Binary Options Guinea
There is a special kind of thrill that takes over when people engage in something new.
Especially when that „new“ holds the promise to make life a bit better, to sort out certain problems which have been the cause of many sleepless nights.
For numerous people around the world binary options trading has served as a vessel which took them from a bleak existence into one where it’s easier to exist.
The pivotal role of this longish, albeit, useful article is to provide perspective Guinean traders with a guide which will enable a plain sailing experience in binary options trading.
It will provide a comprehensive explanation and instruction starting from the basic facts such as the tidbits concerning history of binary options down to detailed instruction how to trade binary options and what to look out for.
Brief History of Binary Options
Binary options marched in, kicking the front gates wide open, in 2008 after being tucked away in the corner for a long time where only those select few (individuals with high-net worth or to big institutionalized traders) could play with it.
The change happened when approval came from US Securities and Exchange Commission which made binary options trading available to retail traders. After a brief period, CBOE or Chicago Board Options Exchange also started to offer binary options for general trading.
That act alone has changed the world of trading for good since it allowed people from all walks of life to participate in what was once an exclusive members’ club.
The attraction of trading binary options is a combination of features which happen to appeal to many people around the globe. This article shall explore them all and will stave to paint a realistic picture of what potential traders might expect when they venture into binary trading.
What is Binary Options Trading?
In a way, binary options trading is formed on the most basic fact of trading – the price going up or down, hence binary (twofold) options. Traders use Call option when they believe the price shall move in the upwards direction and Put option when believe the price will move in the opposite direction, meaning down.
So, what traders who wish to trade binary options face a decision where they have to make an educated guess about the value of the underlying asset they are trading in a finite amount of time.
As previously mentioned, there are several features which are behind the planetary popularity of binary options and one of them is that binary options traders know at once how much they stand to make, profit wise, if their forecast about the price movement turns out to be correct. Add to this the fact that the potential gain ranks between 75-91% and the pull of binary options becomes a tad stronger.
Knowing beforehand just how thicker their wallet might get is a fantastic thing but there is more to binary options than this.
In earlier times those who engaged in financial trading had to, apart from other things, already have a reasonably healthy sum on their bank account because the starting investment wasn’t something ordinary people could easily afford.
Binary options changed that too, and trading suddenly became something which is within financial reach for numerous people around the world. There are plenty of binary options brokers with whom traders can start trading with as little as $1 while minimum deposit usually revolves within $200 – $300 but this too differs from broker to broker since there are those whose minimum deposit is considerably lower than that.
Absence of complication while trading is another lovely trait attached to binary options and one that traders value. As we said, there are basically only two options in this kind of trading and that is what traders have to do – decide if the price is going down or climbing up. There are, naturally various trading options available (which will be discussed in detail further in this article) but this is the core reality of binary options.
Adaptability and elasticity of binary options trading further adds to the overall appeal of this form of trading. In the case of binary options, adaptability and elasticity refer to various trading options available to traders as well as abundant underlying assets, more than generous choice of expiry times as well as useful tools and strategies traders can use to both master trading and increase the potential profit. I offering such a broad choice binary options trading almost becomes tailor made to suit each and every trader.
Lastly, interested Guinean traders won’t have to spend hours upon hours trying to master and gain both the intricate knowledge usually need to trade nor the extensive jargon which, in most cases, follows.
Information about binary options is available online since the whole process of trading happens online. True, the sheer amount of information available might seem a bit intimidating at first glance but the best course of action would be to start with broker review sites such as this one where traders stand a fairly good chance to obtain information they need in an organized, logical way.
We are certainly advocating the “educate yourself approach “, hence this article, but whet we are doing is cutting the time of information gathering considerably shorter.
Binary Options Trading Asset Collection
As it were, assets are the cornerstone of trading, any kind of trading really, without which the whole process would not be possible in the first place.
There are four specific categories of assets which can be traded in binary options.
Naturally, these are main categories which contain within them multiple underlying assets which trades can trade with.
Since the whole process of binary options trading happens online traders have unparalleled freedom since locations becomes utterly irrelevant.
There is one thing that interested Guinean binary options traders must keep track on and that is time.
To be more specific – time zones. Guinea measures time according to Greenwich Mean Time so those traders who, say, wish to trade currencies have to keep in mind the time zone which pertains to a specific currency.
