The world of binary options trading can be quite confusing, especially for those who are just starting to discover its depths. One of the most important things you need to succeed is to find a reliable trading platform. Searching for one won’t be easy as there are many brokers, so you’ll have to do a lot of research.
Ask yourself the following questions before you decide to choose one or another platform.
What’s your first impression of the platform?
Nowadays, a web service’s design is as a fair representation of its professionalism. The ‘looks’ of a trading platform matter for your convenience as well, because the design must be easy for you to use.
A good binary options trading platform website must be easy to navigate, secure (with relevant certificates on page), provide helpful information and a detailed FAQ section.
How safe are your funds?
This is the most important factor to consider when choosing a broker. A reliable service must be registered with the relevant regulatory authorities. Look up the legal requirements for this type of businesses in your country and check if the platform offers proof that they carry the necessary licenses.
You should also read a variety of reviews in order to learn what professionals and experienced traders have to say about different platforms. You can also get welcome bonuses, by using the broker specific promo codes like the iq option bonus code.
Although the majority of trading brokers operate online, legitimate services should have a valid office and employ qualified staff. This is a necessary requirement for all regulated brokers, along with possessing a specific capital amount to settle traders’ claims.
What trade conditions does the platform offer?
Trade conditions determine how convenient the platform is, so you should look for one that offers the highest level of flexibility. Factors you should consider include but aren’t limited to:
- Expiry times flexibility.
Avoid brokers that enforce rigid expiry times as they limit your opportunities.
- Availability of assets.
Look out for brokers that freeze the assets right when the market is about to shift, because binary options trading is dependent on market changes.
- Number of trading assets.
Find a broker that offers a wide range of trading assets on a vast geographical scale.
What your returns are going to be?
If your binary options trading prediction comes true, you will get a percentage of the return on the invested money. This percentage varies from broker to broker. The best rates currently available on the market are >80% for pre-determined payouts and 10-15% refunds.
Consider these numbers carefully when choosing a binary options trading platform as it determines the size of your maximum profit and loss.
How many funding and withdrawal options do you have?
Offering a variety of funding options is a mark of a good trading platform. However, this isn’t the most important factor to consider. Some of the best brokers only provide only a few choices, so you just need to check whether they include the ones that would work for you personally.
What kind of leverage facility does the broker offer?
You should look for the highest option available. In this case, you’ll be able to activate expensive positions with a minimum deposit.
For example, with a leverage of 100:1, you can open a $100,000 trading position after depositing only $1,000.
Are there any extra fees?
Check the terms and conditions offered by the platform extremely carefully to ensure there aren’t any hidden fees. Seek professional assistance if necessary, as such practices are a sign of an untrustworthy broker.
Choose the Best Binary Options Trading Broker for You
There are dozens of trading platforms available today and many of them are reliable. Answering the questions listed above will help you understand whether the platform you consider trading on can be trusted. Be sure to invest some time in quality research and comparison in order to avoid future problems.