If you are a novice or beginner trader or just adding binary option trading to your investment portfolio you need to start slow and easy. Binary Options is a very simple and easy trade, which has gained international acceptance in the financial markets. When you start out, you need to find a broker with an online trading platform that is easy to use and easy to understand, who also offers the tools and support to get your started.
Down the road, perhaps you might want to switch, but there is no reason, there are many brokers that have made sure their platforms are easy and friendly to the novice and offer all the advanced features a professional or experienced trader may need.
As binary options have gained recognition, more and more brokers and traders enter the market, so competition is fierce. Many platforms continue to add bells and whistles, some that are duplicated from forex platforms that are not actually necessary when trading binary options, others that they have developed independently for professional traders that are too involved for the novice.
Before you can start to evaluate a trading platform and broker, you need to have a basic understanding of binary options and how they are traded.
1. What is Binary Options trading?
Binary options trading is an up and coming financial trading method in which there are only two possible outcomes, hence the name Binary. The premise of Binary options trading is that you, the trader, predict if the asset will increase or decrease in value by the time the position expires. If you were right, you take away the profit and if not, you lose your investment minus a small percentage that remains in your account.
2. What does it mean for the average trader?
This new trading method provides traders with instant results and gratification. Binary options trading is mostly conducted in a web based environment known as a trading platform so you can do it from any computer connected to the internet, PC or Mac. The trading is much simpler and more straight forward than any other kind of financial trading.
3. What are the benefits of Binary trader?
Some of the benefits of binary options trading include instant results, simple trading, low risk, game-like experience, and potential for huge profits. Most of all it is the ease of trading and the minimal risk and high payouts.
4. How do I know which broker to use?
Just like in other markets, you want to find a broker that is reliable, dependable, and offers superior service. The binary broker industry is in its infancy but there are enough choices out there. A few things to look out for in a binary broker include responsive customer support, a user friendly platform, flexibility in the trading assets, and an easy to navigate website.
5. Is binary trading complicated?
The major advantage of binary options trading is its simplicity. You are either in the money or out of the money. If you think the asset will go up, you select the Up arrow in most binary platforms. If you think it will decrease, select the down option and set your price. You can then see what the asset is doing in real time and wait till the position expires. It does not get much simpler than that.
Now to help you find a great starting place we have evaluated a large group of the more well known established brokers and developed a small selection of these that we feel fit the criteria for a beginner.
iOption offers a vast array of services including their Knowledge Center. They are a broker that you can start out with and stay with once you are an experienced trader. They offer several trading methods, which are simple to follow and understand with good tools. They offer several trading styles including the basic Up Down trade which is the traditional trading method that is done in 3 simple steps.
EZTrader, is our highest rated for simplicity, they present binary options trading in a very EZ manner. Their style, design and philosophy are all about simplicity and their platform is easy to use, you can be online making successful profitable trades by following simple pictorial tutorials. EZTrader has developed a fun easy site, that is enjoyable to use, and pays high profits.
TradeSmarter offers simplicity in layout and design, with a site that offers a superb group of tools, training and support along with an ease of trading. Making their platform a good all around start for a beginner.
Banc De Binary is the most inclusive site offering everything to everyone. They excel at all they do and all they offer, because of their huge array of services and products, support and training a beginner might be intimidated for a bit, but if you take the time to stick it out, you will find they offer everything you need as a beginner all the materials you will need to move up to an experienced trader earning high profits.