How to Choose a Binary Options Broker

1stock-exchange-786079_640-fiIn order to be successful in a foray into binary options, it helps to choose a reliable binary options broker to get you started. A broker who can teach you the tricks of the trade, can provide you with guidance and give you resources when it comes to trading strategies. To help you navigate through a plethora of binary options brokers, here are a few of the things you need to look for:

Licensed and regulated

Although the binary options is a legitimate trading industry and most binary options brokers are professionals, just like any other business, there are a few dishonest ones. These fraudulent brokers promise unrealistic winnings in order to attract new prospects. In order to prevent being scammed, do your research and check first if the binary options broker you are looking to hire is licensed and regulated by a government agency. OptionsClick.com is a great brokerage to start with, as they are regulated and operating under the auspices of several European regulatory bodies.

Attractive membership offers, deposit requirements, and bonuses

A great binary options broker offers bonuses, extras, and other special promotions upon signup in order to attract new clients. Bonuses are a way for binary options brokers to say thank-you for signing up. They also serve as a great incentive for you to get started in trading. But in order to avoid any confusion, make sure to read the terms and conditions of the binary options site you are signing up with for any restrictions. Restrictions are in place in order to prevent abuse from people who sign up solely to enjoy the bonuses, without participating in any real form of trading activity.          

Efficient, user-friendly platform

The trading platform should have an easy-to-use interface and an intuitive design with minimal lag time. It also helps if the platform is mobile-friendly in order to make it accessible for people on-the-go.

Extra features

A great binary options trading site should be able to offer advanced trading tools, aside from the standard functions, in order to reward long-standing customers. The most common extra features include “option builder,” “closing options early” or “extend an option’s expiry time.”

Diverse trade types

There are many types of binary trading options to choose from, the most common of which are the “up/down binaries” and “pair options.” The multitude of binary options brokers can overwhelm an investor who is entirely new to trading, and can confuse even the most experienced of traders. With the help of a binary options brokerage, you should be able to choose the binary options type that is most suited to your needs, based on the current market conditions. 

Great customer support

A successful trading career hinges on having expert advice, and because a lot of members don’t have trading experience to begin with, it helps to have a dedicated customer service team that can provide service and guidance around-the-clock. Great customer support should also have multiple channels available, such as live chat, email, and telephone. It also helps if the customer care representatives can communicate in other languages aside from English, so that traders from non-English-speaking countries can seek assistance as well.

Reliable reputation and positive reviews

For a beginner, it pays to do your homework and check for online reviews of the binary options broker you are looking to hire. Don’t rely solely on the reviews of the sites; check out reviews from actual users since they are the ones who have experienced what it’s like to trade using that particular broker. One example of an outstanding online review is that of Stockpair, which has a great reputation in the marketplace. It is also recommended to take some time to research binary options strategies yourself, to gain a better understanding of what brokers have to offer.

Binary options have simple rules; but they can be tricky to master. However, with the guidance and help from a good binary options broker, you will be able to choose an asset wisely, make a trade successfully, and most importantly, become a better trader.