Absolutely! In fact, you can make a lot of money and you can do this very quickly. However, the question should really be; Can I really make MORE money with binary options than I lose?
This particular question really depends on three things:
- Do you have a really good broker
- Are you a non-emotional person who has a logical system in place
- Do you have a little luck on your side?
There is always going to be risks. The higher the risk the higher the possible rewards. You wouldn’t be reading this article if you thought otherwise. But the real difference between dabbling with binary options as opposed to most other types of online trading is that you cannot mitigate your loss with a single binary option trade. So, what does that mean? Once you’ve finalized the trade, you either win big or you lose everything you have invested for that particular option.
The other thing you should know is that unlike many other financial activities, Binary Option Trading is not currently a heavily regulated industry. As a result, there are scammers, fraudsters and individuals with ill intentions out there. I’m not trying to scare you away from this type of trading – we personally love it! You just have to be aware of who the sharks and fraudsters generally are, where they hang out and how you can avoid them. Most of all, you need to know who to trust. Once you’ve got that, you’re ready to take your shot!
Did You Know?
Binary Options Trading can be on 4 separate asset classes; currencies, commodities, stocks and indices. Whereas, