March 29, 2023

How do I find a good Binary Options Broker?

Those who want to trade with binary options must, above all, have one thing: a good broker. Unfortunately, it is not entirely easy to find the right broker because the choice is wide and not every broker is also serious. With which criteria should the broker be chosen? What is important and what actually distinguishes a good broker for binary options?

What characteristics distinguish a good binary broker?

Those who have a look at the brokers’ offers will quickly ascertain, that every broker has other conditions and impose other requirements. This already starts from the minimum deposit, since not every broker is a good choice for traders who have less money at their disposal. Those who start with a rather low capital in the trade with binary options, should look for a broker with whom even 50 Euro (365trading) are enough to open an account. However, many brokers have a limit of 200 Euro, when it comes to the account opening.

touchBesides the minimum deposits, there are also the trading sums from interests and even here, the conditions of the individual brokers vary drastically. Beginners with binary trading in particular, do not want to risk a lot of money at the beginning. Even here it is worth it to look for something more detailed, since experience shows that those who are not yet well informed and then set too high, quickly lose the joy of trading, if the money is lost.

Some brokers offer a Euro/USD as a minimum trading sum and those who are still in the test phase should accept this offer and get to know the trade with binary options in small steps.

How much important is the binary options demo account?

Brokers who offer a demo account are recommended, though traders should catch up with the conditions very accurately. A demo account is not in every case free of charge; some brokers demand the launch of a real account plus a particular deposit and only then can the trader also benefit fully from the demo account.

Optimal are the brokers who provide a demo account with “play money” without ifs and buts, on which the newcomers in binary trade can practice. Even if the use of this demo account is perhaps limited in time, for example to three weeks, it is worth it to accept this offer and to practise with the trade with binary options in real time.

Binary options broker bonuses and charges

Brokers who offer a bonus are always attractive, but it is not unusual that a condition is also hidden behind this bonus. Beginners in particular, soon make the mistake of choosing a broker who offers them for example, a so called welcome bonus amounting to 200 Euro. Unfortunately they only notice later on, that this bonus can only be then claimed if the broker also pays 200 Euro into his account and implements this sum.

Those who have little money at their disposal should look closely at the conditions for a bonus, since even the best broker has no money to waste. Even if it includes the single charges, it is very important to compare. This case is similar to the banks because even there, there are providers who partly charge horrendously high for the maintenance of an account. It is the same with the binary options brokers; some demand a lot of money only for the account management and other demand nothing and keep an account free of charge.

What should a good broker offer?

Those who are looking for a suitable broker should make a list, on which the following points are listed:

  • The broker should be located in a country, which forms part of the EU
  • The integral parts of the contract and the terms and conditions should be visible at any time
  • The broker keeps the capital of his customers safe on a separate account
  • Trade is made via a secure internet connection with an SSL encryption
  • The customers will be informed in detail about the conditions for the deposit and disbursement
  • All incurred costs will be listed clearly
  • There is a hedge against total losses
  • The broker has an app which enables the mobile trade
  • The broker informs about the risks of trade with binary options

Those who compare individual brokers and can cross out all points on the list with a provider, have found themselves the perfect broker. Have a look to our Binary Options Broker List to find your best broker.