Written by: Sophie May
Whether you are new to binary options trading, or one of the pros, the fact remains that you are investing your hard-earned money and want to increase your capital as much as possible. To do this, it is imperative that you pick the right brokerage for you, a firm you can trust. Below are the basic requirements, the non-negotiables, to look for:
Easy to Contact
Binary options trading is available 24/7 so you need to ensure that your broker offers a 24/7 support service. You never know when you may need a trading signal or technical help. All brokerages have a form on their website which you can fill out to contact them, but who goes the extra mile? Do they have a live chat service? If you call the number on the website, does it actually go through to a person who can help?
Education
As a general rule, the better and more established the brokerage, the more educational material they will be able and happy to offer. Educational videos and information are vital for new traders, and can be equally useful for the more experienced. Will your brokerage send daily market reviews? Do they host webinars? Will they give you a lesson on the trading platform and make sure you understand how everything works?
Demo Account
All brokers should provide their customers with a free demo account to practice on, allowing you to familiarize yourself with their platform and become a confident trader before risking your own money. Can you use the demo for an unlimited amount of time? Is there a substantial amount of money to practice with? As a reference, Banc De Binary offers demo accounts to customers, with $50,000 for an unlimited time.
Reputable
Trust is essential whenever you invest in the financial markets. Do a little research and check the reputation and openness of a firm before you sign up to trade through them. A good brokerage will proudly display awards they have won on their website, and be transparent about what they have to offer. Do they list staff names on their site? Has the CEO been interviewed in the press? Do they cooperate with licensing authorities like CySEC?