The last few years the popularity of binary options trading has grown immensely. Respectively, the number of the brokers offering binary options platforms online has increased by hundreds and hundreds. That is an indicator for the great demand among traders with experience as well as new traders.
Because of the big competition for attracting new investors the platform providers had to come up with more new features to trade binary options besides the conventional up or down options in order to stay in the game. Every platform offers different features aiming to make the trader’s experience more user-friendly and to help them realize their trades fast and with ease.
That is the reason why choosing the right platform with the features you consider preferable is crucial for investor’s success as a binary options trader.
What is a Binary Option Platform?
Every binary options website works with a platform which was built by binary options platform provider. Imagine a laptop’s operating system or a mobile app and you will be really close to understanding what exactly these platforms are.
The role of the features input in the platform is vital for the success of the site. They have to be better than the competition in order to attract traders. But to attract traders these features should be good enough to attract brokers first. The most popular binary options platforms have more than 100- 150 brokers and the average – between 20 and 40 brokers.
6 Features to Look for When Choosing a Binary Options Platform
Every day new platforms emerge on the web and selecting which one will work in your favor becomes even more difficult. We combined a list of the six most vital features that you need to look for when choosing amidst the variety of platforms.
1. Number of Assets
A competitive platform should offer a vast range of assets to select from. You can now pick to trade assets like commodities, currency pairs, stock, as well as market indices and Bitcoin. The more options a trader have to select from, the bigger chance to develop a successful strategy.
2. Return Rates
A good binary options platform works with minimum of between 75% – 85% return rates. Some websites offer even 90% return rate. The higher the return rate, the higher will be the profit. These fixed rates help traders to calculate the risks they are taking.
In order a binary options platform to become a widely preferred platform among traders, as well as brokers, is the variety of expiry times. Traders should be able to choose between the short term binary options (30- , 60- second options) and the long term options – up to one hour.
4. Trading on The Go
It is no secret to anybody that the world has gone “mobile” and more and more people tend to work while there on the goal. This is why the smart owners of binary options websites have made also mobile versions of their platforms to maintain the win – win situation – when investors trade, everyone profits.
5. Customer Support
A legit and reputable platform must have a customer support in order to provide on time help. No matter how experience trader one is anything could happen. To be able to offer good service to the customers, the platform needs not only a contact form but 24/7 live chat and phone line.
6. Funding Options
The fast and easy way to deposit or withdraw money into and from their trading accounts is one of the most important steps when choosing a platform. Because of the short life span of a binary option money should flow in and out really rapidly. Missing a trade because of slow money transaction can be irritating to trader which can lead to switching to another binary options platform.
If you take these very important features a platform can offer you will be on the right track when choosing a binary options platform.
The Best Binary Options Trading Platform
If you take some time to make a research before trading can pay off in a greater profit eventually. The benefits of choosing a good binary options platform are too many. Here are some of them:
Minimizing risks – you can calculate if the outcome of the trade will be in your favor
Simpler trading – different features as assets, expiry time, deposit etc. give traders the freedom to choose from many options
Closure time – many excellent platforms offer traders the option to close their positions before the expiry time has come
Demo account – the best feature overall. A great binary options platform always gives you the option to try it in demo version first before investing real money in order to familiarize yourself with the features and how it feels trading there.