Choosing the right broker influences your performance as an investor. The best binary options brokers ensure their clients achieve the best out of their binary trading.
How to Choose a Broker
First thing you need to know: Is the broker regulated? Canada does not have proper legislation when it comes to trading binary options. This may be advantageous in terms of reduced charges on the investor, but they are not assured of the safety of their investments. Brokers such as Banc De Binary, AnyOption and Stockpair are regulated by the EU. For a broker to be licensed, they must meet a certain financial threshold such as proper capitalization which ensures that there is minimal risk of losing funds. It also keeps you from legal issues as you deal with financial transactions with the broker.
Second thing to know: The payouts on offer. Your profits are determined by the payouts made by the broker. The payments should be fast, easy and should not fall below 65%. Some brokers allow a trader to exit a profitable trade even before the expiration date. A good broker should offer payouts for the out of money trading. The Canadian branch of AnyOption is one such brokerage firm.
Third thing to know: The available assets. The assets you’d like to trade should be available. It could be currency pairs or commodities. Stockpair offers unique trading chances that allow you the option of pairing off assets against each other predicting which one will perform better. This is not affected by whether the there is a rise or a drop in the market as long as the selected commodity performs better than the other.
Fourth thing to know: Available deposit promotions. A good broker offers great bonuses to their clients. An example is one that matches your deposits with bonuses. This increases your trading volumes hence your profits margins. Banc De Binary has such offers from time to time.
Fifth thing to know: Trading hours of the trader. In most cases, traders are in different regions than the brokers. A broker could be in Cyprus while the client is in Ontario. This creates different time zones for the two. A broker should have flexible hours for the client especially for long trades. AnyOption has a 24/7 working schedule making it easy for their clients to trade at their convenience.
Sixth thing to know: User interface of the broker’s platform. The broker should have an easy-to-navigate and friendly interface. It should be self-explanatory on how things should be done. With the current technological innovations, use of mobile phones should be available on a broker’s website. Stockpair has a website that is fully localized in several languages making it easy for both French speakers and those conversant in other languages such as Russian. They also have mobile Apps for both Android and iPhone users. The Banc De Binary website can be accessed on mobile phone without necessarily having to download the App.
Seventh thing to know: Customer support on hand. The customer support should be professional and helpful in offering customers solutions to their problems. They should also have support tools such as information resources to increase the competency their clients’ competency in trading. Banc De Binary has a free demo account containing CA$50,000 to help beginners get started.
Finally, they should have at least a 128SSL encryption key to ensure you are safe from financial hackers as you trade. Stockpair has the best in this having a Thawte certificate of up-to 256 bit SSL encryption across their website.
Finding all these in one package may prove to be a difficult task. However, once you have confirmed that a firm is regulated, you can check the ratings given by clients and other bodies. This gives further insight into how appropriate a broker is in meeting your needs as an investor at your level.