Checklist for Choosing a Binary Options Broker
When you select a binary options broker to trade with, you’re trusting someone else with your money. That being the case, it’s extremely important that your broker be trustworthy, reliable, and helpful. Unfortunately at this point in time not many binary options brokers are regulated (though many brokers are working on getting there). So there’s not much of an official “safe” broker list you can check. Here are some criteria to consider when you’re looking for a broker.
Deposit and withdrawal methods and details.
This includes the currencies you may use, the deposit and withdrawal methods, any fees associated with using them, and what the minimum and maximum withdrawal and deposit amounts are. You also will want to know how quickly you are able to withdraw your money if that’s what you choose to do. The more flexibility you have, the better. The good news is that most of the legit Canadian brokers accept credit cards like Visa and Mastercard easy, giving you another layer of protection.
Types of binary options.
While it’s great to have lots of assets available to trade, it’s probably more important ultimately that you have a number of different ways to trade. Look for High/Low, Boundary, One Touch, No Touch, and variations on those types of trades. Extra features like Rollover, Doubling Up, and Early Closure are also excellent. The more ways there are to trade, the more control you ultimately have over your trades. Look for a wide range of minimum and maximum trade sizes as well.
A well-designed website.
If a website is difficult to use and navigate, has a lot of bugs and errors, and contains inconsistent information (or just a lack of information), odds are that reflects something of the effort (or lack of effort) which has gone into the rest of the product. A well-designed site points toward effort and funding, which are both good features in a trustworthy broker.
Trading tools and resources.
What is the company’s attitude toward trading? Do they encourage you to try to learn all you can and make smart decisions, or do they encourage you to trade based off of your instincts and simply gamble your money away? Are they in search of short- or long-term customers? Even if you plan to trade for entertainment, ultimately a company that is directing its product toward pros is going to be more trustworthy. A demo account is a big plus.
Great customer service.
Always test this out yourself. If you can’t get a hold of someone by phone or chat or someone refuses to answer a simple query, do you really want to be dealing with this company when your money is on the line? Do they reply to emails promptly or do they take a week?
Hopefully these suggestions will get you on the right track. Some brokers you might want to check into to get started are Banc De Binary, TradeRush, and 24Option. Always make up your own mind by exploring what a broker has to offer, and good luck on becoming a successful binary options trader!