Binary options have attracted traders of all experience levels from beginners to professionals from all over the world. This type of trading has grown to a respected and credible practice over the years. So if you are curious as to whether binary options trading is legal or not, the above should convince you that it is. However, this is as long as you choose the right binary options brokers.
If your concern is whether it’s risk-free, then, you may asking the wrong questions. All forms of trading—not just binary options trading—entails risk. Even in the real world, every venture, business, and investment accompanies a calculated risk as there’s no guarantee of solid future performance. Acknowledging risks and trading responsibly are some of the primary ways to safely approach trading.
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|Maximum Retursnup to 95%
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|Maximum Retursnup to 95%
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However one way in which binary options trading is better than other forms of trading is that you can properly measure the extent of your risk before you enter a trade. When you trade binary options, you’re aware right up front how much you are risking and how much your potential profit will be on its outcome. You’re only risking the amount you choose, no matter how large or small it is.
Additionally, there’s no risk of leverage, which means you won’t lose more than the amount you risked in the trade, unlike some other types. This way, you’re prepared for incurring potential losses as long as you choose to invest an amount that’s within your means. This prevents you from losing more than what you can afford.
It’s also an affordable way to trade online as you’re not required to trade large amounts. Depending on your chosen broker, you can trade from as low as $1. Some even give you a demo account that you can play around with to help you practice and get the hang of binary options trading before investing your real money.
We’ve seen many novice traders who don’t take time to choose a broker for them. There are a few factors such as regulation, withdrawals, minimum deposit, customer support, and payout percentage that you should consider before choosing a binary options broker.
Over the years, binary options trading continued to be a popular method of speculating in the financial markets for traders who are seeking to diversify their trading. One of the reasons for the continuous rise in popularity is how simple trading binary options trading is and how it’s easily accessible to traders through multiple online trading platforms.
Binary options trading is shown as a preferred trading method for a countless but growing number of traders – including the ones that are experienced as well as those new to the game. This is not surprising; there are a number of factors that make binary options brokers attractive, some of which are listed below:
With binary options, you are rewarded highly for correctly predicting where you believe – based on properly conducted analysis – that the prices of assets listed in financial markets will go. The payout may go as high as 90% of whatever amount you put up.
Binary options trading is probably one of the easiest and most basic ways to trade on the financial markets. The investing and trading premise is very simple; if you believe prices will go up after a particular period of time, go for a BUY or CALL trade; if you believe the prices will go down, go for a SELL or PUT trade. If the market end up moving in your chosen direction, you are rewarded with a handsome payout. Here, your level of earnings is not dependent on how far the market goes in a particular direction, so far it goes.
Even more is the fact that trading binary options are one of the very few trading methods with so low an entry barrier. With binary options trading, you do not need to commit any humongous amount. Your minimum capital requirement is dependent on what your broker stipulates. Other benefits include the fact that the potential for profits are high and that it is a regulated form of trading.
One of the important factors in identifying a binary options broker you should trade with is the binary trading platform the broker provides. After all it is the “tool” you use for trading and in many cases, the quality of which may affect your trading decisions. We have to first examine the criteria that we used to pick the best trading software. What are the qualities of the best binary options brokers or the best binary trading platforms?
1) Regulated by Credible Financial Regulatory Bodies
The first thing you need to ensure is that the binary options brokerage is regulated. It is very important to choose a regulated broker as this means there is some government oversight looking out for the investor, even if the regulatory authority is not within your local jurisdiction.
2) Ease of Withdrawals
Some brokerages are notoriously slow when it comes to paying their client back their money. Even if you like everything else about the broker, always make small test withdrawals before depositing more money in the account. It shouldn’t take longer than 3 to 5 days for any broker to transfer money to your account.
3) Asset Classes & Payout
Not all brokers offer the same set of tradable assets. Don’t assume that just because Broker A offers binary options for Facebook stock means Broker B will offer that as well. Even if Broker B does offer Facebook stock to trade, the payout may also be different.
4) Demo / Trial Account Availability
Do not use a binary options broker that does not provide a demo trading account which lets you try out your strategies using virtual money. Also, make sure the demo account is using real live market data and not pre-recorded data streams. Beginners are highly advised to practice trading using the demo account until they can place winning trades consistently before they dive in with real money.
5) Speed of Execution / Ease of Use
Some binary option brokers have better user interfaces than others. Others may have faster execution times. The better brokers usually offers mobile trading as well and even let you try out their trading platforms without the need to sign up with them first.
Before we even talk about logging into a binary options broker trading platform, you must have undergone a registration process.
If you feel you already have sufficient knowledge to start trading binary options using real money, then it is time to talk about how to register a real money account (live account). Some brokers have combined accounts, which allow you to trade with both virtual and real money, but other operators will require you to register separate accounts.
If this is the case with your broker, then you probably know that opening a demo account is an easy process, which does not require much information.
Opening your demo account is quite straightforward. You visit the main website of the binary options broker. Usually scattered around the homepage of the broker are banners carrying messages like “Try it here”, “Click Here to Open An Account for Free”, “Start Here”, and other related messages.
However, opening a real money account can be a bit more complicated, because you will be asked to provide additional information about yourself, as well as some extra payment details, etc.
Some brokers will require more information than others, but in most cases you will be asked to provide the following information:
When you register a real money account, you will have to choose what the preferred currency of your account will be. Usually you can choose between euros and US dollars, but some brokers will allow you to choose from other major currencies as well. Make sure all the information you fill in is correct, because you may be asked to verify your identity or the information needed for other purposes such as phone support, email support, recovering a lost password, etc.
