If you have heard about binary options trading you must have come across the term broker. Go through this article if you want to know what a broker is.
A binary options broker is a website designed to offer a trading platform to the clients which is used to access the live binary options market. There are a lot of binary options brokers available with unique qualities. Not all binary options brokers may be suitable for your trading needs.
Some binary options brokers have high initial deposit amount and high minimum trading amount as well. Such binary options brokers may be good for experienced and professional traders but may not be suitable for the beginners. Beginners should look for low initial deposit amount and low minimum trading amount in addition to binary trading tutorials.
It is important that you select a binary options brokers which takes care of your trading needs and is suitable for your trading style.
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What is a broker account
For accessing the trading platform of a binary options broker, you must open an account first. The process of opening an account is very simple.
You can select a broker from our recommended brokers’ list and click the Trade link to navigate to the “Open Account” page of the broker. This link will take you to a page where you will be required to fill up some personal details. You will also be required to select your default currency. Do this smartly because your default currency cannot be changed once it has been saved.
This process of filling up personal information takes just a few minutes. After this an email will be sent to your email id to verify it. By clicking a link in the email sent by the broker, you will be able to verify your email account. After this you will have a genuine binary options trading account.
How to start trading with a broker
In order to start trading, you must deposit an amount to your binary options broker’s account. This amount should be at least equal to the minimum deposit amount. A higher amount can get you a better membership plan with exclusive features.
You can use the demo account to get familiar with your binary options broker’s trading platform before starting to trade in the real market. It is also advisable to go through the finance related news and the daily market analysis as you get some important tips that can help you make profit.
If you are all set to start trading, go to your broker’s trading platform. You will find various types of trading available like Touch, High or Low, Boundary, 60 Seconds, Option Builder etc. Just select any kind of trading to start with. Most of the beginners like to start with High or Low type.
Trading is very simple in binary options. You just need to select an asset, make a prediction regarding the price level of the asset, enter the amount you want to invest and select the expiry time. A percentage figure will be present corresponding to the asset which indicates the percentage of your invested amount that you will earn if your prediction turns out to be correct.
You need a binary options brokers account to start trading in the binary options market. It is very simple to create one and you can get started quickly with the actual trading.