With the potential of earning lots of money, Binary options trading has taken off in a big way all around the world. From a number of Binary options brokers, we have about countless them available currently. You will end up entrusting your money to an agent to carry on the trade. Hence, it is vital for you that you identify the best Binary options brokers from the other small and unreliable ones.
Following a few essential tricks for narrowing down your search to the best Binary options agents:
Select a regulated broker:
A regulated broker these days is the one that has obtained a license and is governed by the concerned regulatory authority. The process of choosing a regulated Binary options broker will benefit you in many ways such as payment protection in the event of the broker’s insolvency, proper consumption of funds and the authenticity of the contracts.
Presently there are some brokers who prohibit US investors from trading in Binary options contracts. If you are a US investor, you will want to check this first before going forward to evaluate the agent on other parameters.
Select a broker with at least one year of reputable dealings. Avoid opting for new brokers. The more experienced the agent, the higher will be the credibility as it has been able to survive in this industry.
Before selecting any broker, make sure to check the consumer reviews/ complaints which will give a fair idea of the reputation of the broker. Pick the broker that has good reviews and fewer complaints.
Number of Available Options:
There are a number of option variants including 60 seconds options in which the option expires after every one minute or a single Touch Binary option by which you have to anticipate whether the asset price will at least once cross a pre-determined price during the life of the option. Brokers offering a higher number of option variants are beneficial as it opens up more earning opportunities.
Since all your dealings will be online, become familiar with the user interface of the broker’s website. User-friendly and navigate user interface will simplify things and guide you in taking investment judgments easily.
Higher payout means lower commission to the brokers and the obviously higher share of profits to you. Most brokers generally offer 80 to 85% payout in the event the option is ‘in the money.’ Some agents provide 10 to 15% payout set up option is out of the money. Choose brokers with favorable payouts.
Financial options: Since derivative contracts are all about ‘timing’ it is essential that the broker offers you fast and a variety of down payment and withdrawal options.
Fast customer service is a significant advantage for a beginner trader. Test the broker’s customer care with specific pre-account opening queries. Also, a demo account proposed by a broker reflects its importance on superior customer experience.
It is vital that you spend some time choosing your broker. The above checklist can help you decide among the best Binary options brokers in the industry currently.