If you're looking to trade binary options it pays to find the right platform. Binary options are a fast-paced and exciting way to trade. They are also extremely risky. Your capital is at risk, and you should only trade what you can afford to lose.
Binary options makes trading accessible to those who might shudder at learning technical and fundamental analysis. Sadly, their huge popularity has attracted a lot of fraudsters and scammers that are best avoided. So, we've created a listing of the very best platforms for trading binary options. We only list those that are known to be reliable, regulated and trustworthy.
What should you look for in a broker?
Apart from the most obvious - ease of deposit and withdrawal - its important to choose a trading platform that is both responsive and reliable. 'Slippage' in forex refers to cases where a trade is placed late. This means the position is opened at a higher or lower position than the trader intended, which can reduce profits considerably.
With binaries this is also a problem. Since the success of a trade depends on opening your position at a critical time, any delay in execution can dramatically lower your potential profits.
The potential return on a successful trade - sometimes referred to in shorthand as the 'percentage payout' - is another important factor to consider. When trading over a long term, the difference between an 80% return on successful trades and a 95% can really mount up. Do be aware though that the percentage return can differ sharply depending on the instrument used - so make sure you're comparing like for like. A broker might tout a high return on an unpopular forex pair to pull you in, whilst offering far lower on a popular instrument such as Bitcoin or Ethereum.
How to trade binary options successfully
There are no shortcuts or secret strategies to trading, and you should avoid anyone who tells you so. While a binary option trade may be open for as little as 60 seconds you should put time and effort into understanding the factors affecting the market so you can better predict the way the price will move. As Abrahm Lincoln said: 'Give me six hours to chop down a tree and I will spend the first four sharpening the axe.'
True success in trading doesn't come from a short term strategy or using complex indicators, but from a patient long term outlook.