The first steps to trading
Once knowing how Binary Options works your next step would be choosing a Broker. When choosing a Broker you must take in consideration the following elements:
- How simple is the platform?
- How secure are they?
- What do they offer in regards to the Education?
- Do they accept your preferred payment method?
- How good is their customer service?
- What kind of promotions/bonuses do they offer?
When looking at a platform, it should be simple and clear to the eye. Most Binary Options are powered by SpotOptions.com which is the worlds leading Binary Options platform provider. SpotOption was established in 2009, and is officially today’s best platform provider. They provide user friendly platforms, which are very simple to trade with. Plus the mobile version of the platform is outstanding, and is very easy to handle. Some of the new Binary Options sites have their own platform, so be sure to first check the design before choosing that site. It very important to trade with a platform that is comfortable for you to work with and that is not too complicated to handle.
Binary Options is relatively new to the financial world, it started back in 2008 and became very popular around the world. Most of the Binary Options sites are not yet regulated, and most of them are in the process of being regulated. Also, the majority of the platforms are web based and are SSL secured.One of the best ways to be reassured that the site is legitimate is by reading the reviews about the certain broker you are going to work with. Here at Alpha we have reviews on over 10 different sites to make it easier. The few Binary Options who are regulated are usually regulated by the Cyprus Securities Exchange Commission (CySEC) which you can read more about in their website www.cysec.gov.cy
The most important tool when it comes to trading Binary Options is your education. We have learned that it is very easy to trade, the price either goes up or down, what is there to know, right? Wrong! If you are interested in making this your secondary income and looking to trade for the long run then your knowledge is very important. In order to predict the direction of a market price correctly, you need to know what events are taking place at the moment that may affect the market trend. This is where the educational center steps in to help us and give us the best tools to work with. The main tools you are looking for in the education center are:
And of course 1 on 1 sessions with the broker
If you lack knowledge and don't know exactly what you are doing most likely your results will be based on a 50/50 chance of generating a win for you in each trade and given the fact that the return rate is under 100% you’re more likely to lose money in the long run.
Most of the Binary Options sites accept Visa, MasterCard and wire transfer. There are some that also offer a wide variety of different Ewallets such as Ukash, Skrill, NETeller and more. So make sure that your preferred payment method is offered both for deposits and withdrawals and keep in mind that most of them charge a fee when withdrawing via Wire Transfer. So the best way to go about it would be using your Visa card, it is free of charge and the withdrawal process is prompt.
Very important when choosing a Binary Options broker. Most brokers offer support 24/5 so you will need to check their availability and ways of communication. There should be a LiveChat in the website that is available 24/6 which will assist you with anything, plus your personal broker's Skype which should be offered when opening a more advanced account.
Most of the Binary Options brokers offer a means of endorsement by giving you a first deposit bonus. The most important thing to do before accepting a bonus would be reading the terms and conditions of that specific bonus. Please keep in mind that some of the bonuses might have restrictions when it comes to withdrawing your profit, and on the other hand some really help making a higher profit. So be sure to read the terms and conditions and even asking the support team.