Given the number of binary services in operation, investors who are starting out on a new trading adventure should carefully evaluate the strengths of the trading platforms that they will have access to upon signing up with a particular service provider. In this article we investigate some of the factors traders should think about when evaluating a particular binary platform.
Consider available option types
The investing technologies vary with respect to the types of options that can be traded from the dashboard. Types typically include traditional (or classic), but increasingly the tools include other exotic formats like pairs, 60 second, long-term and one-touch options. Any investment technology should be evaluated in part by the variety of types of investing that it accommodates. Greater variety of types generally implies that there are a greater variety of profit opportunities for you to capitalize on.
Consider security standards
Security is a vitally important aspect of financial technology, for two main reasons. First, you want to ensure that all trades are encrypted so that malicious software and unauthorized parties are unable to intercept the trades that when they are executed. Second, you want to ensure that your account details and funds a secured against malicious threats that may wish to steal your credentials (and ultimately, misappropriate your funds). Details of the security measures that are integrated into any technology should be communicated to prospective users of the technology. If a tool does not covertly convey security measures, you are probably better off moving on to another tool that takes user security more seriously.
Consider cross-device support
Service providers are increasingly making their technologies available on multiple platforms. In other words, they provide a cross-platform investing experience. Such cross-platform support generally enables investors to execute trades via web-based dashboards as well as on native applications (for mobile operating systems including iOS and Android). The strength of a particular tool should be considered on the basis of how important cross-platform functionality is for your particular use case. If you are content with trading that takes place exclusively within the content of a desktop web-browser, then it is probably not essential for you to downgrade a tool for its lack of cross-device support.
Consider the user interface
Different trading tools have different user-interfaces. Some are uncluttered and easy-to-use while others are relatively more cluttered and require more time to master. Most service providers enable you to gain exposure to the user interface for free, so you should be able to get a test-run with different interfaces to see what works for you before making a deposit. Service providers are less inclined to provide free handson access to mobile applications for people who are not yet customers, so you may wish to ask one of the support staff to provide you with a step-by-step walkthrough of those applications before making a deposit.
As illustrated above, what defines the ‘best’ tool depends in large part on the option types you want to trade and your user interface preferences. Regardless of how you trade, you want to make sure that the tool’s providers have taken measures to ensure your security, and you want to make sure that you can run the application on your preferred devices.