Within the investment platform of every binary options broker lies windows which allow for trade execution. Even though no two platforms are the same, there are plenty of commonalities among trade windows due to the fact that the basic steps of trading digital options remain the same. As simple as they tend to be in design, the first-time trader may need a little assistance in figuring out how to use the trade window. Here, we’ll break down the general features of these all important platform components.
Learn the New Features
Almost every online binary options broker review is going to mention the features of the investment platform. Feel free to make use of this information when selecting the broker you want to partner with. As helpful as this information can be, don’t stop at just reading reviews. You’ll want to go one step further in actually visiting the broker website and having a look at the platform for yourself. It shouldn’t take long to determine whether you personally feel that the platform is user-friendly or overly complicated. While completing this step, take note of whether trades are offered in single or multi format. Some brokers do offer both styles.
Although the general look is going to vary, each investment window should contain the following information and trade parameters:
Strike or Starting Asset Price
Live Price Chart or Graph
For basic binary options trades, you’ll be presented with the Put and Call options. These are generally presented in button form, and should be two different colors. Charts and graphs are usually built in. These can be used to forecast future price movement prior to purchasing a binary options contract, and can then be used to track price movement once the contract opens. Every single one of these elements are important, so if you’re new to trading, go ahead and familiarize yourself with them.
Most traders seem to prefer single trade windows as they offer a less cluttered view and help to eliminate confusion. When using this type of window, you should be able to purchase a binary options contract in only a few simple steps. Typically, you’d need to select the instrument you’d like to use, select put or call, select the desired expiry time, enter your desired investment amount, and then click purchase. The steps for using other instruments are going to vary from these, but some of the basic steps remain the same. Options Builder, a feature offered by some brokers which allow you to build a trade to your specifications, is slightly more involved, but not by much.
The platform window is one area in which binary options scams have been detected in the past. Even if you’ve carefully screened a broker, it may be wise to put the window to the test. What you’ll want to be looking for is any discrepancy in the asset price when compared to that with a reliable outside source. The expiry time should also be compared to that of an outside source. Check to see if any lag exists between the time the trade ends and the time the result posts. This can take a few seconds, but should not take much longer than this. With this being said, if you’re using an old computer or slow internet connection, don’t automatically assume that loading lags are an issue on the side of the binary options broker.
While trading, you’re going to be working with these investment windows over and over again. Nearly all brokers now provide “how to” guides for the use of these windows. New traders are always advised to make use of the educations resources provided by their binary options broker. Whether you opt for the single or multi window format, always remember to take your time when selecting your trade parameters. Though cancellation may be an option, it’s best not to take any chances. Double-check your entries to ensure that they are just what you wanted them to be to avoid problems.