How to Choose a Binary Options Broker
Choosing a right broker is critical before you start trading binary options, that's why you need to make this decision wisely. You may become disappointed with binary options trading and with financial markets as such, just because you've started with a wrong broker. Thus, you'll be missing your opportunity to become one of those millions of people making money though financial trading.
Worst of all, an unfair broker can just steal your investment or just put obstacles in your way when it comes to withdrawing your profits.
In this article, we'll give you some simple tips on how to choose a binary options broker, so that you may make right decision.
Select your right broker and start trading binary options with our straightforward step-by-step guide. In just 30 or 40 minutes, you'll be ready to make money! You'll learn how to choose right deposit and investment amount, sign up with a broker, and get return on your investment. As a bonus, you'll get an easy to use and powerful trading strategy.Read the Guide
Below are the steps to select a binary options broker:
- Decide on your initial deposit amount
- Select a broker that suits your needs
- Sign up with the chosen broker
- Make your initial deposit
- Accept or decline the bonus
- Verify your account
- Complete an education course with your broker
- Select or create a trading strategy
- Start trading on your demo account
- Switch to live account
Determine how much you can afford to deposit based on your financial conditions or the risk management rules you'll find below. You may want to stick to these rules from the start.Read more about Risk Management here
Select a broker from our Top 10 Binary Options Brokers list based on your deposit amount (see the Minimum Deposit column). Focus on the broker's rating and check whether it's regulated (should be highlighted green).
Join the broker by clicking the signup link in the Top 10 Brokers table. Provide your up to date personal details, such as your first name, last name, phone number, and email address. This info is very important for account verification and, later, withdrawal of your earnings.
Make a deposit based on your financial conditions or the Risk Management Rules. The brokers usually provide a wide range of deposit methods, so you may select your preferred one.
Once you've made your first deposit, the broker will offer you a bonus. You can decline the bonus, but we recommend you accept it if you want to start profiting soon. The bonus will be credited directly to your account. It will help you increase your balance and invest more while you're still learning, which is critically important.
After you've opened an account with your broker, you'll need to verify it. To do this, you'll need to provide the required documents, such as a scanned copy of your passport or ID card and your credit card (cover the first 12 digits of your card number, making only the four last digits visible). The account verification process is strictly followed by all brokers, so take it very serious so as to avoid any future withdrawal issues.
Ask your personal account manager to provide you with tutorials and courses. Read the platform guide, watch videos, and, by all means, attend the trading webinars: this is especially handy.
Select a suitable strategy for binary options trading. You can either make use of free strategies (including ours) or buy ones from experts.
Ask your account manager to open a demo account for you. Use it to learn how the platform works, and make some trades for test purposes. Once you're comfortable, make 50 trades or more with the lowest investment possible based on your strategy, and then analyze the results.
As soon as you understand you're ready to trade real money, go for it (don't forget about your risk management, though). Do not stick to demo trading too much, as you need to get used to live trading. It does feel different. So, 100 demo trades is quite enough; get patient and start earning real money. Good luck!