For trading binary options first you need to open an account and deposit an initial amount. After this you will be able to trade in the live binary options market. Depending on the amount you deposit you will get a different membership plan.
What are membership plans?
Binary options brokers have defined different membership plans which his based on the amount you decide to deposit. The membership plans of all the binary options brokers differ but they are similar in one basic manner.
Increase your deposit and get better features.
The binary options brokers have a minimum deposit amount. You can’t make a deposit smaller than this predefined amount. The minimum deposit amount varies from broker to broker but is generally about $200. This amount can be as small as $100 in some cases and can also go up to $500.
When you deposit the minimum trading amount you get a basic trading account. If you opt for a basic trading account you will get the basic and necessary features required to trade. You will be able to get access to the trading platform and you can trade all the options like 60 Seconds, High or Low, Boundary options, One Touch options etc. You will also be eligible for a small welcome bonus.
You will have access to the educational section of the website but it may be limited. You can go through the market news and the market analysis done by your broker. Apart from that you can also get in touch with the customer care executives via the available options like email, phone, live chat etc.
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The features offered by a basic trading account are sufficient to make trades and earn money. But an upgraded account type comes with a whole lot of additional features.
First of all, since you would be depositing a higher amount you would be eligible for a higher sign up bonus. Apart from that you will get full access to the educational center of your broker which may be limited in case of a basic account.
Using the educational center you can learn the advanced level trading strategies that will help you boost your winning percentage and make more money. You would also enjoy priority when you contact the customer support in case you need something to be sorted out.
An upgraded account comes with an account manager. This will help you make better trades and achieve a good winning ratio. Some binary options brokers also offer quality binary options signals to their clients with an upgraded membership. These signals are correct most of the times and you can trade a big amount based on them to maximize your profit. You will also enjoy one on one trading sessions with the professional binary options traders. It will help you learn new tricks.
A basic trading account is sufficient to make trades and earn a profit. If you are a dedicated binary options trader, you may want to look at the higher end user plans that will give you exclusive features.