Ever since binary options trading begun trading with currency pairs pushed at the very forefront of popular assets. Their position remains unchanged to date.
Most binary options traders pick currency pairs which are considered to be “strong” which are usually currency pairs such as EUR/GBP, USD/EUR or GBP/USD. However, one look at the asset index available on broker platforms will tell interested Guinean binary options traders that they can choose from a wide variety of possible currency pairs and trade with whichever currency pair they find most interesting or believe it could be most profitable.
Most commonly used as a trading asset by professional traders because of the relatively higher winning rate, trading stocks does entail that traders possess certain amount of knowledge about it.
Considering that stocks which garner most interest from traders belong in a well-known sphere, it should not be hard to find out more about the current state of affairs.
Popular stocks include Apple, Microsoft, Audi, BMW, Facebook and Google and information on those companies is available online which makes it much easier to monitor.
Known as one of the oldest trading assets in the world, commodities such as coffee, gold, silver, oil, sugar are still very much present and relevant on the financial market. Additional benefit attached to commodities is that they seem to be reasonably stable, which means that there aren’t huge leaps in prices, either upward or downward.
As is fairly plain to see from the list of items in the commodities section, they are predominately dependable on weather conditions, demographics, political situation etc.
In the case of indices, what Guinean traders have to be aware of that the market value for these assets does not fall within those prone to rapid change.
Owing to that, making a correct prediction as concerning the movement of value is a bit more difficult with indices.
Indices which typically attract most attentions from traders include Down Jones, S&P 500, Dax, FTSE 100, CAC 40 and Hang Seng.
Binary Options Expiry Times
Once traders start exploring assets on broker platforms they will notice terms “trading hours” but the term “expiry times” is also something that traders have to deal with.
“Trading hours” or “opening hours” refers to working hours of well-known exchanges such as London Exchange, Tokyo Exchange or New York Exchange. On the other hand, “expiry times” refer to the length of time of binary options trade.
Binary options brokers usually offer quite a lot of choice when it comes to expiry times hence the point of flexibility of binary options trading.
In general, three categories exist within expiry times:
Within the Short expiry times available options include:15sec, 30sec, 60sec, 2min, 5min, 15min and 30min.
Options within Medium expiry times in most cases include 1h, 10h, 24h+ and End of the Day.
Selection in Long expiry times often offer these times: End of the Week, End of the Month, 30 Days, 150 Days and End of the Year.
Interested Guinean traders need to take a closer look at these various expiry times since that too is an important factor in making a successful trade. Some traders prefer short expiry times since those allow for more trades to be executed in a relatively short time frame. However, it is also a bit more difficult to predict what will happen with the value of an underlying asset which is being traded in a short time as opposed to a longer expiry time.
Long expiry times are generally seen as less risky since traders can predict what will happen with the price more accurately.
Trading Options on Offer
Another point in favour of flexibility in binary options trading is certainly down to various trading options traders can chose from with binary options.
Those, certainly, differ among binary options brokers but this is what interested Guinean traders can find among offered options:
60 Seconds, Pair Options, Boundary Options, Range Options, No Touch, One Touch, High/Low.
Picking out a trading option or options is not something traders should go into headlong. Instead, they ought to take a bit of time, consider what a broker they would like to do binary trading is providing as trading options and then make an informed decision.
Most of newbie traders go for High/Low option since that is the bare basics of binary options trading since here the traders simply have to make up their mind about the price of the underlying asset they have selected to trade. And that price can either go up or down.
If the first is happening (up) traders go for Call option of the second one is what they believe will happen (down) the opt for the Put option.
60 Seconds is an option which lasts for precisely that long – 60 seconds! Traders’ task is to make a prediction about the movement of the price, place either Call or Put option, and after one minute they will know whether the trade was profitable or not.
Range option is centred around a price range traders have to select and which, hopefully will be the price range the underlying asset will trade within. If the value selected stays with the range Guinean traders went for the profit is made.
Boundary option is yet another fun trading option where traders encounter not one but two target prices. One price is at the high end of market value while the other is at the very low-end of the market value. Should both target priced end up being triggered the trader will have made a profit.
All trading options offered by binary trading brokers have pretty much the same guiding principle of market prices going either of two possible ways. What various binary trading options allow is for interested Guinean traders to find the variant which they find to be the most interesting or the most profitable for them.
