Binary betting is an increasingly popular add-on for traders looking to diversify their portfolio, and many new traders are being introduced to the markets directly as a result of binary betting’s increasing profile. As a result, binary betting has become a growing fixture amongst the many brokers and online spread betting providers, which helped fuel the cyclical growth of binary as a trading medium.
Binary betting is most commonly associated with financial spread betting, given the significant cross-overs between the two, and as such it is common to find spread betting brokers quoting odds on binary bets. The fact that binary bets are offered off-exchange, are quoted on spreads, and work on the basis of multiples of stake, both in profit and in loss, makes them the ideal companion for spread betting, and there’s no-one better placed to offer binary betting than the spread betting companies themselves.
Binary betting is also offered by a number of CFD and share brokers, particularly online. In spite of the sound of its name, binary betting doesn’t tend to be viewed as a form of gambling, but rather a distinct investment tool that can be put to good advantage as part of a diversified trading portfolio.
But with so many different providers offering binary betting as part of their standard product catalogue, it becomes a question of identifying the best broker to choose in order to provide the best value, which is a harder comparison than it might at first seem. Given the volatility of binary betting odds and the lack of standardization in odds and spreads across the market, settling on a reliable, service-orientated binary betting provider is as good a choice as you can make without thoroughly researching the minor differences between each binary provider.
Because binary betting providers comes in all different shapes and sizes, and because the difference, both in terms of spread widths and the competitiveness of the prices offered, can have a dramatic impact on your trading bottom line, it pays dividends to put in the legwork and find a binary betting platform that works for you.
Choosing a broker is one of those investment decisions that can seem trivial, but in actuality shape the outcome and success of your trading endeavours for the long haul. This is never truer than with binary betting, where the broker you choose can have a massive impact on your profitability, as a result of the fixed odds quoted on binary bets, and the fixed settlement prices for both a win and a loss.
Because binary bets are offered between the trader and the broker, with no market as a middleman to regulate prices, it’s basically buyer beware all the way – whether it’s on width of spreads, range of markets, or the generosity of the odds on offer, no two binary brokers are ever alike. Thus, the only real way to find a binary broker with competitive prices is to do the legwork and compare the different options before settling on your choice.
In addition to prices, there are also a number of other factors that should be taken into account when deciding on a binary betting broker. For example, spreads can sometimes be quoted as odds rather than spreads, so this format might not suit your trading style and could be a factor in determining whether or not you trade with a particularly platform. Or, you might be more driven by the look and feel of the trader interface on a given platform, which are of course different between different binary betting providers.
Likewise, levels of customer service will and do vary between providers, and choosing a broker that doesn’t live up to their obligations to customers in terms of providing support can be a costly and frustrating exercise.
Of course, there’s nothing stopping you from trading different binary bets on different markets with different providers, and in some instances, it may be advisable to ‘broker hop’ in order to get the best deal from each transaction. However, by looking to judge your broker in the round, rather than on the specific issue of pricing, you should be able to locate a binary betting provider that is not only low cost, but also equipped to meet your needs as a binary trader.