Binary Options Account Opening
What should I do after signing up on a Forex broker?
In the previous articles, we provided some advices on the selection of an appropriate trading platform – the one offering the best technical features, efficient payout return rates, and the adjustment to diverse devices. The next step after selecting a trading platform is choosing an optimal account type. The process of account registration is quite simple. However, consider that there are some requirements to be fulfilled prior to getting signed up, which would ensure the security of funds stored on your account.
The Requirements on Account Registration
The personal data that has to be provided by you while registering binary options account includes your name, the place of residence, email, password, and the payment method that you want to use. Some BO trading brokers require your phone number to be typed in as well with the aim of identity verification or as the connection channel, which may be used as the means of the support service getting back to you. Nowadays, many trading platforms consider phone as the most convenient method of communication between traders and the customer service. It is considered that communication over the phone with specialists from the BO support team takes not much time and is easy to sustain since, with this channel, you can be reached whenever you are. There are also some brokers that will ask you to type in the data about the preferred payment method. However, it is rather rare since the most platforms offer their services on demo accounts first.
The Types of Accounts
There are, usually, two account types that may be generated by traders on BO platforms. One of them is a real account, where your funds will be stored. The second account serves for keeping virtual money from a demo account. We always recommend registering on a trial account since this version may serve as a good basement for practice and strategies’ verification. In case a trial account is chosen by you, you do not have to provide any payment data while registering on the broker. In this case, you are automatically referred to the trading broker interface and can start trading either on a downloaded or a web-based platform.
There are certain security measures that are applied by brokers when the new accounts are registered. The aim of this is ensuring that your funds can not be damaged through money fraud or identity theft. The prevention of money fraud is sustained through the prohibition on trading for the individuals, who have not reached 18 years yet. Identity thefts are prevented through the verification of personality that is supported by providing your personal photos in a scanned form or the copies of such official documents as passport, driving license, etc.
The practice shows that the process of verification may be quite lengthy sometimes, which may seem inconvenient for the prospective traders. However, this method is the most optimal security measure. Nevertheless, you can find the platforms that provide a simplified email-based verification.
The time of registering on the trading account may be quite different. Some platforms allow getting registered in several minutes while the others impose daily verifications or the ones that can even last several days. You must consider that the absence of a certain verification process does not mean that the broker can not be trusted at all. The reviews of trading platforms that specialize in BO marketing show that such brokers are, usually, reliable and do not impose any serious threats to your account resources.