Most important steps when choosing the binary option broker
Many people think this is the easiest thing, you just open a browser and find the first available binary options broker online. But, it is much more complicated than you think. Choosing an honest broker will determine whether you will lose or win your money. It is important to do your research, don’t accept the brokers that have less than 80% of positive reviews and a high percentage of payoff. If you want to find out how to choose a legit binary options broker, then read our article.
Almost every broker offers a large variety of tradable assets. You can choose between commodities, such as gold, silver, platinum, cotton, wheat, currency pairs, like EU/USD, USD/GBP, USD/JPY, indices: FTSE-100, DOW Jones, or stocks. You need to make sure that broker has the exact asset you want to trade. All binary options brokers have an asset index on their website where you can check this information.
Read the reviews
There are a lot of good reasons why you should read online reviews. They can tell you when one broker is shady or when it’s legit. People who are trading binary options tend to disclose the truth, so before you decide for one broker, make sure you read all the testimonials. Many new traders tend to overlook this information, and they start trading right away and later they are wondering why they are losing the money. If you don’t read the terms of service and reviews, it’s no one’s fault but yours.
See if a broker has a demo account
While this feature is not a must, especially if you have experience with other trading platforms and demo accounts, it still should be high on your list of criteria. Every trading platform has different features, and demo account can help you greatly to discover them. You might not like the binary options broker, but without demo account, you can find out. The important thing is that you are trading with virtual money, while your deposit is safe. If you are not a fan of the trading platform, you can withdraw the money.
Test customer support
Just ask them some random questions to see how responsive they are. Customer support is an important part of every business, and binary options are no different. If you like something different, you can check the binary options software, Infinity App.