Find your broker
To be a successful trader, it is crucial to work with a top broker that suits your trading style and is a trusted company. It is indeed important to trust your broker will provide fair trading service and fast payments.
Before opening a live account, it is highly recommended to demo the trading platform risk-free.
The top binary options brokers are not always the ones with the best ads on YouTube. Watching nice girls on a yacht who trade binary and make profits every 60 seconds could tempt you to jump into trading right away. However, if you are a smart trader, you won’t follow your emotions but will do the right research before deposit.
First, you have to discover whether the broker in question is trusted among the trading community. Second, you need to check whether the trading software works for your strategy. What are the charting tools and expiry times? The third important aspect is to calculate the possible payouts for the securities you wish to trade.
The financial regulators are independent institutions that aim to protect a fair trading environment for traders who are willing to speculate on the financial markets. The watchdogs have a tricky task monitoring not only the regulated firms but all brokers that offer trading services in the relevant country. For unauthorised brokers, the regulators create blacklists of firms that traders should avoid dealing with.
Some of the top financial watchdogs worldwide include ASIC (AU), FCA (UK), CFTC (US) and CySEC (EU). Their mission is to guard traders’ best interests by establishing strict rules and healthy competition for all brokers. The regulated companies must guarantee clients’ money is held in segregated bank accounts. Thus, if the broker goes bankrupt, the traders’ funds will remain untouched.
Traders should be aware that not all financial watchdogs regulate forex and binary options brokers, and we have listed only top regulators in the industry.
In our view, the top trading platforms for binary options are Meta Trader 4, MarketsPulse and IQ Option. The first two are software providers, and the brokers usually buy licenses to use the platforms. There are also many custom-developed platforms for trading binary options, but only a few of them are regulated. The MT4 software is designed specifically for forex trading, but some brokers also offer the binary app. The disadvantages of trading binary options on MT4 are low payouts and limited expiries.
Not all binary platforms offer charting tools, and if you want to use any custom technical indicators, your only option is MT4. Many traders prefer to use Meta Trader to analyse the market and place trades with the broker that gives them the best payout. The return on investment is substantial and could range between 60% and 120%, depending on the broker. Not many platforms allow you to sell back your contracts before expiry, but this is also essential for your risk management.
The binary brokers use different software, and you need to do your research to find the one that suits your trading style.
Moving your money fast is crucial in forex and binary trading. Most binary brokers work with top e-wallets: Neteller, Skrill and Webmoney. By using one of those to fund your trading account, you will see the transfer instantly completed. The fast e-wallet payments are a great advantage compared to a 5-day bank transfer. Your withdrawals could be also processed in up to one hour, but the approval time depends on the broker’s terms.
The binary trading firms accept payments not only via e-wallets but also digital wallets for moving cryptocurrencies. If you want to fund your trading account with bitcoins, you can use a digital wallet, such as BitPay, AirBitz or GreenAddress. These wallets are all built on blockchain technology and provide secure bitcoin payments.
How to choose the right broker
A smart trader wants to find a reliable broker and not simply use the one with the most ads on YouTube. It is vital to establish a trustful relationship with your broker, which of course includes working with the broker’s support team. The company representatives play a serious role in trust between trader and broker.
Before opening a live account, you must be sure the trading environment is fair and, once you make a profit, you be able to withdrawal it. We advise you to do research and test drive at least 3 or 4 brokers. Try the trading platforms on demo accounts first, check out the payouts for assets you want to trade and ask support all kinds of questions. Good luck in your trading!