What to look for in Binary Options Brokers – The small print
By Martin Kay
There is nothing worse in life than assuming that you know everything, especially when you decide to part with some of your money. There is an alternative to gambling your money online nowadays, which has taken the world by storm, and we want to make sure that you know what you’re letting yourself into before being carried away by all the promises, guarantees and charades being offered left, right and center. Binary Options Brokers could prove to be a great moneymaking tool if you have any knowledge about stocks and shares, or how the Stock Market operates. It would also help to be updated about international and local events, both financially and general, to assist you on your quest to making fast and easy money! What really gets to me is the way certain brokers act in order to lure into depositing large swathes of your money and then make life hell for you as soon as you want to withdraw. Easy in, damn difficult out should be the motto for most brokers, which is why you need to be on guard when it comes to choosing which one is right for you. But, for now, let’s focus on what any decent online broker SHOULD offer, shall we?
Difference in trading Options – the more the merrier
Ok, granted, if you are new to Binary Options you will be happy to just call a Put or Call option (the former denoting that you speculate the commodity, currency, indices or stock price to go below the purchased price and the latter to speculate the price going higher within a stipulated period of time) all day long. For those with a little more pickle up your derrieres, you could be brave enough to delve into the world of Boundary or Touch options, which makes for a little more excitement. Just remember to read into the different kinds of trading options and, if you do not understand 100%, then ask Support. Good brokers offer Demo accounts, where you can trade to your heart’s desire without risking a dime and also ample information and educational material to up your trading IQ in minutes. Stay away from those brokers who do not offer much or any of these options!
Customer Support – ask and you shall receive
Without any shadow of doubt, steer well clear of any broker who does not offer Italian as a language of choice. Often enough, language barriers might spell disaster for miscommunications or information. The least the broker should be able to offer is an account manager who is preferably Italian, or who can, at least speak fluent Italian. From my personal experience, registering an account give the broker a green light to bombard you with telephone calls and e-mails, trying to get you to deposit wholeloads of cash and promising huge bonuses which seem enticing and all! Just don’t give in to the temptation till you have read and understood the terms and conditions very carefully!
Should you win a small amount of money, it is always wise to request a withdrawal immediately, just to test the processing times and to see the crap that is brought to the surface when you try to claim what is rightfully yours. You might have to validate your account through some documents for your first withdrawal but this should be stated under Payments or Withdrawals. If, for any reason, your email is not answered within 48 hours kick up hell and demand an explanation! Remember, you’re the boss!
Bonuses and Cash back – avoid the peaks and go for the play through
I only start to like brokers once they start to show something in return for my service towards them. Whilst some brokers prefer to give personalized bonuses (based on how much money you are prepared to deposit) I prefer those who offer a standard bonus and show it in black and white through their site (preferably their Home Page). Chasing a bonus or being harassed to accept one after a large deposit begins to irritate me so be prepared to make it clear to them that you do not wish to be contacted about it if you have decided you do not want it. To be able to start even appearing to be decent do not judge a bonus by the size but by the requirements. This should be as low as five times the bonus amount, which means you will have to trade the amount five times before you would be able to withdraw. As this is one of the main reasons most brokers would refuse to process a withdrawal request, read terms carefully before you indulge. Higher bonuses equals higher trading requirements so be aware! Also, look out for those brokers who offer a refund (I like calling it cash back offer) on any losing trades you might suffer. 15% appears to be the highest a broker would be prepared to offer, so go with the flow and find one that does offer this amount.
Deposits/Withdrawals – go easy on the in, get rough on the out
The more options a broker offers, in terms of deposits and withdrawals, the more brownie points I give out randomly! Why? Because it shows that the broker has gone to some lengths to provide you with different possibilities to both deposit and withdraw and does not try to impose a stranglehold on which payment option to use (or avoid). Look out for withdrawal options, as well as a deposit, as often the broker would allow deposits through one option but not allow withdrawals. This sucks but it is useless whinging after you have deposited and wish to withdraw! Also check for processing times. Whilst taking your money is pretty much instant, withdrawal options might be subject to security checks or delays.