It is not an easy task to find a binary options broker which will provide the kind of service traders would like.
In the last few years the South African market has seen an increase of the popularity of binary options trading as many South Africans recognised the vast potential to make a profit via this online trading opportunity.
However, with the increased interest the number of binary options brokers available has also risen and now, with over 300 brokerages available traders can feel not just overwhelmed but also confused or even lost when it comes to selecting one (or more) to begin their binary options trading journey.
Since we became aware of this issue, we decided to present a guide on best qualities of binary options brokers to help prospective traders during this sensitive process of picking up a broker that will suit them the most.
Of course, different traders have different requirements but, in analysing the general circumstances we have managed to pinpoint the most desirable qualities most traders want for their broker to have.
What to Look Out for When Selecting a Binary Broker?
Further in our guide, we shall present the best qualities of binary options brokers in South Africa the hopes of not just making the initial selection a bit easier for South Africans interested in binary options, but in selecting the best broker aid them to secure an overall profitable trading experience.
Security of Trading Platform and Funds
In fact, there is a little trick traders can use – just look at the URL area and if they can spot the letters HTTP and a small green padlock that is the immediate indication they are dealing with a broker which uses protection on their site. Of course, it is advisable to go beyond that and browse sections such as FAQ, Terms and Conditions as well as Security.
In fact, more and more brokers have a section which is completely dedicated to describing to potential traders which sort of security they use on their trading platforms. In most cases that is the so-called SSL protocol or Secure Socket Layers which basically encrypts all data being exchanged (financial and personal information) on the platform and makes it safe.
Additionally, South Africans looking to trade binary options should always look for a broker which keeps al trader’s funds in a segregated bank account.
Interested traders should try to be as thorough in their research as possible and if there are some additional information they want on the safety protocols used with a specific broker they should not hesitate to communicate with a customer support either.
Professional and Available Customer Support
Since we already mentioned customer support we should like to expand further on this point so that South African traders get the full picture of why that is among the best qualities of binary options brokers.
Customer support service is the traders’ immediate link to the broker themselves and they are the first that a trader will get in touch with if there is a problem or if they have additional questions. If a broker is dedicated to their traders they will not cut corners when it comes to customer support but will instead aim to have the best possible team of agent available to their registered traders.
With most brokers nowadays, South African traders will have several options of communication with Live Chat being both the most popular as well as the quickest solution.
So, before settling for a certain broker, go online and chat with their customer support to judge the quality of their response.
Demo Account Availability
It is never easy to take on a new thing, and the same is applicable to trading binary options.
Despite the fact this is one of the simplest forms of financial trading it can still be tricky for South Africans which have never done this before.
For that reason demo account is also listed among our best qualities of binary options brokers in South Africa.
The demo account can be an incredibly useful tool for budding binary options traders because it provides them with the unique opportunity to practice their skill set in a safe environment.
This is possible since the funds on the demo account are not real but virtual and traders do not face the potential risk of money-loss.
In most cases, the demo account is either the same as the real trading account or it is the approximation of the one. At any rate, with the demo traders get to learn how to navigate the platform and acquire at least the basic skill set which they can later use in actual binary options trading.
Various Trading Account Types
Another aspect which can be put under best qualities of binary options brokers in South Africa is the variety of trading account types the offer. Naturally, that does not mean that binary options brokers who offer only one or two types of accounts are bad or a scam, but having a healthy variety to choose from provides prospective South African traders with more options.
In general, account types do not just vary on the minimum deposit but also according to a specific set of trading features and benefits included within each account type.
That is why we advise South Africans looking for a broker to carefully study this section on the broker platform.
A Variety Trading Tools and Features
However, it does point to the fact that this broker put additional effort into providing their traders with addition help which can help them in making the binary options trading journey more profitable.
So, taking a look at what tools and features broker offers can also be a good pointer when it comes to best qualities of binary options brokers in South Africa. Aside from the mentioned demo account, traders van also check if the broker offers a mobile trading application.
This is a fantastic trading tool since it enables traders to trade on the go and constantly monitor the market circumstances but without the need to be constantly behind a computer.
With the advanced technology, mobile trading apps are just as efficient as standard trading platforms and most brokers provide the app for bot iOS and Android mobile devices.