Binary Options Brokers Reviews
Having the right broker for trading any asset is vitally important, as this is your way in to the financial markets. Without a broker, you’re going nowhere, unless you happen to be a huge investment bank like Goldman Sachs, they have direct access to the worlds markets.
As well as giving you access to various assets to trade, they also give you a platform on which to trade. These can be used on a mobile phone or tablet, and even your laptop of PC.
I have narrowed down the best 3 that I think can cater to beginners as well as the more experienced traders out there. You’ll see other websites that have endless tables listing all the brokers that have ever existed, but I’ve found that too much choice can be quite off putting. So below are the 3 best that offer the most value for money.
Top Brokers in the UK
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When comparing various binary options brokers, you should consider a few things, such as:
- Do they offer demo accounts?
- Are they regulated?
- What’s the minimum deposit required?
- Can I trade on my phone?
- What are the payouts like?
Demo accounts that are offered by a broker is a great way for you to practice different strategies that you have come across. If you decide to go at it on your own, then you need a solid strategy and an edge to separate you from the losers. Countless people have jumped straight in at the deep end and have ended up blowing their £10,000 accounts, either because they were ill prepared or didn’t know what they were doing.
This is probably THE most important aspect of selecting a broker. Although binary options themselves are not regulated by a financial authority body, many brokers that offer binary options are regulated. This is because these firms actually offer other financial services that fall within a regulatory remit.
The minimum deposit can mean the different between someone signing up to a broker, and someone who doesn’t. Someone who is new to trading binary options, then a broker that requires a low deposit may be the choice for you. However for someone who is a lot more experienced, or has more capital can think about going with a broker that doesn’t require such a low deposit. A small deposit can keep risks low as you are only risking the smallest amount possible.
Brokers will have minimum trade amounts as well, so this might vary from £1 all the way up to £100. If you’re just starting out, then using the £1 trade entry is best for you.
Most brokers nowadays will have fully functioning mobile phone trading apps that you can use. This is extremely ideal because it means you could be on your way to work, when you get alerted about a possible trade.
One particular factor that traders use when deciding on a broker is the payout percentage which they offer. Unfortunately, this isn’t a simple question to answer, because the payout percentages may change based on the type of asset, as well as the expiry time. Moreover, payouts can change based on the broker managing their own risk.