It’s common to believe that the most important decision(s) you’ll ever make as a binary options trader involves either the assets or trading instruments you choose to work with. In reality however, it’s nothing of the sort. Instead, the single most important decision in the world of binary options trading is that of which broker you choose to work with.
Why place such importance on the broker itself? Well, quite simply because the quality and calibre of the broker you choose will have a direct impact on absolutely everything else that happens from start to finish. Choosing a random broker doesn’t guarantee outright disaster, but it certainly heightens the risk of numerous undesirable outcomes.
From poor customer service to low payout rates to insufficient account security and right through to fraud, it simply isn’t worth taking the risk with a substandard broker. So if you happen to be in a position where you are on the lookout for the best possible binary options broker, here’s a quick rundown of a few tips for ensuring you make the right decision:
1 – Compare Multiple Options
First of all, the fact that there are literally thousands of brokers up and running these days means that it is definitely in your best interests to compare a number of options, before making your final decision. There’s a great deal to take into account and really nothing to gain by rushing into things, without first taking into account what is available elsewhere. So even if you do believe you have found a broker that ticks all the right boxes, you still might want to think about alternative options, just in case.
2 – Ratings and Reputation
One of the easiest and most effective ways of vetting the brokers available to you is to check out exactly what has been said about them by their past and present customers. In addition, reviews and ratings from independent sites and industry experts can also be incredibly helpful. Not to mention, extremely revealing. Of course, it’s important to be aware of the fact that traders often blame the trading platforms they use for the heavy losses they occur, due to their own poor decision making. As such, you need to be careful and always read between the lines, when it comes to the complaints you come across. However, if there’s a general consensus on one side or the other, it’s usually a safe bet to go with.
3 – Read Fine Print
It may be the most monotonous step in the process, but it is nonetheless of critical importance to read all terms and conditions in full, before getting started. The reason being that if you do not, you have absolutely no idea what you are signing up for upon opening your account. While it’s not particularly common for binary options brokers to deliberately mislead customers, it is standard practice for terms and conditions you may not be particularly happy with to be hidden away in the background. From minimum withdrawal amounts to fees and commissions to stipulations on bonuses and so on and so forth, you could find yourself on a slippery slope to disaster if you do not take into account all terms and conditions. However long it takes, you need to get it done.
4 – Beware Bonuses
Speaking of which, be very careful when it comes to the kinds of welcome bonuses and special offers available for new customers. The reason being that while they may look generous on the surface, the truth may actually be quite to the contrary. For example, it’s one thing to be promised a £250 welcome bonus, but it’s something else entirely if you then need to put £10,000 of your own money on the line, before being able to make any withdrawals. Some binary options bonuses are absolutely fantastic and definitely worth checking out. Others, however, are quite to the contrary, so be sure not to take anything for granted.
5 – Demo Accounts
If you are getting started for the first time, you should really ensure that you choose a binary options broker that offers a demo account facility. The reason being that it is not until you have had first-hand experience of real binary options trading that you will fully understand how it all works. Do note, however, that in order to access the demo account feature, it is likely that you will first have to deposit a specific minimum amount in your account. As such, you might also want to be on the lookout for those with generously low minimum deposits.
6 – Customer Service
At the very top of the industry, you will find the binary options brokers that provide 24/7 customer support in a wide variety of languages, via a number of methods of getting in touch. Free telephone numbers, skype, live chat and so on – all available around the clock. At the other end, you will find those that provide little to no customer service whatsoever, operating during limited times only making it very difficult to get in touch. Likewise, quality customer service teams will be able to advise you on absolutely anything to do with your account, or binary options trading in general. By contrast, a substandard customer service team may offer little to no help whatsoever, or potentially lead you down the wrong path with misleading information. Check out the reputation the customer service team has, or better yet test them out for yourself before getting started.
7 – Learning Tools
Last but not least, if you plan on working with this one particular binary options broker for a long time, it simply makes sense to choose one that provides its customers with plenty of helpful learning resources. Whatever level you are currently at, high quality educational tools and content can prove invaluable in helping you take that next important step forward. Not only this, but provision of the highest quality learning resources is also a clear illustration of the brand’s commitment to its customers, championing their progress and advancement at all times.
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