| Updated: October 30, 2024You will learn about the following concepts
- Sign Up Process and Payment Methods
- Trading Platform
- Trading Assets
- Rate of Returns
- Technical Tools
- Customer Support
Till now, you should already have basic knowledge of how binary options work, so it is time to set the foundations of your trading career. Naturally, the first step towards making your first binary options trade is choosing a binary options broker. This may sound like an easy task, but in fact it will probably take you more time than you have initially thought it would. It is crucial to you to choose the right binary options broker for your needs as making the wrong choice may lead to unsatisfying results, troubles with the trading platform, low quality support, etc.
Thankfully, we are here to help you and we are confident that you will be able to make a straightforward decision that will meet your needs thanks to our help. However, before telling you how to choose a binary options broker, we’ll make you familiar with some of the most important qualities and characteristics of binary options brokers.
Sign Up Process and Payment Methods
A good broker is the one who makes your job easier. Find a broker that offers an easy sign up process, so that you can get your account up and running in just a few minutes. Naturally, you’d want to review some online recommendations of the broker you’ve chosen in order to find out whether the company is reliable or not. Also, you should pay close attention to the payment methods supported by the broker. Many binary options traders live in countries where certain payments are either unsupported, or not allowed. Make sure that the binary options broker you’ve chosen will give you the opportunity to deposit/withdraw money via a payment method that is available in your area.
Trading Platform
Since you are a beginner, you are probably not familiar with the types of trading platforms that can be used for trading binary options. However, there are still options you should consider before you register an account and deposit some money. Are you planning to trade via a mobile device such as a tablet or a smartphone? If the answer is positive, then check whether your broker supports a mobile or a web-based trading platform. The best trading platforms are compatible with all kinds of devices and they can be accessed from anywhere. Apart from this, good platforms will provide you with access to educational tools that will make the learning process lighter and easier.
Trading Assets
No matter how good a binary options broker seems to be, you won’t be satisfied if the broker doesn’t give you the opportunity to trade with a wide range of assets. Check the assets that brokers offer and make sure they allow you to trade the most popular currencies, indices, stocks and commodities.
Rate of Returns
This is one of the most important points to check, since it will determine the amount of money you win from your trades. Of course, the rate of returns isn’t always a decisive factor for your final choice, because the other characteristics are important as well. Keep in mind that usually binary options brokers offer a rate of returns between 65% and 85%, but in some cases the number can be higher. Some special types of binary options can offer returns up to 400%, but these are not regular options and we’ll talk about them at a later stage in out tutorial. In short, you should always check the rate of returns offered for Call/Put, One touch, Digital and Range options before registering an account.
Technical Tools
Technical tools are important for every binary options trader because they could help you execute your strategies and perform proper technical and fundamental analysis of different assets. It is rare to find a binary options broker that doesn’t provide access to the most important technical tools, but it is always a good idea to stay safe and check whether the broker you’ve chosen will allow you to use the tools needed for technical analysis.
Demo Account
Demo accounts are an important part of your education and you should never use the services of a binary options broker that doesn’t give you the opportunity to trade via a demo account. Demo accounts are a great way to try different strategies, to get familiar with the interface of the trading platform and to learn more about binary options trading without risking your money.
Customer Support
Since you are a beginner, it is very likely that you’ll need to use the services of the support team at least 2-3 times a week. This is why you should make sure your brokers employees are skilled, experienced, helpful and polite enough in order to answer your questions and help you improve your trading skills.
Final Words
Choosing a broker can take some time, but we guarantee that the time you spend reading reviews and characteristics of different brokers won’t be lost in vain! Making the right decision in such a situation is one of the keys to start a successful binary options trading career. In the next post we’ll teach you how to use the information above in order to choose a trustworthy and convenient binary options broker.