It is a huge question in the minds of all Binary Options traders whether or not they can trust the Binary Options account manager. No verdict can answer it with a 100% yes or a 100% no. But, most of the traders do not agree on trusting the account managers. Many scammers take the face of an account manager to steal money from you under the act of criminal offense.
Therefore, it becomes really difficult for people to put their trust in account managers. It would be best if you relied upon top platforms such as Quotex.io to trade with Binary Options without needing an account manager seamlessly. But, most people who are unaware of how to deal with Binary Options consider hiring account managers for the same. Not all managers are frauds or scammers, but some will eventually steal your money.
Hence, you need to understand the facts about binary options account managers to ensure that you do not make mistakes while choosing them. Moreover, this article will explain to you the facts for which you should not prefer account managers. Along with that, you will also get an idea of how to choose the right account manager.
Reasons to Avoid Hiring Binary Options Account Manager
A binary options account manager promises to protect your money or funds with the best means possible. They are like the mutual fund managers, who protect your money when you invest in any stock market fund. But the concept has some flaws, and one must know to avoid hiring anyone as an account manager. The flaws include:
- Some of the binary options account managers find ways to scam you. They will take the initiative to freeze your money and will demand complete control of the account. And in the process, all the money will be gone. But it will be portrayed as allegedly losing all the investment due to bad luck trading.
- If you have a broker in the middle, then they are the ones paying the account manager. Therefore, it is your broker who makes money when you tend to lose it due to bad luck trades.
- If your trading frequency with binary options is high, then even a minute fee on this aspect can turn your trading unprofitable.
- It is at times challenging to understand whether the account manager is truly a professional who is doing their job proficiently or not.
These are just a few of the many problems that arise when you hire binary options account managers. The newcomers are the potential victims of such system flaws. If you have never been into binary options trading, you should get your own knowledge from any known trader. It is not advisable to look for an account manager right away. But, not everyone has some trader friends to guide them, and bookish knowledge is never important.
Therefore, if you wish to hire an account manager, you should always keep in mind to ask them questions. It would help if you judged them on several factors to decide whether they are legit or not to handle your money and trading executions.
Considerations to Help You Choose Right Binary Options Account Manager
The previous section was all about why you should not go with Binary Options account manager. But if you are inexperienced in this field and still want to invest in Binary Options, then you need to find the right manager. And this section is about to help you with that.
Account Managers are strangers, and sometimes they are scammers as well. Hence, you need to think about whether or not you want to hand over your Binary Options trading account to a stranger. It is a matter of trust, and genuineness that you see, observe and adapt. But, how good are you at that? You need to be aware of the considerations that you must make in order to judge whether the account manager is legit or not.
The binary options account managers are the professionals who have the potential to execute successful trades. Hence, they have the knowledge and expertise to help you win big. But for that, you need to look for a legit, hardworking, and knowledgeable account manager whom you can trust. If you cannot handle your binary options trading aspects all on your own, then you will need the assistance of the manager. Keep looking for them until you find the best!
This service is for investors who want to commence with Binary Options trading but are unaware of its core attributes. To help you, here are the tips that you should keep in mind in order to judge if the binary options account manager is legit for hiring or not. The factors include:
#1 Check The Response Time
When you plan to hire any binary options account manager, you must check upon the response time. It means response time in terms of answering your questions. This, in turn, will give you clarity upon whether the account manager is proficient in handling their job or not. You would not want to lose a profitable trading deal because you are facing trouble explaining your questions to your account manager.
#2 Check The Analysis Base of the Manager
As the binary options account manager will be handling your trade execution, it is essential to know how they make the decisions. It means that you need to consult them to learn about their base for trading decisions. If your account manager relies upon any computer software and statistical predictions, you can be sure of hiring a proficient manager. But if they make decisions based upon usual predictions, then the person is not fit for the binary options account manager job.
#3 Use of Secured Technology
If the account managers for your binary options are not using any high-end technology, hackers will find their way in. Secure technology is important to ensure that the financial and personal information is safe, without much stress of violation. Moreover, you should try to minimize or decline giving out account access to other people. The only person who should have access to your account is your binary options, account manager. Therefore, you should ensure that your account manager uses high-end tech for your trading aspects to make sure that no malicious attempts are made over your account.
#4 Account Managers Should Store Account Info in A Single Hub
The account managers should have the instruction from you to store all the account information in one place. All the past transactions, assets, and other important financial insights should be in one place! It will help not just you but your account manager as well for a detailed review of the account details. If your binary options account manager agrees to help you with it, then you can judge that they are willing to help you genuinely. It will not just help you go through the past trends but will also make you correct your trading mistakes.
#5 Availability of Withdrawal Options
If you hire an account manager for binary options, you should make sure that the person is offering several withdrawal options on priority. Amongst all the withdrawal options, they should also have the one that you prefer to use. If not, then you can look for other account managers as well. If the binary options account manager is connected to just one withdrawal option, then there are chances that they are not suitable for you. Furthermore, you would not want to face difficulties while withdrawing your winning amounts.
#6 Study The Terms & Conditions of Hiring Account Managers
Before you go ahead and sign the agreement of hiring a binary options account manager, you should read the terms & conditions carefully. It is to ensure that you are giving your financial future in safe hands. Please read the terms and understand them. In case of any doubt, you can contact any of your trader friends or family members. If you don’t understand any particular term or condition, you can point that out to the account manager. And if you both agree on the conditions and terms, then you can go ahead with the hiring process. Look for others if the terms and conditions are not in your favor!
Analyze all these tips or factors in order to decide whether a binary options account manager is legit for hiring or not. Do not lose hope if you fail the first time in looking for an ideal manager. Try out more options, and you will definitely get the one who will meet your needs.
The idea of hiring binary options account managers is productive. You can hand over the account to a professional, allow the person to trade for you, and make more money. But it isn’t as simple as it sounds! The reason is that trusting strangers with money have not always turned out to be fruitful. Therefore, it is better to trade all on your own over platforms like Quotex.io. But, if you still need a manager, consider all of the crucial judgment factors to hire the best one.