BestBinaryBroker.com Helps Traders to Choose the Best Binary Option Broker
London, United Kindom (PRWEB) July 22, 2013 -- Choosing the best binary options broker
Binary Options is a relatively new financial instrument that offers greater chances of making profits. Since the day binary options went online, numerous brokers have been springing up. Though some of them are reliable, there are many unregulated brokers who engage in many deceitful practices to take innocent traders money. Every trader who values his money should know how to separate the good brokers from the unreliable ones. Whether one is a newbie or a professional trader, binary options trading can be extremely rewarding.
Here are some tips to choose the best binary options broker
• Regulation
Binary options trading are one of the fastest avenues to make money. A binary trader can enjoy the advantages of binary options trade fully, only after finding a regulated binary broker. A regulated broker is the one who is monitored by a central authority. If the broker has obtained a license from that authority, he needs to follow the charter imposed by the central authority strictly. If he fails to follow the rules repeatedly, he may need to incur a heavy fine and may even lose his license. The major regulatory authorities are CFTC in United States, CySEC in Cyprus, MiFID in Europe, AMF in France and FSA in UK.
If one has registered a trading account with a regulated binary options broker, he can file a complaint against them to the regulating authority, in case he has been cheated in any way.
• Market Capitalization
Another major factor to be considered before choosing a binary options broker is the market capitalization of the company. A binary options broker needs to well capitalized, so that every trader risk of losing funds will be reduced. A simple way to ensure that the broker is well capitalized is to check whether they are regulated. A broker needs to have millions of dollars in his accounts to apply for regulation. In the United States, a brokerage firm needs to have a minimum of $20 million dollars in capitalization to operate. A trader can also refer to the website of the regulatory authority like CFTC to check whether a company is well capitalized. However, there are many good binary options brokers that are not able to meet the requirements of central authority in the US. Therefore, they relocate their operations to Europe or Cyprus, which require lower capitalization amount. In such cases, a trader needs not worry about the capitalization of the brokerage firm he want to deal with.
• Platform
The platform offered by the binary options broker is one of the important things to be considered. Some brokers offer web based platforms, while others offer downloadable version. A web based platform is better, as it allows a trader to trade from any computer. Binary options brokers offer various types of vehicles on their trading platforms. Up/Down or Put/call is the usual option offered by all the brokers. Some brokers also offer 60 second options. This is a lucrative trading form that offers quick turnaround. While trading 60 second options, seconds can make the difference between profits and losses.
Some binary options brokers even offer mobile trading platform. This allows traders to trade from their smartphone or iPhone on the go.
• Supporting Multiple Currencies
Binary options trading are extremely flexible. It offers traders the benefits of volatility in the Forex market, while keeping the risks low. However, to get the most out of binary options trade, one need to ensure whether the platform of the broker he wants to choose supports multiple currency combinations. A trading platform that supports multiple currencies often has a carefully designed trading architecture. The broker that supports only a few pairs of currencies is not a professional one and it is worth to avoid dealing with him.
• Assets
The best binary options broker offers various asset options, such as commodities, currency pairs, indices and stock. This provides with a chance to move to the stock or commodities, when the currencies get unpredictable. Brokers offering a wide range of assets are often more serious about their business and it is worth to deal with them.
• Customer Service
Customer service is a major aspect to be considered while selecting a binary options broker. The level of customer service offered by a brokerage firm often indicates the quality of the company. Before depositing funds with a broker, send them an email and check how fast they respond to it. Also use their live chat service to get questions about trading accounts or any other features answered. These interactions help to find out whether the broker is a committed one or not.
• Safety
The best broker offers safe trading environment. They take online security seriously and employ the sophisticated technology like SSL encryption to protect all financial data from hackers.
Spending some time in researching various binary options brokers can help to avoid falling into the traps of scams and losing funds. The best broker helps to make binary trading experience convenient and pleasurable.
Matt Mitchell, http://www.BestBinaryBroker.com, http://www.BestBinaryBroker.com, +442035145267, [email protected]
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