How To Choose The Best Binary Options Broker

by Pam on February 20, 2017

With the emergence of new virtual markets and the ongoing evolution of products and offerings, there have been difficulties in keeping track of these products’ reliability and sustainability. This in turn has generated the need for traders to turn to binary options. When it comes to selecting the best binary options broker, numerous factors need to be considered if you value your money. Brokerages can either be small or large, but both offer trading assets, which would highly depend on your product. Ultimately, it comes down to choosing the brokerage with the best reputation, software, and payouts. Making the right decision of selecting the appropriate binary options broker from the get go can mean the difference between your trades earning more or less.

Regulation

The key things you need to know about regulations are that if you are trading in the US, then you are bound to very strict NFA (National Futures Association) rules. Sometimes it is considered best to trade with a regulated broker when you have an open trading account. If you are in the US, just note that you are trading under the brokerage of NADEX, and if you’re trading from other countries you are going to be trading under the brokerage of CYSEC. Traders won’t usually get punished if they trade under a brokerage that is not legal in the US; only the brokerage risks that. However, they also won’t be protected by US law regarding cash balances.

Payouts

Payouts are a major factor on how much money you’ll gain or lose at a given point in time. A good payout usually runs at around 85% for majority of short term binary option contracts. However, some may only pay as low as 60%. Keep in mind that payouts are all about profitability in the sense that the higher the payout given, the lower the threshold is for the probability of generating wins and losses while still being able to maintain the profitable range. Opting for a binary options broker that offers contracts, which pay 75% or higher, gives you a higher chance of earning more money in the long term.

Trading Software

Brokers usually use the same set of trading tools. However, some brokers do offer a few different ones as well. The commonly used one is the standard call/put binary option. It is usually offered by all of the companies. Another is the one-touch and last is the boundary trading, which has recently become a popular trading type, as it generates a swift turnaround. Since traders usually pay for services that are fast and worth their money, it is advisable that you direct your focus on companies that offer charts with good timeframes and a low probability of slippage or downtime. It is always essential that you take precautions in taking risks, and make sure you increase your potential of making profits.

Mobile Trading

Advancements and the evolution of technology have never been more prevalent than in the 21st century. Applications are being created left and right in the hope of making people’s lives easier than ever. In this regard, some binary options brokers  now provide traders with the convenience of going about our day-to- day transactions through downloadable mobile application trading types where you can open your accounts, supervise your open positions, deposit funds, and even execute trades through the platform. This innovation in executing one’s trade has never been better with mobile trading.

Support

Before you make the decision of depositing funds, it is always customary to have the basic knowledge on whether or not the brokerage you are trusting has reliable, competent, and readily available staff whom you can depend on in times of need. The key indicator when it comes to the company’s quality is usually determined by its level of customer service. You can conduct the simple test of sending them an email and seeing how fast they respond. You can also try to have a live conversation with them where you ask them questions regarding their trading accounts. These can, more or less, give you an idea on how much value they accord to making their clients feel special. The top binary options brokers always make their clients their main priority. Moreover, by offering the clients numerous means– options such as live chat, Skype, phone, email or callback– of contacting them, the company not only gets to show how flexible they are; they also give the client the freedom to use whatever mode of communication they prefer. The level of support differs among binary brokers; however, it also plays a vital role in your decision of which binary options broker is best for you.

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