Before you can trade live, or even demo test, you’re going to need to select a binary options broker, aka a binary trading site. Eventually you’ll be investing real money with this broker, so you want to make sure that you choose one that is going to be trustworthy, professional, and reliable. And one which will provide you with all the tools and options you need to be profitable.
What are some of the main things to look for in your binary options broker?
- Reputation. There are a lot of shady brokers out there that scam their customers. It’s best to go with a company that has a strong reputation. Binary options brokers aren’t yet as well relegated as brokers in some other trading niches (Forex for example), so you’ll need to rely mostly on user reviews and on the broker’s reputation around the web. Check BinaryOptionsBlacklist.com for reference.
- How many assets can you trade? If you plan to trade multiple financial instruments, you’ll need to choose a broker that allows you to trade a variety of assets such as commodities, currencies, and stocks.
- What expiration times are available? Some traders are most profitable on long timeframes such as weekly timeframes while others do best on the one minute (not most beginners). The hourly and daily timeframes are good for beginners. The more options you have here, the better.
- Find out the maximum payout percentage and also the minimum return percentage. This lets you know how much you can profit in successful trades and how much you get back from your losing investments. You want both percentages to be reasonably high; 75-90 percent is reasonable for the payout percentage and 5-10 percent is reasonable for the return percentage.
- Find out if there are any extra fees associated with opening account or placing trades. Also look up whether a broker requires an initial deposit minimum. Find out how much control you have over the amount of money you invest. Do you have to invest a certain minimum on each of your trades or are you allowed to be totally flexible with your trade sizes?
- How can you add or remove funds? Is it a fast, simple process? How quickly can you withdraw your winnings from your trading account?
Along with all of these considerations, you also should check out the customer service for any broker you’re thinking of investing with. 24/7 customer support is a must during trading hours; you’re investing money with your broker, so you deserve the best possible service available!
Who Are The Good Binary Trading Sites
Our favorite binary trading site is www.24option.com. This broker is a top place to trade binary options.
Why We Like Them So Much
Reputation is stellar. Industry wide with historical evidence going back years.
24 Options has a lot of assets – Over 36 assets at the time of this post. They are especially good with currency pairs, offering the highest average returns in the industry.
Multiple Expiration Times – Down to 60 second options to the longer term daily options. Also you early close taking profit or minimizing losses from within the trade.
Competitive returns – Average returns from 70-85%. Rebates on losses of up to 10%.
No fee’s – You see your exact risk and return.
Payouts fast – With no minimum amount required to cash out. Unlike some other brokers.
That’s why we pick 24option as our favorite binary trading site of August 2012.