Though binary options trading is a bit risky, traders earn big payouts from it. Thus, they keep coming back for more. But options trading is not possible without a reliable and safe broker.
Reliable brokers not only make trading easy but also protects traders from scams. They offer different assets and innovative features to increase a trader’s profitability.
But how will you find a trustworthy binary options trading platform? Or do you know which is the best trading platform? We’ll answer these questions in this guide.
How to find a trading platform?
To trade binary options, you need the services of a reputable binary options broker. But you cannot select a broker based on emotions. Instead, you can consider some factors mentioned below to avoid falling for fraud brokers.
Regulated Binary brokers
A trading platform regulated by some reputed authority is the safest option. That’s because license and regulation build trust and give peace of mind while trading.
New traders should always choose a broker that offers a demo account. That’s because, by trading in a demo account, traders can understand how binary options work.
Moreover, traders don’t lose or gain money while trading in the demo accounts as they use dummy money. In short, these accounts are a launchpad for newbie traders from where they can gain valuable trading experience without losing any capital.
Investigate the minimum deposit criteria as some brokers have no minimum deposit rule while others need a small deposit of around $100.
Knowing the kind of assets, a trading platform offers can increase your chances of making a profit. So, you should always check a broker’s website to know about the available assets.
Which is the best broker?
As there are multiple trading platforms, choosing the best one is not easy. But a trading platform that offers one more derivative, i.e., CFD (Contracts for Difference) to trade along with binary options, should be your pick. And Nadex is one such broker.
Nadex is a professional trading platform that started in 2014. Nadex-or-North American Derivatives Exchange is suitable for short-term options trading.
This financial exchange is located in Chicago and can be used to trade in the U.S.A. It is regulated by CFTC (Commodity Features Trading Commission) and offers different assets to trade like indices, commodities, events, and Forex.
While Nadex offers limited trading tools, it has an informative section of videos and educational content. For practicing, this binary options exchange provides a $10,000 dummy money.
Nadex is designed to offer a better desktop and mobile experience so that anyone can trade without any difficulty. Additionally, this trading platform is packed with unique features and makes streaming market data directly available for traders.
Also, you can quickly place orders from the charts and do chart analysis on one screen. Not to mention, the possible loss and profit amount are displayed on the screen. So, you can consider the digits to know whether or not you can handle that kind of risk.
Choosing a reliable trading platform is not easy, but you can consider the above factors to find a better option. A licensed broker will boost your income and keep you safe from fraudsters.
Furthermore, if you are interested in day trading or short-term trading, Nadex should be your pick as CFTC regulates it.
Read other important articles in the binary glossary.
(Risk warning: You capital can be at risk)