The first Steps
Starting your binary option trading is not a very complicated process, but there are a few things that you should know of before you get going, and the first thing to do is to choose a broker.
As binary options are becoming more and more popular, there are also more and more brokers that enter the market. With so many brokers online, the competition is high which can make for a good opportunity to take the best offers. On the other hand, with so many brokers out there, there is always going to be a few that are out to scam you. Don’t let this scare you off though; the vast majority of brokers today are legitimate businesses, and by keeping your eyes open you can easily avoid any fraudulent websites. The easiest way to finding a trustworthy broker is by simply choosing one of the major brokers in the industry. However, some people might be looking for something else, and in that case it can be a bit harder.
How do you know beforehand if you can trust the broker? The first step we would recommend is to read reviews of the website. Binaryoptions.pm has reviews of over 10 different binary options brokers, all of which are tested and proven to be legitimate. The second thing you should do is to Google the company, this way you can find online forums with personal reviews and experiences that other users want to share. Keep in mind, however, that not all the complaints a website might have received are to be taken seriously. There will always be people who will lose a lot of money and sometimes they tend to blame the broker rather than themselves.
When choosing your broker, you should keep in mind that different brokers will have different promotions. Some brokers offers bonuses on your first deposit, which is always a good way to start off. However, you shouldn’t choose a broker simply by their starting promotions. First of all, you need to make sure that the broker meets your specified criteria, such as a good customer support, or a certain asset which you’d like to trade with. Keep in mind that bonuses always come with certain terms, so always make sure to read through the T&C before taking the bonus you’ve been offered.
Before creating an account, you should always check that your preferred payment method is offered on the website. It can be a real pain signing up to a website and downloading the software only to find out that you can’t deposit money with the method you usually do. This means you either have to waste even more time setting up an account with another payment service and wait for it to be approved, or simply change to another broker which does offer your preferred payment method. Some of the more popular payment methods, that most brokers accepts, are VISA/MasterCard, Moneybookers, Paypal, Neteller, Liberty Reserve and Wire transfers.
Lastly, you always want to make sure that you pick a broker with a decent customer service. There are few things that are more frustrating than having made a deposit and run into some problem, only to find out you’ll have to wait up to 48 hours to receive a reply. These days, there are so many brokers out there, most of them with good support teams, so why should you play at one which doesn’t have good support? When looking at the support section of a broker, make sure they are open 24/7 and that you can reach them via all the most used methods, such as telephone, email and live chats.