Finding a good broker is a huge key to being successful in any sort of financial market trading. It could be the difference between huge returns and lost profits. It’s the same in the world of binary options trading.
It will likely take some research, but finding a good broker makes the world of difference. Consider these three tips when searching for the best brokers online.
Check out the bonus
All binary options brokers want to earn your business. One of the ways that these brokers compete with each other to earn your business is by offering a bonus when you sign up for their services.
Each broker’s bonus is different. It could either be straight cash, or a percentage of your first deposit.
For example, a broker might offer you a bonus of 100% of your first deposit, up to a certain dollar amount or they may choose to offer you a $300 cash bonus on your first deposit, regardless of what your deposit is. Each broker differs dramatically, so shop around before settling down.
You may even find some brokers that offer a no deposit cash bonus. Brokers do this because they realize the only way to make money is by increasing their client base.
Offering a no deposit cash bonus gives investors a way to try out the binary options market and see if it’s something that they’re interested in. Be sure to take the time to look around for a broker offering a big bonus, because there’s nothing better than free money!
Compare payouts
This could arguably be the single most important factor to consider when searching for a binary options broker.
The payout determines how much money you will make when you successfully win on a binary option investment. Payouts vary from broker to broker, and sometimes can even vary after you’ve selected a broker.
Most options payouts from brokers are above 80%. 81% seems to be very standard, but every broker is different. Some might offer cash back in addition to the payout, which can be appealing to the investor. Just because a broker has a higher payout doesn’t necessarily mean that this broker is the best choice for you.
Some brokers that offer lower payouts may make up for the lower return in different areas, make sure to consider all factors when signing up with an online broker.
Consider the trade types
There are quite a few different types of binary investments. Whether it’s a one touch, target, hi lo, or ladder investment, everybody has different preferences on what kind of investment works best for him or her.
It’s important to realize that not every broker offers every kind of investment.Some brokers specialize in certain types of investments, while others might be more well rounded and able to offer many different kinds.
Whatever your preferred type of binary options investment is, make sure that the broker you’re looking into offers that specific investment. If you make a deposit without making sure your new broker offers your preferred investment type, you may find you’re out of luck.