The Binary Options Index - What to ask your binary broker
With countless binary options brokers on the scene and many more slated for an upcoming launch, the binary options market has rapidly become saturated with brokers offering their trading platform and services to customers across the globe. Like anything with a great deal of choice, the hard part comes down to differentiating what makes one 'good' and possibly 'better' than another. In the financial industry, transparency goes a long way and this is just as true when it comes to binary options trading and the brokers who offer this service. Take a look at the list we've put together that offers the best questions, in our opinion, to ask your current or potential binary options broker. The more straightforward and open their answers are to these types of questions, the better chance you have at choosing one of the many brokers that will best serve your interests.
The Top Ten Binary Options Broker Questions
- What country is your company headquartered in?
- Are you registered? If so, by which regulatory body?
- What year was your company founded?
- What is the name of the holding company who owns the binary brokerage?
- Through what methods can I contact Customer Service and what are their hours of operation?
- How many assets do you currently offer your customers?
- What currencies do you allow deposits with?
- Are there any bonuses and if so, are they automatically loaded into a new trading account or can the bonus be refused?
- If the bonus is accepted, what stipulations are in place regarding withdrawing from the trading account?
- Are deposits and client funds held in a segregated account?
Most binary brokers offer 24/7 customer support that in most cases, can be reached through phone, email and live chat. Before signing up with a broker, consider asking questions like those listed above. This will not only give you an idea of that particular broker's level of transparency but also a good look into how they operate and conduct their business. "I don't know" or "We don't divulge that information" are not be the kind of answers you should get to questions like these. If you come across a response like that, there is nothing stopping you from moving on to another broker and finding one that understands that transparency in an industry such as this is the best option and best way to gain your business.
As more people continue to turn to binary options as an alternative form of investing, the number of brokers will rise. Like any sector, there are 'good' ones and 'bad' ones. Doing your research and putting in a little effort before jumping right into a broker is a solid approach to choosing a reputable and transparent binary options broker. For more binary options articles and information on the industry, feel free to check out our external blog.