Broker’s Choice
Choosing the right broker is essential for your success as a trader.
However, in binary options this activity can become very difficult, since it is essentially trading against the broker.
Unfortunately the binary options market has been infiltrated by dishonest scams and brokers who have used their unregulated position to steal money from customers.
There are many things a trader can do to improve, but unfortunately one of the things he cannot influence and control is his broker.
Brokers play several roles:
- They provide operational trading platforms.
- They keep operators’ funds until they are withdrawn.
- They check the available liquidity portfolio.
- They process and synchronize all trading activities.
- They provide support to their customers.
The role of brokers in the binary options market is too important to be taken lightly. This is the reason why traders have to be very careful when choosing where to deposit their money.
How the broker profits
Most binary brokers do not earn from commissions, but from the losses of traders who err on the direction of the market.
Most binary options brokers are counterparties with different trader interests. Some of them tweak their online platforms to increase profits.
However, it is much more difficult for them to do it in the medium and long term trade expiration times compared to short term operations, that’s why it is better to avoid the very short deadlines.
In addition, there is talk of brokers with risk management teams who keep accounts of traders who make too much money at the expense of the broker.
Some are more honest in this respect than others.
The broker for you
On the net we often read that the rule is to choose a regulated broker. There are various types of regulations and the most important are those of large institutions such as CySEC, Consob, BaFin, Regafi etc.
Unfortunately, a tip of little use, as binary options are not regulated in the euro zone and brokers in possession of these licenses do not accept traders from these countries, unless you have the characteristics of the professional trader. They are also used to large investors and are difficult to use.
Here are, for example, the requirements required by IQ Option, the most popular and famous broker.
For common traders they ask that you can satisfy at least two of the following three elements (these conditions apply only to EU traders)
Trading volume. You have performed at least 10 transactions (each worth 150 or more) per quarter in the past 4 quarters.
Considerable portfolio. Your financial portfolio, including financial instruments and money, exceeds € 500,000.
Relevant experience. You have at least one year of relevant experience in the financial sector, since maybe you have worked in some company in this sector.
Quite difficult isn’t it?
So we have to choose a broker who, despite not having licenses with such high-sounding names, still has a good reputation consolidated over time.
We advise you to choose from the brokers recommended by us. Our traders have had no significant problems to date, and our brokerage is certainly more effective than direct contact between traders and brokers.
The decision depends on several factors, including:
- Payout
- Minimum trade or minimum deposit,
- Integrated MetaTrader availability
- Deposit and withdrawal method
- Permission to apply an automation
- Indicators already ready on the platform
- Speed of execution
- Deadline at candle closing or at the end of time
- Wide choice of deadlines
- Interesting bonus
- Payments already tried by others
- Assets available
- Open weekend
etc.
As you can see, at first glance you choose a broker without thinking too much, maybe just to try as the registration is usually free, and then find yourself having to change brokers with considerable waste of time.
We constantly receive emails from traders who have not thought about signing up under our link, for example, and ask how they can remedy it.
In the broker comparison you can get a first idea of what the listed brokers offer, and for each of them you will also find the link for the complete review.
Metatrader brokers
Classic brokers allowed in Europe and USA such as Pocket Option, Stars Binary, Close Option and Binarium, often require the need of an external MetaTrader chart for technical analysis.
In choosing the most suitable broker you could take into consideration brokers that already have Metatrader integrated, so as to open the binary option operation directly, without downloading other charts.
There are 4 brokers, which accept European customers, equipped with MT4. They are Option Field, CLMarkets, GC Option, Alpari.
Apart from the most recent Option Field, they have all been present for years and known above all by forex traders.
To choose more easily you can read a comparison between these brokers on the page We compare 4 brokers with binary options from Metatrader.
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