September 27, 2016

How to Choose a Binary Options Broker

There are many binary options brokers on the market. Their number is probably more than 100 and it is increasing every month. With such great competition it should be really easy to start trading binary options online. There are however some basic things you could look for before you make your choice and I have presented them in this short article. 

When visiting the website of a binary options broker it is always a good idea to see what assets they offer. You can find them by either going to the Asset list or by checking the drop down menu in the trading platform that is usually available on the home page. I would prefer the second option as the number of tradable assets is constantly changing and not all asset lists are updated regularly by the brokers. By checking the assets you make sure that there are enough commodities, stocks, indices and currencies that will allow you execute your trading strategies. 

The next step is to go through the trading platform and see what binary options types are available and what trading tools there are. Usually you will find Call/Put binary options and 60 Seconds binary options on most of the platforms. Another very popular type of binary options is the Touch binary option, while In/Out and Boundary options are not so common. If you cannot find information about the availability of trading tools like Double Up, Roll Over or Buy Me Out, you can contact one of the customer service representatives who will help you. You can even discuss your assets preferences with them, because many binary options brokers are ready to add assets that their clients wish to trade. 

After you have made the initial research it is time to get informed about the account types and the sign up bonuses offered by the broker. Both of them depend on the initial amount you are willing to deposit and can sometimes be subject to negotiations. Please be careful though, because when you accept a bonus by the broker, certain terms and conditions come into effect and you will need to reach a minimum trading volume before you will be able to withdraw any amount from your account. 

Speaking of deposits and withdrawals, it would be wise to check what the minimum and maximum allowed deposits are for every deposit method that is accepted by the broker. As a rule deposits that are made via Wire Transfer are unlimited. Fees also differ between binary options brokers and most of them allow only one free withdrawal per month. There are of course exceptions and some brokers apply no withdrawal fees at all. Another important thing is that traders have to withdraw funds using the same method that they have used to fund their accounts. 

If you have done all of the above you will probably get some idea about the customer support of the particular broker. But you can go further by checking their live chat availability, the response time and the telephone numbers that are written on the website. Clients who are not using English would also like to make sure that the website is well translated in their language and that the multilingual support is there to help them if necessary.

Provided by: Daniel Brezinski, Content Manager at ActionBinary.com and CashBackBinaryOptions.com.

  • Mark

    We appreciate you for the good article.it is full of knowledge which is very useful.

    Thank You

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