The Importance of Options Brokers in Binary Trading
Online traders who are looking to earn more, will appreciate the importance of having a reliable and an experienced options broker at their side. Choosing the right broker is of crucial importance in binary options. Read as many reviews as possible and ask experienced traders for recommendations, but at the same time be sure to know what you want from a broker. Always keep in mind that it might not be an easy task to trace out a credible as well as an expert.
Read as many reviews as possible and ask experienced traders for recommendations, but at the same time be sure to know what you want from a broker. Always keep in mind that it might not be an easy task to trace out a credible as well as an expert options broker.
The top brokers in the market do have to undergo a lot of regulations in order to get their share. After all, the traders need to ensure that their money is in good hands. In addition to this, traders should also prefer to select the broker who has invested their money in the right systems and domains. This process ensures that all of the deals function and are executed in a quick and agile manner. Furthermore, it is always preferable to ask for the services of a broker who has a strong reputation in the market.
This process ensures that all of the deals function and are executed in a quick and agile manner. Furthermore, it is always preferable to ask for the services of a broker who has a strong reputation in the market.
This process ensures that all of the deals function and are executed in a quick and agile manner. Furthermore, it is always preferable to ask for the services of a broker who has a strong reputation in the market.
What to Look for?
Apart from ensuring a higher rate of return, most of the experts also value safety. Many brokers do offer more than 100 % of returns, but that is not objective return rate. Serious brokers offer reasonable rates, and not those that sound too good to be true. The best brokers have user-friendly platforms, great customer service and a variety of trading options.
Understanding the Terminology
While doing you research to find the optimal broker, make sure to know all trading terminology. That is the best way to learn all there is about your potential broker.
Terms & Conditions
Today most people are used to clicking ‘Accept’ without reading T&C, but in binary options trading that is a big mistake. Terms & Conditions always offer more detailed information than the website and are usually located at the bottom. If some things are still not understandable after reading T&C, better don’t deposit, but contact customer service for additional questions. If trader gets unclear explanation it is better to opt for another broker, preferably one from our
If some things are still not understandable after reading T&C, better don’t deposit, but contact customer service for additional questions. If trader gets unclear explanation it is better to opt for another broker, preferably one from our top brokers list, like 24option.
Accounts and Bonuses
In order to start trading, traders must choose an account type and make a minimum deposit. Account types may vary: some brokers offer five account types (like Boss Capital), other only one or two (like Nadex) and each account requires different deposit amount. Minimal deposit is the minimal amount broker accepts as a deposit when opening an account or adding additional funds to your account. It can range from $10 (
Minimal deposit is the minimal amount broker accepts as a deposit when opening an account or adding additional funds to your account. It can range from $10 (
Minimal deposit is the minimal amount broker accepts as a deposit when opening an account or adding additional funds to your account. It can range from $10 (IQoption) to $10,000 VIP Platinum Account).
Most of the brokers offer bonuses as well. The bonus is additional amount offered by the broker to motivate the trader. For example, Finpari is a broker that offers unlimited bonuses, depending only on your deposit and ability to make profitable trades. Unfortunately, some scam brokers use the bonus to blackmail the traders when they want to withdraw their money. Although it is completely legal to request a certain turnover before allowing bonus withdrawal, it is not legal to add bonus without trader’s approval. CySEC even took a step further by introducing some additional rules.
Although it is completely legal to request a certain turnover before allowing bonus withdrawal, it is not legal to add bonus without trader’s approval. CySEC even took a step further by introducing some additional rules.
Unfortunately, some scam brokers use the bonus to blackmail the traders when they want to withdraw their money. Although it is completely legal to request a certain turnover before allowing bonus withdrawal, it is not legal to add bonus without trader’s approval. CySEC even took a step further by introducing some additional rules.
Demo Account
Demo account is probably the best way to experience binary options trading. It is a special account type that enables you trading with fictional money in order to learn how place trades and get accustomed to the interface. Traders win no money, and they lose no money. At the beginning of binary options, demo accounts were widely available, but a huge number of accounts that didn’t upgrade into real accounts forced brokers to charge them. Now, only a few brokers like
Traders win no money, and they lose no money. At the beginning of binary options, demo accounts were widely available, but a huge number of accounts that didn’t upgrade into real accounts forced brokers to charge them. Now, only a few brokers like
Traders win no money, and they lose no money. At the beginning of binary options, demo accounts were widely available, but a huge number of accounts that didn’t upgrade into real accounts forced brokers to charge them. Now, only a few brokers offer a free demo, while most of them require minimum deposit or have demo integrated into other account types.
