One of the things that you should look at when choosing the Binary Options broker to register with, is the kind of Binary Options trading platform they have.
The binary options trading platform is where you will be executing your trades from; it is the user interface that links you, the broker and the financial markets. Your choice will determine how well you enjoy trading Binary Options.
Types of Binary Options Trading platforms
There are three types of binary option trading platforms. These are:
- Website based binary options trading platforms. These are accessible through the web browsers that you have installed in your device (Computer or smart phone). They have a place where you log in to access your trading account. After logging, you are able to access the trading platform where you can analyze the markets and place your bet/contracts/option. If you are looking for a good web based binary options trading platform, you should be keen to look for one that can be accessed through as many web browsers as possible. With the web based binary options trading platform, you can access your trading account from any geographical location as long as you get your hands on a computer or smart phone that has a browser and an internet connection. You don’t have to carry your computer with you all the time.
- Downloadable platform. This is a software which you have to download into your computer. You simply download the software and install it in your computer. Then every time you will be trading, you will be running the software and logging into your trading account to access the markets so that you can place bets/contracts/options. Trading is done through the downloaded platform. However, your computer has to be connected to the internet for you to be able to trade.
- Mobile trading platform. This is usually a mobile application that you have to download onto your phone. It normally has lesser features compared to the computer web and downloadable trading platforms. However, you can be able to carry out the major trading operations like placing your option/contracts.
Most brokers have realized that traders have little time in front of their computers due to their busy schedules and the brokers have come up with mobile trading applications for their clients. With the mobile trading application platform, you can trade on the go; you don’t have to be settled somewhere for you to place open a contract. You can actually do it even when travelling in the vehicle. You just take out your phone, log into your normal trading account and you are good to go.
Features of a good Binary Options Trading platform
Although different binary options brokers tend to have different trading platforms, it is good that you look for the one that fits with your expectations. It is also worth noting that another person’s best platform may not be your best; you therefore need to choose according to your taste.
Nevertheless, below are some general features to look for in good Binary options trading platform:
- Ease of use. The platform should have everything well laid out in a simple manner, to ensure that you don’t get confused when it comes to placing orders. It should not look too complicated to even locate things like indicators. To know whether a platform is easy to use, you should look at how fast you understood how to use it. An easy to use platform should take you the least time to know how to use.
- Types of Options/contracts offered. A good trading platform should have almost all the option types (High/Low, One Touch/No Touch, Boundary/Range, 60 Seconds/Short Term, Long Term, Ladder and Pairs), although these will depend on the broker since some don’t offer all the options. Then, the options should be placed in a manner that they are easy to locate so that you can quickly pick on them when you want to place a trade.
- Technical indicators. These are very helpful in analyzing the market trends. A good platform should come with as many indicators as possible.
- Auto-trading. This is used to automate binary options trades in a row. Though not all brokers offer this, it is a feature you may want to look for if you intend to do automated trading.
- Option builder. This is a function that gives the trader the ability to create his own type of contract different to the standard contract type. Using the Options builder, is able to set the expiry time and the risk level so that they can trade the way they want. Not very many brokers offer this.
- Rollover. This function enable traders to delay the expiry time so as to maximize the profits. For example, the trader may see that his/her option will close out-of-money and they may extend time if they predict that the markets will move in their favor.
- Doubleup. This functions enables traders to create the same type of option in other conditions. Helps in maximizing profits.
- Re-Strick. This enables the trader to change the strike rate while the contract is still open and running. For example, the trader may realize that his contract may to get to his intended strike rate and he may bring it down to the reachable strike rate.
- Knock-in. This is a form of a pending order in binary options. The contract is activated once a certain set price is reached.
- Close. This enables the trader to close his trade before the expiry time is reached.