There is a plethora of binary options brokers and it may seem like a daunting task to have to choose one. This is an important choice for you to make so worrying a little bit is perfectly healthy, after all, the broker you choose may be the deciding factor in whether you make money or lose money. This makes knowing what to look for in a broker vital to being successful when trading. This article will explore 6 tips on how to choose the right binary trading broker.
Trading Instruments
Most brokers will have a common set of trading instruments but there will be a few that offer some special instruments. For example, most, if not all, will have the Call/Put binary options as well as the One Touch and Boundary but others will have Pair Options. Depending on what you are looking to achieve these special instruments may prove to be beneficial or they may be unnecessary.
Financial Assets
Knowing what the broker has to trade is essential to deciding whether or not it is a good candidate for you. The tradeable assets of a broker can be in commodities, currency pairs, indices or stocks. If you are more knowledgeable about one or two of these things, then you should probably find a broker whose assets are in that category. If you are not knowledgeable in any of these things, then you may want to do some research or just wing it. In order to check what tradeable assets a broker has, you can check their ‘asset index’.
Privacy Security
Binary options brokers usually have generic intervals of 15 minutes, 30 minutes, 1 hour, 24 hours, or 1 week. This gives you the ability to choose what interval works best for you and your skill level. If you do not have much experience in trading you will most likely want to stick to one of the middle range intervals like 30 minutes or 1 hour. You may be able to reduce this time by doing research beforehand and by gaining knowledge of the appropriate market.
Privacy Security
It is vital to ensure that your privacy is secure and that you will be able to make deposits and withdrawals easily and quickly. This will allow you to trade quickly without being worried about any of your personal information getting into the wrong hands. Given that you will be trading on a time limit; it is clear why it is important to have a secure method of moving money. With that being said, do your best to check any specific information that the broker provides that pertains to payment processing times.
Profits and Returns
Binary options trading is an excellent way to make money but it is important to check the broker’s return percentage. You will be able to make more money if you use a broker with a higher return percentage. Returns can range from about 60% to 80% so be sure to check what each broker is offering. Remember, this is just one aspect of the broker so a higher return rate may reflect a shortcoming in some other area. Take their return percentage into account but don’t forget about checking their other attributes.
Support
Good binary options brokers will have a significant staff that is available should anything go wrong. This is important because you are on a time limit and if something goes wrong, you will have even less time to trade. The support team should be readily available and knowledgeable. The broker should make it clear that support is available and that they can be contacted in a variety of different ways like Live Chats, Email or Skype.
Binary options trading can be significantly profitable but the first step to being successful is checking up on the broker you plan on using. The broker can truly make or break your trading expedition so do not discount the importance of knowing them inside and out. These 6 tips should help you make a smart decision when it comes to choosing the right binary trading broker.
