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How to choose a binary options broker or which BO broker to choose for trading

How to choose a binary options broker or which BO broker to choose for trading

How to choose the right binary options broker? This question interests many traders. Quite a lot depends on choosing a good and suitable broker:
  • Strategies used
  • Trading opportunities
  • Reliability of keeping funds in the broker's account
  • Potential earnings
So, what kind of broker to choose for your trading and how not to make a mistake with the choice? An ideal binary options broker has the following criteria:
  • No annoying managers
  • Minimum deposit 5-50$
  • Having a good quote provider
  • Honest customer service
  • Good reviews
  • Stable payouts
  • Convenient trading platform
  • Adequate account verification system
  • A sane regulator
  • Several years on the market
Binary options brokers compete with each other, so some conditions will be better for some, and some worse.

Popular Binary Options Brokers and Advertisements

Advertising is the engine of progress even for binary options brokers. I have nothing against advertising on the Internet, on television, on the streets or on the radio, but an overabundance of advertising also speaks volumes. In particular, that the Binary Options broker "hit the squares". Often, even very black advertising moves are used, which, in the future, greatly affect the reputation of the broker.

Such a situation was with the broker Olymp Trade, which flooded all possible sites with its advertising. But this, apparently, was not enough, and the broker began to finance a number of video bloggers, which, in turn, not only lured people who were not familiar with trading, but also “taught” them to lose all their investments. Partly "knowledge" was transferred through video, partly losses were "formalized" with the help of trading signals, on which, the vast majority drained their deposit.

Broker trading platform Olymp Trade

We have to admit that the trading platform of the Olymp Trade broker is really good and attractive. But the attitude of the broker to its clients is simply terrible: changing quotes, closing the accounts of unprofitable traders for no reason, deleting negative comments (!!!) from their groups and groups of paid bloggers, the presence of paid video bloggers and signalers themselves. All this had a very negative impact on the reputation of the binary options broker Olymp Trade.

Why all this history lesson? It is just right for a good example and the image of a negative character. Let's analyze all the activities of this broker point by point:
  • Having legitimate negative comments that get deleted for no reason is bad!
  • Having paid bloggers is bad!
  • Having a large number of signaling groups and services is bad!
  • The presence of a huge advertising company climbing out of all the cracks is bad!
It just so happens that Olymp Trade has always had some of the most important competitors: brokers Quotex, IQ Option, Binary Options Broker Binomo and broker Pocket Option.

Binomo broker trading platform

These brokers are very popular, and by the number of clients, you can make the following list: Binomo is a binary options broker that is many times more reliable than Olim Trade, but mass advertising has done its job. Negative reviews for Binomo and Quotex is almost non-existent (but more on that later), with payouts and reliability, everything is also fine. Brokers are on everyone's lips, not because they are advertised by paid bloggers, but because they have honestly earned their reputation, as well as IQ Option.

IQ Option broker trading platform

Excessive advertising from a broker is a clear call to think about his honesty and intentions. Of course, don't just rely on the amount of ads - check out what's happening on social media:
  • How different traders and bloggers present the broker to the public
  • The number of different signal groups and signal services specifically for working with this broker
  • What happens to legitimate negative comments (are they removed or not)
All this will help you understand the true face of a binary options broker.

Minimum deposit or binary greed

Do you think only traders have greed? Wrong! Binary options brokers are just as greedy, and in some cases show it even before registering an account.

At the peak of the "popularity" of Binary Options in 2012 - 2014, a lot of BO brokers appeared, which provided their clients with the opportunity to try out trading with a minimum deposit of $ 200-500 (depending on the BO broker).

deposits with different Binary Options brokers

You have no experience in trading? Do you want to try yourself as a trader? Pay $250 and trade "for health"! Needless to say, most of these brokers are blacklisted by most adequate resources?!

The minimum deposit, or rather its overestimated amount, indicates that the broker is very greedy and does not want to "exchange for small things." 90% of the clients of each broker are people who have never dealt with trading in the financial markets. Of course, these people lost their deposits and were, to put it mildly, upset - the amounts are not the smallest! So if you suddenly feel sad because of the loss of your $10 deposit, remember that someone was less fortunate.

Fortunately, now almost all adequate brokers understand the minimum deposit as the minimum amount available to everyone - 5$-100$.

But there are brokers who stick to their old principles and still ask their clients for deposits of at least $200. This is due to the fact that the broker is set to work with wealthy clients. In some cases, this is even good - the quality of the services provided is improving. But these are isolated cases, so it is not worth focusing on them.