For that reason, it is important not to speed up the process of selecting the trading option since that can, in actuality, tip the scales when it comes to making profit or losing it.
Binary Options Trading Strategies Guinean Traders Can Use
Further testament to flexibility binary options show is reflected in various strategies Guinean traders can use while trading binary options.
Risk is always present, in any kind of trading and profit making, hence a strategy that could be called ironclad is hard to find. Which does not mean that there aren’t strategies which function well enough.
Several strategies have been used time and time again in binary options trading: Reversal strategy, Trend strategy and Pinocchio strategy.
Clever and attentive observation of the trend line is the key of this strategy. Continuous monitoring of what is happening with the trend line can help traders to make up their mind when it comes to binary options trading and how they wish to go about it.
This is, in a way, a strategy which centres on two extremes – price of the underlying asset suddenly going up or, on the other hand, falling.
Traders use Call option when the price is expecting to rise and Put option when the price is expected to fall.
This strategy, though mostly used by experienced traders, is one that can be used for those underlying assets which are vulnerable to sudden fluctuations. Since this strategy demands that both call and put option be placed at the same time, traders can minimize the risk and ensure that some profit is made.
Types of accounts Guinean traders can get with binary options brokers are as varied as the trading options one gets with binary trading. Depending on the broker, accounts offered can number from three to even seven.
Perspective traders can find a lot of information about the account already listed on the broker platforms and should go over them carefully before they settle for a certain type of account.
Basically, the type of account is dependable on the minimum deposit traders wish to place. The higher the deposit the more they can get from the account.
With most brokers, there is a separate section on the platform which gives traders details about which types of accounts traders can chose from and what each account has to offer to traders.
Should traders encounter any problems in understanding account specifications they should contact customer support and ask for further clarifications before they make the next move.
Available Trading Tools in Binary Options
Seeing how binary options trading happens online, using numerous options technology accommodates is not a surprising fact but rather expected.
Accordingly, binary options brokers have put in place certain trading tools which make trading both simpler but also increases the possibility of securing a higher profit.
Both novice and experienced Guinean traders can put those tools to good use which can, ultimately, mean the difference between a good profit gain and an excellent one.
While not a trading tool in the strictest sense of the word, demo account is a trading feature which can do a lot for both new Guinean traders and those who have already gained experience in binary options trading.
The most attractive feature of demo account is the safety which it provides those who used it. To be more specific, demo accounts, such as IQ Option demo account, are offered by many brokers in order to help traders get the feeling of what it is like to trade binary options but without the risk factor.
All, or almost all, features that are present on the real account can also be found and used on the demo account. That, in turn, means that traders can use the demo account as a stepping stone which will help with the trading process and make it easier and far less stressful for new traders.
On the other hand, just because a trader already has experience trading binary options does not mean that demo account is pointless in their case. On the contrary, those Guinean traders who have tried their hand in binary options trading can use the demo account in order to maybe have a go with some different strategies which they have been hesitant to use or they can simply play with different expiry times and trading options.
Whichever way one looks at the demo account the fact remains that it can be used to lend a helping hand to traders and improve a winning rate in the end.
Mobile Trading App
As we all live in a highly technical, mobile world where so many things are done on the go, having a mobile app for trading is a logical extension to binary options trading.
The benefits of using a mobile app are obvious and immediate since traders save time and, in the same breath, use all the trading opportunities available to them. All that without having to sit behind their computers.
Large number of brokers have recognized this advantage and now offer mobile trading apps on their platforms. In most cases what traders will find are mobile apps which are suitable for both iOS and Android devices since those are the predominant devices used around the world.
In most cases mobile trading platforms have little to no difference to the standard ones traders use on their computers and are safe to use.
Another great thing brokers have available on their trading sites is the abundance of education materials traders can use in order to deepen both their knowledge and their understanding of binary options trading.
Some materials on broker platforms do depend on the type of account a broker has while some a free.
In most cases info which can be found in educational materials includes chart signals, how to minimize risk and improve profit gain, what is happening on the market but also how to be in control and stay in control of emotions during trading, which can be a problematic area for some traders.
What traders can find in the educational section are various e-books, presentations, lessons, video-tutorials and economic calendars.
