Instead of asking how to choose the best binary options platform one should ask how to choose the best binary broker. The terminology can be confusing, especially for the beginners, so here’s a simple explanation between binary brokers and platforms.
Binary options platform is the technology that enables the ongoing issuing of assets on the binary options market and it provides the online interface to perform the trading. It receives a constant flow of live data about the trades performed on the market and also the rates, then processes them to decide what the offered assets are and how to price the options available.
Binary brokers adjust parameters regarding pricing, payout, the exposure, and they operate the platform so it could run smooth and offer good trading experience for its investors. Brokers are also responsible for everything that regards the trades, from marketing to signing up on confirmations to trading and binary options education. Therefore, binary platform is the technology and the binary broker is the operator. Even though you always only choose brokers, you should pay attention to platforms they offer.
How to Choose A Binary Options Platform
Available Trading Methods
Different platforms offer different methods, but sometimes they offer the same trading method under a different name. Make sure you get the methods you want to trade with. The educated decision is choosing the method based on the trader’s level of experience and skills.
To make sure the chosen platform is stable enough visit the online platforms webpage and find out how long it takes to load the pages. If the page load time is too long, this could indicate there are some stability issues with the trading platform.
This is very important, because all transactions are made online dealing with actual money. From the time your money is transferred to your binary options investment account it is protected by the platform. All the transactions like deposit withdrawal and trading have to be done in a secure encrypted connection. To check that, just have a look if the website starts with ‘https//’. Another way to assess the security of a website is whether a website validation mechanism like Verisign exists. Verisign or similar authentication methods make sure that the website is protected and secured. The last factor under this section is the SSL encryption logo. SSL is a technique of encryption which is used for the sent and received information and normally you can find a signature with SSL in it to verify that this is used
User Interface And Ease of Use
To see how smooth and fast the trade goes you should try a simulation. A lot of platforms offer demo versions so be sure to check these out. Traders have different ideas of what they want, some want to do the bid on the chart itself while others like the chart to be with menus or buttons. Always choose a platform that offers easy to use functionality and that these fit your preferences.
Pricing is determined by a combination of a binary options platform and the broker. As described before, pricing is created based on the activity on the market and rates and prices of the assets. The platform uses this information to determine the price of an option. Always review the different payouts that the platforms and brokers offer to see which broker fits you best.