When you decide to trade binary options, it is above all important to choose a regulated, reliable and legitimate binary broker. It should provide many features which will suit your trading needs and allow you a wide choice of assets and options. Since there are many binary brokers online, it may be difficult to choose the right one. They are the same in some things and different in others. There are many reviews and user comments on the brokers, so you can relatively easily discover which ones a reliable and which ones are not. However, finding the broker that offers exactly what you want requires some additional research.
Most binary brokers offer mainly binary trading, and they usually have several types of binary options available. Some brokers dealing with mainly with Forex trading offer binary trading as one of their additional features, so it is possible to trade binary options through these brokers as well. There are two main differences between the brokers that you should pay attention to – their trading platform and their license.
As far as the trading platform is concerned, most of the brokers use the same software providers. This is why you will notice several brokers with exactly the same platform layout. On the other hand, there are some binary brokers that offer a platform created particularly for them, although there are not so many such brokers at the moment.
When it comes to license, it is clear what to look at – there are brokers that have the official license and those that are not licensed or whose license expired. Naturally, it is always safer to choose the brokers with the license issued by official authorities. CySEC is a regulatory body for the brokers in EU and most online brokers have their license, which is what you should look for. However, it is not always unreliability which makes the broker unlicensed. Some brokers are new on the market and they may still be waiting to be issued the license.
There are many other features too look for when searching for a broker, and the brokers are more or less similar to each other in them. Most of the brokers offer four groups of assets to trade – stocks, commodities, indices, and pairs. The difference is that they do not all offer the same number of tradable assets. Call/Put or High/Low options are the most common, known by all binary brokers and also offered on every binary trading platform. But there are some other types of options as well, such as Tunnel Options, Pair Options or 60 Second Options, and some brokers provide these additional types of options as well. You can find out more about it at https://en.wikipedia.org/wiki/Binary_option and get to know with binary options at first.
Most of the brokers offer welcome bonuses, but they are different in the amount and the conditions of use. You are usually required to reach a certain level of trading before you are allowed to withdraw the earnings you made after accepting the bonus. There is also a demo account available with many brokers, but again there are different terms and conditions of creating and using one. Very few brokers provide it without creating an account, while there are also some brokers that do not offer a demo account at all.