Taking a dip into the investing pool can be very exciting, but it can also be very daunting and downright scary. An alternative to executing the binary trades yourself is to hire binary options brokers. There are many brokers in the industry ready and willing to work with you or in your stead and perform the trading tasks for you. The drawback to hiring a broker is not all brokers are right for all investors. Here, are some tips to help choose your best broker.
What Customer Service Do They Offer?
1. Binary options brokers receive a fee if your trade loses. Some brokers require a trading fee each time they execute a transaction. If a broker requires both fees, make sure the total of the two is within a reasonable rate, such as 10 % to 15%. Most of them are helpful, but that does not mean they should receive the Lion’s share of the success.
2. Customer service is a huge consideration when choosing brokers. They should be available by a popular means such as email, telephone and live chat. Give customer service a test run before signing on with any broker. You certainly do not want to miss out on a very lucrative deal because you could not contact customer service. Customer service should also be available in your language of choice.
3. Look for binary options brokers who offer some kind of refund if the trade does not make any money. Some brokers will do that, but only if asked. Make sure the refund is reasonable such as 15% of the money lost. This is a good incentive for the broker to give your account its due focus.
Do They Have Appropriate Technology?
4. The platform used should be web-based and not a program download. This will give you the ability to check on your investments once in a while, as well as being assured the latest version of the trading program is being used. The program and your account should be easy to access with no hidden aspects of the account. Make sure your account is available in your native language or whatever language you choose.
5. Brokers that are using up to date technology will have a system in place that allows you to use your smart phone to engage in the trading process or to just check your account. If that is an important consideration, be sure the broker of choice has that option available
6. If multiple trading options are important for your investment portfolio, choose brokers that have that ability as well as software in place that accommodates such a request. There is a variety of binary options software available and some of the programs are binary options only, but there are plenty of others that have several capabilities built into one platform.
7. Make sure binary options brokers use the latest technology to safe guard your information from hackers and identity theft. Hackers are just about in step with technology and the importance to make sure your information is protected cannot be stressed enough. Do not allow others to have access to your account except for binary options brokers and make sure your broker of choice does the same.
8. The broker of choice should keep all your account information in one place for easy review. All the past assets and transactions and those being executed in the present should also be open for review and in an easy to find place. This makes it easy to review past trends and look at the different trades under certain trading conditions.
Do they meet your expectations?
9. Payment and withdrawal options are always an important consideration when choosing brokers. Customers often want to utilize a different and convenient withdrawal method such as credit card or bank transfer to make the initial investment and withdraw payments through PayPal or some other banking system. Brokers that offer a variety of options will most likely use the method you prefer. If they are tied to one payment and withdrawal method, chances are they aren’t the binary options brokers for you.
10. Financial transactions between you and binary options brokers should be as immediate as possible. The broker demands his money for each transaction in a timely manner, and you should be offered the same consideration. If payment to you lags more than three business days, it might be time to find other binary options brokers.
11. Make sure your broker has an education section on their web site that allows customers to learn about binary options trading. The more information the customer has, the better they can work with and understand what the brokers are doing. An education section should also instruct the customer how to make trades. The broker should also offer a demonstration account to allow the customer hands on experience before handing over hard-earned money.
12. Before signing on the dotted line and entrusting your financial future to binary options brokers, understand their terms and conditions and any other contractual measure they have in place.