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Once the decision has been made to trade Binary Options, the next step is to choose the right binary options broker. This choice should be based on the following factors:
- Does the binary options broker have a certificate of regulation? Last year marked a landmark decision in Cyprus to regulate binary options. Under the auspices of the Cyprus Securities Commission (CySec) binary option brokers were able to apply for regulation. This placed real legitimacy on the option brokers offering binary trading. If a binary options broker has regulation, it will be clearly displayed on the website.
- Types of trades available within the binary options platform. Check the platform of the binary options broker to ensure that if you decide to trade with them, they can offer the binary option contracts that you want. If the broker permits binary option trading in stocks and shares ensure that there is a good choice in well-known stocks. Also, check the instruments such as commodities, forex and futures to ensure that once you have decided on a binary options broker, they really have everything under one roof.
- Perform a web search to check for any negative reviews or comments about specific binary option brokers. There are many online forum sites who provide advice and feedback regarding which binary options broker to choose.
- Try not to let incentives or sign up bonuses that are offered by binary option brokers, sway your decision. Be objective in your choice of binary option broker. It is very easy to fall into the trap of receiving bonuses, but take the time to read the small print attached to such bonuses. Offers of free money to trade with often come at a price.
- Try to connect to other binary option traders to ask their advice which binary option broker to choose. Look for traders who recommend binary option brokers based on their track record of paying out for winning binary option trades. This is the most crucial element when looking for a reliable binary options broker.
- Before depositing real money with a binary options broker, test out the system with a demo account. Some binary option brokers do not enable users to open demo accounts directly from the site. It’s therefore sometimes worthwhile to email the binary options broker requesting a demo account. Most binary option brokers will agree to this.
On a final note, if you experience any issues, please feel free to contact us through our contact page. We offer free mediation services between traders and brokers.
Binary Options are a relatively new kind of financial trading investment. Investors speculate on the outcome of a trade during a pre-determined time span. The trade can be foreign currency, commodities or stocks and shares. However, the investor … [Continue reading]