Full Review of PowerOption Educational Resources for Traders
PowerOption is a newer broker on the scene and one with a great pedigree. Unlike most of the mutts in the pack PowerOption is a binary options platform and broker launched by well known forex broker Avatrade. The good folks over at Avatrade recognized the growing popularity of binary options and sought to provide the best binary options for their current and new clients. The platform supports high/low, touch, range and 60 second trading as well as Options On Demand, a system not unlike the SpotOption Option Builder. The asset list if well rounded if a little forex heavy but I don’t think that is a problem. Now that I have established PowerOption as a top source for binary options lets see how they stack up in terms of traders education and resources.
PowerOption– First Impression
At first glance the home page appears to be well laid out and it is. This is a bonus for me. The broker does a good job making sure that the tabs and links are clearly labeled and lead to quality information. One of the first things you see is the quick and dirty little trading is as easy as 1-2-3 but that is not the only resource available. Up in the top navigation is a link to the Resource Center. This link takes you to places like Videos, Ebook, Education Center, Economic Calendar, How To Trade, Instruments and Mobile. These are the links to the vast array of educational material available with this broker.
Education – Basic and Medium Level
First stop, the Videos. The video center has about a half dozen videos, all about using the platform. They explain how to trade high/low, range, touch and on demand options. There is even a video explaining how to open and use the demo account and one on trend analysis, a really good one for newbies to watch. Despite how good these videos are they don’t really tell you much about how to trade, just how to place trades. I was a little disappointed at first but something I found in another spot on the website reversed that impression.
The How To Trade link is a page that goes into a detailed explanation of the mechanics of trading. It shows how the platform is set up,what types of options are available and how to place a simple trade. The instruments tab is what they call the asset list, an asset list that I might add is pretty good. The list is forex heavy but also includes indices, stocks and commodities making it well rounded. The eBook is OK, better than most but still not anything above and beyond the very basics of trading. It explains how the platform works, how to use the different types of options and a little about strategy and psychology. The thing I don’t like about it is that you have to sign up for it separately from your account. Then they email it to you.
The Education Center is the place where PowerOption really steps up its educational program. There are another 2 dozen or so videos here, I am not sure why they are separate from the “Video” section but they are. In any event these are much more in depth and provide some actual what I would call “advanced” training. The series talks about risk versus reward, trading emotions, basic and advanced technical analysis concepts, financial management and advanced candle stick charting techniques.
Something included with this broker that you don’t see everywhere is the economic calendar. Some brokers have one but not most and they are not all that great. PowerOption has one of the most complete calendars I have seen. This is a real advantage for forex traders, and binary forex traders, because so many of the currency trades are sparked by economic events. This calendar lists everything from the major central banks meetings and economic events down to when central bank members are scheduled to speak.
The FAQ’s are often a hidden resource that many brokers fail to capitalize on. It is a place where extra and additional information can be found. PowerOption did a good job with theirs; they have detailed information on deposits and withdrawals, minimum trade sizes, the bonus policy and how it affects your account.
My Last Words On PowerOption
I was already a fan of PowerOption for a couple of reasons but now I like them even better. This broker not only has the backing of a powerful name in the forex markets but also stands tall on its own. The platform is good and educational resources are more than enough to get a newbie on the right track. Of course, no broker should ever be your only source of information but this one does a good job getting the message across and providing a solid foundation for further research and study.
Check out the complete PowerOption Review by Martin Kay