Just like with other methods of trading the financial markets, in order to trade binary options, you need a binary options broker. A broker is simply an institution that grants you access to make trades in any market using its platform. A binary options broker provides a trading platform on which you can make trades; not only that, you can also conduct trading analysis, stay in touch with market news and moves, amongst a number of other things.
|Brokers||Minimum Deposit||Minimum Investment||Maximum Returns||Trade|
|IQoption Review||Minimum Despoit$10||Minimum Investment$1||Maximum Retursnup to 99%||Get Free Account|
|Deriv.com Review||Minimum Despoit$5||Minimum Investment$5||Maximum Retursnup to 95%||Get Free Account|
|Binary.com Review||Minimum Despoit$5||Minimum Investment$5||Maximum Retursnup to 95%||Get Free Account|
|OlympTrade Review||Minimum Despoit$10||Minimum Investment$10||Maximum Retursnup to 95%||Get Free Account|
The process of choosing a broker is quite an important one that requires some levels of careful and cautious analysis. This is because whichever broker you choose can go quite a long way in determining how successful you may turn out to be in binary options trading. There are a lot of brokers out there, with different offers and brokerage models. A good number of them are not credible, and maybe outright scams.
As such, one must be equipped with information that will enable you to select the right brokers. And there are some qualities largely common to all good brokers, as summarised below.
By all means you should go for a regulated broker as there is a clear distinction in the world of binary options between regulated and non-regulated brokers. To be “regulated” here means the binary options broker is registered with a financial regulatory authority. Government agencies that regulated binary options brokers include the UK Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), the Cyprus Securities and Exchange Commission (CySEC) and the South African Financial Services Board (FSB).
Signing up with a regulated broker comes with a lot of benefits. For one, you are rest assured that the broker will most likely not cheat you, as the regulator must have put in strict guidelines in place for them to comply with. Furthermore, in the event of bankruptcy or insolvency of the broker, your funds will likely be protected, or otherwise, you will at least receive some compensation.
The best binary options brokers provide quality customer support to traders. As such if you have any complaints, you can easily reach out to get them fixed.
Beyond customer service, your binary broker of choice should provide quality brokerage service. This includes user-friendly platform interface, up-to-date charting and technical analysis tools, amongst others.
When you sign up with a broker, and want to trade, using either a demo account or a live account that you have deposited into, you need a platform on which to do so. A binary options trading platform is a computer program where you get to place online binary options trades, provided by the broker. However the trading platform is used for much more than just entering and exiting trades. Trading platforms now come with basic and advanced charting tools and indicators to be used for technical analysis. They can also contain news feeds and reports to be used for fundamental analysis.
It should be noted that not all trading platforms are provided or owned by the broker. As such, based on ownership there are 2 basic types of trading platforms: Proprietary and Third-party.
One very popular example of such third-party platforms is MetaTrader 4 (popularly called MT4), and its newer version, the MT5.
Trading platforms – either proprietary or third-party – can be accessed via web traders for PC users, and mobile apps for smartphones.
What to look out for before choosing a binary options trading platform
There are a number of features that a binary options trading platform should have; these features will generally make your trading experience much easier. They include:
One required quality of a good binary options trading platform is having an array of good trading tools, charts and indicators. There should be
One indispensable feature that trading platforms must provide is live price updates. In trading, every number counts and “little” differences or lags in price display may be costly to your trading.
Furthermore, your trading platform should be accessible on many fronts. Technological advancement has made it easy for us to access the internet using multiple devices; and any trading platform that is worth using should follow suit. Accessibility on multiple devices will give you access to seamless trading, as you can tailor your trading to your lifestyle.
The term “trading software” is often used interchangeably with “trading platform”, and rightly so. In many cases, a trading platform essentially means the same as trading software.
There may be as many trading software out there as there are brokers, but not all trading software are worth the use. In fact, the quality and setup of a broker’s trading software should be one of the factors traders should look into when choosing a binary options broker. This is because the choice of your binary options trading software can make or mar your trading. If you choose the wrong trading software, you can set yourself up for debilitating losses in the market. As such, it is recommended that you carefully select your trading software.
There are a number of factors that serve as pointers to a good binary options software; some of these factors are summarised below:
A slow binary options trading software is dangerous for your trading and can lead you to make heavy losses. A slow-to-respond trading software will likely lag in displaying prices of market instruments, or slow to feed you relevant market news. This can mislead you into taking wrong decisions, thereby ending up hurting your capital.
Another factor to look into in selecting your trading software is its level of security. We are in a time when cyber security issues and breaches are at their most alarming; and considering the fact that your trading probably involves your hard-earned capital, the software on which you trade should be adequately.
Your trading software should come with some good features. Such features that are indispensable include analysis tools, latest indicators, amongst others. For instance, a trading software that does not come with candlestick charts is not worth using.
A demo account is simply an account provided by the broker to you for free; the demo account typically contains virtual money which you can use to make trades in the markets, without any risks to you.
Amongst its many numerous uses, the demo account gives newbie traders the opportunity to practise their trading skills, and experienced ones to test out new strategies. It also enables you to test a broker’s platform.
Before you go for a trading software, it is important that you properly research it. You can check blogs, forums and trader chatrooms for reviews of the software by those who might have used it before.
While we are not staying that you avoid new software, we strongly recommend that you go for a trading software that has passed the test of time, and have been certified as good.
There are numerous brokers offering binary options trading services to Namibians, but we have had to handpick those whom we believe are 4 of the very best; they are:
IQ Options is an all-inclusive trading platform that has in recent years dominated the market, especially in Namibia.
IQ Options offers Binary options Services alongside Cryptocurrencies trading, stock CFDs, Digital options and ETFs.
We can say convincingly that IQ Options trading platform has one of the most beautiful and easy-to-use user interface interface. If you are new to trading, you can practice with the free $10,000 demo account which you can replenish. The minimum deposit is $10 and you can trade with as little as $1.
One other good thing about IQ Options is its 24/7 customer support service.
OlympTrade is owned and managed by Saledo Global LCC with offices in St Vincent and Grenadines.
The company was established in 2014 and has ever since risen to become one of the fastest-growing trading platforms in the world.
One quite unique thing about OlympTrade is how much it invests in education of its users. There are expert analysts to cater to its clients.
Another impressive thing is that it is licensed by the International Financial Commission (FinaCom), one of the most trustworthy financial services regulators.
Deriv.com can be said to come from history. It traces its history back to the year 2000, but was bearing Binary.com for a very long time, before rebranding to Deriv in 2020.
The purpose of the rebranding was to signify a shift from purely binary options to other forms of trading, including CFDs.
Deriv.com has a number of Platforms including DTrader, Dbot, DMT5, and SmartTrader.
Largely due to its Binary.com legacy, it has over 1.2 million active users and processes over 6 million USD in withdrawals each month.
Deriv is regulated by multiple reputable agencies and just secured its FinaCom license in June, 2020.
One more interesting thing about Deriv.com deposit and withdrawals can be done in cryptocurrency.
PocketOption was established in 2017 by Gembell Limited. It is based in Marshall Island and is regulated by International Financial Market Relations Regulation Center (IFMRRC).
Its has a solid user interface making it easy for users to quickly create an account to start trading. Its trading platform is available in web, desktop, android and iOS versions, you will have no problems understanding this platform as a beginner.