Finding a Legitimate Binary Option Broker for You
There are so many binary options traders out there for you to choose. it is like a minefield trying to find the right one.
So how do you find the right legitimate one??
Here are some tips to consider when choosing
- RESEARCH – what does their website offer, does it look professional? A professional legitimate company will make sure their website is up to date, their trading platforms are current and up-to-date. They will also have positive feedback on review sites like this one, and we will continue to find out scams to alert you to make sure you know who to avoid.
- DO THEY OFFER A DEMO ACCOUNT – Demo accounts are a great way to check out a broker prior to actually handing over any money. They also help you try techniques on real market situations to see how you would fare.
- HIGH BONUS ON DEPOSIT? – Some traders will try and entice you with offering you a high bonus to start an account with them. Don’t get swayed by this though, it needs to match your circumstance. Also if you accept the bonus, you usually have to trade a certain amount of you own account prior to actually being able to withdrawal that deposit.
- TERMS & CONDITIONS – Who reads them? I would definitely suggest you read the parts around bonuses and withdrawals, so you understand where you stand on these bits. Different brokers have different limits for both. You need to understand where you sit with your particular broker.
- UNDERSTAND THE VERIFICATION PROCESS – Proving Your Identity. This is why you want to make sure they are legit. As each broker will require you to prove your identity, to ward off money laundering threats. So you will need a Photo ID (driving licence, passport) Proof of address (utility bill or the like) and if you use a debit/credit card you will need to provide a picture of the front and back (they tell you to hide certain aspects of the card). If you do not verify, you cannot withdrawal anything.
It needs to feel right before you get into, what is effectively, a relationship. You will get a broker contact you if you decide to sign up, and they will talk you through how it works, and what support they can offer.
Training & Support
Looking through numerous broker websites, they have tonnes of training available, and you can access it without signing up. I would advise anyone who is interested in binary options trading, have a look and understand it fully prior to signing up to anyone. Try a Virtual Currency Account, and learn your techniques, then if you feel it is for you try a trusted broker.
I will be updating a list on this page, with any brokers that you need to avoid. I recently saw something called the BritMethod. That for a starter is definite scam, and they tailor the website, depending on the country. So it’s BritMethod for me, but your country, it changes to con anyone. Please avoid.
If you have any questions or comments, please leave them below. I do not want anyone to get conned. So if you know a scam out there, let me know below.