Broker Comparison: Choosing the right broker

A broker has a much greater influence on the results of your trading performance than most are aware of. To be honest, all brokers look like the same at first. Or can you recognize a difference between these images?

At first sight, the upper trading surface is white and the lower is black. Of course, there are slight differences like the order of the tabs. Clearly, you can trade at both platforms without any problem. In short: there is no reason why you should prefer a platform because of the trading platform. But this is not what makes a broker. If you choose your broker arbitrarily, just because you like it so much, you will not be happy in the long run. We therefore show the important parameters, which you should consider when choosing your broker:

Payout rates: A clear criterion is the payout rate of a broker, i.e. the conditions of trading. This criterion is very important because it has a direct influence on profits. For instance, if you can trade with an option at EUR/USD with 85% at one broker and 80% at another, of course you should choose the first one. But, at the same time you should not choose a broker just because it has the best payout rate, neglecting all other parameters. This is exactly the mistake, which you should avoid. First of all, you should examine which payouts are offered for which options. There are brokers which offer high percentages, but have very few and unpopular options. The payout rates are much lower for most popular options. Examine the payouts for exactly those options that you would normally trade. So, you don’t arrive simply at the most convenient broker but compare further.

Customer service: It’s very good when the customer service always stays on your side when you need it. When everything goes well, you don’t want annoying phone calls and such and you want a competent contact person in case there are problems. In terms of customer service, the good ones can be separated from the bad ones; here there are clear differences between brokers. Especially as trader whose native language isn’t English, you have to know that a broker with support in your native language is preferable.

Provided Options: Many people say that this is only playing and you just need digital options, Touch and Boundary (if these terms are unknown to you, you can have look at here). However, there are many situations where certain options can be very valuable. If you know for example, that on one day important news can affect the price in the opposite direction, then you can get High Yield Range Option at certain brokers, which offer you up to 400% profits. Having access to a wide range of options is actually a big advantage and you should prefer a broker with a broader selections.

Deposit and Payout: In binary options trading, it’s important to move the money to your broker and then back to you. It’s easy to say so but in reality it’s not the case, because brokers for binary options trading don’t offer a wide selection of payment methods. Normally, you can make deposit only with credit cards, wire transfer and maybe with Skrill. Paypal, Paysafecard and other payment methods are rare.