What Kind of Brokers are Suited for Beginners?
As hinted above, not all binary brokers are made for beginners. In fact, most of them are made for experts who already have a lot of experience in online trading. This is because binary options trading isn’t that new and there is already a large market for advanced services.
Fortunately there are still many beginner friendly binary options brokers that allow newcomers to exercise their skills with a limited risk factor. Read the below criteria to find out what kind of brokers are mostly suited to newcomers.
Some binary options brokers also offer demo accounts that will allow traders to trade in real time with play money. Traders aren’t required to make a real money deposit. This will allow newcomers to try out all the existing features in binary trading without actually having to make a payment first.
Once traders learn to use all the tools and options in free trading mode, then can of course convert their accounts into real money accounts too. So basically traders will only have to deposit money after they learnt to use all the features for free.
Very simple options types
When most traders think of binary options they think of high/low options. High/low contracts are the most basic form of binary trading. These contracts only require traders to predict if the value of an asset will either move up or move down during a certain time frame.
There are however also other kinds of options such as one touch -, boundary – and 60 seconds options. These are several times more difficult than high/low contracts but they pay out better and as such are preferred by experts.
These more complicated features are usually traps for newcomers. For this reason, a binary options broker for beginner traders should not contain these complicated features. Newcomers should learn to trade using high/low trading mode first.
Not that many assets
If you are an expert then the availability of multiple assets is a blessing because you’ll be able to create extremely profitable binary options strategies. However, if you are a beginner, then advanced financial trading strategies are the least of your concern.
A lot of assets could very easily distract newcomers’ attention and focus. A broker made for beginners doesn’t necessarily have to have a large asset portfolio. Traders should learn trading on the most basic assets first after moving on to more complicated ones.
Straightforward expiry times
There are all kinds of expiry times offered in online trading ranging from just 60 seconds, to 2 minutes, 3 minutes, 5 minutes, 10 minutes, 30 minutes, 1 hours, 2 hours and more. A great variation of expiry times can help experts create very advantageous winning strategies.
However, as a newcomer you shouldn’t bother with trying to figure out the advantage of the dozens of expiry times available. A binary options broker that is made for beginners should not have a great variation of confusing expiration times.
Binary options brokers for newbies should still offer advantageous payout rates on successful trades. The fact that these kinds of brokers don’t have advanced features should not be a reason for low payouts. Make sure that you’ve being paid decently by the broker you chose.
For example, the brokers that we listed above all have above the average payout rates even though they were specially created for beginners and newcomers. Check them out of you want to win above the average payouts on successful trades.
Bonuses for lower deposits
As a newcomer you probably don’t want to deposit a very large amount of money initially. Most brokers however only offer bonuses if traders make a larger than usual deposit. You should make sure to choose a broker that offers bonuses for low deposits too.
A bonus is basically a free money gift that’s being given to people who make an initial deposit. This free money will naturally be real money you can use to purchase contracts that will pay out real money prizes. Getting more money to start out is definitely advantageous to beginners.
Best Binary Options Brokers for Beginners
If you want to register at the best binary options brokers for beginners then you should check out the ones on the toplist table above. We believe that these are the ones that offer the best winning conditions for newcomers who don’t yet have a lot of experience with this form of online trading.
If you register at these brokers, you’ll be able to trade binary options while only depositing a small amount of money at first. Despite this, you’ll still be awarded an attractive free money bonus that will boost your initial account balance significantly.
The brokers that are listed were specially designed with beginners in mind. Apart from the fact that they don’t include any advanced and complicated features, they also offer an extensive selection of educational tools and guides.
If you want to learn more about trading then we suggest you read our educational articles and strategy guides on our website. Once you did this, you’re ready to test your newly learnt skills at the binary options brokers for beginners that we have listed on the top of this page.