There does exist both a right way and a wrong way to go about selecting a binary options broker. Furthermore, the wrong selection could prove costly. There are well over one-hundred online brokers in operation at this time, which can make the task of selection seem daunting. However, once you know what you’re looking for, the process instantly becomes much easier.
First and foremost, reliability of payments much be considered. One of the easiest ways to determine whether or not a site is processing profit withdrawals as agreed is to do an online search. Do not stop at only reading reviews, as those can sometimes be biased. Go one step further and read the comments posted in forums and on social media. The occasional misunderstanding is going to take place, but numerous complaints could be a sign of real problems.
The second most important consideration is the trading platform. This is the area in which all trades will be executed. There are several different platform providers, but most brokers choose to go with the more popular providers such as SpotOption and Tradologic. Due to the nature of this form of trading, most platforms are inherently similar. This tends to be a good thing for the trader, because each interface is usually very user-friendly.
While you will want your binary options broker to be providing a straightforward platform, this does not mean that there should be any lack of variety. There should be several trading instruments to choose from, along with a wide variety of expiry times and assets to choose from. A smaller selection will most definitely limit the number of opportunities that you have to earn each day. Such limitation could also lead to losses should you feel compelled to choose from less appealing daily opportunities. Clearly, variety is one of the keys to profiting.
Additional areas of consideration include customer service, educational tools, and supplemental trade features. Customer service should be offered most hours of the day, and should be accessible via telephone and email at a base level. Live chat may also be offered. Do take the time to contact your chosen site before making a deposit. If they are difficult to reach or are not willing to answer all of your questions, you may want to consider taking your business elsewhere.
Educational tools are not of the utmost importance to experienced traders, but they can certainly benefit new traders. Most brokers now provide basic instructions for how to trade binaries, along with instructions for how to use the provided platform. Some even go further, providing videos, webinars, and one-on-one training. In most cases, these things are offered at no cost. However, some do ask for a larger upfront deposit before providing individual training due to the time commitment involved.
Supplemental trade features are elective features that can be used along with live trades. These may provide options such as the opportunity to extend an expiry time, instantly replicate an open position, or exit a trade early and lock in some amount of profit. There is no obligation to ever use these tools, but should you feel that they may benefit you at some point, you’ll need to seek out a broker which is offering them. Do be sure to read the rules for use and find out if there are any associated costs.
Lastly, consider withdrawal fees. These costs tend to be the only costs that traders have to pay. Many sites do offer one or more free withdrawals each month, while others are simply not willing to absorb the cost of processing payments. If you really like what a broker is offering, but note that there are fees to be paid, it may be wise to select that broker anyway. A small fee for withdrawal may very well be worth it if the broker is providing an otherwise stellar binary options trading service.