Ultimate Guide to Binary Options Trading
Binary options are prohibited in the European Economic Area.
In a world which knows almost no limits and which provides numerous options and possibilities, it is sometimes hard to know which way to turn. Yet, for those who wish to take a step away from corporate, mainstream manner of either making their living or improving their monthly budget there are several available means to do so.
And, one is certainly trying out binary options trading.
This relatively new way of online trading has been available to traders worldwide since 2008 and allows people to turn a neat profit without the need to spend numerous hours stuck in the office. In fact, by exploiting all modern technology has to give, it is possible to trade no matter the location or even any previous trading experience.
To enter the world of binary options trading, hopeful individuals do not have to have substantial background knowledge in finances or a hefty bank account.
This ultimate guide to binary options trading can serve as a perfect springboard for all those who wish to explore the world of trading binaries and explore this handy way of online financial investment.
Binary Options Brokers – the Alpha and Omega of Successful Trading
When it comes to explaining the popularity of binary options trading around the world it is rather easy to name several key ingredients – simplicity, affordability, and handiness. It is simple as prospective binary traders need to juggle only several main aspects – underlying assets, price direction and expiry times.
The affordability aspect is easily explained by the fact that with some binary brokers traders may start trading with the investment as low as $25. The industry average for the minimum deposit is currently around $250. But, with several binary brokers, the minimum deposit is lower than that.
Lastly, initiating and participating in the binary trading process from the comfort of their homes or while enjoying a lovely cup of coffee in their favorite coffee place (via mobile trading apps) explains the overwhelming interest in trading binaries.
Yet, the very first step is to find an established binary options broker. After all, a respectful binary options broker is the alpha and the omega of successful trading. It is hard to achieve enviable trading results without a binary options broker which is established, has a long-term reputation among binary traders and well-protected trading platform. It is advisable that all potential binary options traders conduct thorough research before they choose the particular broker and make the deposit. While this part of the process might take some time, it is important not to cut corners as that may have serious consequences.
On the other hand, the selection process is made easier since it is possible to consult binary broker review sites which offer detailed articles and useful advice.
Binary traders should also take the time to test the broker trading platform and inspect what it has to offer in terms of trade options, assets and additional trading tools and features. Binary brokers such as 24option, Ayrex or HighLow which have been present on the market for a number of years and have a fine track record could be a great starting point for any beginner binary options trader.
An Array of Underlying Assets, Trading Tools and Features for Enviable Trading Results
Another thing every binary options beginner has to explore is the array of trading tools and features binary brokers offer on their trading platform. Diversity has been a staple of binary options trading from the very beginning but with time and the advancement of technology, the collection of trading tools and features have grown, raising the quality of binary options trading.
Binary brokers tend to use either popular trading software like TechFinacials, SpotOption or Panda TS or, alternatively, some go for proprietary platforms which have been tailored according to specific broker needs.
And, while every trader is an individual with a specific trading style, the ultimate binary options trading goal is common to all – achieving monetary gain. Naturally, having more options on disposal could bring about the desired goal with more ease. By opting to trade with a binary broker which offers additional tools and features like mobile trading app and demo account it becomes easier to turn a profit. Additionally, there are other fantastic features like Rollover and Double Up which can be very handy during the trading process.
The Demo Account Benefit
Binary brokers who strive to deliver the highest quality of service will provide their registered traders with the demo account. This beneficial trading feature can sometimes be overlooked by inexperienced binary options traders as it is not possible to make an actual profit via demo account.
However, novice traders get an exclusive insight into the binary trading process as most demo accounts are either copies of the real trading accounts its simplified version. At any rate, hopeful traders should use the demo account and learn as much as possible about trading binaries as this is a perfect training ground which is entirely risk-free.
The risk-free aspect of the demo accounts is achieved via using virtual rather than real funds. This means traders may test, experiment and practice without any fear of monetary loss which leaves them entirely focused on learning and acquiring knowledge which can later be put to good use on the real trading account.
Mobile Trading App Advantage
Making money on the go – literally!
This is what could be achieved by using mobile trading apps. It is hard to imagine the life in the 21st century without numerous advantages mobile devices provide and forward-thinking binary brokers have thankfully realized the applicability of mobiles in binary options trading.
This way, traders are not tied to their computer screens but may instead incorporate binary trading into their daily routines. By using mobile trading apps traders may follow the market and seize favorable market conditions to turn a profit.
Handy Rollover and Double Up Features
These handy trading features can now be found with plenty of binary brokers and are to be used once the trading process already started. The Rollover feature can be used to prolong expiry time if the underlying asset price is not going in the predicted direction. By extending the expiry time, traders still stand a chance to have a profitable trade.
As the name aptly points, the Double Up feature can be used to double the investment and, accordingly, the possible profits. Naturally, the number of available underlying assets is another aspect which beginner binary traders have to consider.
Generally, prospective traders have four asset groups in binary trading – commodities, stocks, indices, and currencies, and each asset group has numerous underlying assets which can be used in the trading. In most cases, hopeful traders can inspect the choice in Asset Index section available on the trading platform.
Dependable Customer Support Service
This ultimate guide to binary options for beginners would not be complete without mentioning customer support service.
It is easy to forget about this aspect when one is a novice trader.
Mostly, beginner traders are focused on finding the right broker, selecting the underlying asset and predicting the price. In their excitement, they often forget about the customer support. Binary brokers who are dedicated to their customers will not penny-pinch when it comes to providing quality customer support which will be available around the clock.
Dependable customer support is the first source traders will turn to for information or if they have issues during the trading process. Most binary brokers tend to have several communication channels available such as live chat, email, web form which enable hopeful traders to test the quality of support agents before they decide on a certain broker.
Realistic Goals and Continual Learning Process
As we already mentioned, no matter which trading style a certain trader eventually adopts the final goal is the same – to make healthy profits.
And yes, with binary options trading that is achievable. However, it is crucial to keep a cool head and set realistic goals.
In part, this can be done by the continual learning process. In the case of binary options trading, this is made easier since this is an online trading process and all educational materials are readily available. It is possible to find useful materials in education or academy sections on broker sites.
Accordingly, broker review sites are brimming with not only broker reviews but handy tips on trading, assets, strategies and various novel aspects of binary trading like binary robots, social trading or semi-automatic trading.
All the element stated in this ultimate guide to binary options are equally important if traders wish to have a successful trading journey and moving from a beginner to a professional binary options trader.