Broker technical support and personal managers

Binary options brokers are arranged in such a way that each registered client is assigned a personal manager who will answer questions, talk about ongoing promotions, and so on.

From the broker's technical support and personal managers, you can understand a lot about the broker itself. For example, brokers with a large minimum deposit amount ($200-$500) are very interested in the client replenishing his trading account - not everyone wants to just invest their money in an incomprehensible place. The situation is "saved" by calling clients by managers who praise the broker, promise mountains of gold when working with their financial analyst - in general, terribly fuck!

personal manager from a binary options broker

At one time, I also fell for the persuasion of such a manager and, of course, in a couple of days I lost two deposits in the amount of $500. And you thought I was born a profitable trader? No, I started this journey from 0, just like you!

Trust management and financial analytics of binary options brokers

“We have our own financial analyst who has been working in Binary Options for 8 years and has a huge trading experience - with his help you will earn millions!” - familiar?

The financial analyst of a binary options broker is a person for whom there is a personal cauldron in hell. But seriously, this is a broker's person (something close to paid bloggers and paid signalers), who is not interested in making you earn. Most often, a financial analyst of a broker is a person who himself does not understand anything about trading - a sort of Petya from a neighboring yard, ready to predict with 100% probability the further price movement for a bottle of transparent.

Have you seen the analytics from these "professionals"? So that you generally understand what it is, I prepared a screenshot for you:

market analysis from binary options brokers

And this is another example of far from the worst analytics! In 2-4 months, you yourself will be able to make such forecasts - so why listen to these analysts at all ?! Surprisingly, analysts are popular because 90% of the broker's clients are so lazy that they do not want to think for themselves and are ready to shift all the responsibilities to someone else. Give them only money.

Forecasts from financial analysts either do not have specifics - "The price is going up, which means there is an uptrend - open deals for an increase!". Open where? From level? After level breakdown? With what expiration? What are the goals? Many questions can be asked. The second feature of financial analysts is the forecasts that are made on history (a separate circle of idiocy) - “Here there was an upward movement, if you opened a deal here, then you would have earned!”. What are you? Is it true?! Are you a successful financial analyst with an impeccable reputation?!

All these financial analysts are harmless if not listened to. A much greater danger is the Trust management of different binary options brokers.

trust management with different binary options brokers

"Don't know how to trade? It's not a problem! Our super-duper-mega-trader will trade for you, which will make you a millionaire! All you have to do is top up your trading balance and allow access to your trading operations.” Now imagine that the same Peter will trade for you, drinking transparent after each transaction and giving out the coolest forecasts?!

I can still understand those people who are persuaded by left-wing individuals who promise to earn money for them, but to lead to the persuasion of the broker himself is already a clinic. However, the result is the same everywhere - you will no longer see your money. Personalities not associated with the broker will simply disappear (there are no written agreements), and the financial analysts of the brokers will simply drain your deposit. Moreover, in some cases this happens in one transaction - the entire deposit in the investment and you can carry more.

Don't trust anyone with your money! Trade only yourself.

So, we have decided on another important feature of an excellent binary options broker - the availability of good technical support. At a good broker, managers do not call five times a day, they only call if there is a real need or to greet the client and find out if he needs something right now. Nothing extra.

The presence of financial analysts and Trust management are indirect reasons not to trust the broker. If you don't get into it yourself, then you won't have any problems with it.

Binary Options Brokers Quotes

You may be surprised, but the source of quotes from brokers is also very important when choosing a broker for your own trading. It depends on the quote provider where exactly you can analyze price movements and make forecasts.

Often, trading platforms of binary options brokers do not provide all the necessary functionality for a complete analysis of charts:
  • There is no adequate price chart that can be scaled or view history on different time frames
  • There are no necessary indicators for chart analysis
  • There are no necessary tools for technical analysis
All this leads to the fact that traders very often (almost always) use third-party trading terminals to analyze and predict price movements. This is how the MT4 and MT5 terminals (Meta Trade 4 and Meta Trader 5) are used very often. Charts from the TradingView website are used similarly.

It depends on the provider of broker quotes how much the broker’s charts and charts on a third-party analytical site will match. In MT4 and MT5, price quotes are usually for the Forex market - it has two prices: a buy price and a sell price. In Binary Options, the price is always the same - the average between the buy and sell prices.

