Binary Options has been described as one of the most fascinating trading styles of the current era. Over the years, its popularity has increased tremendously with quite the pace. Most of the traders want to start trade binaries due to their simplicity, large assets availability, small capital investment and calculated risk factor.
This trading form has given many traders a new way to make real money in short period of time. However, in the meantime it’s outraging popularity has also given scammers a new way to con people online.
Yes, that’s correct, with the expansion of this industry, a lot of brokers, signal service providers and robot systems have come into existence. There are lots of legitimate brokers available in the market, but their ratio with scammers is nearly one to three! That means if you find one legit broker then there will be 3 scammers ready to steal your hard earned money.
It is really quite hard for traders, especially for beginners, to trace-out, which broker is a legit one and who is a scammer. In this article you will find tips and tricks to get a safe start in binary options trading and also discover a few key ways to identify scam.
Selecting a Trusted, Reputed, and Experienced Broker.
To start a trade, you need to engage a broker’s service, who is going to manage your account and even provide you an online trading platform to make the trades. So it is essential to do a research for your broker’s background. A broker with a long history with positive reviews and feedbacks, is always considered as a safe option to opt.
You can also visit review sites like http://www.judgebinaryoptions.com/Binary-Options-Scams for unbiased reviews of all the major brokers and binary options service providers. Some brokers also try to distract traders by cloning names of famous financial services, so do your research carefully before considering opening an account. Realistically you just can’t believe much online these days.
Easy Money Doesn’t Exist
False promises are the first sign of scammers. If a broker or a binary signal is making promises about several hundreds of dollars overnight with just a single click then remember that “fairytales aren’t real”.
Sure, one in every thousand people might make that much, but they don’t tell you about the other 999 that lose half their investment overnight. There is no doubt about the fact that binary options is an easy way to earn money but it takes some time to generate consistent profit.
Be careful with Bonuses
There is nothing wrong in accepting the bonus on investment, that most of the brokers offer, however, the only thing which you need to be aware of is their terms and conditions. Bonuses are offered on certain conditions and if those are not met then your bonus along with your investment could be lost.
So always be careful and read all the terms and conditions before proceeding. Reviews will also help with this. Usually when someone gets cheated by a broker they will go leave a review somewhere online.
Trade in Less Volatile period
Volatility means the rate of fluctuation in market. It’s often easy to predict the direction of the price movement in a less volatile market. In binary options, you just need to be correct with one point; there is no bonus for winning a trade with a bigger margin. A trader is advised, not to make any trade between 9:30 AM and 9:45AM EST, since it is the most volatile period.
Always Go With a Tested and suited Strategy
Strategy is a key ingredient for your success as a binary options trader. One can win some trades by just investing randomly, but for a long-term success, a trader always needs a tested strategy that suits their trading style. Don’t stick to a single strategy, as the stock market changes rapidly.
Your strategy needs to be regularly updated, tweaked, and adjusted. Always aware of the market conditions and frequently update your knowledge of current strategies. There are plenty of great websites and forums you can use to do so.e
Go for a Top-Notch Binary Options Signal Services
Binary signals alert traders about the price movement of a particular asset that they are considering trading on, whether it will “fall or rise”. These signals are generated by financial experts and can help traders to make the right trade at the right time.
These types of services cost you a bit more than others, but when you compare the profit generated by their help, you will realize, spending money on them tends to work out better in the long run.