After registration, you can now go on to login.
One of the key factors you should keep in mind, when choosing a broker, is the payment methods accepted by the binary options operator. Make sure there is at least one payment method, which is available in your country. Almost all brokers accept withdrawals and deposits via credit/debit card and wire transfer. The most reputable ones also provide their customers with additional choices such as depositing/withdrawing money via check, Skrill, Neteller, WebMoney, etc.
As such, we will be discussing and examining the best binary options trading platforms or brokers that you can get access to in Kenya.
To get started trading you first need a regulated broker account (or licensed). Pick one from the recommended brokers list, where only brokers that have shown themselves to be trustworthy are included. The top broker has been selected as the best choice for most traders. If you are completely new to binary options you can open a demo account with most brokers, to try out their platform and see what it’s like to trade before you deposit real money.
IQ Option was established in 2012 and had since then received favorable reviews on the internet. It uses in-house software for trading. The maximum returns are 95%. However, traders in the USA, Australia, Canada, Russia, Belgium, Japan, Turkey, Israel, Iran, Sudan, and Syria are not accepted. IQ Option Europe Ltd. is well-known for reliable broker services, as it is regulated by the CySEC. It provides a wide array of web-based and mobile features that help make binary trading transparent, reliable, and more efficient. For instance, it offers a speed trading service with up to 5-minute increments and hourly binary options in 15-minute increments. It also offers trading expiration periods of up to a month. Moreover, its Digital Options service allows users to trade gold in over 500 assets.
This popular binary options tool offers a free demo account to help you get started. The minimum deposit is just $10 for the Real Account. And for the premium VIP account, the minimum deposit is $3,000. Customer support is currently offered via email, phone, and live chat. Finally, this broker offers multiple convenient deposit and withdrawal methods to help you trade easily.
Binary.com is a licensed broker regulated in the British Isles, Malta, Ireland, and the UK. You can start the trading time aside from the expiry date, and the investment amount is based on the payout you set. The minimum deposit is $10, and for e-wallets, it’s even lower, at $5.
Minimum deposit ranges from $5 to $10 and it offers deposit bonuses of up to 500%.
Deriv is one of the Oldest and most reputable Binary Options company. It was launched in 2000 as Binary.com but rebranded to Deriv in 2020.
Its rebranding is to show that is has gone beyond binary options to offer more smart options trading form including the DTrader for web and mobile phone trading; Dbot which is the proprietary trading bot; DMT5 with which you get to trade your Deriv.com Trading account on the MetaTrader 5 trading Platform; and the Smart Trader.
Deriv as you can see has been in the game for over 20 year, it has over 1.2 million active users and processes over 6 million USD in withdrawals each month.
It is regulated by multiple agencies in the UK since 2012 making it one of the safest platforms to trade on. Deposit and withdrawal options range from bank transfer to debit and credit cards and electronic wallet options. It is also one of the few brokers that allows transactions to be done in bitcoins.
The company was established in 2014 and has ever since risen to become one of the fastest-growing trading platforms in the world. Its users are constantly growing every day with over 240,000 traders and up to 35,000,000 trades closed every month.
OlympTrade is regulated by the International Financial Commission (FinaCom), one of the most prestigious regulators of derivatives trading Platforms globally.
It requires you to make a deposit of $10 to be able to trade. For each trade, you need $1 and above as the stake amount.
PocketOption was established in 2017. Located in Marshall Islands, it is regulated by the International Financial Market Relations Regulation Center (IFMRRC) – and is one of the very few binary options brokers that qualifies to be under the jurisdiction of the IFMRRC.
It has a good user interface (UI) and stellar user experience (UX) making it easy for users to quickly create an account to start trading. Its trading platform is available in web, desktop, android and iOS Versions, you will have no problems understanding this platform as a beginner.
One of the reasons why this broker has grown so popular is because it accepts traders from every nook and cranny, including the USA and Canada. Its limitation is that it only offers binary options trading.
The minimum deposit requirement you need to fulfill to be able to trade with this broker is $50.
Expert Option’ a is binary options trading company that is registered in Saint Vincent and Grenadines. This options broker is certified by IFMRRC (International Financial Market Relations Regulation Centre) and is authorized and regulated by Vanuatu Financial Service.
You can make deposit and withdrawals from this broker using about 20 methods depending on your country, this includes; WebMoney, Neteller, Perfect Money, Skrill, Credit/Debit card, SWIFT transfer, Yandex Money, Qiwi, SMSpayments, Skrill, Fasapay, WeChat, Union Pay, etc.
Minimum deposit is $10.
Spectre is the first Brokerless decentralized trading platform built on the Ethereum Blockchain.
when you create an account with other platforms, you will deposit money into their account to trade trusting that they don’t abscond with your money and also trusting that they always pay you on time when you make a withdrawal request.
But on Spectre, you don’t need to trust anyone one because you are in control of your fund each time. Trading this way is made possible by the Ethereum blockchain. All you need do is to open an Ethereum wallet on the spectre platform fund it and trade directly from your wallet. Since its your wallet, it means that only you have access to the fund in it, even the spectre team cannot access your wallet. It also means that you can only trade binary options on this platform using the Ethereum Ether (ETH).
There is a 24/7 live support on this platform to answer your queries. The minimum deposit on Spectre is $10 in Ethereum.