Many brokers are in no hurry to disclose their quote provider, which will allow traders to get an additional, if not significant, advantage. But most of the very popular brokers are not shy about talking about it. Quite often quotes from Thomson Reuters are used.

quotes from Thomson Reuters

This is an excellent quote provider that is easy to find a third-party trading platform for chart analysis. These quotes are used by the TradingView website and the Binary Options broker INTRADE BAR (TradingView website charts on the left, broker INTRADE BAR):

TradingView chart and INTRADE BAR broker chart

What to do if it is difficult to find a trading terminal for the broker's quotes? This happens and not so rarely. In this case, it is better to trade on longer options. On turbo options and 60 seconds options, the broker's price movement may differ from the movements in your analytical terminal, but all the main price movements (strong impulses, trend movements, etc.) will be almost the same, so feel free to trade with expiration from 15 minutes and more.

Can you trust the trading platforms of brokers? Binary options brokers provide the opportunity to conduct technical analysis directly in the broker's trading terminal. If there is such an opportunity, then trading using only built-in tools is, of course, possible - we personally verified this when trading on the trading platform of binary options brokers INTRADE BAR, Binomo, Pocket Option, Binarium.

Most brokers can also check quotes. For example, with INTRADE BAR broker you can always see quotes for all assets:

checking quotes from binary options brokers

Binary options broker sane regulator

The presence of a binary options broker with an adequate and good regulator is another reason to trust the broker. The regulator performs the work of an overseer, who also acts as an intermediary between the client and brokers. Most often, the regulator is contacted because of the broker's dishonest attitude towards its clients.

The regulator also controls the activities of the broker in different countries. So the broker IQ Option left the Russian market due to the fact that its regulator - CySEC - banned activities in this country . All binary options brokers are registered offshore, but the requirements of good regulators are strictly followed.

CySEC regulator of binary options brokers

The binary options broker Binomo is certified by the International Financial Commission:

international financial commission of broker Binomo

The presence of regulation is a plus for a trader, but at the same time, a binary options broker INTRADE BAR, "arrogant" showed that it is not necessary to have some kind of certificate in order to remain an honest broker with a good reputation.

Binary options broker age matters

The age of a binary options broker is of great importance when choosing a broker to trade with. All binary options brokers appear with a very crude trading platform, and only then they begin to modify it to suit their needs.

If you register a trading account with a new broker, you will become a "free" tester, which will check the operation of all components of the trading platform. On the other hand, in the first couple of years of their life, binary options brokers are ready to provide you with the best conditions for trading - this is necessary in order to gain popularity and customers.

Binary options brokers are evolving and making necessary and useful changes to their trading platforms to keep up with the competition and keep up with the times. Sometimes, brokers completely replace their outdated trading platforms with new ones created from scratch, which is also very nice.

The age of binary options brokers speaks of another fact - the broker is not going to disappear in a month and is quite popular. Brokerage is a business that brings in money. If the broker becomes unprofitable to continue to exist, then there is no point in continuing to spend money for nothing.

What can go wrong with a binary options broker? Now the competition between BO brokers is so strong that only the one who has a good reputation among clients wins. Scammers get blown away very quickly because people have learned from experience and will think ten times before investing in a dubious broker with bad reviews.

In this case, time is a great filter for choosing binary options brokers. If the broker has not disappeared a year after opening, then things are going well for him. Another important point that you should pay attention to is the development of the trading platform of brokers. If updates come out frequently and something new is introduced, then this is a clear sign that the broker will work for a very long time. Software development is very expensive, so no broker would spend their money on it if they were going to disappear with your money - on the contrary, they intend to attract more customers and become even richer.

The optimal age of the broker is at least one year. During the year of its existence, the binary options broker managed to:
  • Fix many bugs in my trading platform
  • Establish a reputation among traders
  • Get first feedback from customers
If a broker is more than 2-3 years old and has good reviews, then this is already a kind of quality mark.

Binary Options Broker Reviews

Reviews of binary options brokers are also of great power when choosing a broker for your trading. But here you need to be very careful. I will say right away - there are no brokers without bad reviews! Now I will explain why everything is so.

