Binary options contracts are options contracts that attract either a predetermined amount of money (in the case of successful outcomes) or nothing at all (in case the prediction happens to be wrong). As such, the basis of binary options trading is as simple as making a yes or no decision. It is its simplicity that has made it very popular.
In order to invest in the binary options market, one of the first decisions that you have to take is opening an account with a binary options platform provider, also referred to as a binary options broker. This could be a challenging task, especially if you are new to the market. This is because there are a number of brokers out there in the market. While some are genuine, some others are scammers. And, it goes without saying that you need to work with the best binary options brokers in order to achieve your financial goals. Read on to find out how you can identify the best binary options brokers.
Best Binary Options Brokers 2017
Min Deposit: $10
Payout: Up To 90%
Demo Account: Yes
Min Deposit: $5
Payout: Up To 90%
Demo Account: Yes
Min Deposit: $100
Demo Account: Yes
Regulation is probably the first aspect you should look for when choosing the best binary options broker to work with. Regulated binary options brokers are definitely more reliable than those that are not regulated. Such brokers keep your (traders’) money and their money in separate accounts. Moreover, they would be capitalized as stipulated by the regulator. All these mean that your money will be safe with regulated brokers. Therefore, it makes sense to work with a regulated binary options broker. However, you should also consider all the other criteria discussed in the article prior to choosing a broker that caters to your specific needs.
#1: Best binary options brokers often provide responsive customer service. You should take a serious look at this criterion because you may have to contact a customer service representative of the broker for various purposes. Further, time is the essence of binary options trading. If the customer service department is not responsive enough, you could lose a great deal of profits. Therefore, it pays to take some time and thoroughly check out the efficiency and effectiveness of shortlisted brokers prior to signing up.
#2: The types of trades offered brokers are different. Some brokers place restrictions to limit the profits you can accumulate. New traders may not be in a position to quickly discern the designs of unreliable brokers. If you are an experienced trader, you may easily find out such ploys employed by brokers. Therefore, it is important to exercise a lot of caution when choosing binary options brokers.
Actually, you should look for binary options brokers that offer transparent terms and conditions of trading. It is, therefore, a good idea to open a demo account and try out the broker’s platform to have a firsthand experience of the terms and conditions. Demo accounts often mimic the conditions prevailing on the real trading platform. Further, demo accounts can be used to try out various strategies before implementing them on the real trading platform.
#3: The binary options trading platform offered by top binary options brokers would be simple and easy to use. You need to check out the platform to see if you are able to execute orders quickly on the platform. This is very important because binary trading is a very time sensitive affair and you should be able to time your trades. You cannot afford to waste time searching for the buttons and navigating the platform. As such, you must ensure that the brokers you want to work with are offering platforms developed by reputed companies in the industry.
If travel a lot, it is important that the broker you want work with offers mobile apps. This will help you to access your account and execute trades on the go.
#4: Payout provided by binary options brokers for successful trades is another aspect that you must check out. Often, best binary options brokers pay as much as 70 to 90 percent of the amount invested in a contract as profits. Some brokers even promise to return a part of your investment in a contract if your prediction happens to be incorrect, helping you to cut down your losses.
Generally speaking, a broker that pays you 70 to 80 percent of your investment for in-the-money trades and returns about 10 to 15 percent of the investment for out-of-the-money trades is the right broker to work with, keeping in mind the fact that your goal is to make money through binary options trading.
The factors that have been discussed above are the most important ones to be ascertained if your goal is to work with the best binary options brokers and generate profits. However, this is not an exhaustive or comprehensive list of aspects to be checked when choosing the best binary options broker. Some of the other aspects that you must consider are listed below for your immediate reference:
- What kind of underlying assets does the broker offer to you for trading?
- Are the underlying assets offered for trading represent assets from all the asset classes like the currencies, commodities, indices and stocks and from markets around the world?
- Does the broker offer binary options contracts with different expiration times?
- How much bonus does the broker offer on deposits?
- How much money should you deposit to start binary options trading on the broker’s platform?
- Does the broker offer platform and customer services in multiple languages? More importantly, you must check whether these services are available in the language you are most comfortable with.
- What options in terms of currency and methods does the binary platform provider offer to you for depositing funds into your trading account?
- Does the withdrawal policy of the broker suit your needs?
Ultimately, it all boils down to you investing some time and effort in order to carry out the research required to choose the best binary options brokers. Actually, now is the best time to explore the binary options market, especially because of the uncertainties prevailing in the financial markets around the world.
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