You’ve probably read about or heard from someone you know about the numerous advantages of binary options trading — the controlled risk, the lower barrier of entry, its simplicity and accessibility, and of course, its profitability.
But before you rush in and open an account with a binary options trading platform, it is crucial that you know and understand what makes a good and reliable platform.
Just before beginning any endeavor, equipping yourself with the right information can save yourself from various woes. Of course, if you find yourself disappointed with one platform, you can transfer to another one. But at what cost? Apart from the financial cost, you’ll be wasting valuable time, money and even opportunities. Save yourself from these hassles and choose carefully.
So what factors should you look into? The important factors that you should look for in a trading platform are its sign-up process, payment methods, trading platform, assets, rates of return, available tools, demo accounts and customer service.
If you are already having a hard time during the sign-up process, what other struggles would you experience with other transactions on that platform? At the very basic level, this is indicative of the level of service that the platform offers. At this stage, the platform should make the whole process easy for prospective clients.
In terms of payment methods, new traders must be aware that platforms utilize different methods. As such, the platform they choose should offer their preferred payment method.
One of the advantages of binary options trading is that you can trade using a computer with Internet access. However, in recent years, the popularity of smart devices like tablets and smartphones has surged. A good trading platform offers various modes of making trades, including smart devices.
In binary options trading, you can leverage your experience in one asset class to your advantage. Similarly, those who want to make a foray into other asset classes will find that binary options trading is a good starting point for forays into another market. As such, a good platform offers its clients a diverse number of assets to trade in including stocks, currencies and commodities.
The rate of returns is one of the most important factors many traders look into. But what is exactly an ideal rate? Rates vary from one platform to another, but in general, a good platform offers rates of return in between 65 to 85 percent. Of course, you do not have to make this your sole basis for choosing a platform. Instead, balance the rates of returns with the other good qualities offered by a platform.
Technical tools enable traders to successfully implement their strategies. Although platforms offer their own set of technical tools, you might have your own set that you’d like to use in trading. Check with a platform if you’re going to be allowed to use these.
One of the most important features for new traders is a demo account. In essence, a demo account allows newbies to get a good feel of how binary options trading actually works without having to risk their money.
Whether you are a rookie trader or a seasoned one, certain things happen, necessitating customer support. Apart from ready availability, a platform’s support team should be courteous, professional and skilled in responding to your concerns.