FX options
The trading platform is your access to the markets and it’s crucial that the platform has comprehensive features so you’re not limited in what you can do. Equally, it has to be easy to use so you can concentrate
on trading rather
than having to work out how to achieve particular objectives. The organization’s website and sign- up procedure usually give a good pointer because, if they’re easy to use, it’s likely that the trading platform will be as well.
Most trading platforms are web- based so you can access your account using a browser. Ideally, a mobile version of the platform will be available so you can trade using a
smart phone or
Some brokers may relatively
similar
device and trade from anywhere and at any time.
offer only a
limited range of tradable assets in a
small number of
markets; this can seriously restrict your opportunities to trade and make money. What you really need is a broker that offers plenty of assets across as many global markets as possible. That means there will usually be at least one open market to trade and you have a better chance of choosing the asset you actually want to trade rather than having to settle for something simply because of the choice that’s available.
Security is crucial because you will be providing your broker with
your personal details and will also be depositing money to fund your trading. You need to be sure the broker offers a safe
trading
environment. There must be a privacy policy so your details aren’t divulged to others and thereneeds to be adequate authentication to prevent unauthorized access to your account. It’s also vital that all data and transmissions are securely encrypted so others can’t gain access them.
Check and compare what each broker provides and go for the one that has the absolutely highest level of security.
You have to deposit money to fund your
trades and will want
to withdraw accumulated profits. Ensure the broker makes this a simple, quick and inexpensive process so you’re not prevented from trading unnecessarily
and
aren’t kept waiting for your money. Look for a broker that offers multiple methods of depositing and withdrawing money and where the process isn’t over- complicated.
Some brokers will offer bonuses. These may be initial bonuses when you first sign up so you can make more trades to get started quickly or can be additions to every deposit you make. You may also receive bonuses to take advantage of particular financial events or rebate bonuses that depend on the amount you’ve traded over
60 FX TRADER MAGAZINE October - December 2011
a period. Whatever the reason for the bonuses, they provide additional funds and offer further trading opportunities. However experienced you are as a trader, you’re likely to want a degree of support at some time. As
a new trader, you’ll want
information about binary options and how to trade them as well as the assurance of help and advice being readily available. As an experienced trader, you’ll need up-to-date information, prices, analysis and reviews.
Brokers offer different levels of service that are designed to meet the needs of different types of traders,depending on the type of account that is selected. Make sure there’s a help line, an email address and a live chat facility in case you get into trouble. Look at the type and extent of the information that’s provided and how often it’s updated. Most importantly ensure the information provided is
accurate
quality. Some
and of brokers the highest offer different
accounts with varying features aimed at different levels of trader from the novice, to the seasoned professional. You may be able to start with a practice account where you can trade without risking any money (although without making any either). Some brokers, however, will require a deposit even for a practice account. After that, there could
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