Binary options trading has rapidly grown in popularity over the past several years as one of the simplest ways to make money. This popularity is mostly attributable to the marketing initiatives of binary options broker websites, which tempt consumers to sign up and make lots of money in trading.
People who want to learn more about binary options can easily find many broker platforms on the internet. However, a lot of these websites either do not provide the best services or turn out to be scams and end up cheating users out of their money. Finding a trading platform that satisfies all your consumer needs while also being 100 percent genuine can, therefore, be a bit difficult.
So, in order to select the most reliable platform from the binary options brokers list, here are some of the things that you must take into account before making a decision.
Things to Keep in Mind Before Selecting a Broker Platform
What Is Their Market Capital?
It is always preferable to choose a broker platform with a high market capital. This is because if the broker does not have substantial capital, there is a chance that they will declare bankruptcy, in which case you run the risk of losing everything you have invested.
You can check the capital your broker has by visiting the CFTC (Commodity Futures Trading Commission) website. However, choosing one of those broker websites that is certified by an authentic body is the simpler option because regulation necessitates that brokers have a specific amount of capital.
Is the Platform Regulated?
No matter how genuine they may seem, you cannot blindly trust anyone online. It is always better to do your homework on a website rather than follow it blindly. Moreover, since scams involving binary options brokers are so prevalent, it is crucial to confirm that the platform you are choosing is overseen by a reputable body like IFM RRC, FCA, CySEC, FINRA, etc.
Still, the groups in charge of regulating these broker websites vary from country to country, so you need to make sure that the platform you choose has a license from a body that is recognized in your country.
Also, certain nations do not regulate binary options platforms; therefore, if you want to trade, you must select an overseas broker platform that is governed by a competent organization. It is always best to avoid unregistered binary options trading platforms.
How Many Assets Are Available to the Users?
Not all broker platforms offer all the assets. As a result, it’s crucial to check whether the assets you want to trade in are available through your chosen broker. That said, it is also crucial to make sure that your broker offers a wide range of diverse assets so you have alternatives if you decide against trading in a certain asset.
If a broker hasn’t listed all the assets they offer on their platform, it’s best to avoid them. Instead, choose someone who is more open and has a wide range of assets to trade.
What Is the Minimum Deposit They Require?
You must first create an account on the broker’s website in order to begin trading and deposit a certain amount as fees for the account to be functional. This money also varies across broker platforms. Moreover, different trading accounts offer different features, so as a result, their cost also varies.
That said, a lot of scam websites trick users into paying a lot of money as deposit fees, incurring huge financial losses. Therefore, as a beginner, make sure you do not choose a platform that demands a very high cost for opening an account.
What Payout Percentage Are They Offering?
The payout percentage represents the expected returns on a successful investment. The payoff amount varies between brokers and depends on several factors such as the frequency of winning trades, the price of the chosen asset, expiration time, etc.
The majority of the broker platforms offer a payout of more than 85%. Certain brokers do, however, also provide higher payout rates that can be close to 90%. So, make sure you select a platform that offers the best payout.
What Is the Money Withdrawal Time?
The length of time it takes to withdraw your money varies not just between brokers, but also according to the method you use. Some brokers allow withdrawals to be made after one month; some give a time period of a week. Platforms such as IQ Options allow withdrawals to be made within 2–3 days. Hence, it is essential to check their withdrawal policies and whether or not they suit your needs before you select a broker platform.
Your success in binary options is hugely dependent on the broker platform that you choose. Therefore, it is important to select a platform that is authentic and does not end up stealing your money. However, make sure that you also choose a platform that fulfills your needs as a trader and offers good customer service.