For a long time, binary trading had been a preserve for just a few big traders and financial institutions. Internet connectivity changed all this, and now anybody who is patient and willing to learn can participate in this activity. You can now access trading platforms at the comfort of your house through your personal computer or mobile device. You can make some good money if you take your time to read the markets properly and if you access this trading through a reliable binary trading platform. There are so many trading platforms online, but only a few are reliable and convenient for you as a beginner. That is why you need to do your research before settling on one. Here are a few pointers.
Secure Payment Methods
A secure payment method is a requirement when choosing a binary trading platform. You do not want a platform that has questionable ways of depositing money. The best platforms must have popular payment methods such as wire transfer, Visa, and PayPal among others. If you find one that has questionable methods of depositing or withdrawing cash, stay away from such. A lot of scammers are targeting unsuspecting beginners with mouth-watering options, and then going under with all of their investments. So, ask around first before you deposit any cash anywhere.
Offer Demo Accounts
As a beginner, you cannot just start trading without learning the mechanisms of the trading platforms. You must learn how to buy and sell, and how to place trades on the platform. You also need to know what every device or toll on the trading platform indicates. Without this knowledge, you will lose your money in no time. The tools on the platform act as a guide to show you the direction the market is taking. A good trading platform will have the option of training or demo accounts. The training accounts are loaded with virtual money that you used to gain knowledge on how to trade. You can train for as long as you want until you get comfortable enough to deposit real funds.
As a beginner trader, there are few things you need to know to get started. You need to know how to first and foremost set up an account, how to deposit and withdraw your funds. You also need to understand what the different tools in the platform you choose mean, and how to use them. You can get all this information from educational resources that come with various trading platforms. These resources also act as guides on how to read the market, and even some go as far as helping make your first profits. A trading platform with such resources is thus a friendly and good platform to consider.
A good platform must have a variety of assets. Binary trading is not just a matter of staking different world currencies, there is much more to help you spread your investment and minimize the risk that comes with this kind of trading. Good platforms have in addition to currencies, stocks, cryptocurrencies, metals, CFDs, and indices among others. The more it has, the better the platform. As a new trader, you may want to invest in a variety of these assets to lower the risks of making losses. You might end up with minimal profits, but there are profits all the same as you keep on learning.
Minimum Deposit and Withdrawal Amount
Before you get started, it is important to do some research first. You need to check the minimum amount you are required to deposit, as well as the minimum that you need to earn to cash out. Genuine platforms have very minimal deposit amounts like around $20 to $30 and allow you to withdraw your earnings from as little as $10 if it also covers their commission. Such platforms are ideal for you as a beginner trader since you can start trading with amounts that you can afford to lose. Avoid those platforms with caps of up to $1000. They are just there to have as much money from you then prevent you from ever having to withdraw. Additionally, check the minimum trading amount before selecting a platform. Consider going for that allows trades for as low as $1.
As mentioned earlier, you have to be careful about getting scammed. A good way of avoiding scammers when looking for a trading platform is to check if they are licensed. You can check if they are under any regulatory authority. Most genuine platforms have regulation from the International Financial Market Relations Regulation Center (IFMRRC)