Bonuses are, more or less, part of offer with most binary options brokers. However, Guinean traders must first get well acquainted with all the terms connected with a specific bonus offered by the broker. Only when all the terms and conditions set by the broker in relation to the bonus are fulfilled can a bonus be withdrawn.
Traders can find info about bonuses in terms & conditions or, sometimes, in a separate section on the broker platform which is devoted specifically to the bones terms and how the bonus actually functions.
Payment Methods and Procedures Guinea
Considering the number of traders which trade binary options around the globe, brokers have to and do offer plenty of different payment methods which can be used to make a deposit and to withdraw money.
Most common means of payment include bank wire, credit/debit cards such as Visa, Diners, MasterCard and Maestro.
Lately, using e-wallets has also become rather popular so options with binary options brokers usually include Skrill, CashU, PayPal or at least one of those.
Using PayPal and MasterCard are both available payment methods in Guinea. But Guinean traders can also use Orange Money and Mobile Money as well. However, if traders cannot find these options listed on the broker platform they can contact customer support and enquire whether these options are also available as payment methods.
What Guinean traders also have to know when it comes to making deposits and requesting withdrawals is the so called KYC policy (Know Your Customer) which brokers have.
Guinean traders also have to be aware that making withdrawals is a process which takes a certain amount of time. In order to make a withdrawal traders first have to send a request ( a form or a pdf document will be available on the broker platform) which has to first be processed, the processing of the withdrawal again depends on the broker chosen but typically it takes from several hours to 2 or 3 days. If all is in order it will then take several days before the funds are in the traders account.
Auto Trading Binary Options a.k.a Binary Options Robots
In a way it could be called the rise of the robots, but in fact using binary options robots or auto-trading has being going from strength to strength in recent years. The reason behind it is, as reasons go, a rather logical and practical one.
Binary options robots use objective, relevant information (signals) in order to make a prediction about a price of the underlying asset. In that way the human input is either minimal or removed entirely which also reduces the possibility of making a mistake.
Binary options robots do the work instead of Guinean traders via using various mathematical algorithms. Using binary options brokers can be a great way for beginners to venture into binary options trading. In a way, it can help traders feel less under pressure during trading but it can also be a great way for traders to observe and learn and then go into manual binary options trading.
Conducting research is important for those Guinean trades interested in trading with binary options robots. Some robots and signals are free but that is not the case with all binary options robots available. Starting auto-trading process by using Binary Options Robot can serve as a great route to binary options trading in general sense.
Reading informative reviews about binary options robots is a fantastic way to get information and learn more about the particular binary options robot traders are interested in.
Types of Binary Options Brokers
Regulation, types of platform and whether or not they accept US traders are basically how binary options brokers differ between themselves.
Naturally, optioning for a regulated broker is a better approach when traders are going into binary options trading. Though, crossing out binary options brokers simply on the basis of whether the broker is regulated or not. There are plenty of reliable, trustworthy brokers which are not regulated but are safe to trade with. So, again, research plays and important role.
On the other hand, initiation into binary options trading can be a bit easier with a regulated broker simply because of the mental aspect where a trader know that he/she is trading with a broker which is obligated to respect rules, laws and regulation put forward by a regulatory body.
Cyprus Securities and Exchange Commission (CySEC), Financial Service Board in South Africa (FSB) and FMA (Financial Market Authority) are among those which are well-known but there are other regulatory authorities as well.
Different brokers also use different technology, or to be more specific, different software on their trading platforms while some even have their own proprietary platforms.
Trading software used by more than 250 brands is called SpotOption and it is used by one of the biggest name in the Binary Options Industry – Banc de Binary.
TechFinancials is also a fairly spread software and is used by brokers such as Tradorax and 24option.
Binary options broker Porter Finance uses Panda TS trading software. Other trading software present on the market and used by brokers include TradeSmarter, TraderSoft, Leverate, HelloMarkets, BynaryStation and OSytems.
As mentioned before, some brokers like IQ Option and StockPair use their own proprietary platform for binary options trading. That means that the software is especially designed to cater to demands and needs of the particular broker.
The last distinction concerns brokers who do accept US traders and those who do not. This is due to different regulation concerning binary options trading when it comes to USA though this aspect has no effect on Guinean traders.
