While the kinds of profits binary options promises should definitely have you excited to start trading as soon as possible, it’s definitely not as simple as all that. Before you can hope for any returns, you need a reliable binary options broker capable of helping you toward your goals. When looking at potential candidates, the following warning signs should scare you off.
Absurd Prizes for Joining
There’s something to be said for running promotions to gain clients. However, you should be skeptical about any promotion that seems too good to be true. A lot of traders have had to learn the hard way that $200 in “free trades” for signing up with a broker usually comes with some very specific terms.
On top of that, think about it: if a binary options broker is worth your time and money, should they really need to rely on such tactics to gain your trust? Look for a good reputation instead.
A Bad Reputation
Speaking of which, there’s no excuse for not researching the reputation of a potential binary options broker. The World Wide Web has made it incredibly easy to find out whether or not someone is reputable. It’d be a shame to waste that advantage.
Now, don’t take one person’s word for it. Some brokers have actually stooped to starting review sites just so they can trash competitors. However, where there’s smoke, there’s fire. If you find enough bad reviews about a single broker, it’s time to move on.
A Bad Platform
Many traders would say that a binary options broker is only as good as the platform they offer you. This might not be 100% true, but it might as well be. Without a good platform to offer, what are you paying your broker all that money for? Unless they’re providing you with a lot of guidance that’s resulting in profits, it’s time to move on.
Any broker who doesn’t offer a good platform and is dropping the ball on guidance doesn’t deserve your business. It won’t be remotely hard to replace them.
Lack of Attention
Time is everything when it comes to trading. This means you need a broker who can respond to your moves ASAP. It also means that you need one who will get back to you when you have problems as well. Can you imagine seeing the perfect opportunity but being unable to capitalize because your broker’s platform isn’t working?
Sadly, many clients are let down in this area. Sadder still, often, it seems as though this is because a broker isn’t willing to work hard for a trader who isn’t trading with a lot of money.
If you find any of the above with your binary options broker, it’s time to move on. However, keeping these warning signs in mind will also keep you from signing up with the wrong one to begin with.
