Since binary trading rises in popularity every day, it is no wonder that new brokers appear almost on daily basis as well. If you are a beginner and still need to choose the broker for you, it may seem difficult because there are so many of them.
There are definitely similarities and differences between them, and they can affect your final choice. Some factors are more and some are less important, but in this article we will present you some of the similarities and differences that may affect your choice of binary broker.
Choosing the best broker
When you start searching for a binary broker, the essential aspect to look for is reliability. This means that the broker needs to be legal and regulated by appropriate regulatory body such as CySEC. There should also be plenty of assets to choose from, together with favorable terms and conditions and secure methods of deposit and withdrawal.
It is in common to all brokers that they offer trading platforms, a variety of features, and certain number of assets for trading. However, these features are not the same with all brokers, and it may determine your final choice.
This is the most obvious difference between binary brokers. Simply put, some have the license from CySEC or other body, while the others do not. When you choose a broker, it is always recommended to go for the one with license from an official regulatory body. This gives you security and makes both you and your money safe while trading.
Not all brokers have the same trading platforms, and this is also a difference you can spot the moment you visit their websites. Some use ready-made platforms, and they obtain them from developers specialized in this field. Some use custom-built platforms which you can only find on one broker’s website. Either way, they can be more or less fast, user-friendly and responsive, and the advice is to sign up with those that have more favorable features.
Types and number of assets
Almost all binary brokers offer the same four groups of assets for trading: stocks, commodities, currency pairs and indices. However, not all of them offer the same number of these assets for trading. Banc de Binary, for example, offers around 120 assets, and there are brokers that offer not more than 50 assets.
It is not necessarily a bad thing if the broker offers few assets. Still, it can happen that certain brokers do not offer the particular assets you want to trade. This is why you should check the number of assets and which assets are offered within each group. You could use a robot to help you on the way of binary trade – click here.