We would always recommend using a demo account, no matter if one is experienced or inexperienced trader as it is a unique opportunity to experience trading on a completely new platform.
Trading Assets and Trading Options
Binary options are simple: you place ‘put’ or ‘call’ depending on your personal estimate and wait for the expiry time. But if we take a closer look, it is easy to see that there are many options within binary options.
Traders can choose whether they’ll trade high/low, one touch, ladder, pairs, 60seconds, long term, range options any many more.
To learn more about option types read our article about various types of trading options.
There are many expiry times to choose from, as well. The expiry time is the time left for the trade to close. Options can be short-term
- 15 sec,
- 30 sec,
- 60 sec,
- 2 min,
- 5 min,
or long-term
- end of the day,
- end of the week,
- end of the month,
- 30 days or more.
Short-term options are harder to predict. Traders can usually choose between various assets. The most common ones are currencies, stocks, commodities and indices. The number of assets may vary from broker to broker. Keep in mind that the more assets and trading options a broker has the more options trader has to choose from, even though quantity is not always a sign of quality when it comes to brokers.
Keep in mind that the more assets and trading options a broker has the more options trader has to choose from, even though quantity is not always a sign of quality when it comes to brokers.
Keep in mind that the more assets and trading options a broker has the more options trader has to choose from, even though quantity is not always a sign of quality when it comes to brokers.
Most brokers like 24 option offer more than few expiry times and trading options, as well as trading assets in order to make trading more interesting. Unfortunately, we must state that US trading platforms (Askoption, for example) offer fewer expiry times and trading options.
Customer Support and Education
Every successful binary options trader will tell one thing to inexperienced traders: never underestimate the power of knowledge in binary options. There is no need to pay for expensive courses or colleges, as many good brokers offer educational materials. One of them is 24option that offers an entire section full of useful tips.
In order to successfully execute the trades, check out our Academy.
When everything goes well, customer service is something the average trader doesn’t take into consideration, but when things go downhill it is important to have a good customer service by your side. Customer service nowadays is usually available in many different ways. Depending on the broker, traders can contact them via phone, email, live chat or skype.
Before making a deposit definitely proof if the broker offers a way of contacting them that you find comfortable. Sometimes the customer service is available only in English, and sometimes in more languages, so be sure to check if they offer service in your language or language you understand.
Customer service nowadays is usually available in many different ways. Depending on the broker, traders can contact them via phone, email, live chat or skype. Before making a deposit definitely proof if the broker offers a way of contacting them that you find comfortable. Sometimes the customer service is available only in English, and sometimes in more languages, so be sure to check if they offer service in your language or language you understand.
Sometimes the customer service is available only in English, and sometimes in more languages, so be sure to check if they offer service in your language or language you understand.
Sometimes not even the best customer service will be able to solve your problem in record time, but good customer service will always give you all necessary information and support you need.
Deposit & Withdrawal
There are some banking and trading terms one must understand in order to trade. We already explained minimum deposit, but many people confuse it with minimum investment. The minimum investment is the minimum amount that can be placed in one trade while depositing is adding funds to the account.
Withdrawal is a process of taking money from the trading account to banking account. There is usually a limit for minimum and maximum withdrawal.
Withdrawal is a process of taking money from the trading account to banking account. There is usually a limit for minimum and maximum withdrawal.
There are many ways to deposit and withdraw money: bank wire, credit card, debit card, e-wallets… Brokers usually accept a variety of methods, but it is important to remember that sometimes only the depositing method can be used for withdrawing funds and that some methods like wire transfer usually have additional fees attached. One off the brokers who offers many banking methods is IQ Option.
Most of the brokers require verification of identity after receiving withdrawal request. Although it can be a bit annoying, keep in mind that all respectable brokers require a scan of ID and proof of address in order to protect the funds from money laundering and trader’s funds as well.
Withdrawal requests are usually processed really fast but bear in mind that it takes some time for the bank to process it, so it takes 3 to 5 days in average to see the funds on the banking account.
Regulated Brokers
Every day there is a new broker on the market. Many of them have great interfaces and promise high return rates, but how to recognize the good from the bad one? Today, most serious brokers are registered with at least one of many regulating bodies.
The most popular regulatory body is CySEC as it covers the territory not only of the Republic of Cyprus but the European Union as well. The EU is a great market so it’s no wonder that most of the brokers are licensed by CySEC.
Every country has it’s own regulatory body as well. Regulated brokers are obliged to respect the laws enforced by the country of registration which is a great guarantee in case anything goes wrong, as traders have not only customers service to ask for help, but a state body as well. Best CySEC regulated broker is: