Few things are more appealing than the idea of being able to win a ton of money in just 60 seconds. There’s always the converse that goes along with that, however, which is that you can also lose it all in the same tiny increment of time. While much of what happens with your money depends on you and your trading method, one surefire way to set yourself up to lose is to trade with an untrustworthy binary options broker. Sadly, they comprise the majority of all of them out there. These brokers will make it more difficult for you to win by presenting you with options you’re likely to lose (i.e., only offering you trades with one minute expiry times when it is likely to be advantageous to them), running a slow website where you suffer from execution errors, and so forth. Plus, some brokers just take your money out of hand, without waiting for you to lose it on a trade at all.
That doesn’t account for all the trading sites on the web, though. There are a number of good brokers that accept Canadian clients and which offer 60 second options. These brokers have passed our tests when it comes to legitimacy, trustworthiness, and quality features. While we would like to recommend more brokers, others (MarketsWorld and StockPair) do not offer 60-second options. They are interesting, to be sure, but we are not 100% ready to recommend them fully to our visitors.
Where You Should Trade One Minute Binaries
1. Banc De Binary (www.bancdebinary.com) – This is probably one of the all-around best brokers out there. They have a well-organized, feature-rich website which shouts professionalism on every page. Not only do they have a ton of educational programs and resources for traders, but they offer several different trade types, one of which is 60 Seconds.
The minimum investment amount for this type of trade is $5, and did we mention they have a demo account? You can practice your trading before you go live. This makes it far more likely that you will actually profit from your short-term trades instead of losing money. Demo testing is extra important with 60-second trades because not only are you testing your method, but you’re also learning how to use the website to trade without having to rush to do it. And you will feel rushed. One minute is not very long. You cannot guess at what your emotions will be when you are trading in just 60 seconds either. You could be tempted to double up, rollover or exit early because of those emotions, and those might be the wrong decisions. It is best to learn how your emotions will influence your trading before they cause you to lose money.
2. TradeRush (www.traderush.com) – TradeRush is another great broker we recommend to traders in Canada. Like Banc De Binary, they offer a number of different ways to trade: CallPut, Option Builder, OptionPro, One Touch, and 60 Seconds. Since both websites are powered by SpotOption, you will notice that the platforms are nearly identical and that they are both very easy to use. TradeRush also has the minimum investment amount set at $5. You can also demo trade on TradeRush with a $200 deposit.
Pros and Cons of Trading 60 Second Options
Before you jump in with one of these brokers and start investing in 60 Second options, we suggest that you consider the advantages and disadvantages. Trading on such short timeframes is not suitable for all traders. In fact, it’s not suitable for most traders. The majority of traders do substantially better with more time to think and act, though some people excel with fast trades. Just take a look at the explosion in popularity of the 60 second options that happened in 2012 and you will see that more and more people are starting to really enjoy this type of fast options betting.
- Not much time to second-guess yourself or violate your trading rules because of emotion.
- Make a lot of money fast.
- Potentially more opportunity. More trade setups can appear throughout the day.
- Exciting (this is a benefit if you’re trading for fun, not if you’re trading for a living).
- Easy to mess up a trade when you are in a hurry.
- Emotions can run hot, and may cause you to do something foolish.
- Potentially lose a lot of money in just one minute.
- You can theoretically blow your account within a day, or even within a couple of hours.
- There are more opportunities to lose than there are to win. You may not learn to tell the difference in time if you are not strategic in your choices
How To Get Started
Trading 60 second options is hot. How hot you ask?
The graph shows interest over time via Googles trend tools. To even show up on the graph you have to have a fairly significant search volume. 60 second binary options are a new trend, and they are the hottest thing to hit trading in quite some time. One of the best things you can do for yourself as a trader, especially if you’re serious about making money from your trades, is to start out with longer expiry times. If you check out these websites that we have recommended to you, you will find that they offer you longer expiry times as well. Consider trying trades which span a few hours or even a couple of days before you try the 60-second trades. Even if you are doing everything wrong, it will take you longer to blow through your bankroll that way, and you will give yourself more time to start learning how to trade right. You may find it easier to go back to demo if you need to, since you will have time to think about it and realize if your trading is going badly.
Once you have learned to trade profitably with these longer-term trades, you can try increasing the pace. Maybe try some five- and ten-minute trades before you start with 60-second trades. Are some people better at 60-second trades than they are at others? Yes. Everybody is different, and some traders thrive with the fast-paced trades. That could very well be you. Most do not, however, and you should give yourself a chance to find out which kind of trader you are beforehand. There is no “better” or “worse” here—only being honest with yourself and choosing the course which is best for your trading personality.