Getting to Know the Platform
When you’re first starting out, you will benefit from mostly call and put options. These are the basic two binary options, but there are many other “exotic” options to choose from. Some brokers have more choices than others. There are three big platforms out on the market right now: SpotOption (CherryTrade, Banc de Binary, Porter Finance), Tradologic, and Tech Financials (24Option) ranks in at the number three spot. The platform does matter, as this is the company that backs up all the trades, setting the prices and monitoring the status of the outcome. All three of these platforms are highly reliable. Just ensure that your broker is equally reliable before proceeding.
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Finally, signals services, and robots in particular, are often platform dependent. If you are interested in automating your trading, the biggest platform (SpotOption) will have the most amount of opportunities for you, although this is expanding.
Don’t Get Scammed
Look out for scams to protect yourself. You work hard for your money, and there’s no point in putting it into the wrong broker and losing it before you can even use it. Scams exist, but they are really few and far between. What’s more realistic than a straight Ponzi scheme is a broker that will nickel and dime your money away. That includes bonuses that are heavily pushed, yet impossible to attain, lower than standard returns, and otherwise give you no chance to maximize your money making abilities. If the site isn’t giving you chances to earn more, they are hurting you.
You Can Learn a lot from a Demo Account
Demo trading is a great way to test drive a site. At best, it will let you know whether or not the broker’s platform is right for you as most brokers will only let you keep the account open for three days. Most of the sites will require you to make a deposit before giving you access to demo trading, but a handful do not. Even if you do need to make a minimum deposit, there’s nothing that says you must use that money to trade. Once your transactions clear, you are free to withdraw that money.
Three days isn’t enough time to perfect your trading, but it is enough time to get a feel for what the site will have to offer you. It’s also a good way to try the types of trades that you never have considered before. So, while an experienced trader might think they don’t need a demo account, it does allow them to try something that they would never have tried otherwise, and it allows them to do it risk free.
If you want a demo account, contacting the site’s customer support team is the fastest way to gain access to one.