Step-by-step binary options how to guide
Our binary options how to guide will lead you through the whole process of trading, step by step. This concise manual is a must-read for new traders. Find out all you need to know in our binary options how to guide.
Binary options how to guide, step 1: pick a broker
Our binary options how to guide starts with selecting your broker. There are many different brokers in the field. Not all of them are dependable trading partners, though. If you look at our list of trusted brokers, you will see there are roughly 15 out of the hundreds of brands that actually make the cut. From there on, the choice is mostly personal and based on your situation, as you can read in our article “8 Steps to the perfect binary options broker”. Below are some things to take into account when making your choice.
Many traders nowadays choose to trade using an automated bot or other binary options signals tool, such as Searchingprofits. If you choose to do this, you must first look at which brokers are compatible with your trading tool. Chances are, this will narrow down your choice quite drastically. Use the tips below for the shortlist that your trading tool gives you.
Especially for U.S. Citizens, there aren’t many brokers to choose from – as you can see in our list of U.S. regulated binary options brokers. But also some other brokers cater more to specific countries. For example, StratX Markets focuses more on the U.K. market, while 24Option for example is more internationally oriented.
Payment & Bonus
There are a few important things to look at in the Payment & Bonus section. These are the things to take into account:
- The amount you want to deposit. Some brokers ask for a higher initial deposit than others.
- The minimum trading amount. Does it work for you?
- What bonus will you get?
- What deposit methods are there? For example, if you don’t have a credit card and there is no other way to deposit, you must look at a different broker.
Help & Education
There may coma a time when you need help with something. Check out what others tell you about the customer service. Also, see what types of educational material is offered. This can be really useful when you’re still learning.
Things like the types of binary options, the underlying assets, the return on investment, and what extra trading tools there are, can play a huge role on what broker you choose.
Binary options how to guide, step 2: open an account
The second part of our binary options how to guide is after you’ve found the right broker. Now we will help you set up your account. This is usually really easy and will be explained by your broker.
Find the sign-up form
Not all brokers have a sign-up form that’s easy to locate. Luckily, you can always find a sign-up button on the top right of the broker’s home page (at least in 99% of the cases).
Take the 2 steps
Usually you will have to fill out your personal details first. In the second step, you choose a payment method and fund your account. Make sure you activate your bonus. Not all brokers offer the same activation method, but usually it’s an opt-in (or out) box. If you have any questions about this, be sure to contact the customer service. All brokers have a live chat window where you can chat directly with a customer support agent.
Some brokers will give you a call after you’ve set up your account. This is to verify your account details. In many cases, you can get a good deal from the account manager on the phone. So make sure you fill out your phone number correctly and pick up that phone!
Binary options how to guide, step 3: trade
Trading is what this is all about, and the steps to do it are very easy. To place a trade, take the following steps:
- Select an asset. This can be an index, commodity, currency pair, or stock.
- Choose an expiry time. At the chosen time, the trade expires and you can tell if your prediction came true.
- Choose what will happen. Depending on the type of binary options, this can be the trend (up or down), one or more values, or either one of a pair of binary options you think will win.
- Some brokers offer the possibility of loss protection. You can choose which percentage of protection you would like on lost trades. Choose wisely, because the higher your loss protection, the lower your return on winning trades will be.
- Set your investment. The amount you can invest differs per broker. Some offer a higher or lower minimum than others. The same goes for the maximum amount.
Binary options how to guide, step 4: collect profit
Once you get the hang of it and start winning, you can go to the last step of our binary options how to guide: having those winnings deposited to your account. There are different ways to collect your winnings, depending on the broker. Most brokers have an extra fraud protection service, and will ask you to upload additional proof of identity and address. This is to make sure no one but you can access your money.
Start trading now!
Have you read our binary options how to guide thoroughly and are you ready to trade? Pick your broker in our Trusted Brokers section.