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When dealing binary options over the Internet, you will need to employ a binary option trading platform. These platforms generally consist of downloadable or web-based programs or apps that allow you to execute binary option trades. All of them require access to the Internet for a trader to enter binary option transactions.
Some of them run on your desktop or laptop computer — either as a stand-alone, downloadable program or within your favorite web browser — while the mobile apps will operate on an Android or Apple iOS mobile device and allow binary option trading while on the go.
Some of the basic binary option trading platform features and what you should look for in a desirable platform are listed below:
(Before reading about these features, must check our suggested brokers for new traders
1. Trading Interface – Look for an interface that is intuitive and simple to use. Those who speak a language other than English may wish to have a platform that supports multiple languages.
2. Multiple Asset Trading – Make sure your trading platform offers a significant number of underlying assets that you can trade binary options on. For example, look for a platform that supports forex currency pairs, commodities like precious metals and energy products, and important stocks and market indexes as this can help you improve your trading profits via multi-market analysis and diversification.
3. Expiration Times – Your chosen binary trading platform should support both hourly and daily expiration times suitable for short or longer term trading strategies.
4. Maximum Payout Percentages – Look for a 75 to 90 percent payout rate on successful binary option trades, as well as a payback on unsuccessful trades in the 5 to 10 region so that you do not lose all of your investment in a trade if your market view turns out to be incorrect.
5. Minimum Initial Deposit – Check out the minimum amount the broker is willing to accept to open an account and what sort of registration fees might be incurred when signing up for a new binary option broker account.
6. Bonus Amounts – Many binary option brokers offer bonuses to traders that are sometimes as high as 25 percent, so be sure to check what bonuses are available and what you have to do to qualify for them when you sign up for an account.
7. Payment Methods – Most binary option trading platforms offer a payment gateway that has various options for funding an account. They also usually provide a funds withdrawal interface to request the removal of funds from an account.
Binary option trading platforms can be either proprietary to a particular online broker or they can be provided by a software company.
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