Trading on BO is a very difficult task, and absolutely everyone climbs into it:
  • People with no trading experience
  • Lovers of free money and quick money
  • Former students who are barely 18 years old
  • Gambling and thrill lovers
  • Rich people who simply have nowhere to put their money
  • Well, here, of course, one cannot do without traders
Most of these people, due to their complete lack of trading experience, lose their money very quickly. And what do they do, in your opinion? Right! They run to write on the fences that Binary Options is a scam! Of course, a scam - they, like true suckers, believed in fabulous earnings that can be achieved without even the slightest trading experience. Well, aren't you suckers?!

From these freeloaders goes to all brokers, and it doesn’t matter if a binary options broker is good or not. People are just too lazy to understand the issue, but they will express their opinion - do not hesitate!

The next category of “traders” is cunning traders (sly cunning - in the article "Binary options are a scam for fools"). These people deliberately violate brokers' user agreements in order to benefit from their actions, and then receive a well-deserved account block. “But how so? I wanted to fuck a broker, but he found out about everything! Complete Broker! Marasmus grew stronger.

This is another group of people who actively write negative comments, and even provide screenshots confirming that their account was blocked. True, they do not indicate the real reason for blocking - the main thing is that everyone around knows that a broker who turned out to be smarter than such a client is a “scammer”!

And there is enough useless information everywhere. For an adequate trader, one thing is important - does the broker allow you to withdraw profits or not?! If you do not violate the broker's user agreement, then 95% of existing brokers will withdraw your profit without problems - reputation is valued much more than a trader's meager earnings. If the broker really withdraws profit, then on the Internet you can easily find a photo or video confirmation.

withdrawal of funds from a binary options broker

And in general, there are always more negative reviews on the Internet. Think for yourself, will a trader write that everything is fine with him and there are no problems with the broker? Rather, he will just quietly rejoice and continue to trade. Even for me it is problematic to pull out reviews from my subscribers - they are doing well, they trade quietly and silently and do not touch anyone.

But, if each of us starts having “problems” or misunderstandings with a broker, then we choose a negative comment as the only possible way to take revenge on the broker. By the way, competitors often leave negative comments, but if you ask them to provide at least some supporting information, they shrug their shoulders and leave. Recognizing competitors is not difficult - they leave very similar comments (if not the same ones) on different resources:

comments from competitors of Binary Options brokers

And in general, how many people, so many opinions - listening to everyone in a row, you will become exactly the same whiner who has not achieved anything.

Always be a skeptic and don't pay attention at all to empty comments that are not confirmed by anything. With Binary Options broker reviews, things are much easier than we want to think:
  • There is a photo or video confirmation of the withdrawal of funds - the broker withdraws the money
  • Removed reasonable negative comments - the broker is trying to look white and fluffy, but in reality everything is not so smooth with him
Pay less attention to reviews about the broker. Remember that most of the negative comments were left by:
  • Freebie lovers who blew their deposit
  • Competitors
  • Cunning traders caught by the hand
  • Simple haters who have nothing to do with trading
On the other hand, positive reviews are sometimes left by the brokers themselves:

paid comments from Binary options brokers

So do not bother yourself with reviews - you will not find an objective opinion anyway. I’ll tell you a secret that there are a number of sites that specifically write negative reviews on Binary Options brokers in order to extort large sums of money, after receiving which, the reviews are corrected for positive (real) ones - whoever can and spins. Are you still going to read the reviews ... Well, well! Good luck!

Binary options broker verification

Verification of a trading account with binary options brokers is a sore subject for many traders. You have to run, collect papers, so that in the end you are allowed to withdraw your own money. And sometimes there are problems with this at all and it's time to make an appointment with a psychiatrist.

In fact, account verification is very useful if you look at everything with a sober look. It allows you to identify the identity of the client and, in which case, save money on the trading account from fraudsters. For example, the Binomo broker has additional identity checks for suspicious activity and large withdrawals. The broker requests a photo of the client with a passport in hand, or the data is obtained via a video call, after which the money is withdrawn to the trader.

Many will say that this is a very unnecessary procedure, but no one is safe from hacking accounts. Account verification itself is also necessary to avoid money laundering - nevertheless, it is punishable in many countries and brokers are very against having their reputation denigrated in this way.

Brokers themselves very often have a ban on a client having more than one trading account. It will not be possible to register an account for the same document a second time. In general, verification is very fast and easy.

Superfluous, in my opinion, is additional information about the client - the place of residence. In a way, this is also protecting the account from transferring it to other persons, but such verification causes quite a few problems, especially if the broker is stubborn and does not want to accept the received document the first time.

