Forbes Magazine recently released an article talking about the dangers of selecting the wrong trading platform for binary options. It highlighted the gambling background of some of the most highly advertised online trading platforms and revealed how some of these sites benefit far more than the traders who sign up with them. This article has increased the awareness of many people about the presence of these questionable websites and we believe that’s a good thing, because hopefully less people will fall victim to them.
While Forbes magazine were cracking down on dodgy platform practices, we did something slightly different. Duane Cunningham did a podcast interview with GOptions.com’s CEO, Lee More, who openly discussed the tell-tale signs of unreliable trading platforms. This is a great resource for traders to know which sites they should avoid if they want to protect their investments. Apart from the podcast, we have also released things to look for when choosing a trading platform. Some of these tips include the following:
Choose a trading platform or site that offers realistic returns – within the 65% to 80% range. There will always be risks involved in binary options trading, and these numbers will not intensify the strong emotional attachment some traders tend to have with money which can cloud their decision-making skills.
Choose a platform that is open and transparent. Your platform should have real support persons who are available to respond to inquiries. Look for things such as moderated forums and Skype chat apart from the usual contact details like the email address and contact phone numbers.
Ensure that the trading site you are looking at has a reliable trading process that allows you to move from one part to the next with ease, especially when your money is deposited. Poor quality trading software is what the dodgier platforms use to churn and burn traders’ money. What normally happens with this, is it hangs when a deposit or trade is made, and you are led to believe that the amount deposited didn’t go through, so you repeat the process, only to discover later on that each of the deposits made were successful and you will find yourself way over budget.
One final thing to be aware of is to make sure that the trading platform doesn’t have any suspicious withdrawal restrictions. A good trading platform will allow its clients to withdraw money any time they want. You will find it may take 3-5 working days for the funds to hit your account, but any longer than this is not acceptable.
It comes down to doing your homework and not jumping into anything without research first. If you haven’t already don so, you can listen to Duane’s interview with Lee More below.