If you’re attracted to the idea of trading binary options, then you will require a broker. Lucky for you, we live in the information age and the inherent nature of the Internet allows for a wide variety of brokers to be in business, which consequently means that you have a lot to choose from.
Considering all this assortment, it may be a bit complicated to find exactly what you’re looking for so we will go through a few basic criteria that should simplify your selection process and help you in your decision making. We will also reference three brokers: Binary.com, Banc de Binary, and 24option.com.
Types of Trades
We’ve come to realize that most brokers offer more or less the same trades. The main differences come from the designs of the sites, as well as the way you are placing a trade. Let’s take 24option.com, for example. If you want to place a 60 second bet, all you have to do is click on “Short Term” in the main page and all 60 second trades will be displayed before you, alongside the expected returns so you can easily pick and choose what you want to do. When you decide what you want to trade, all you have to do is click on “+” or “-” from the “High/Low” column tin order to tell the site whether you want to place a call or a put bet, and then enter the amount you would like to trade. It’s as simple as that. Things are a bit different in Banc de Binary, though.
There you have to select “60 seconds” from the main page, then you have to click on an asset of your choosing from the drop-down menu. You have to choose the amount you want to trade from a similar drop-down menu – EUR 5, EUR 10, EUR 20, EUR 50, EUR 100, EUR 250 and EUR 500 are the values you can choose from (as opposed to entering the values yourself).
As you can see, the basic principle is the same, but there are also some subtle, and not so subtle differences. It’s important to research your broker before you actually start trading because otherwise you might be left disappointed (which is best-case scenario, really, considering the fact that you’re playing with real money here).
To reiterate our point, here’s an example with Binary.com. They lack the “Short Term” and “60 seconds” menus in their main page. However, they do offer “Rise/Fall” options where you can then set the trade to as low as 30 seconds. Note that there are different payouts for the two possibilities (Rise or Fall, that is). As you can see, three sites and three contrastive scenarios. You need to be very careful in your choices if you want to ensure that your money is safe, as well as that you’re getting the best payouts for the risks you take and so on.
Minimum Initial Deposit
This is yet another important factor that should influence your decision – how much is the minimum initial deposit? In other words – how much will you have to put into your account in the beginning? Bear in mind that the bigger the minimum deposit is, the more inclined you will be to trade more, which is ill-advised in the beginning.
Binary.com has an initial deposit requirement of only EUR 5. This means that you can begin with only EUR 5 and hopefully (but unlikely) climb from there. Something like this is very beneficial for you because it gives you the freedom to choose and doesn’t force you to tap into more of your funds than you would like.
Banc de Binary and 24option.com, though, require a minimum of EUR 250. The way you can deposit the amount varies – from bank transfers to credit cards, everything goes and you can use the same channels to withdraw money from your account. A good advice we can give you is to always read the Help and FAQ sections for a site before you decide to make an account and invest your money. The more you know about a broker, the better.