of brokers littering every corner of the industry, deciding which broker to choose can be a demanding task.
As such, we have identified the key factors that you should consider before settling down on a broker. Here are the factors.
Credibility is one of the most important factors you should consider before choosing a broker. The lucrative binary options industry is full of hoaxers who are out to suck the capital of innocent investors. Nonetheless, there are a several financial regulation authorities located around the world that endeavor to enforce sanity and transparency in the industry.
Therefore, to shield yourself from the haughty eyes of the so-called online fraudsters, you should ensure your chosen binary options broker has received certification from any of the regulatory agencies.
When choosing an online broker and discover that it has not gone through the thorough certification process provided by the regulatory agencies, then do not trust it with your hard-earned money.
Some of the respected regulating authorities include Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySec), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), Financial Conduct Authority (FCA), and U.S. Commodity Futures Trading Commission (CFTC).
You can also confirm the credibility of a binary options broker by doing an online search and checking what other traders are honestly saying about it. If traders are pointing too much on its mistakes and failures, then trying it out could also land you in problems. Go for a broker that is well spoken of and is not engaged in underground, cheeky activities.
Binary options bonuses are considered to be some kind of reward, and usually they are represented as virtual funds, so you can trade with your bonus money but you can not withdraw your funds until an appropriate moment. In most of the cases a broker sets a certain limit based on trading volume. For instance is you have got $100, then you will be able to withdraw your money only when you will have trading volume around $3000.
Practically all the brokers are offering you very tempting bonuses programs that require you to replenish your trading account and after the first replenishing you will receive additional funds. However some brokers are offering you 100% of contributed sum of money and others are offering only 30% that is why it is very important to pay your attention to this aspect while choosing a company.
Choosing a brokerage firm with a user-friendly, convenient, and simple trading platform is key to realizing your dreams as a binary options broker. If you will be spending a significant amount of your trading time just trying to navigate around the trading platform, then that is not a broker worth your time and money.
Complicated trading platforms normally cause troubles and losses to traders. You can sign up for a demo account and check whether the trading platform works according to your expectations.
In the binary options industry, most brokers offer web-based platforms; as such, you will not be required to download any software and install on your computer before trading. Other brokers also offer non web-based platforms. Whichever type of platform you use, ensure it provides efficient conditions for making the most profits from binary options trading.
Furthermore, most brokers are currently offering mobile versions of their platforms. With this innovation, you do not need to glue yourself in front of the computer looking for suitable trading opportunities. If choosing an online broker offering this feature, you will just need to install an application on your mobile device and enjoy trading on the go, anywhere and anytime.
In addition, when deciding which broker to choose, look for other extra features on its trading platform. Some of these additional features include availability of technical tools, social trading (copying the strategies of other successful traders), and news affecting the financial markets.
Amount of minimum deposit
Another valuable argument for private traders is an amount of minimum deposit. It is obvious that if you do not have an impressive capital on you then it will be quite difficult for you to succeed in options trading, but luckily there are brokers who gives us an opportunity to trade with insignificant deposits and rates. Conservative brokerage firms who have been in this business for more then a year they are setting a very considerable sum of money for the first replenishment of the trading account – $1000 and even more. However in this day and age the contemporary companies are breaking this tendency and as a result we can observe well-functioned, prosperous brokers with minimum deposit of $10 , at the same time when the minimum rate with this brokers is just $1.
That is why in case you do not have significant funds for an investment then you should consider cooperating with a broker who will give you an opportunity to create a small trading account.
A high percentage from successful deals is a calling card of every broker. It is actually very simple, the company guarantees you a certain percentage of profitable deals, for instance if a broker promises you 80% consequently 7 out of 10 deals have to be profitable.
By all means not all the companies are completely honest with their potential clients, and that is why for advertising purposes they promise their clients a very high percentage of income. Regarding this fact it will be better to look through several of characteristics while choosing a broker, but it will not hurt to keep this one in mind.
An early-sale options function
An early closure deals is a very useful function, because you will have an opportunity to get rid of assets when it is on a peak of its profitability or when you made wrong prediction. In this way it will be possible to transform losing trades into profitable once. And it is obvious that brokers usually offer this possibility not for free but for an additional fee.
