Binary trading is simple, easy to learn and it can earn you a lot of money. One of the key requirements for successful trading is to find a good binary broker. This is something you need to do before you start trading, so make sure to do a research, explore and allow yourself to be critical.
Features of a good binary broker
Binary trading is rising in popularity, so there are hundreds of brokers available online. Nowadays it is not so difficult to find a reliable one, because there is much more of them than it was a few years go. Still, there are many scam brokers you should not trust, and you should know how to differentiate them from the trustworthy ones.
Decent binary brokers offer you a fast and responsive trading platform, with a great number of assets to trade. Then, they offer good conditions for the traders, and several deposit and withdrawal methods. They should have Customer Support section with clearly stated information about the company, and an additional security is provided if they have a license from some financial authority.
Trading platform and assets
Reliable brokers must have a platform which is fast, responsive and user-friendly. A good example is the platform of Banc de Binary, which has all these features. Do not be afraid if you see several brokers using the same platform. It is because they pay for the already created platforms instead of creating their own, and it is a system most broker uses. There should be at least 70-80 different trading assets, and some brokers even offer over 100.
Conditions for the traders
When choosing a broker, pay attention to the terms and conditions. Check the payout percentage, which should not be lower than 95%. Also, some brokers offer a return of money for lost trades, usually between 5 and 15%, and it is a feature you should look for as well. Check the period needed for payout, and note that it should not be longer than 5 workdays.
Deposit and withdrawal methods
A reliable broker should offer many different payment methods. A good sign is if there are the options of paying by credit and debit cards, and through various e-wallets. Some brokers even offer wire transfer. If only some suspicious e-wallets are offered, make sure to avoid this broker.
Every company should have the Customer Support service, as well as the address where it is located. Online binary brokers are no exception to this rule. Check whether there is a Customer Support section, which should provide many ways of contacting the company – email, Skype, live chat and the address.
Binary brokers which operate legally usually have the license from financial and legal authorities. One of such institutions is Cypress Security and Exchange Commission (CySEC). If the broker has their license, you can be sure that it operates legally and that you will not get scammed. Still, note that some reliable brokers do not have their license. This is because they are still new and they are in the process of getting licensed for operation. If you find a broker that seems reliable based on other criteria, but it has no license, do a little research and find out when they were founded.