Trusted Binary Option Brokers
One of the most popular trading vehicles to come along in quite a while has been Binary Options. Binary options, by far the most popular trading vehicle as of now, allows even new investors to trade commodities, indexes, currencies and stocks from around the world without the hassles of margin calls, leverage, stop loss orders, or high downside risks. Binary option trading involves the use of a simplified online trading platform, pre-specified profit and loss information and availability of opportunities continuously on an hourly basis. Unfortunately, traditional brokers do not offer binary trades. Binary options are offered by proprietary online trading platform providers, referred to as binary options brokers. As far as investors are concerned, the challenge they face is how to choose a trusted binary options broker from the hundreds that have set up platforms since binary trading came into existence in 2008.
How To Choose A Trusted Binary Options Broker
One of the key aspects that you must look into when choosing a trusted binary options broker is reliability. This involves many factors as follows:
Whether the broker holds a valid license to operate in the financial market and offer investment instruments?
Whether the online binary options platform provider’s operations are overseen by the regulatory authority of the country in which they operate?
How does the broker ensure personal data safety and make your online financial transactions secure?
One of the ways to ascertain as to whether the binary options broker you are planning to work with is reliable or not is by going through reviews and doing some background checks. Regulated brokers are often reliable because they have to keep clients funds in a separate account. This ensures the safety of your hard earned money.
A little bit of online research would provide you with a great deal of information about most of the binary options brokers in the market today. It is important to check out where the broker is based, whether customer support is provided 24 hours a day, and also what customers say about the broker. If a broker is not genuine, the word gets around very soon. If your research shows that there are more negatives than positives about the broker under consideration, then it is a good idea to look for another one. Reputation of a binary trading platform provider can be evaluated on the basis of the following:
- Individual opinions in traders’ forums
- Good advertising campaigns complying with Google rules
- Ratings by review websites dedicated to binary options trading
- Number of positive feedbacks
Customer Support Services
It is mandatory for binary options brokers to provide customer support services. This is because time is the essence of binary options trading. Additionally, beginners need more support so that they can learn the basics fast. If the customer support service offered by a broker is not very responsive, you could end up losing your hard earned money. Therefore, you must look for a broker that offers round the clock or 24/7 customer support services. The features of the customer support services offered by trusted binary options brokers often include the following:
24 hours a day for seven days a week
Customer services in multiple languages
Different methods of communication such as live chat, email and telephone
Beneficial features refer to the following aspects made available to you by the binary options broker that you want to work with:
- Different types of accounts so that you can choose one that suits needs best.
- Education center to traders, especially the new investors, learn more about binary trading.
- Personal managers to help investors to manage their account better.
- Varied risk management options so that you can reduce your losses, in case your prediction turns out to be incorrect.
Trusted binary options brokers often offer many such beneficial features to their customers as they want them to succeed and achieve their financial goals.
The trading platform software is another key aspect that you need to take into consideration. You need to be able to execute trades quickly without any hassles. Time is the essence of binary options trading. You should also be able to navigate the broker’s platform quickly at the time of executing binary trades. One way of testing out the effectiveness of a broker’s platform is by using their demo platform.
Here are a few additional tips for choosing trusted binary options brokers:
First impression is very important. How is the trading “dashboard” of the broker? Is it straightforward and simple? Does it display all the information you need?
Avoid working with brokers who do not offer demo accounts. This is because you need to practice some of your trading strategies using virtual currencies before implementing them on their real trading platform.
Evaluate a broker’s Customer Support Service by asking questions. Find out whether they respond quickly or not.
Does the broker provide all the information required – tutorials, advice and market commentary, among others – to ensure a good trading experience on their platform?
Have a clear understanding as regards the commissions they charge, payout for in-the-money trades (should be in the range of 70 to 90 percent) and rebate (at least 10 to 15 percent) for unsuccessful trades.
Ascertain how easy it is to deposit funds into or withdraw money from your trading account.
If you have identified a broker, check with their customers as regards their experiences with the broker prior to signing up.
Find out if the broker with whom you are planning to work with has been reviewed by many sites. Often, the names of brokers who have been reviewed several times pop up at the top in search engine listings.
Keep in mind the fact that you can always change your binary options broker any time you want.
Summarizing, the basic idea of you taking up binary options trading is to ensure that you achieve the goals you have set for yourself. It is, therefore, important that you spend some time and effort to identify the trusted binary options broker that would help you in realizing your dreams.