Binary options trading is a fun way to earn loads of cash. It is better than gambling as you can become an expert by following market and asset trends closely which will enable you to make educated predictions. In fact, you can make a ton of money by learning effective strategies. At the same time, you should exercise caution while selecting binary options services as there have been cases of shady operators running away with investors’ money. We advise you to scan the web for lists of regulated brokers as these binary options providers are required by law to take steps to protect traders’ funds. So you can trust your money with them without worrying about fraud.
How do you shortlist reliable and innovative brokers from the loads of binary options providers out there? You can do this by learning about the main tools and services offered in the market. To help you, we have prepared this guide which details the key features you should look for.
What is Binary Options Trading?
First, you should learn the basics of binary options trading. This type of trading is simple as you simply need to predict whether your chosen asset will rise or fall at the end of the expiry time. If your prediction is right you win the payout amount promised by the broker. Even if you are wrong, some brokers offer limited refunds so you will not lose all your money. How do you learn the tricks of the trade to make successful predictions? You can do this by learning analytical skills, constantly tracking the latest market news and trends, and then making educated and knowledgeable predictions.
What are Binary Options Providers?
Many top brokers are owned and operated by big financial services companies. Because they are owned by large institutions you can expect them to maintain high standards of facilities and services. Top brokers use websites that provide access only to binary options trading, while some also enable you to trade in other instruments also such as forex and CFDs. Scout the web for leading binary options services and take a look at their websites to see if you like what they have to offer.
How to Choose Good Binary Options Providers
It is impossible to choose one best broker as lots of services offer good facilities, platform, support and other features. Ideally, you should prepare a shortlist of your favorite brokers and try them out to check if they offer enjoyable trading experiences. This will enable you to diversify your portfolio and also experience the best features offered by various brokers.
If you are a newbie, you should look for reliability and a user-friendly interface. Seasoned traders usually look for intuitive platforms and attractive bonus schemes. In addition, there are other key features and services that separate the leading brokers from the run-of-the-mill ones. Read on to learn all about them.
It is important to be able to invest with confidence and peace of mind. Therefore, select brokers that are regulated by recognized organizations like the Cyprus Securities and Exchange Commission (CySEC). Also, scan the internet to check if there are any major complaints against a particular broker. Read the reviews prepared by finance-related websites and rating sites. Join trader community forums and learn from the firsthand feedback given by these investors. Some brokers’ sites also feature user feedback which can also give you useful information.
Check Out their Reliability
The most reliable brokers are the ones that are licensed and regulated by the national authority in the country they are based. We recommend you check out brokers based in the European Union as they are regulated by both the EU as well as the regulatory organization for national financial services. Because of these regulations, you can trust the broker to protect your financial transactions and personal info.
Intuitive Trading Platform
The trading platform should be easy to learn and use. The learning curve should be short so that you do not waste too much time in learning the ropes. Seasoned traders should look for an intuitive system which allows them to easily organize their trading activities. You should also look for convenient tools and features that make it easier and more enjoyable for you to trade.
Top brokers offer 24/7 customer support via multiple channels such as phone, live chat, fax, email, and web form. You should be able to contact their agents quickly at any time to get your issues resolved promptly and accurately. If you are from a non-English speaking nation, check whether the broker offers support in your native language. Many global brokers offer multilingual support to be able to reach a wider international market.
While it is good that brokers offer attractive bonuses, there are also flipsides you need to beware of. First, to able to withdraw the bonus amount you need to execute a certain turnover. So, read the terms and conditions to know the exact details. Second, many new brokers offer high bonuses to attract more traders. Do not get carried away by them but also evaluate their other tools and services to check if they are of high quality.
Look for a well-stocked education center that enables you to learn good strategies via videos, tutorials, FAQs, webinars, eBooks and other resources. The broker should also provide a personal account manager who provides personalized attention to your needs. Other desirable features are the availability of diverse trade types as well as dozens of tradable assets.
How to Compare Leading Binary Options Services
- Minimum deposit amount – If your budget is limited you should select a broker that stipulates a low minimum deposit.
- Number of assets – Top brokers offer more number of assets. The average number is more than 30, so avoid services that give access to only 10 or 15 assets as this will restrict your activity.
- Acceptance of traders from particular nations – Many brokers do not accept traders from the US or Canada. Check if they accept traders from your country.
- Maximum trading amount – As you skills grow and you become an expert, you are sure to invest bigger amounts. So check out the maximum trading amount also to ensure you can keep using their services.
How to Find the Best Binary Options Providers
Be sure about what you want from the broker. This may be an intuitive platform, well-stocked learning library, or trade types such as 60-second or one-touch options.
Once you know the features you want, visit the websites of leading brokers to check if they offer them. Search the web also to learn about the tools offered by various providers.
If your friends or contacts are binary traders ask them for good recommendations based on their experience. They will be able to recommend suitable brokers for beginners.
Read objective and unbiased reviews on reliable websites to learn the pros and cons of each broker. Visit trader community forums to get feedback from seasoned investors.
Finally, make a shortlist of suitable brokers and test each of them. If they offer a demo account make good use of it to learn all about their trading platform and features. Invest only small sums to begin with and experiment with all your shortlisted brokers to find the ones most suitable for your interests.