The binary options phenomenon has only recently entered the reality of financial trading, and has instantaneously turned to be the hippest and most discussed topic in many financial districts.
Despite its overwhelming popularity amongst investors, still, not everyone (and binary is available to everyone) really knows about little and big things you should look out before opening a binary options trading account.
Therefore, here’s a list of things for you to examine when choosing a broker and online binary option trading platform. These 8 considerations will help you to evaluate a competition and ultimately decide upon the most suitable platform.
1. Demo Account
The first thing you should verify is whether or not a broker can offer you a demo account. As binary options trading only exists for several years, you better test-run a platform and a market with a demo account to make sure that they can offer what you really need. Demo accounts usually are free but may require at least a minimum deposit. Don’t worry, if you haven’t taken any bonus offers, you should be able to withdraw your money even if you haven’t made a single trade for real money.
2. Education Center
It doesn’t matter if you’re a novice or an expert, education centre comes for free in most cases and it can be very useful to sharpen your trading strategy. Don’t get too arrogant and give it a try even if you believe that you know what you’re doing.
3. Bonuses & Promotions
Always remember that brokers want and need you, it’s not the other way around. And if you find yourself in a situation in which two or more brokers are offering the same package, it’s only natural to base your decision on an extent of the bonus a broker promises to deliver. BUT, there’s an important thing you should know – once you accept an offer from a broker, most likely you’ll be obligated to trade a certain amount of money or trades to be able to withdraw your initial deposit. Always make sure that you know what you’re signing for and ask for more details if necessary.
4. Underlying Assets Index
Trade assets you know best. Check for the broker’s list of available assets, and if the assets you’re interested in aren’t on the list, ask broker about adding your desired assets or try to find a platform that can offer you more. You’re always free to go and choose the best – it’s your money!
5. Professional and Beneficial Signals
One of the key factors for you to maintain a successful ratio of investments is the reception of signals from your broker or another trustworthy source. Contact a broker’s customer service or even check their Facebook page to find examples of signals that were sent in the past.
6. Withdrawal Regulations
You deserve to receive the same freedom you get when depositing your money also when you wish to withdraw it. Thus, simply inquire the support team about the guidelines/restrictions concerning the withdrawal of your funds. And remember what we mentioned earlier – be careful when accepting bonuses and awards. Nothing comes with a zero price tag.
7. Mobile Edition or an Application
A distinct advantage binary options trading has on its rivalry investment industries, is inherit in its online trading attribute. Check with a broker that their platform performs on laptops, smart phones and tablets as well as on computers. Mobile applications may become useful if you’re traveling a lot.
8. Security and Privacy
All in all, at first glance this list of conditions might seem a bit overwhelming, but some of the clauses of it are really easy to identify on the broker’s website. And hey, it’s your money your thinking of investing, if you decide to go for it, at least get it right.