Financial market trading is enjoying its popularity today. Because of this, new products are being developed and new brokerage companies arise to be able to target the increasing customer base. This makes it difficult for new traders to choose the right one from among the many binary brokers existing. Below are some factors that will help you decide.
As a novice trader, this is one aspect that you have to carefully look on as this means return ratio, which simply means profit. You will notice that payout percentages differ from one broker to another. You will also realize that even if the binary brokers you have in mind may not be the ones that offer the highest payouts, but what they can deliver is the security of your data and the prompt processing and release of your withdrawal requests. Average payout percentage is 70%. If you trade $300, you can expect to get fixed return of $210. However, some trading sites offer to return a small percentage of your trade amount (about 15%) even after you have lost in the trade.
Deposits, Bonuses and Withdrawals
The conditions that cover these three vary from one broker to another. You can visit trading sites of reputable brokers, read their respective stipulations under bonuses, deposits and withdrawals and discover which one gives the most appealing offer. Some proposes sign-up or welcome bonus equivalent to 100% of your initial deposit. Regarding withdrawals, you can check which among the binary brokers release money without delay. You can also keep an eye on their promotions, previous and current, and see which broker is the most generous or consistent about helping their clients succeed in binary options trading.
Not all brokers offer the same number of assets to trade on. Depending on the trading platform they use, they may be limited with the number of assets they can offer or they may have more assets available than the others. Assets for binary options trading include commodities and stocks. However, currency pairings are the most popular. At this time, you may already know which assets interest you. Choose the broker that carries these.
You should know how stable is the capital of the broker that you will open an account with. When a company is financially strong the risk of going bankrupt is almost not possible. To know this, find out if the company is regulated because the many requirements for regulation, when met, will already confirm financial stability. A regulated broker also indicates trustworthiness and prompt payouts, withdrawals and others.
You should also investigate on the quality and level of support that brokers can provide you with because this is essential for effective communication, assistance and learning. For one, you should know if your language is included in the number of languages they support. How you will communicate with them is also important – chat, email and call? How fast is their promised response time? This is critical because delayed communication means lose of money on your part.
Trading platforms have many types. If you are a newbie, how will you know which one is more reliable? Again, check reviews on trading platforms online and know which among the binary brokers use platforms that are highly reliable and easy to understand. If you are looking at trading using your mobile phone, make sure that the platform supports the operating system of your phone. To make yourself familiar with the trading site and the platform, practice trading through the demo account. As you go through this process, you will also learn some trading strategies to profit.