Binary options provide the opportunity to receive massive returns on investment. It is however important that you choose a reputable and profitable broker. A number of things come into play when you look to choose a broker and these include: the customer service, the return of investments, the asset choice, and the interface. As well as these, there are other considerations that may appeal to certain people, such as new trade features.
Customer service is critical to any trading relationship, and with a good binary option broker you should be able to talk through a number of mediums including live chat, the telephone, e-mail, and perhaps a ticketing system. Binary options are available 24 hours a day, 7 days a week, and so the customer support should be available over the same period. Ensure you also read reviews of platforms to gain confidence in the quality of the customer service. A quick call to the teams may be worthwhile in order to see how well you are dealt with.
Return on Investment
When choosing a binary option broker you want to be sure that you get the best value for your good trades. Some binary options brokers are far better value than others. So it’s important to understand the likelihood of events happening and the percentage profit being offered. It’s not just about being able to get 85% or 90% return on investment. It’s about how far the price would have to move and about the value for money in the trade. Of course there are many brokers that offer high-yield investment returns with 350% or even 500% return on investments on a single trade. Being able to take conviction positions on these types of trades really is a plus for a platform, and so may be a deciding factor when it comes to choosing.
Your Asset Choice
Different brokers offer different numbers of assets from which you can choose. Just about all of the platforms offer a blend of commodities, indices, stocks and currencies. Some will offer almost a hundred assets, or even more, and some will only offer 20 or 30 assets.
You need to ensure that you have the right blend of assets for your particular trading portfolio. For example, you may want to trade on Asian stocks in which case you’ll be looking for a platform that perhaps offers Sony, Panasonic or other Asian companies. Alternatively, you may have preference for technology stocks, in which case you’ll be looking for platforms that offer Apple, Google, Facebook, Netflix and so on. Whatever your trading preferences are, you should ensure you get a platform that caters for them through asset availability.
The User Interface
The user interface of the trading platform is important when it comes to how much you can earn. If you just don’t get on with the platform you’ll find yourself making bad decisions and not feeling at home. It’s a good idea to spend a bit of time going around a platform in a demo, or through the front page of the web interface, in order to ensure that you feel comfortable with the colors, the process of trading, and generally getting around.
Some platforms these days come with features such as double up, buy me out, and roll over. On top of these, you may have access to 60 second binaries on some platforms for those who are extremely good at technical analysis. If these features appeal to you then look out for them on some of the trading platforms.
So there you have it, a look at choosing a broker. There are many considerations, but for many these are the priorities.