Updated: August 6, 2017
Choosing a binary options broker is such an important decision. Yet, it’s just as important that you know you’re not stuck with your choice.
Here are five signs you could probably find a better broker elsewhere.
The Bonus Didn’t Pan Out
Every binary options broker out there will offer you some kind of bonus to earn your business. The field is so competitive that this has become a normal part of trying to decide which broker to trade binary options with.
Therefore, there’s nothing inherently worrisome about being offered a bonus. Obviously, you want to stay away from anything that’s too good to be true.
Unfortunately, even the more conservative promises can sometimes turn out to be half-truths.
This is why it’s so important that you go through a binary options broker’s terms and conditions before depositing money.
Nonetheless, if you open an account and find that the bonus doesn’t quite live up to their claims, it’s time to plan your departure.
You probably won’t be able to do it right away, but don’t deposit any more funds. There are plenty of binary options brokers out there who will be transparent with you and deserve your business much more.
Their Platform Is Lacking
Most binary options brokers will let you demo the platforms they provide before opening an account. You should simply expect this of any broker serious about options.
That being said, it would be nearly impossible to learn everything necessary about a platform before signing.
This is why some people find out too late that the platform they’re being provided isn’t great for trading binary options.
If you have your own platform and the broker is giving you a favorable arrangement, this might not be such a big deal.
Otherwise, it’s time to begin looking for a better binary options broker with a better platform.
You’ve Missed Opportunities
One of the many reasons it’s so important to pick the right binary options broker is that they will largely control your experience.
It’s the broker who offers you the payouts and decides how much you’ll make back if your investment doesn’t pay off.
In large part, then, the opportunities you’re afforded as a binary options trader come down to the broker you choose. We’re not just talking about the platform they provide you with either, though that’s a big part.
If you’re constantly being snubbed, it’s important that you find a better broker right away.
Removing Funds Is Difficult
Having access to your money is not something you should have to negotiate. Again, this is why you must go over those terms and conditions.
Even the best of binary options brokers may not be upfront about the small print; from a marketing standpoint, it makes more sense to point out the unique features they have to offer.
In any case, if you try removing funds and run into unforeseen problems, then you may have a long road ahead of you until you can get your money. Use this time to consider other binary options brokers you’ll jump to ASAP.
Minimum Balances Result in Poor Customer Service
However, no broker is going to put in their terms and conditions that maintaining a minimum balance means receiving worse customer support. Yet, this is a fairly common complaint in the binary options world.
Having a minimum balance means you probably aren’t going to be making as much money for a binary options broker so some of them will give you a minimum of attention. This is all the reason you should need to jump ship.
The best thing you can do to learn about which binary options brokers are high-quality. And which you’re better off avoiding is to become active in the community.
Read and post on forums regularly so you’re up-to-date on best practices and can tell when there’s a better deal to be had elsewhere.
This article is written by Gen Netta, a financial analyst at Hedgestone Group. For more information about them, you can visit their Twitter account or connect to their LinkedIn profile.
