If you have extra cash at hand, try your hand at binary options trading. It is a great way to learn new stuff about financial matters, expand your knowledge about economics, have fun while trading in a diverse range of instruments, and the best part of all, stand a good chance to make loads of money. Do your homework diligently and learn successful strategies to improve your chances of winning.
However, a word of caution at the outset. Shady companies are known to fish in these waters and you need to be wary about them and avoid them at all costs. The best way to do this is to visit websites that provide a list of reliable brokers as you can be sure they will take the required steps to safeguard your money and personal information at all times.
It can a hard task to separate the wheat from the chaff and shortlist the best binary options services in the market. We help you in this job by detailing the main features and services you should look for while preparing a list of providers for binary options with whom you can safely trust your money and enjoy the trading experience.
What is Binary Options Trading?
To start, a brief tutorial on binary trading: The basics are simple. You need to predict whether the price of your selected asset will rise or fall when the expiry time ends. If you make a correct prediction, you will earn the handsome payout promised by the broker. But if you are wrong you will lose your invested amount. You may think this resembles gambling. But binary trading is superior to gambling as you can improve your chances of making winning predictions by monitoring market trends and news, and learning effective analytical skills.
What are Binary Options Services?
It is wise to invest in top binary options brokers as they are usually owned and run by large financial services institutions. This ensures they are top of the pops in providing the best services and facilities. Some brokers specialize in offering only binary trading services while others also allow you to trade in related financial instruments like CFDs and forex. Visit the websites of leading brokers to learn what exactly each of them offers to investors.
How to Select Reliable Binary Options Brokers
You cannot pinpoint one broker as the best in the business. A lot of top brokers excel in providing innovative tools, easy-to-use trading platform, excellent support and other facilities. Enjoy the best of what each has to offer by making a shortlist and then checking each one out. You can thus diversify your trading portfolio and enhance your knowledge about the popular trends and services in the market.
Newbies mostly look for a user-friendly interface and reliability. Professional traders hunt for good bonus plans and intuitive platforms. Top brokers are a class apart from average ones because they offer innovative tools and services. This guide tells you what exactly you should look for in your search for the best binary options services.
Leading brokers take the pains to establish a solid reputation for themselves by offering advanced platforms, excellent customer support, convenient methods to deposit and withdraw money and other useful features. Plus, they boost their facilities and ensure they are up to the high standards set by regulatory authorities such as the Cyprus Securities and Exchange Commission (CySEC). A cursory internet search will give you details about major complaints against a broker. You can also get useful feedback from reviews on unbiased finance-related sites as well as on trader community forums where investors share their trading experiences with particular brokers.
Put Your Money in Reliable Entities
You need to entrust your money with dependable brokers who have established a proven track record for honesty and transparent business practices. Reliable brokers are licensed and regulated by the top regulatory body in nation they are based. The most trustworthy brokers are those authorized to provide secure binary options trading services in the European Union. You can invest with peace of mind and confidence in these brokers as they take the required steps to protect your personal details and financial transactions.
Easy-to-Use Trading Platform
Leading brokers provide an easy-to-understand trading platform that you can easily master in a short time. Use the demo account to get the hang of the system and its various tools. Seasoned investors should find an intuitive platform that enables them to effortlessly organize their activities. Plus, look for innovative features and tools that enhance your trading experience.
You should be able to contact the provider’s customer support agents anytime using convenient channels. Look for 24/7 support via phone, email, web form, live chat, and fax. If you are not comfortable conversing in English, find a service that provides support in your native language. This is possible as popular brokers take the pain to provide support in multiple languages in order to attract an international client base.
High bonuses are a double-edged sword. While the extra money on deposits is definitely alluring, you need to be wary about high turnover requirements that make it difficult to withdraw the money. In addition, you need to be on guard against the tempting bonuses offered by new entities that are out to grab a larger share of the market by hook or crook. Do not fall prey to greed and check whether the services offered by such brokers are of high standards.
Leading brokers help traders to improve their skills by offering them useful training materials such as eBooks, webinars, FAQs, tutorials, videos, and more. Plus, they provide personalized support to investors by assigning a dedicated account manager to each of them. You can also easily differentiate the best services from run-of-the mill ones by looking at the various trade types and number of tradable assets a broker offers.
Methods to Compare Top Binary Options Providers
- Minimum deposit amount – Newbies and small-time investors are advised to exercise caution and select brokers that have a low minimum deposit requirement.
- Number of assets – An average broker offers only 10 or 15 assets which restricts your trading activity. The best brokers provide access to more than 30 assets.
- Is your country accepted? – Many providers are not authorized to accept traders from the US, Canada and other nations. Therefore, check if they accept investors from your country.
- Maximum trading amount – With accumulated trading experience you are sure to become a master in no time. Can the broker keep pace with you? They should accommodate a high maximum trading amount which will allow you to invest higher amounts as you grow in confidence.
Tips to Shortlist the Best Binary Options Services
Be clear about the desirable aspects you want. These may be trade types like one-touch or 60-second options, informative learning center, or an intuitive trading platform.
Then, visit the websites of top brokers and check out if their tools and services match what you are looking for. Search the internet for providers that offer the tools you need.
Contact the binary traders in your circle of contacts and friends and ask them to recommend good brokers based on their experience.
Read unbiased reviews on the internet as well as user feedback on trader community forums. This will enable you to evaluate the pros and cons of each provider.
Finally, prepare a shortlist of the brokers that offer what you want. Then, register for their demo accounts to check out their platform and tools. Exercise caution in the beginning and invest only small amounts. Try out all the services in your list and stick to the ones that provide the most enjoyable trading experiences.