Binary options platforms allow traders to participate in a wide range of markets, including stocks indices, commodities, forex, and even speculate on economic events like unemployment rates and GDP. However, which ones you can participate in depends on your broker.
Binary options trading is perhaps the most accessible type of trading instrument today. Speculators simply choose between two options—either the price of an asset will go up or go down.
There are many binary options applications available on the market today. In fact, you can sign up on multiple platforms. However, managing multiple trading accounts can be unwieldy for the everyday person. You may need the best accounting software of your choice to manage multiple revenue streams. Accounting software is often associated for business use, but you can also use it for personal finance like when you’re managing your binary trading. There are many tools and services designed to simplify accounting, so it’s something worth looking into. Meanwhile, if this is not for you, here are six tips on how to choose the best binary trading platform that will suit your needs.
Locale of the Platform
An important thing to consider when choosing a binary options platform is its locale. Some apps are limited only to certain regions while others are available without borders. You have to select one that operates in your region and in countries where you will likely go. This way, you can trade unimpeded even when you go abroad.
This factor ties with the one above. Binary trading is legal in select countries and territories. Where it is allowed, there are prohibitions that you must take note of. In this case, it is important that you work with binary options regulated brokers only.
You can be confident that they are working within legal parameters; thus, you can protect yourself and your investments.
When scouring binary options brokers list, check whether they offer demo accounts. Even if you already know or have an inkling of how to do binary trading, this is still important. A demo account would help you get familiar with the application. You can explore tools and features and discern if they work for you.
Apart from that, by playing with a sizable amount of virtual money, you can determine which platform has the best payouts. Also, choose a platform with a comprehensive knowledge base that can explain advanced concepts like arbitrage and guide you on how to perform technical analysis using different charts and indicators. Demo accounts and tutorials really go hand in hand.
Minimum Deposit and Currency Selection
There are binary options trading platforms that have low minimum deposits. In fact, they can go as low as $10. And when you look hard enough, there are a handful of apps where trading can start at a minimum of $1. If you are a beginner or a cautious trader, then those are good deals for you. However, you must remember that it is difficult to make $500 out of $10. But if you are a smart trader and apply binary options trading strategy that works, you can get the most out of your buck.
Furthermore, as an online trader, you want to work with a platform that supports numerous currencies. It is no question that the usual currencies such as USD and EUR will be available. But if you are more comfortable speaking the language of your own currency or other frequently used money, you want an app that can help you with that.
Supporting a variety of currencies also shows that a platform has a strong international presence. Plus, it indicates that they are stable and sophisticated, according to Seeking Alpha.
Payout Options and Percentage Cuts
How much money can you withdraw from the platform? Certain entities allow a minimum of $1 per withdrawal. Meanwhile, others will only allow withdrawals at a higher ceiling. There is also the matter of which currencies are available in payouts. If you prefer being paid in certain money, limited options in payouts might be a deal-breaker for you.
While shopping around for a platform, scrutinize as well the percentage cuts of brokers. There are those who ask for a fixed fee while others are more liquid, i.e. a certain percentage of your withdrawal or earnings.
Though it is last in this list of tips, it certainly is not something you can think of as an aside. Security is urgently important in a binary trading platform. You want to work with an entity that has a high level of encryption. This is critical because it protects you against identity theft during your trading activities. See to it as well that they offer secure backups and have measures against unauthorized access.
Simplicity Above All
All of these criteria really fall into simplicity in the broad sense of the word. Hence, you want a platform that is easy to sign up for, easy to use, and has easy-to-understand trade options while giving you ease of mind when it comes to legalities and security. And, this is what Quotex provides its community with.
Moreover, it also offers its traders a comprehensive knowledge base complete with guides for a wide range of topics—from basic navigation to advanced strategies. So, users are given support in all phases of their trading journeys.
Lastly, it also has a demo account available with free $10,000 virtual funds so users can practice binary trading using real-live data without financial commitment. Quotex makes everything simple and stress-free, making it the best binary trading app of choice for many individual traders.