Now we have uncovered just what Binary Options are; how they are traded as well as the research that is required by a trader before placing such a trade, (i.e. technical analysis) it is now time that we look at some of the legitimate Binary Options brokers platforms around.
For make no mistake, whilst there are many legit online Binary Options brokers, the internet is rife with scam artists.
Like most online scams, it only takes a couple of scammers with some web design skills to create and host a genuine-looking Binary Options platform, upon which you innocently set up an account, deposit some money, only for the site to disappear a short while later.
Therefore the only way to get around this problem is to go with a platform which has been around for a number of years (for scammers know that the longer they have their scams open, the greater the chances are that they will get caught).
Yet even if you find a Binary Options broker platform which has been around for a few years, you still want to make sure that you have a platform which will display the results accurately as and when they happen.
Although I can’t be certain, it wouldn’t surprise me if some Binary Options platforms have algorithms which alter the price of an asset slightly (only on their platform of course) if they think they may have to pay out to a large enough of their users.
While this accusation is hard to prove (and I am not naming any such Binary Option brokers), what I can say with certainty though is that there are legitimate platforms around.
And I would like to now like to reveal to you two platforms which I would highly recommend you use.
There is a reason why I have mentioned Binary.com first.
This is because in my opinion, this platform is the best one for newbies to the world of Binary Options.
So what makes this platform so suitable for first-time Binary Options traders?
Well for one thing, out of all the different Binary Options brokers’ platforms around, Binary.com by far has the lowest set-up.
Usually if you want to trade Binary Options, a Binary Options broker would require you fund your account with at least $100 – upon which the minimum you can trade per Binary Options trade is $25.
With Binary.com however, the minimum you have to deposit into your account to trade is $10.
That’s right, only $10 (or £10, if you using a UK account).
And the minimum needed to actually start a Binary Options trade? $1 (or £1).
In all the time that I have been trading Binary Options, I have as yet to see a Binary Options broker allow one to deposit such a small amount to activate their account; let alone allow a trader to initiate a Binary Options trade for only $1.
However, the low amount for depositing and trading is not the only reason why I would recommend this platform.
For something else which is unique to Binary.com is the trading reminders that they give you upon which after a pre-set time, you are sent a reminder to stop trading and to take a break.
As you may recall from the previous post ‘The Psychology Of Trading’ you need to have a clear head when trading Binary Options as for one thing, they can be very addictive.
And when you are addicted and therefore not thinking straight, the chances that you start making mistakes (i.e. not carrying out their research properly beforehand) increase drastically.
In other words, by placing too many trades at any one time without taking a mental break, you not only run the greater risk of losing money but also stand a greater chance of getting caught up in the emotion and start gambling rather than trading!
Although it is only a reminder to take a break, the fact that Binary.com remind you to stop trading I see as a beneficial reason to use Binary.com, especially if you are a newbie who isn’t truly aware of the seductiveness which can arise when trading via emotion!
So if you want a Binary Options broker platform which won’t require you having to fork out $100+ to get started, than I would strongly recommend you consider Binary.com
Another Binary Options broker’s platform which is also very legitimate and which I would recommend is Finpari.
So why would I recommend this platform?
Well, if you have the money to deposit into your account but are unsure of your own trading abilities (especially if you are new to Binary Options) then this platform may be the one for you as they offer something which to date, I haven’t seen any other Binary Options Broker offer; Social Trading.
So what exactly is Social Trading?
Imagine if you have the ability to watch over some of the top Binary Options traders in the industry; seeing what Binary Options they are trading, for how long they are having trades run and which direction they are predicting the price to go.
Can you imagine how much more successful your trades would be?
Well with Finpari, you are given access to Spotfollow, a third party platform which allows you to watch highly successful Binary Options traders.
Furthermore, you can not only follow but automatically copy the same trades that the trader you are following is making.
As far as I am aware, Finpari is the only legitimate Binary Options broker platforms that I am aware of which actually offers the facility to not only view successful Binary Options traders trades, but also copy his trades on autopilot.
So essentially, you can trade without even having to be at your computer!
As well as social trading, Finpari is also the only Binary Options Broker I’m aware of which allows you to deposit and withdraw funds via PayPal – something which so far no other Binary Options broker has been able to offer.
I can only guess that due to the number of Binary Option scam artists around, PayPal is careful to not allow just anyone to use their payment service; especially when it comes to trading Binary Options.
For PayPal to have allowed Finpari to use their services on its site will give added creditability to the legitimacy of Finpari.