Choosing A Binary Betting Broker
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.