Choosing your Binary Options Broker is probably the single most important purpose in your career of trading binary options. Do your homework thoroughly and select a reputable broker. You don’t always have to be highly experienced or well trained to trade but you have to be diligent in choosing a binary options broker, a process that requires time and a level of patience. Study carefully these 10 parameters before settling down on which broker to invest your money with. Binary options brokers differ in many ways. I have taken the time and summarized what to look for when selecting a broker, especially for the first time trader as follows –
Do not underestimate this point, the broker needs to be available to you 24 hours a day and at least 5 days a week (according to market hours) as well as an allocated personal account manager that supports you in your mother tongue to facilitate a better understanding of the brokers conditions, trading and the platform. Ease of contacting the broker should be either by telephone, e-mail, skype or live chat.
Pick a binary options broker that has reasonable trading, withdrawing and depositing conditions. Ensure that no matter what the initial invested amount is you still receive good support, educational material and advice. Choose a binary options broker that gives you the freedom to trade on $10.00 or even less as a new trader or to trade on $5000.00+ if you are a more experienced trader and have over $25,000 in your account.
Select a broker that supports your favorable deposit method to facilitate ease and secure transactions.
If at any time you wish to withdraw your funds you need to know that this will not be a long, expensive exercise. You need to be confident that the broker of choice offers either same day withdrawals or within 3-4 business days.
This is the profit potential offered by a broker, these vary from broker to broker. Ensure that the payout is 80% or more to get the best return. Some brokers also offer a profit on loss where you also get a percentage back if you land out-of-the-money – generally this is between 10-15%.
You would like to have a variety of assets to choose from when selecting a broker. Even though you will probably only trade with the familiar ones. Knowing your broker has the options or is continuously adding to his portfolio allows you the freedom of choice and opportunity.
Try selecting a broker that allows you to execute trades even when the markets are closed to facilitate long term trades.
For new traders, it is essential, that the broker offers training courses to get you started. Most brokers do offer one-on-one training, e-books or e-mail guides.
Ensure the broker that you choose is transparent and has no hidden fees or commissions. Ask these questions the customer support, and request where it is stated on their website for verification.
Easy, user-friendly platform is necessary, you cannot be bothered with learning to use a platform and its complexities, trading and making profits needs to be the concern. Ensure that the broker offers the flexibility of trading on the go on your mobile.
Investing your money is a very important matter and it should not be a hasty decision on who to invest with. These fundamental elements will set you in good stead for developing a trusting relationship with the broker, your account manager and ultimately your ability to profit. In order to make this process easier and faster for you, I have creating a comparison table, with all the features of each broker. Please also take time to read each review individually, so that you make the most informed decision!
|Broker||Bonus||Min Deposit||Payout||US Traders||Review||Open Account|
|Up to 100%||$200.00||Up to 90%||Review||Visit Broker|
|Up to 100%||$250.00||Up to 100%||Review||Visit Broker|
|Up to 150%||$200.00||Up to 85%||Review||Visit Broker|
|Up to 50%||$250.00||Up to 80%||Review||Visit Broker|