option trading

Choosing the right broker

Posted by admin on December 11, 2012
Financial Betting / No Comments

These days, binary trading seems to become more popular by the days, and people from all over the word are starting their trading careers by using this extremely easy financial instrument. Although it might not be considered gambling as there’s so much skill involved, I think there are a lot of similarities between binary trading and certain casino games, and given the fact that there is a large numbers of gamblers that seems to be moving towards financial trading, I thought it would be a good idea to right up some of the things that are important to look for when choosing your broker.

First of all, you want to make sure that you chose a secure and safe website to play at. As I’m sure you are aware of, there will always be people and organizations on the internet that are out to steal your money. Don’t let this discourage you though – as long as you keep your eyes open and are careful you will be alright. When you visit a binary trading broker, make sure it’s a licensed broker. The most common places for brokers to be registered in is the UK, Cyprus and the British Virgin Islands. Make sure they are regulated by the respective countries authorities. You also want to make sure that the broker uses SSL-encryption to handle your personal information.

Second of all, make sure that they offer a large amount of assets to trade with. Although you may not know much about what assets to trade in the beginning, the more you learn, the more you will appreciate diversity in the selection. You can trade stocks, commodities, indices as well as currencies, so choose the ones that you know best to start off with.

One of the most effective ways to find respected and well reputed broker is to go online to specialized websites such as binaryoptions.pm. There you can find several reviews of different brokers, licensed and regulated, which makes life a bit easier since you don’t have to look up every single broker yourself, and youll also find guides and strategies for binary trading online. For traders in Latin America and Spain there is a similar site called opcionesbinarias.pm. You can also look at online forums in order to see how other players have rated a certain broker.

For me personally, customer support is always one of the most important things when chosing a website to play and trade at. I hate it when I encounter some sort of a problem on a website, and find out that I can only email the customer service centre, and that replies might take several days. These days, I would never sign up to a website that doesn’t offer support both on live chat, telephone and email. Ideally, I want the customer support to be open seven days a week, and 24 hours a day. Usually, it’s a good idea to get in touch with the support centre before you even start an account, just to see how effective they are when they reply.

Lastly, if you’re a new trader, you want to check out the minimum deposit- and trade amounts before setting up an account. Some websites have high minimum trade sizes, and ideally you want them as low as possible in the beginning as it minimizes your risk of losing money. You want to be looking at a minimum deposit amount of around $100-$200, and a minimum trade size of about $10-$20, which is a good way to start your trading. You can then progressively move up in trade size.

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