Trading has exploded in the markets. Everyone likes to talk about it and wants to know more about it. Although some start with a small investment, others get directly involved with large investments.
The criteria for choosing your broker:
In order to make timely profits from trading, it is important to first understand how it works. The very first step in binary trading is to choose your broker carefully. If you have made the right choice regarding your broker, then you will not face any difficulties with binary options trading. Here are some important points that can help you choose the best broker for yourself:
- Investment conditions: Investment conditions include: minimum and maximum deposits on accounts and amounts of trade positions offered by brokers. Look for the investment that is not at the lowest, because brokers always give the best support and always favour investors who have made a larger deposit.
- Deposit Promotions: All brokers offer trading promotions for sign-ups or referrals. These are often in the form of a “top-up”, which is an amount paid into your account for any referrals. There are also promotions for the end of the year. Every good broker offers this type of commercial action.
- Returns: Each trade has its own profit potential. It is usually represented as a percentage, which differs from broker to broker. It ranges from 60% to 90% return on investment. In the case of binary options with low deposits, the amount of profit or loss cannot be guaranteed.
- Available Assets: All brokers have their own lists of assets on which they trade. This is because they are aware of the nature of these assets. You may choose to trade with different brokers in order to facilitate the trading of different assets.
- Trading hours: Depending on the actual market, each broker chooses his own trading hours. Most of the time they close around 9pm in United Kingdom and open on Sundays around 11pm (always in United Kingdom). Stocks open around 9:00 am and close around 5:00 pm.
- The user interface: The user interface should be studied carefully before choosing a broker, as it allows you to judge the functionality of the platform. It determines the overall functioning of the service, keeping the ease of navigation and use as well as the tools offered and the trade execution services.
- Customer Service: Each broker offers its clients a customer service department that is available 24 hours a day, 7 days a week to resolve queries regarding payments, deposits, withdrawals, technical issues and platform functionality. They ensure that all requests are processed in a timely manner. The Call Me button is another application available on most binary trading websites, which guarantees a response within 10 minutes or less.
- Trade room support: Binary options brokers also offer trade room support to assist investors with trade related requests.
- Course and Basics: All binary options traders offer a minimum amount of training before starting. This can range from an e-Book to online webinars, direct instruction by an experienced trader, or any other kind of learning of trading methods for all beginners.
- Alerts: Many brokers offer alerts in the form of email, SMS or other audio alerts to warn traders of asset movements and developments.
- Withdrawal process: Each dealer offers a different withdrawal process and it is important to take note of this withdrawal process and the time it takes each dealer to transfer your winnings to your Bank account. Please note that the transfer time will also depend on your bank. For example, a transfer to a La Banque Postale account may take up to five days while a transfer to a CIC account will only take two days.
When choosing a Forex or binary options broker, it is important to keep in mind certain key points such as investment conditions, alerts, withdrawal process, reference base and prices, trade room support, customer service, trading hours, user interface, returns and deposit promotions.