If you want to start investing in binary options, you will have to look for and choose an online broker that has a trading platform which supports binary options trading. A trading platform is a real-time trading system which is web-based, on which traders can conduct over the counter binary options trading.
There are many binary option brokers on-line, some of which are regulated and some of which are non-regulated. A regulated broker is a broker that follows the rules and regulations of the country in which it is based. For example a binary option broker in the United Kingdom could be regulated by the Financial Securities Authority (FSA). One of the key rules which regulated brokers have to follow is to use a trust account for holding clients’ money, whereas a non-regulated broker is not required to do that. This is not to say that you should not use non-regulated brokers as there are many that are perfectly safe to use, however, there are several criteria you should check out before making your decision as to which broker to use; whether it’s an un-regulated broker, or a regulated broker.
Things To Look For In a Broker
- Look for a broker that offers a variety of assets.
You should find a broker that offers many different types of options covering as many stocks, currencies, commodities and indices as possible. A large variety of option choices will enable you to be flexible and have a good range of profit opportunities.
- Make sure your broker also offers a variety of expiry times.
Quality Binary Options brokers offer sixty seconds, ten minutes, fifteen minutes, half-hour, hourly, daily, weekly and even monthly expiry times.
- Simplicity and Reliability come first!
Make sure that the trading platform is intuitive to use, responsive and the rates are true market rates. If the platform is complicated to use, you will find yourself making silly mistakes and losing money.
- Great Customer Service is another must!
Fourthly, also make sure that the customer service and support is immediate and you can get help in a timely manner. Most broker web sites also have educational materials which are designed to help new traders understand binary option trading concepts.
- Quick and Secure Money Transfers.
Finally, a very crucial point concerns money and how the broker transfers funds in and out of your account. You will need to ensure that it is easy to deposit funds as well as withdraw funds to your credit card or bank account. Another thing that you should confirm is how their bonus schemes operate and the percentages of their pay-outs. One last thing you can do is to check out the broker reviews that are on the internet. Most of them are impartial and very helpful, and so will help you choose a broker you trust and feel comfortable trading on their platform.