Binary options are processed through a broker. Brokers have many differentiators that need to be compared to choose the best broker. They range from product offers and customer support to fee planning.
The most important things at a glance:
- Binary options impress with their simplicity
- New strategies can be developed on demo accounts
- Demo accounts offer live chart applications for comparison
- Maturities and deposit amounts (play money) are different for each broker
- Mobile apps can be traded quickly and easily anywhere
- Trading apps are characterized by clarity and quick handling
- Brokers use minimum deposits, trading sizes and fees as a selection tool
- Qualitative customer service must be accessible, friendly, competent and understandable
- Quality of the learning programs is very different
- The variety of information is different for each broker
What makes trading with binary options so special?
Binary O options seem to be ideal for beginners. With sufficient background information , trends can also be recognized in strongly fluctuating charts. No limits need to be set , but the moment of setting is there the reference point. You only have to make the decision whether the chart is above or below the reference value by the end of the selected time, i.e. a call or put option is set. There are no other key figures to consider.
Binary options are characterized by the setting of simple call or put options. No key figures are required.
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The advantages of a demo account
Demo accounts are popular additional features among traders. Here the platforms of other brokers can be tried out . In addition, new strategies can be developed and tested without risk. The LiveChart applications are also offered on demo accounts. A comparison of several applications to exclude delays is advisable, especially with binary options.
Not all brokers offer demo accounts. In addition , they differ in the terms or in the amount of the loaded play money account . Time and monetary limits of the demo accounts can often be extended or canceled by requesting customer service. In particular, traders who drive on two tracks - i.e. have a real and a demo account - will have no problems.
Demo accounts are popular with new and existing customers in order to be able to develop and test risk-free strategies. Brokers who offer demo accounts differ in terms of terms and the amount of play money made available.
Why brokers should offer mobile apps.
For trading with Binary options require background knowledge, but setting a trade is done relatively quickly . The greater the desire of many traders to be able to do this "just quickly" everywhere. Therefore, many, but not all, brokers offer trading apps . The procedure is relatively similar in most cases. You download the app, log in with your account data and then follow the menu items to place your trades. In this way, waiting times for traders in anterooms, waiting rooms and between two appointments can be reduced. Mobile apps impress with their clarity and simple handling . Despite all of this, a web version cannot be dispensed with, as apps are always designed as a reduced form. The use of the web-based or desktop platform is essential for the development of trading strategies.
Mobile apps serve the uncomplicated, fast and everywhere possible trading in options. Therefore, the broker's offer of a trading app is a sign that the needs of the customers are recognized.
How brokers select their customers with three criteria.
When it comes to minimum deposits the brokers do not diverge in their offers. The attempt to forego minimum deposits mostly fails because of the financial service providers who take over the money transfer . This automatically results in minimal deposit amounts in order to minimize or even circumvent the fee payments. Some brokers also focus on high minimum deposits for the selection of their customers.
The same applies to the minimum trade size , Currently the smallest tradable size is 5 USD / GBP / EUR . Regular minimum trade sizes range between 25 and 50 USD / GBP / EUR per trade. Brokers who are attracted to larger investors cannot keep up with such small trading sizes. Here, minimum trade sizes may also be happy at 100 USD / GBP / EUR and higher. Since binary options are particularly popular with beginners, as there are fewer key figures to consider than with other options, the broker market has responded and has steadily decreased with its minimum deposit sizes .Most brokers have
fees . Reliable and honest brokers are characterized by a clear fee schedule . In addition, on the trading accounts the costs for rollovers, opening and closing positions or the amount of the spreads are clearly visible indicated .
The brokers differ greatly when it comes to setting limits and hurdles for the trader. While some brokers endeavor to address as broadly as possible with minimal minimum deposits, trade sizes and fees, other brokers use these tools to select small traders.
Customer service, learning programs and a wealth of information in German Language
A good customer service impresses with availability, friendliness, competence and intelligibility . Most binary options brokers were not founded in Germany. One or the other has a branch in Germany - mostly in Frankfurt. This increases the likelihood of getting answers and information in German. However, in a globalized world, most traders speak English well enough to find their way around the world of retail.
The quality of the tutorials is Especially important for beginners in binary options trading. There are huge differences here. The offers range from brief and concise information on operating the platform in English to clear videos in German. Some brokers offer webinars and seminars where traders can also communicate with the moderators. Other brokers just offer an email address for questions that will be answered within the next few days.
With the variety of information , the gap in information quality extends just as far. Some brokers strive to provide up-to-date information, with or without their own interpretations, and also offer plenty of background information on the individual instruments and assets. Others limit themselves to the most necessary and refer to the stock market news for the necessary market information.
Various tools are available to the broker so that the trader feels comfortable. How he expands and offers customer service, learning programs and information supply shows a lot about the quality and seriousness of the broker.
Binary options are a popular product for beginners to learn about trading strategies. The right choice of broker is crucial to create a suitable basis. The brokers differ greatly in terms of offers, customer requirements and service.