Binary options field is exciting, new, and well, everywhere. There are literally hundreds of platforms to choose from, and they all look pretty much the same. So how do you choose which one will work for you?
Here are a few tips to help you choose a platform suitable to your needs:
- Check the payout and return rates. Make sure you choose a broker that assures at between 65-70% return on any win, and at least 10% on any loss. If you find lower percentages, reconsider. If the market offers a better offer, why not take it?
- Check licensing. Try to determine whether or not your binary options broker is licensed. If it is, you can rest assured. If not, there still may not be cause for alarm. Some countries like Israel and Turkey do not require licensing according to the law. In this case, you might want to compare reviews of platforms (see # 3 for more information).
- Compare site reviews. Look at sites like DailyForex and trading forums such as Trade2Win for a list of reviews of different brokers.
- Customer Service. You may want to be especially attentive to the customer service reviews. If you have any problem trading, you will want especially good service.
- Usability. Sign up for a demo account first and see if the site is user-friendly and intuitive. Can you figure out easily how to make a trade, or does the website seem disorganized? You might want to try signing up for a demo account on multiple sites and compare usability before committing to one particular site.
- Secure payments. Make sure that the site offers a secure payment system, including a fraud detection service. Look for a site that has a 128 bit SSL encryption.
- Determine your needs. Determine your needs before you shop, or you could waste hours looking at different platforms. Are you a beginning trader who needs lots of information on the market? Perhaps you would prefer a site with a glossary of terms and resource links on trading. Or are you an experienced trader of 30 years now looking at binary options as a new challenge? In this case you may want a site which offers a variety of expiry dates as well as a variety of exotic options.
- Variety of assets. Make sure the list of assets you are able to trade is acceptable. Do you want to trade lots of different courses, or are you more interested in trading commodities? Look carefully at the list of assets offered and determine whether or not it is suited to your needs.
- Early exit options. In conventional trading, you can sell options before the expiration date to prevent loss. You can also buy the option at any point after the option is offered for sale. Many binary options trading sites imitate this same flexibility of the conventional marketplace in the online to help assure traders of the similarity between the two worlds. At any rate, this option can allow greater trading flexibility and the ability to sell an option to prevent loss. You may want to include this feature when choosing a broker.