With so many binary option scams out there, it is hard to find a broker that you can trust with your money. No matter if your investment is a small amount or your winnings are not so high, this is not a reason to not have a trustworthy broker. Here are the things you should consider before actually choosing a broker.
Terms and Conditions
The main terms and conditions you are interested in are the ones related to your initial investment, and your possibility of withdrawal. Some of the brokers tend to not pay that much attention to the starter traders who deposit only the minimum amount necessary to be able to trade. For example, if the minimum amount they request is $200, you should deposit at least 250% or even more if you want the attention and the help of your broker. Also, make sure the broker has a payment policy that you agree with. You do not want your money to be stuck in a virtual account without being able to access it.
The higher the number of assets and the higher the number of markets where you can trade those, the easier it is for you to follow their trends and earn money. If you have the possibility of choosing from a wide range of assets and if you can trade them on a variety of markets, you will be able to develop your own strategy. This strategy will actually help you earn the highest amount of money possible.
The better your broker is capitalized, the lower are the chances of you losing your entire investment. To check if your broker is well capitalized, see if it is regulated. It should be noted that only the brokers with large amounts of money in their accounts can apply for regulation.
As you already know, when trading binary options, the payout is a fixed amount. This means that when you start trading, you know if you win, you will get x% of the amount you invested; nothing less, nothing more. Although the payout for a certain asset is a fixed amount, the percentage can vary from one broker to another. When choosing your broker, make sure it offers you the best payout that is on the market. However, if the payout sounds too good to be true, make double sure it is not a scam.
Most of the people who choose to trade binary options, do it on their off work time to make some more money. When choosing a broker, make sure that the hours he can help you correspond with the hours you can be in front of your computer.
As a starter, you will have some problems when you start trading. When you do have these problems, it is important to be able to talk to the customer support of the broker you chose. Check the customer service out to see how easy it can be contacted, how fast it responds, and how well does it know to solve your problem.