There are other problems with account verification - without it, most brokers will not be able to make a withdrawal, and many brokers refuse to do account verification before the first withdrawal request. Do you want to get verified? Top up your trading balance, trade, and create a withdrawal request, and then start running after all the documents.

This procedure is mandatory for many brokers, so in advance, have a document confirming your identity (passport) and a document confirming your place of residence (utility receipt, bank statement, etc.) with you in advance.

And, once again, the Binary Options Broker INTRADE BAR "spits" on all accepted norms of account identification and completely refuses from the verification process. You can withdraw any amount from the broker without providing personal data. Is it good or bad? The question is debatable, but the fact that there is no such hassle with documents, of course, warms the soul.

Binary Options Broker Trading Platform

In my practice, I realized that a binary options broker is selected not only for reliability, but also for the convenience of the trading platform. You must understand well what you want to get from the broker:
  • How and when will you trade
  • What strategies to use
  • Do you need a price chart with technical analysis capability
  • How wide is the broker's choice of expiration times
  • Availability of different types of options
  • Percentage return for a correct prediction
All this greatly affects the choice of the broker itself. For example, a broker's trading platform Quotex looks like this:

Quotex broker trading platform

It allows you not only to open deals - there is everything for a full-fledged technical analysis of charts. At the same time, the broker has a very large choice of expiration times and is perfect for strategies for 15, 20, 25, 30 minutes and so on.

There are brokers for turbo options, for example broker Binomo. There are brokers that are very well suited for technical analysis of price charts - broker INTRADE BAR. Different brokers have different strategies that will give different results. Therefore, it is very important that you understand why you need a broker and how exactly you will trade with him.

A lot depends on your requirements, including earnings. If finances allow, then it is better to trade with several binary options brokers - this way you can use the advantages of each broker without sacrificing anything.

Withdrawals from binary options brokers

Without the withdrawal of funds, binary options brokers would have lost their relevance long ago. But it is the opportunity to quickly earn large sums of money and withdraw them to your wallets that attracts huge masses of people.

To choose a binary options broker, you will need to know its payment methods. Almost all brokers work with bank cards and electronic wallets, but there are also those that work only with Bitcoin, Litecoin, USDT.

methods of depositing and withdrawing funds from Binary Options broker

Most brokers allow you to withdraw funds only by the method through which the deposit was made. Also, if you used a bank card, then, most likely, you can withdraw to it only the amount that you deposited, and the rest will be withdrawn to your electronic wallets.

For many countries, relevant e-wallets are:
  • WebMoney
  • PayPall
  • ADV Cash
You can withdraw both US dollars and euros with cryptocurrency to these wallets.

Depending on the binary options broker you choose, your withdrawal amounts will vary. With someone you can easily withdraw $15,000 in 10 minutes, and someone will arrange additional checks when withdrawing $500.

The more popular the binary options broker, the more clients it has. More clients - more trading turnover within the broker and, accordingly, such a broker does not care about your pennies. Simply put, the more popular the broker is, the larger the amount he will withdraw without even gritting his teeth.

Your task, as a trader, is always to remain in the shadows - to withdraw such amounts so as not to attract too much attention to yourself. By the way, it is also better to trade on your own - binary options brokers have long learned to identify third-party programs that trade for you. In general, do not violate the user agreement and you will not have problems with most of the existing brokers.

Binary Options Brokers - author's choice

As I wrote above, trading with several different binary options brokers allows you to get the best trading opportunities at any time. Thus, I trade with the following brokers:
  • INTRADE BAR is a great trading platform that allows you to do full price chart analysis. Withdrawal of any amount within 10 minutes and no verification. I think you should not pass by such a broker. But the broker has only two languages of the trading platform - English and Russian
  • Binomo – I use this broker to trade turbo options. The trading platform is very convenient and allows you to use various trading strategies
  • Quotex is a broker for trading options with any expiration time: from 1 minute or more. Very convenient functionality of the trading platform
  • Binarium is another broker for classic options trading. Not suitable for turbo options
  • Pocket Option is a broker for night trading, news trading and long-term options trading. There is a function of copying trades of other traders
At, loved by many, Binary I don’t trade - I don’t like the broker’s trading platform, but this doesn’t make the broker became less attractive. With reliability, everything is fine with him - this will be confirmed by thousands of traders.

Approach the choice of a binary options broker with your head - your comfort in trading and the reliability of your funds depend on it. It is very important that you choose a broker for yourself - other people's advice may not help in this matter. Good luck in choosing your broker! See you later!
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