Top Tips on Finding the Best Binary Options Broker
Trading binary options has become a popular form of investment all over the world. But before you start risking your own money there are a few important steps you should take. The first and one of the most important is finding the best binary options broker. Unfortunately, it’s not as simple as picking a name out of the hat. And you might not have a hat big enough to fit all the binary brokers’ names in. While the number of brokers was very small when binary options trading first began for the average man, numbers are now in excess of 400.
Regulation of binary options trading activities is still under development
At present, there is no single regulatory body responsible for overseeing and regulating all the Forex and binary options activity taking place across the globe. This hasn’t, however, stopped thousands of people enjoying all that this form of investment has to offer. There are a number of regulatory bodies that have been formed, but usually these operate within certain geographical areas. The aim of these bodies is to monitor the various Forex and binary brokers, in order to promote best practices as well as protect traders.
In the USA, there are very strict regulations that have been imposed on binary brokers who wish to accept US-based traders, and this means that some of the top binary options brokers have chosen to accept traders from regions other than the USA.
Top Rated Binary Brokers
|Broker||Min Deposit||Regulation||Bonus||Read More||Visit Site|
|uTrader||$200||CROFR||Up to 200%||Read Review||Visit Broker|
|24Option||$250||CySEC||No Bonus||Read Review||Visit Broker|
|HY Options||$100||CySEC||Up to $10 000||Read Review||Closed|
What is a binary options broker?
A binary options broker is a company that operates a binary options website. Through the website a trader can trade quickly and effortlessly trade by using an online interface or platform, either on a desktop or mobile device. The broker simply fills a trader’s order on their behalf, and pays out if the trader makes a correct prediction, and an out-of-money refund when a trader loses. It might help to think of a broker as kind of a bank, because essentially they are borrowing the money of their clients, while it is sitting in their trading account.
Thinking of your broker as a bank will also give you some pointers on what to look for in a top binary options broker. And while you may be content to stand in line and wait in the queue while your bank ignores you, the teller is impolite, and you are charged unreasonable and unexpected fees, we hope you won’t allow this kind of service from your choice of binary options broker. You really do owe it to yourself to find the best binary options broker. One who will take you and your investments seriously, as well as treat you with respect and transparency.
Top 5 tips on choosing the top binary options brokers for you
You won’t be able to pick the best binary options broker without undertaking some research. And we’re here to help by giving you some pointers on what to look for. Picking the best binary options trading sites blindfold is not a sensible course of action, and could land you in really hot water. Work your way through the following five tips and you’ll be well on the way to success.
Reputation is important – There are hundreds of binary options brokers to choose from, and more are joining the fold every month, and picking those that are regulated is not all that helpful. Many of the brokers who are regulated are usually regulated as private banks, gaming businesses, or some other financial entity. The best way to determine which binary options sites to use is with the help of your search bar. Type in binary options brokers and you’ll be given pages and pages of useful information to guide you in your choice. There will be sites similar to this one where you can read third-party reviews. But you should also look for customer reviews and discussions that take place on forums for further information. When reading reviews you should take more notice of those that aren’t afraid to discuss the various pros and cons of the best binary options trading sites. You should look for a binary options broker with a well-established reputation that is on the whole positive.
Read all the small print carefully, and make sure you understand what it all means – Nowadays, it has become common practice for people to gloss over the terms and conditions and simply tick the box without taking the time to read them. This is very unwise, as you should always understand exactly what you are getting yourself into. You may be in a rush to start trading, but if a broker screws you over there is no one else to blame but yourself, if you didn’t read the terms of service. One condition to be wary of is a high minimum withdrawal limit, as this often catches traders out.
Look for an opportunity to practice before trading for real – Choosing a broker that offers a demo account should feature high on your list of qualities to look out for. Having the opportunity to demo test will only help to improve your chances of being a successful binary options trader. But this isn’t the only reason to look for binary options sites with a demo account option. The other reason is trust. When a broker offers a demo account they are giving you more chances to be profitable and a long term customer of theirs. A broker who doesn’t offer a demo account is just encouraging traders to jump in head first, without trying strategies in advance.
Take notice of the added features and trading tools of the various binary options trading sites – Every binary options broker is different. Some do just enough, while others go above and beyond to give their clients the best possible service and value for money. Look for brokers who offer more than just one or two types of trade, along with other tools and educational material. Also look out for binary options brokers offering Option Builder as an added extra. Using Option Builder means you don’t have to choose from a range of expiry dates and times, but can set your own. It also allows traders to customize a number of other features of the option they want to trade. With regards to educational material, look for top binary options brokers who offer webinars, one-on-one training sessions, video tutorials on how to use the website as well as trading advice, and articles relating to various trading strategies.
Top quality customer service is vital – We think this is one of the most important qualities to look for in a binary options broker. A company, whatever field they may operate in, is only as good as the service it offers its customers. Your choice of binary broker may have all the best features and promise the earth, but if they don’t deliver on their promises these are just hollow words. The best way to find out about customer service is to test it for yourself. A good way to do this is to call the company, armed with some basic questions, and see how they perform. Here are a few suggestions:
- Take note of the response times, and whether your questions are answered quickly and intelligently.
- Did you feel comfortable talking to the representative and did you actually receive the answers rather than a hard sell?
- Test the live chat option, if there is one. Is the live chat option manned by real people or an automated robot?
- Test the email option and see how fast you get a response.
If you aren’t happy with any of your experiences, then try another binary options broker. You should be looking for a broker that fills you with confidence and one you feel comfortable working with. By doing this you are increasing your chances of becoming a successful binary options trader.
Important features to consider when choosing a binary options broker
There are a number of different attributes to consider when determining the top binary options brokers.
- Varied asset base – There will always be better prospects if there are a number of different assets you can choose from.
- Variety of binary option types – The best brokers offer a wide range of binary option types including short-term options, one-touch options, and Options creator.
- Choice of deposit options – A broker that offers a number of deposit options will be much easier to start with, while also being accessible to more clients. It also means there will be better cash-out and payment options.
- Financial stability – A well-established broker will be much more reliable than a smaller firm or one that has just started.
- Profitability – Look for a broker with high payout rates.
- Cashout options – The best binary options brokers are those who are quick and prompt with payments. Payments within two days or less should be considered the best.
We hope you’ve enjoyed this section on choosing the best binary options broker, and will keep our site as one of your favorites. Because we’ve got heaps more information to share.