Trading binäre optionen (binary options) in Austria is one of the newer ways to take charge of your personal wealth and grow it outside of traditional methods. While this can help you to increase your money at a faster rate, there is also a lot of risk involved with this kind of short term trading. Before you start, be sure to look over the basics about binäre optionen and see whether or not this could work for you and your situation. There are a lot of things to consider here, so it is best to be cautious about jumping into this and make sure that it is going to be beneficial to you.
Look Before You Leap
There have been warnings issued from the Austrian Financial Market Authority of binary options brokers operating in the country without the proper licenses. It is extremely important that any broker you might be considering creating an account with have the proper certifications and licenses in place before you deposit any money with them. There are scams out there, and unfortunately, this is an area that has proven to be quite lucrative for dishonest individuals simply because there is a lot of money involved. In Austria, binary options brokers need to be registered with the FMA in order to do business with Austrian nationals.
The FMA has also issued warnings against certain binary options robots. Just like you need to research a broker before you create an account with them, you need to research any sort of signals service (signalisiert dienst), be it a robot or some other form of alert service. Not only do you often need to pay a subscription fee for these services, you also are entrusting them with your money in the form of making trades. If you want to give yourself the best chance possible of creating a steady profit in this marketplace, you should do as much research as possible before investing any sort of money in a broker or in any other tool that you might enlist to help you make more money.
What to Look For
Your broker should have a number of different things available to you. They should have a wide range of assets, including at the very least the assets that you are most interested in trading. They should have competitive rates of return so that you are able to be as profitable as possible. They should have the trades available to you that you want to make—and this might mean exotic trades beyond the typical call and put options. And they should have a strong reputation with a customer service department that is there to help you.
As far as rates of return go, most brokers average about 75 percent in returns on a correct trade. Ideally, you would like to make more than this. Remember that the difference of just a few percentage points can equal thousands of euros per year. This will vary a bit depending on the type of trade you make. For example, a 60 second binary option will often return a lot less than a 15 minute expiry will.
Setting Up an Account
If the broker that you are interested in accepts Austrians and they meet all of your other criteria, then the next step is to set up an account. Create a username, pick a unique password, and fill out the personal information that is requested. This typically includes your email address, a phone number, and a home address. You will then be asked to select a base currency to trade from—the euro is almost universally accepted—and then to fund your account. You can fund your account in a number of different ways, with wire transfers, credit cards, and online wallets being the most popular methods. Most brokers will accept the popular online or e-wallets. Skrill, PayPal, and Klarna are especially popular in Austria. Your broker might charge extra fees for wire transfers, so these are best for large deposits. If you make a deposit with one method, you are typically expected to withdraw your cash in the same manner.
Before you are able to withdraw your earnings, you will need to prove your identity, typically through a copy of your passport, and show your street address with a copy of a utility bill. These are just safeguards to protect you from scams. This is an industry standard, and although it might seem like a hassle, it’s much less work than it looks like, especially if you take care of all of these things when setting up your account.
How to Make Money
Experience is the best teacher when it comes to improving your profitability as a binäre optionen trader. We recommend starting out with a demo trading account (ask your broker if you can’t find one) so that you are not risking real money when you first get started. This will help you not just get a feel for what real time trades are like, but what the software that you are using entails. Once you get the basics down, then it’s time to look into more in depth strategies. You should be familiar with charts and technical analysis at the very least. Many traders enlist the help of trading robots in order to help supplement their profits here, but be sure that these are all on the up and up. As mentioned above, scams do exist. It only takes a few minutes of research to make sure that other people have used a robot with positive results.
External Austrian Information
Market Supervision – Read More
A deeper look into the Austrian Economy
Some top banks in Austria
Your broker might offer free trading classes that can help you grow your skills and learn new techniques. These can be helpful when you are first starting out, but we encourage you to expand your horizons outside of what the broker alone offers. Look at independent third parties for more detailed and more useful classes, tutorials, and techniques. Some of these, like what you might find on a site like YouTube, are free. Others might have a cost associated with them.