A Replay Letter and Martin’s Recommendations for new Binary Options Brokers
Few weeks ago I’ve received an interesting mail from someone who claims he wants to open a new binary options brokerage company, one that doesn’t suck off course. he mentioned that he had been following this website for around 6 months, and he finds this website as the only “objective, legitimate, unbiased, un bought, unplanted, 3rd party neutral website I can find in the Binary Options market space”. Well, it’s no secret that BinaryOptionsthatSuck.com made a significant impact on the Binary Options industry. I receive mails like these from brokers almost every week, but that specific mail was quite different from the others. This guy was not the regular marketing manager who really wants his broker to be the number one most recommended binary options broker but unfortunately the Binary Options broker he represents just sucks, this guy said he wants to open a new broker, and he really wants our help. What does it mean “our help”? It means that he wants thatsucks.com, as a reliable binary options broker’s reviews and complete Binary Options guide website, to help him understand how he can launch a new platform that doesn’t suck. It’s flattering indeed that new companies want our help. It means that brokers finally understand that not only intensive marketing and too much bonuses can bring new traders, but honesty, integrity, transparency and great costumer service are the values appreciated by today’s traders. This is my answer to him.
So you want to open a new binary options broker. I can’t explain you how to become a great broker, because if I could I’d probably open a broker myself (which I’ve no interest in at all). The only thing I know is how to make your Binary Options Platform into a broker that doesn’t suck, a broker that is based on same values I mentioned above, a broker that is completely focused on the traders and their needs. Here a few things I believe to be the most important issues to traders:
Honesty – Easy to say, harder to do
It’s the number 1 rule for every business; I can hardly find a reason to explain why… Quite Obvious!
Binary Options Bonus – Not too Much please
Come on, 100% bonus is just too much. If a trader desires big bonus, let him have it. But there’s no reason to require all traders to receive a 100% bonus. Lower Bonuses of 20-30% are better appreciated.
Withdrawal – Why so long?
Some shady brokers are limiting the withdrawals with outrages rules. It’s a joke. If it takes up to 1 day to make a deposit, it shouldn’t take more the 3 days to receive a withdrawal, 5 days top, but a week…? Or even more that this?? Traders are trading options because they want to make some profits, they don’t just do it for fun. Once in a while a trader wants to withdraw money, I think it’s the broker’s obligation to help him and ease the process.
Customer Service and Live Chat – Should always be available
There’s no way a trader should wait for the live chat support and it takes them more the 3 minutes to answer. No Fricking way. Some people don’t like chatting on the phone, that’s what Live Chat is for. I, personally, had a couple of encounters with bad live chat support. I once contacted a certain broker live chat, just wanted to ask a few questions about the company. The support lady told me she’d rather talk on the phone, because she’s not really support, more like the host, and there are other people more qualified to provide me information and its better if we have your phone, we’ll call you right away. Wow, thanks. Quite a helpful chat.
Education – don’t just promise, teach
It’s bad enough if a broker doesn’t provide binary options education, but it’s even worse if a broker claims to have “the best education in the industry” but the only so called education it provides is a 200 words text says that “Binary Options trading in 3 steps… so easy… just hit call/put… 80% profit in less than 1 minute!”. That’s not education, its bunch of bullshit.
Platform Technology – Maximum Options
Binary Options tools, options, variety of assets and expiry times, etc. When I see out of date brokers, I immediately close the tab and continue my search for new brokers. Invest in your platform’s technology, it’s important and it’s the corner stone for a good Binary Options broker.
The Binary Options industry is growing rapid but steady, this year only over 30 brokers have opened to business, and it’s not even the end of the year. The trading platforms technology gets better, more and more trading options and tools are evolving, trading binary options never looked better. I’m still a bit bothered by the low level of binary options education, especially among new brokers, but what bathers me the most is new brokers trying to scam traders, staining the whole industry. ThatSucks.com (former BinaryOptionsThatSuck.com) team is here to try spotting the scammers before they put their hands on someone else’s money, so beware!
The Original E-Mail is Attached Here:P.S.
Over the next couple of weeks Bots.com will approve a few more Binary Options Broker. Only Honest, Reliable and Trustable Binary Options Brokers will be approved. Hope to see more approved brokers before the end of 2012.