In order for an individual to trade binary options, they need first to enlist the assistance of a binary options broker. In typical forex trading it can be difficult to discern which regulatory body is responsible for setting the regulations that a specific broker abides by, especially if the broker is a service/website that operates out of multiple office locations in different areas.
Similar issues are faced by binary options traders searching for the right broker, but the process is a bit easier because there aren’t as many additional factors to consider. Still, it pays to do your research before deciding on a broker, so consider the following features and attributes to look for:
1. Limitations and Trade Types
Some brokers do not allow the full range of binary options, which would include digital options, touch options, 60-second options, boundary options, and propriety option types like Banc de Binary’s BinaryMETA option. It would be advisable to research all of these trade options thoroughly to determine which ones you’d prefer your broker to support. Look for brokers that clearly display their trading terms and conditions in a transparent manner, especially in regard to account limitations.
2. Testimonials and Reviews
One of the best ways to get an idea of whether a broker provides satisfactory results is to scour the web for testimonials and reviews about their service. With the right search terms this should only take a few moments of Googling. For example, if I were looking for a review of 24Option (a popular binary options broker), I would search for the terms “24Option review” or “24 Option broker review.” Reading a review can help you learn a lot about a company with much less research and effort than it would take if you were to base your decision on personal experience alone.
3. Trading Platform Interface
For a lot of traders, the appearance, functionality, and responsiveness of the online software interface that the broker uses is another huge factor. If you’re not comfortable using an interface, or if it has too many technical issues or complexities for your liking, it might be wise to examine other broker sites to find a better fit. The quality of a broker’s interface can tell you a lot about how professional and organised they are.
4. Pay Out Terms and Conditions
Of course, withdrawing and transferring funds is perhaps the most important step in the entire process, so you’ll want to deal with a broker that offers sensible pay out options and reasonable withdrawal and deposit terms. Pay attention to minimum account loading amounts and minimum withdrawal amounts, as well as any pay out limitations or time constraints that could affect the schedule of your income.
Look for Free Trials and Demo Accounts
Finally, as a bonus tip – taking advantage of free trials and demo accounts are great ways to get your foot in the door and start learning how binary options trading works first-hand. Thus, be sure to sign up for a few trials and compare them all before deciding on a broker.
