So, you think you have read everything you can about Binary Options? It’s been over a month since you’ve first heard about the advantages of binary options, four weeks of research, learning and endless hours of biting your nails. You have been to at least 20 review sites, seen hundreds of promotions and visited over ten different brokers. You feel like you’re ready to trade and make some nice profits from the side. So which binary options broker will you choose? One gives you high profits, another an advanced trading platform, a third broker has the best customer service ever and you’ve also heard about a certain broker who provides a bonus of up to 100%. Choosing the right broker is not an easy task, most brokers just seem the same. BinaryOptionThatSuck.com are glad to bring our readers a short guide, based on our binary options articles.
This short guide, based on our research and experience, will help you get started trading with a broker that doesn’t suck. Before reading this “how to choose your binary options broker” guide, our readers are strongly advised to read our Binary Options Articles where more information is available. It’s an extensive library where you will find tons of knowledge, ranging from Types of Binary Options to Top 5 Binary Options Beginner Tips, Regulation talk, even a huge Glossary and a lot more.
Choosing the Right Binary Options Broker
Here is where the story begins. It’s the first time you have ever met. You don’t know much about each other, you’re total strangers. Much like most relationships, the first look and the first impression could lead to a first date. First impressions are always a bit shallow, but hey, if you don’t like his/her look, there won’t be a first date!
Firstly, look at the design, check out the trading platform. In today’s industry, most platforms are easy to use and quite user-friendly, just make sure your PC is compatible with that specific platform. As for the design, don’t get carried away when you see a fancy modern design. Make sure all links are good. Check to see if it’s professional and well built. It’s important to understand that entering any binary options website should be like walking into a bank; it should look good and be completely organized. It’s your money we’re talking about. The first impression is a basic step before even registering (registering shouldn’t cost money). Finally, check out the returns, refund (in case of out-of-money), bonus (follow the bonus instructions article) and other promotions. Every broker has its own advantages on these aspects. The best place to start your search is by searching our Binary Options Brokers list, which includes reviews, information, and our client’s feedback about most of the brokers out there.
So you like what you see and you go out on a date. It’s a little awkward, but it’s fun getting to know each other. What do you do, what do you like, how’s your cat doing? Whatever.
Check out their learning tools because binary options education is quite important. Starting with a demo account is highly advisable so look out for binary options brokers that provide demo accounts. However, if the broker doesn’t offer a demo account it’s not the end of the world but because we are aware of a new trader’s need for a demo, we have created a Free and easy to use social trading platform which acts as a demo account as well. The name is CommuniTraders and the location is on our Forum. To access it you just need a Forum account, which is free, of course.
From the aspect of learning binary options trading, some brokers have great tools to help both amateur and experienced traders alike but you shouldn’t decide what broker to use just based on the education they offer. Let me explain: lots of other websites – ours included – offer great educational resources and often they do a better job at it than brokers do. Brokers focus more on general stuff about binary options, not about specific strategies, indicators and money management. For a more complete education, please visit our Binary Options School, which contains a Preschool, Primary School, College, PhD and a Tests section to make sure you emerge a real trader once you’ve completed it. Educational material and binary options guides are very important; therefore if you’re a new trader, try to avoid brokers who don’t supply these important materials. Also, if the broker provides this type of materials, it shows concern from their part for their traders and obviously you want to trade with a brokerage that cares for you.
An assistant is appreciated, but not a must. Another very important general issue is the support. Try and contact the live chat support, see how fast they answer and check out more details before investing. In case the support hasn’t delivered sufficient information (I recommend writing down some questions before reaching the support) try and contact them over the phone if you wish to get some clear answers. No one forces you to invest, make up your mind and ask the right questions. I know that every time I write a review about a certain broker, I ask specific well prepared questions. I do the same if I desire to trade binary options with the broker. The support crew is important since they could really help with trading issues and other problems. Good support is a requirement when it comes to binary options trading.
First “Are We in a Relationship?” Talk
After a few dates, things are going great. You are getting to know each other; you might even like her/him. The first “real” talk about your relationship is right around the corner, the point of all or nothing.
After checking out the above and everything seems in order, it’s time to make a decision. You find the trading platform is OK, the support is great and there’s tons of learning materials. So what’s next? Decision making. Making a decision requires digging in the trash and the back alleys. Check out terms and conditions, according to the thatsucks.com manual (find it here). It’s important to understand how the deposit works and what are the fees attached. It’s even more important to check the withdrawal options. We also recommend searching for any broker complaints, scam alerts, frauds, etc. It’s quite simple and could really help. Another major issue is the Bonus. You should know that most bonuses offered by Binary Options brokers are not free and they come with strings attached. The most well known disadvantage is that your money will be tied to the platform until a certain turnover (trading volume) is reached. This volume differs from broker to broker and it is somewhat normal for the industry but many brokers have outrageous conditions and actually block your own money from withdrawal, not only the Bonus you’ve received. It’s an important aspect so make sure you read our article about Binary Options Bonuses to learn more. Once you’ve read and understand all restrictions, it’s time to go forward. Next step – the Deposit!
First “I DO”
The moment of truth. Are you ready? Is there another alternative or should you follow your heart?
As much as I would like to make this last step seem more important, it’s actually only an addition. So if you think something like “here goes my marriage” – I’m sorry… Some binary options brokers have some extras that distinguish them from other brokers; some of these extras are a real treat. As I was saying before, don’t let extra perks determine your decision. If you find a great brokerage, especially among our Recommended Brokers list, but they don’t have lots of cool extras – it’s all right. It’s not a must. It’s a fine addition but not a deal breaker.
Well, that’s about it. Make a smart decision and always remember – Even the Best Binary Options Brokers can Suck Sometimes!