Security is one of the most important aspects when doing any sort of trading. Especially when it comes to financial transactions, and as such should not be disregarded or pushed aside.
Besides, it is not just financial data that has been shared between the broker (trading platform) and the trader but rather other personal data which must be kept safe at all time.
This is another reason why Guinean traders must research thoroughly the broker they are interested in, and especially look into the kind of security they use on their trading platform.
There is usually, with reliable brokers, info about security available on the trading platform in FAQ section as well as in banking & security and terms & conditions section.
Loads of brokers use the so called SSL encryption system (Secure Sockets Layer) which basically encrypts all data being exchanged between traders and trading platform. It is fairly easy to actually confirm whether or not a broker uses security on their trading platform by observing the URL address which should have either a green bar or a green padlock present as well as HTTPS protocol present (the letter “S” refers to security).
However, traders also have to be aware that the burden, up to a certain point, lies with them too. They should use computers which have some sort of security installed and they ought to use strong passwords to protect their trading accounts.
Localized Approach to Legislature in Guinea
There are no legal boundaries for Guinean traders when it comes to trading binary options.
All the same, advice given when it comes to security applies here too. Guinean traders have to look closely into the broker they are interested in and, ideally, go for the one which is regulated. Especially, when it comes to new traders which have little or no experience when it comes to binary trading. The reason id that such brokers respect rules and regulations imposed by regulatory authorities.
Besides, when it comes to selecting a broker, the choice is wide and going for brokers which both have good reputation and are regulated such as 24option, Banc de Binary or IQ Option makes the choice a bit easier.
Local Tax Notes Guinea
While there is little info available when it comes to tax on binary options trading, the fact is that if profit is made tax should be paid.
Further complication is added when we consider the fact that each country has a different tax regulation which are applied. Enforcing tax laws and providing specific tax code for binary options trading is just another issue involved.
For that reason, we suggest that interested Guinean trader look for professional advice in this aspect in order to avoid any possible problems as regards to taxes. A professional in this area will be able to give relevant information or, they will know where to look in order top obtain the info needed.
Risk warning is something trustworthy brokers will not forgo. In most cases this will be evident on the broker homepage or, there will be a section which will explain in detail the level of risk involved in binary trading.
No business venture in the world is free of risk, and such is the case with trading binary options.
However, those who think of executing binary option trading need to be aware of it and a reliable broker will impart this information to traders.
Finally, traders too have to take responsibility, learn all they can and invest the amount they can afford to lose.
Best Approach for Beginner Guinean Traders
This paragraph in the article will, essentially, summarize what has been said in various sections before.
Information, as we have emphasized, is of great importance and the predominant reason behind this article – supplying Guinean traders with key date when it comes to binary options trading.
Living in the technically advanced era has many advantages and since binary options trading happens online information connected with it can also be found on the Internet.
Traders should start by reading articles (such as this one) on broker review sites since those provide a wealth of interesting and useful information which is usually logically ordered and thus, easier for traders to read and follow.
After broker review sites and articles available there, Guinean traders should explore the trading platforms of brokers they are interested in.
Explore which options are available for trading as well as which expiry times the broker has to offer.
Next, be sure to inspect the asset index to see which underlying asset the broker has for trading.
Reading terms & conditions, FAQ, banking & security as well as security policy are all very important factors in becoming a binary options trader and they shouldn’t be skipped or taken lightly.
Another very important thing is to check the quality of customer support. Traders can use live chat, phone or email in order to ask questions and in doing so, check how well the customer service functions. Guinean traders should take into account how quickly they got the response from the customer service and as well how informative and friendly the agent were. Good and available customer support is of vital importance if a trader should, at any point in the trading, run into difficulties.
Traders should also inspect the sort of accounts the broker is offering and compare what is provided in each account with their own personal needs and demands.
Inquiring whether or not the binary options broker they are thinking of trading with offers a demo account also might play an important role for some traders. If Guinean traders would like to first have a taste of binary trading via demo account, then making sure that the broker has one is rather important.
Traders should also inspect which trading tools and features are available with various brokers since that too will play an important part in making a decision which broker to choose.
Naturally, security, terms & conditions, bonuses and educational materials brokers are offering are all pieces that need to linked together in order for the Guinean traders to get the full picture.
Read, gather information and then make an informed decision is the best way to approach trading binary options.