Binary Options Account
After you have chosen the broker that you will trade with, registering a binary options account should be your next step. This is a simple procedure, but may take you some time because completion will depend on the requirements, as well as security measures set forth by the broker.
Requirements
You will find that the information asked is similar to other registrations you have done in other websites before: full name, location and email. In most cases, your phone number will also be asked so they can verify if it is you and so you can seek for their support over the phone. Most trading sites offer customer assistance through this channel so they can be reached by traders faster and conveniently. Getting payment info is possible during sign up, though not all brokers require this because most traders opt to deal with the demo account first so they will have a good grasp of the trade processes and strategies.
Account Type
Before you can trade binary options, you will be asked to open a binary options account. But before you do open a real account that will allow you to trade real money, consider opening a demo account first. Most binary options brokers highly suggest new traders like you to sign up for a demo account because it is the easiest way you can learn about trading binary options. It can make you accustomed to the trading platform and it can help you verify whether the trading strategies you have in mind are feasible and profitable. As mentioned above, there’s no need for you to provide your payment information.
Account Verification
Because of the issues on scams and website hacking, it is but expected of brokers to make sure that their trading sites are well-secure and that there is no way unscrupulous individuals can get into it. Brokers follow highly strict measures on security, particularly during registration of account because they have to protect their sites and companies from money fraud and identity theft.
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Identity Theft – This is about the falsified acquisition and use of an individual’s personal information, primarily for financial gain. As this is a serious crime, all online companies are keen on making their websites well-secure to prevent ‘traders’ from opening a binary options account with them using fake information. One way they avoid this is to ask prospect traders like you to confirm your account first by sending them your picture or scanned image of your personal document like driver’s license.
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Money Fraud – Trading sites have to make sure that no person below the age of 18 can register and be allowed to trade binary options.
It’s typical of any person to feel disgusted or disappointed about long verification procedures, but you have to understand, particularly because binary options trading involves money and disclosure of your personal data. It is the safest way to make sure that the broker, the site, you and your information are all safe. If you opt to sign up demo accounts from different brokers so you can test their trading platforms and others, you will be surprised to discover that some require account verification only through email – which is easier on your part.
Conclusion
The time that you will need to register a binary options account depends on the broker that you will sign up with. It can take you several minutes to complete the registration process or it may take as long as an hour to a couple of hours to even days. Bear in mind that the absence of account verification method in some brokers does not indicate their unreliability.
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