There are several requirements you should look at when choosing new Binary Options Brokers.
- Read the terms and pay close attention to the banking process. Are there fees attached, what forms of Deposit are accepted. What is the minimum deposit allowed you can always deposit more. How are withdrawals handled, are there fees, how long do withdrawals take? All firms will require various forms of identification for withdrawals. It is a good idea to get it to them in the beginning for approval.
- Look at the platform and see if at first glance it appears easy to understand and use. Today, most platforms are easy to use and quite user-friendly. Are there tutorials and educational materials available?
- Read the bonus disclosure carefully, in many cases there are terms you may not like at a later date. Most binary options brokers offer welcome bonuses and trading promotions. Be sure to ask your customer service representative what they are currently offering. Also find out the trading conditions which apply to that bonus. The broker may give you 100% bonus but when can you withdraw your money? What trading volume must you reach before you can take it? It can be 40x trading volume of every dollar of bonus.
- See what the returns are on investment, it varies from option to option, firm to firm. See what the lowest investment levels are for each firm. Is it $5 or $25? This too varies with different binary option brokers, find one that matches your comfort zone. This minimum investment is often different depending on the expiry time frames. Pick one that suits your style of trading.
- Look into the many types of Option trading that are available with different broker platforms. There are lots of ways to place a trade. Turbo trading, Binary Options, Long term ,Pairs , Double up, Rollover, One touch, Ladder, Buy me out, and Range trading are offered by various Binary Options Brokers. All of these types favor a certain type of analysis and trader mindset. There are many different payout thresholds and time frames for expiry rates. You should carefully consider what kind of trader you are and choose accordingly.
- Demo accounts are a big plus; not all firms offer them on the site but will give them to you if you ask. These give you time to get used to the system and the timing required. Many firms ask for a minimum deposit before giving a Demo account. That is normal; ask to make sure that the demo account does not turn off the next week.
- Check the customer service. Send them an email, get on the chat ask a few questions. If they are hard to deal with at first they are most likely to be the same later. Pay no attention to aggressive sales staff asking you to deposit more; they are not looking out for your best interests.
- Start with an amount you can afford to lose, be patient, be careful and most of all if it sounds too good to be true… It is too good to be true.