As soon as it comes to investing money, every trader wants to make sure that he/she has the best broker ever. But do all investors know how to opt for the right and respective broker? What are the rules to follow in a selecting process? All these and many more questions will be answered in this short yet accurate review.
There are 7 main factors to pay attention to when choosing a good broker:
Legitimacy – every legitimate broker should have a license that determines his legal right to offer financial services to people from all over the world. Such licenses can’t be bought as they are usually provided by the government agencies. Here are these two main agencies: Cyprus Securities and Exchange Commission, Financial Conduct Authority.
Location – is another factor to draw your attention to. There are countries that are legitimate to trade on the market and are controlled by different jurisdictions; yet there are some which are not regulated by the state, meaning that the jurisdictions are indifferent to this kind of business. Being a citizen of as unregulated by the law company doesn’t mean that brokers and traders there are not legitimate as every broker can get the license from the 2 above-mentioned government agencies.
Assets – every respective broker should offer you a wide range of assets to trade on. For example: commodities, stocks, shares etc. The rule here is – the more assets the better as some assets are easier to bet on, which is a huge advantage for novice.
The payout – payout percentage or how it is also called commission plays an important role. According to the type of assets, the percentage varies; therefore your broker should explain you the differences between e.g one-touch and boundary (400%-600%) and high/low options (80%-90%). In case if he/she doesn’t and is trying to deceive you – it is better to change the broker.
Platforms – there are special platforms developed for this exact binary options trading. These platforms are advanced and user-friendly. Using them, both broker and trader will get desirable profits. Consequently, make sure your broker uses one.
Options – there are 4 main types of options and a good broker always offers all 4.
Payment – there were cases when brokers were not paying or withdrawing the money after a trader’s winning. To avoid such situations read such forums as BinaryOPtions, FXempire etc