One of the most crucial activities you will need to undertake before you can start trading binary options is to select a premier broker. How do you go about performing this task so that you can be assured of making a wise choice? This article is intended to provide you with a valuable guideline to help you achieve this objective competently and efficiently. To begin with, here is a list of features that you should assess when you are in the process of comparing and selecting a binary options broker.
- Risk control –You should seek brokers who provide the highest pre-determined payouts (> 80%) and refunds (between 10% and 15%) currently available on the market. By doing so, you will also know exactly the size of your maximum profits and losses even before your trades are opened.
- Higher potential profits – Choose a broker that provides a competitive leverage facility that will enable you to open large trading positions using just a minimum cash deposit. For example, if you can obtain a leverage of 100:1, then you will be able to activate a $100,000 position by using a deposit of just $1,000.
- Quick Profits – Check that your broker can supply you with a thorough range of expiry times that should extend in useful increments from 1 minute up to 1 month. You will than have the ability to activate multiple trades using short time-periods, should the opportunities arise.
- User-friendly trading platform – Evaluate the trading platforms on offer in order to confirm that you will be able to trade like a professional knowing that your positions will be executed with speed and precision. In addition, this vital tool must possess the capability of providing you with all the information necessary to make high quality and informed decisions on all the binary options you intend to trade.
- Instant trading access – Select from those brokers who provide web-based platforms so that you will be able to trade anywhere and at any time. In addition, such a solution will not require that you have to download any software onto your own personal computer.
- Transparency – Choose brokers who will not surprise you with hidden commissions or fees. You can verify that you will not fall prey to such distasteful practices by studying internet reviews on all brokers of interest.
- Professional Support – Check the quality of the support services that will be provided by all potential brokers. Fundamentally, you are seeking 24 hour, 7 days a week support from a team who can professionally resolve all your queries promptly as well as supplying you with extensive trading guidance and assistance.
- Asset Index –Choose a broker that will allow you to trade using a wide range of assets. The top providers can support as many as 100 underlying assets distributed among the four main investment vehicles, which are stocks, commodities, currencies and indices.
- Withdrawals – You must confirm that you will be able to withdraw your funds in a quick and professional manner. Also, ensure that this activity will not attract any surprise fees.
- Security – You must be totally confident that your personal account details will always be 100% secure with your chosen broker. You can achieve this objective by investigating what type of protocols will be applied to all your data entries to ensure their confidentiality.
- Trading History – You will need quick access to all the details of every trade that you perform using your binary options trading platforms. Also check out the facilities that are provided that will enable you to fully analyze this information so that you will have the opportunity to advance and perfect your trading skills and knowledge.
- Web-site – Thoroughly inspect the websites of all brokers of interest. Is it easy to read, understand and navigate? This important tool must also provide vital information to allow you to make quality trading decisions, such as research articles, latest fundamental news updates, economic calendar and trading tips, etc.
By deploying the above list when you are selecting a binary options broker, you can use it as a baseline to enable you to compare essential features.