How to Choose a Reliable Broker in Binary Options – Part 3

There are a few short steps every trader needs to take to choose a reliable binary options broker and they are very simple with great results guaranteed. First, you need to understand what pitfalls are out there before you can choose the ultimate binary options brokerage. The pitfalls you need to look out for include bonuses, withdrawals, and payout %.

Most of these are all intertwined in one way or another. In the end, the most important thing to know if that yes, sure, there are some nasty nefarious scam artists out there ready to dupe you out of your hard earned cash. But how to identity them is very hard to the naked eye. Most binary options brokers look very similar with similar web sites and offerings. Some are even offering the identical selling points with the same catch phrases. So how do you catch this early?

Start with the basics of the site. If the site uses the same wording and phrases found on other sites, this is a bad sign. Ultimately, it’s meaningless since you can’t know who originated the content but the point is, it’s a warning sign.

Beyond this, make sure to know what the terms and conditions are for the brokerage. Understand very well what it takes to get your funds back to you before you make a deposit. A company’s withdrawal policy is usually tied to 4 points:

  1. Did you take a bonus: If you take a bonus, whether you actively asked for it or were forced to receive one, you will need to perform the bonus volume requirements before being able to make any withdrawal. We aren’t trying to scare you here. But it’s important to note. If you are there to trade and make money, then this should be no problem. It’s simply there to prevent fraudulent behavior. So although it’s not to your benefit, you do enjoy the bonus and the inherent ability to create bigger trades in your attempt to make big profits.
  2. Did you trade at all: If you don’t trade at all and request a withdrawal, some brokers will charge you their costs of processing and returning a dud deposit. You see it costs the brokerages about 3-5% to accept credit card payments and some additional cash to return it to you. So if you don’t trade at all, it’s unfair to the broker and they sometimes won’t accept this and will charge you between 5-10% as a handling fee. It’s within their rights and you should pay attention to this. If you have no intention of trading, then don’t open and fund an account. If you do plan on trading – this is a non-issue
  3. Is your account verified: most brokers require you to send an ID, Utility Bill and the credit card used. This is common practice to prevent identity theft and fraud
  4. How long will the withdrawal take: Should take no longer than 1 day. If it does, find another broker like goptions (the only one in the world to guarantee same day withdrawals to verified customers)