Which Broker should I choose for Binary Options Trading?
Choosing your broker is a personal decision with the potential to be considered as one of the most important financial decisions you have to make. Your broker not only has to follow your indications to the letter but also he needs to give you or offers some vital support and learning tools to maximize your profit potential and help you increase your win rate.
Review his reputation and trading history.
Before trusting your money and time to someone, you are required to go over his professional trajectory and success rate. The longer his has worked as a reliable broker, the easier for you to trust him as your broker. Particular attention must be pay to his former and current customer reviews and opinions. The negative comments are the one that requires significant investigation, try to contact the authors of any adverse comment and explore the reason behind it. Do not feel afraid to ask directly to the broker for any clarification you need before hiring him.
Minimum and maximum bid
Read carefully what is the minimum amount and the maximum sum of money your broker deals with, and be sure it adapts to your bidding pattern and investing strategy. Additionally to the preset amount, you need to ask for the periodicity, or how many times he will buy or sell your assets per day. Write down all you question and be sure he answers them appropriately.
Broker operational hours
Your binary options broker has to be available during your operational market hours. He needs to work during the time in which your options are trading. This point is paramount, particularly if you trade in several stock markets, be sure his working hours are the same as your trading hours.
Does your Binary options broker offer all the probable trading options?
Ask if he works with short term options, mid-term and long terms, strike price, etc. How soon do you need to buy your options? Alternatively, with what anticipation do you need to make a call or a put for him to process? Binary options, as well as the technical analysis, are time sensitive, and you need that your broker is ready when you get the information to make a choice and buy your options at the right time.
It is rather simple since most brokers accept credit card payments. However, be sure your broker offers your preferred payment methods, and it will cover your investing amount.
Withdraw minimum amount and processing time
Ask for the lowest sum of money your broker will pay you after your options ended in the money. Which withdrawal options he offers e.g. transfer, wires, PayPal, etc. On the same token, investigate the processing time and how often can you withdraw money from your account and any related fee.