Choosing Binary Options Broker

Generally, in most kinds of investments, you have first to buy an asset, and then your profit will depend on how the value of the asset fluctuates. But in binary trading options, you don’t have to purchase any asset. You just have to predict whether the value of any asset will increase or decrease. Before you start trading, you require a reputed broker. Before choosing binary options broker to consider the following points:

Factors to consider

Many options

Make sure that your broker has lots of assets which you can trade on. The initial lists of investments which the broker provides may not be much, but make sure that your broker is adding investments to the list whenever possible. Every broker should have at least a decent collection of forex, stocks and indices. Otherwise, you should look elsewhere.

Expiry period

In binary trading options, while purchasing any investment, you have to choose the expiry period. The price of most of the investments fluctuates regularly, make sure that you choose the expiry period wisely. Some of the brokers will offer your hourly or weekly expiry periods. But it is better to go for a broker which offers you more flexibility- expiry periods ranging from 15 seconds to one month.

Licensing

It is very important that the broker you are choosing is registered and has all the proper documents. Unlicensed brokers may cheat you and can close their business anytime. Working with a licensed broker doesn’t mean you will surely earn profits, but it makes you feel secure.

Bonuses

There is a lot of competition among the brokers currently. To attract customers, most of them are offering a huge welcome bonus to new customers. Make sure that your broker offers you the right discounts. There are also many additional bonuses. Before investing your money, check whether you are eligible for any discounts or not.

Customer service

It is very important to choose a broker who offers you great customer support. In the initial days of trading, it is likely that you will have some difficulties. Your broker should be ready to solve all your queries.

Reputation

You should always go for a reputed broker. Talk with all the customers who has done business with the broker before and read all the reviews.

User-friendly platform

Since you are new to binary trading, always go for a broker who has an user-friendly and easily navigable interface.