All the trader has to do is to choose a broker who offers the most attractive terms, and some companies are taking 20% of a total sum of a deal for using this function and other are taking 30%. Especially investors need an early-sale options function because they trade assets with a minimum period for expiration.
Demo-account as criteria for choosing a broker
Unfortunately not every broker will offer you an opportunity to try your trading skills using binary options demo-account. However this function is very useful, because you will have an opportunity to get acquainted with trading and you will receive a unique chance to study functional abilities of trading platform. By all means it is not a good idea to run mad after trading that is based on virtual money, because the terms of a real market truly differ from demo-account. But it would be better if your broker will have this function, especially if you have never trade binary options before.
Deposits and Withdrawals
Security, privacy, and convenience of payment are critical when choosing an online broker. You need a broker that will provide a fast deposit option so that you can immediately start trading without any worries of your hard-earned money getting lost.
More so, the ability to withdraw your funds seamlessly is always a priority. You do not need a broker that will place unnecessary restrictions when it comes to reaping the fruits of your sweat. To avoid regrets later, ensure you properly check the withdrawal policy when choosing a brokerage firm.
You should also assess the minimum deposit requirement and the deposit bonuses offered by your preferred broker. If the offerings meet your expectations, they will assist you have the right foundation for succeeding in the binary options market.
Importantly, going for a broker that is not committed to the security of your funds is not a good idea. A secured trading environment, especially of deposits and withdrawals, will give you a peace of mind and ensure you remain focused in your trading activities.
Most brokers secure their transactions and trading environment using the latest encryption technology, such as the 128-bit SSL encryption key. This way, the brokers are able to assure clients that their funds are protected from any unauthorized interference.
When trading binary options, you will need to forecast the direction of the underlying asset before expiry time elapses. If you make the correct prediction, hurray, you will get some profits.
Therefore, if you can access a wide variety of tradable instruments, you can confidently trade the assets that resonate well with your trading style. Furthermore, you can also practice diversification to cushion your investments from economic hardships.
For example, if you are experienced in trading currency pairs, you can stick with that. Or, if stocks get volatile and difficult to predict, you could move to indices or commodities. When deciding which broker to choose, ensure that your preferred broker has a comprehensive and populated list of assets for trading. Here is the rule of thumb: the higher the number of assets available, the more serious the brokerage company.
Brokers offer different types of binary options, such as Up/Down or Put/Call, One-Touch, and Boundary or Range options. When choosing a broker, ensuring that it has the type of binary options you want to trade is a vital factor. With the right binary options that fit your trading style, making profits will be much easier.
You should also consider the expiry times of the binary options. Most brokers offer varied expiry times, ranging from 60 seconds to 24 hours, while some offer long-term expiry times of up to 365 days. Depending on your experience, you should settle for a broker that offers comfortable expiry times to your needs and preferences. For example, if you prefer long-term trading, sticking with an online broker that concentrates on short-term expiry times is not preferable.
If you make correct predictions, you will earn profits. Most brokers offer payouts ranging from 65% to as high as 90%, or even more. Choosing a brokerage firm that offers high returns and payouts could make you achieve your dreams faster.
Nonetheless, selecting a broker with high returns may not be the best decision, because it could be the pit dug by the broker to drive you to failure. So, instead of being lured by the glossy and glittering advertisements of a broker promising huge returns, carefully weigh the broker against other parameters before grabbing the opportunity with both hands.
Customer service is crucial! When choosing an online broker, go for the one with responsive, professional, and experienced customer support representatives.
Check if the broker offers support in your preferred language. How can you get in touch with the customer service department? How fast do they respond to issues?
The quality of customer service usually indicates whether the brokerage company values its clients or not. If you send an email or contact them via live chat, how professionally is your issue handled?
Furthermore, you should assess how the broker is committed to improving the skills and trading conditions of its clients. Does it offer education programs, especially for newbies? Does it offer account managers to assist traders curve a successful career?
(*Hint: The above questions should be answered ‘yes’). As such, when choosing a broker, it is imperative that you go for the one that will not abandon you immediately after making the first deposit into a live trading account, but will be with you throughout the way.
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