Monday, 18 November 2019

Tips for Choosing a Binary Options Broker

The success of a trader in carrying out the binary options trading process is certainly inseparable from the role of the broker that facilitates it. The number of binary options brokers today is increasingly creating a diversity of services and different policies. Traders need to adjust the features and rules of the broker to their trading needs and capabilities in order to get the most suitable broker for their binary options trading activities.



In terms of brokerage policy, common problems occur to spot forex traders and forex binary options also vary. In ordinary forex trading, traders often mess around with special things like price calculations, slippages, re-quotes, and much more. Spot forex brokers are sometimes also covered by general issues such as regulations that are not clearly stated.

The issue of binary options brokers is slightly different because traders are not faced with slippage or re-quote matters, but rather on other more common brokerage problems. For this reason, traders need to have a special understanding of binary options broker facilities. To get consideration in the process of choosing a broker, binary options traders can pay attention to the aspects below:

Regulation

This aspect is probably one of the most complicated issues when selecting a broker. Many brokers intentionally do not clearly state the regulations, even though regulations guarantee certain brokerage policies to remain at a standard level so that they are not too detrimental to traders. The regulation also ensures security of deposit deposits and withdrawal systems so that traders can withdraw trading results according to the profits they get.

Finding a binary options broker with promising regulations is a little more difficult than finding a licensed spot forex broker because some countries don't license binary options brokers. However, there are also licenses from certain countries for binary options brokers, including CySEC from Cyprus, AMF France, CONSOB Italy, BaFin Germany, etc.

A good broker, of course, has a safe, easy and responsible withdrawal system. He must also be able to provide proper termination facilities if the trader wants to stop using the broker's platform. Brokers here only have the role of saving traders' funds, so traders should be facilitated with easy and straightforward withdrawal procedures. In addition, there are limits on the amount of funds for the withdrawal process also deserves an important consideration. Traders should choose a broker who has a limit in a small amount or even who has no limit at all in each withdrawal process. So, if a trader has difficulty making a withdrawal of profit from trading results, it is almost certain that the broker is less responsible for financial transactions and has the potential to misuse traders' funds for personal gain.

The quality of the broker can also be seen from the many options for placing a deposit and taking profit. If a broker provides only a few or one options in payment and withdrawal methods, then it is better for the trader to shift his focus to another broker with many choices for the transaction method. The more choices there are, the greater the opportunity to use the most economical and safe payment or withdrawal method.

Trading Software

A good trading software is a tool with the capacity to facilitate its users in trading. If the broker actually provides trading software that tends to be troublesome, which sometimes takes 1 hour just to place a trading position, then immediately leave the broker. Trading with such a platform generally has a greater potential for failure.

In addition, the current development allows us to be able to trade flexibly. Brokers with trading applications for smartphones or other alternative gadgets can be the first choice if you want to experience a practical, effective and can be done anywhere.

Payout

In this case, the payout ratios of various brokers can vary greatly. Some of them also distinguish between payout ratios based on trading instruments. Prospective traders can freely choose a broker with any high payout. But remember, the higher the profit, the lower the refund will be.

Variations in Trading Types

Basically, trading in binary options is not limited to high / low types, but there are also touch / no touch, in / out, and many more. Therefore, brokers with limited options for this type of trading are also worth watching out for, because they could have exploited traders' ignorance in order to frustrate their trading. In addition to seeing variations in trading types, transparency in trading rules with certain types also needs to be considered. Traders need to be careful to avoid cheating from brokers if there are unnatural rules in their trading conditions.

Bonuses and Commissions

As a prospective trader who wants to get as much profit as possible, said bonuses and commissions are certainly the main attraction for the brokers who own the service. However, traders also need to be careful of brokers with fantastic and unrealistic bonuses or commission amounts. It could be that the broker has a system that makes it difficult for traders in the future. Therefore, traders need to ensure that bonuses are still within reasonable limits. Giving a deposit bonus of more than 40% can be considered suspicious because the percentage above that number is considered too large to be used as a trading bonus. Remember that every party must want to profit. If the trader benefits from successful trading, then on the other hand, the broker can benefit more from the manipulation of the system and other features.

Customer service

Integrated and informative customer service can also be a parameter in selecting binary options brokers. This can reflect the transparency and management system of a broker. It is not uncommon for brokers to have disappointing customer service because their information is not comprehensive or they have unfriendly and annoying customer service. In fact, a good information system can provide additional solutions for novice traders. Therefore, prospective traders better not rule out this aspect. Facilities such as live-chat, email and other interactive communication services can be a plus for a broker.

Also Read : Simple Trading Techniques, Just 30 Minutes Per Day

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