If you’re interested in getting into binary options, you’ll need a little bit of help along the way. You’ll need to choose a broker, and your choice will have a huge impact on your success, or lack thereof. Obviously, then, it pays to make an informed decision when choosing your broker. What are the key criteria you should consider during your search? Here are five of the most important things to look for when choosing a binary options broker.
Registration and Regulation
If you’re in the US, then you need to ensure that the broker you choose is registered and regulated. Unregulated brokers should be avoided. Of course, if you’re not located in the US, this may or may not apply to you. For traders, regulation means that you don’t have to worry about the broker threatening your profits.
Trading Types
You’ll quickly find that some brokers offer you access to all the types of binary options assets, while others focus on only one or two of the available four. While you might want to focus on just one right now (forex, rather than commodities, for instance), you may decide to broaden the scope of your investing down the road. You shouldn’t have to change brokers to do that. Make sure the broker you choose offers commodities, indices, stocks and currency pairs. You should be able to check this right from the broker’s website through their asset index.
Security
Trading binary options means that you’ll be making deposits and withdrawals from your account. You need to ensure that the broker’s platform is completely secured and encrypted. An unencrypted platform can leave your profits available to savvy hackers. Even your financial details can be compromised by an unsecured platform. Always verify security before you sign on with a broker.
Support and Customer Service
There will come a time when you need to have a little help. Maybe there’s something wrong with the interface and you’re not able to access your account. Perhaps you simply have a question that can’t be answered through a FAQ or other available documentation. Make sure that the broker offers outstanding customer service and support through a number of different methods, including email, phone, Skype, online chat and more. Understand from the outset that some brokers offer bare minimum support, while others offer a great deal. Shop around and compare your options to find the best mix of cost and support for you.
Bonuses
Bonuses are often overrated, but the fact remains that they can be valuable tools. However, they’re often governed by very strict requirements that might not be spelled out very clearly. Research each broker you’re considering and learn as much as possible about the rules and requirements for bonuses, when they apply and what you need to do to ensure that you earn your bonus (and can actually withdraw it when the time comes). However, never make a broker’s bonus system the primary reason for choosing to work with that broker. There are many more important things, such as security and access to specific asset types.
Making an informed choice when it comes to choosing a binary options trader will help ensure that you’re able to avoid security problems, maximize your ability to invest in the right assets, and build your wealth.
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