Binary Options Trading Platforms
In today's fast-moving world of technology it is vital that online brokers are continually re-visiting, updating and developing their binary options platforms. Brokers who release their latest software update today could be outsmarted or outperformed by their peers in a matter of days. When operating a trading platform there is no time to stand still so the race is on for each broker to offer you the best online experience.
A few years ago, it was enough for a broker or the binary options platform providers to focus on their desktop offering as trading was conducted mostly from a desktop computer or maybe a laptop. Now with the introduction of different devices and different operating systems like iOS and Android it is important to consider the investing experience across a whole range of tablets, laptops and smart phones via both websites and mobile apps.
If you have limited knowledge of software platforms, trading platforms or operating systems then the jargon and options available when choosing the best binary trading platform for you may well be confusing. It is however important to consider what you need when choosing a broker to trade with.
We review and compare the best software platforms, in this guide we show you:
- What exactly binary options platforms are and why should this be important
- The things to consider when choosing a trading platform to make money with
- How to choose a platform provider based on how you like to trade assets
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The Types of Platforms
The platform is essentially what makes the binary trading website work. It is powered by software which is specifically developed to provide the various functions and actions of a website. In today's technological environment it is developed for various uses and methods and for the various technologies that exist.
Website Based Platforms
With a web based platform, you simply log onto your computer or laptop and you open up a broker's website. At this stage, you may want to use your demo account to get used to the site or the "trading platform" you are using. It is basically the way that the website is set up and the functionality it offers you to allow trading. What makes it a web based service is that you are using it through a web browser; Chrome, Safari, Firefox etc.
Some brokers require you to download software to your PC before you can commence trading. It is not unusual or harmful it just means your computer needs the components of the software stored locally to allow you to trade. Whilst not a major problem to your computer you do need to ensure that you are using a reputable broker and not a site that is posing as a trader to gather information of install viruses.
Mobile Specific Apps
Many traders no longer spend their time sat in front of computer screens in fact more and more people are turning to their handheld devices for more of their daily operations than ever before. To keep up with the demand for mobile consumption most binary options brokers now offer a mobile specific trading option. For many this takes the form of either a mobile responsive website or an app. A good mobile app could be the decider when it comes to which broker someone signs up with.
How to Choose a Platform
First of all, you need to consider how you will trade. This will involve thinking about when you will trade, where you will trade and what you will trade. Will you be a part time trader and just conduct a few trades here and there or will you be more committed and look to make this a more consistent practise? Will you be sat a desk or in front of your laptop or will you be operating on the move from a mobile device?
All this will have a big impact on the platform you choose. If you choose to use both then you will need to ensure that the broker offers everything you need for all eventualities. Have you thought about what you will trade on? Some brokers offer certain assets, you need to ensure that they offer the type of trading that you are looking for and the functionality to succeed as you wish.
Once you have considered how and when you will trade you can narrow your decision to those brokers that offer the kind of trading experience that you are looking for. Knowing what you need makes it far easier to decide on the appropriate broker for you.
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Quick Platform Use Tips
Familiarising yourself with a new binary options platform can take time, something you don't always have the luxury of. We have put together a few platform user tips to enhance your trading experience.
Carrying out research beforehand will make sure that you don't get any nasty shocks when you come to trade. It will also help you to get more out of your trading experience if you use the demo account and start off simply.
How we Find And Rate Them
If you are new to binary options you probably aren't sure where to begin. You have to think about the various types of brokers and which one is right for you, the bonuses on offer and the overall experience itself. All this without considering what you will trade on, how much you will trade, when and how often.
Never fear as we are here to offer help and advice to make the decision-making process easy for you. Our advice and recommendations are based on extensive research by our team who have a wealth of knowledge and expertise in the binary options market. We have researched each broker and what they have to offer to bring you the best insight to assist your decision.
If you aren't sure what you are looking for then reading about the binary options platform providers in our reviews and guides available will highlight the points that need considering. We may help you to devise a shortlist which then allows you to test those brokers and get used to the look, feel and functionality of the website before committing to opening an account. A no deposit bonus account is a great way to test the various brokers as you can start to use the trading platform without parting with any money.
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Frequently Asked Questions
Is one platform more reliable than another?
Yes, there is the good and the bad. It is important to ensure that you choose a good broker that uses a reliable platform. The overall experience is very important and you need to ensure that the platform that you are using is consistent and offers a good investing environment. You also need to ensure that it works well for you on a mobile device as most trading is now performed on the go.
How do I find the best trading platforms to use?
Be choosing a recommended broker the work is done for you. Rather than conducting your own research we offer a wealth of information about online investing and which brokers to choose. Our recommendations include our reviews of each of the key aspects of trading including the viability of the platform and the experience it offers both on mobile and desktop.
Can I use a demo account on any platform?
You can use a demo on a platform if a demo account is offered by the broker. If there is no demo account available then you can't use one. Some brokers offer one, some don't. Some of them are available to anyone whether you make a deposit or not but most brokers expect some commitment in the form of a deposit to take advantage of this feature.
Are all trading platforms safe and secure?
Like with any aspect of options trading the safety and security is down to the individual broker and whether or not they are a reliable and trustworthy options provider. To make sure you only choose a reliable platform it is important to check out the ones that you are considering first. You can do this by checking out our reviews and recommendations which will save you lots of time carrying out your own research.
Do the same bonuses exist on all platforms?
No, the binary options bonuses offered are down to the individual broker. Most brokers do offer bonuses whether they be welcome bonuses, deposit match bonuses, no deposit bonuses or other incentives to encourage you to trade. Again you can review all of the bonuses on offer by looking at our reviews and recommendations.