Written by: Sophie May
When choosing the right binary options broker for you, it is important to consider the features of the actual trading platform as well as the quality of service they offer. Here is a comprehensive checklist to guide you in your search:
Assets
A great advantage of binary options, in contrast to standard stock or forex trading, it that it gives you the flexibility to trade currency pairs, stocks, commodities and indices. While all binary brokers offer this range of asset types, some offer more underlying assets than others. Does the brokerage provide 20 different assets, 50, or nearer 100? Are all the ones that interest you available? If you are a VIP client, will they add a new asset to the trading platform for you?
User Interface
How easy and accessible is the platform for you, the user? Does the broker offer a software walkthrough if you require? An online trading platform should be designed in such a way that it is straight-forward for any trader to use, whether they are a software engineer or are technologically challenged. The simpler the platform is, the more you are able to focus on what actually matters, placing the right trades at the right time, and the less likely you will be to select the wrong option by accident.
Graphs
When making trading decisions, it is helpful if the platform has clear and easy-to-use graphs. How much detail do the graphs allow you to see? Are they a reasonable size and do they display a good time span of activity so that you can clearly see the latest market trends?
Live Rates
The decision about when, and at what exact market value, to open a trade is vital. Rates are the central factor in determining, ultimately, whether you will win or lose the trade. It is therefore crucial that the rates visible on the platform are the most accurate and as close to the real, live rates as they can be. Check how regularly these rates will update on your computer screen. Every 5 seconds? Every second? 3 times per second? The better the broker, the more advanced a service they will offer.