Having the right binary options broker on your side will make a world of difference in your trading success. There are a lot of little things that a broker can do for you, and if you select the right one, this will add up to thousands of extra dollars in your pocket every year. Let’s take a look at some of the things that you should expect out of your broker.
Good Rates of Return
This is the most important thing you should expect out of a broker. They should have competitive rates of return in the assets that you trade. You will inevitably find that brokers vary their rates from asset to asset and from timeframe to timeframe. If you are trading 30 minute stock options, then you want the best rates available for that particular trade. What your broker offers for 60 second Forex options then, shouldn’t be that important. The opposite is also true. If you’re trading 60 second Forex options, you want the best rate you can find here, and shouldn’t be overly concerned about other types of trades. Search around the different brokers for great rates, but ensure that you are looking specifically where you will be affected most.
Some brokers have bonuses. If you are going to use a broker anyway, try to get as much of a bonus as you can. Usually, the broker will increase your bonus rate when you deposit more. You might get a 10 percent bonus if you deposit $250 to $499, but a 50 percent bonus if you deposit $1,000. This will vary from broker to broker, of course. Also, be aware that bonuses must be unlocked before you can keep the money. If your bonus is $100, you probably will need to trade between 30 and 40 times this number before you can keep your $100 extra. If the trade through rate is higher than this, it’s really not worth your time to try and get.
Your bonus shouldn’t be a primary concern. Most traders never earn out their bonus anyway. You hopefully will, but it shouldn’t be the first thing you are looking at when selecting a broker. Bonuses are just a nice little extra, and trying to chase them when you don’t have the fundamental skills as a trader to actually get them is a losing battle.
Not all brokers offer all assets. This again shouldn’t be a huge concern as long as the broker has what you are interested in. So, choosing a broker because they offer 15,000 different assets isn’t something you should do. If the broker only offered one asset and had good terms on it, as long as that asset was what you wanted to trade, that would be the best broker for you. However, if you are thinking of branching out to other trades and assets, then variety is nice to have.
This one goes along the same lines as asset selection. Having a huge selection of exotic trades is great, but it doesn’t really matter if you will never use them. If you want one touch trades, though, then make sure that your broker of choice has good rates on them. The same goes with boundary trades, ultra short term trades like 30 and 60 second options, and ladder trades. If you want to use these, then make sure you are getting the best rates you can find.
If you have some experience and you know what kinds of trades work best for you, the ability to customize your trades is invaluable. Pick a broker that lets you do what you need to do so that you can make the most money that you can.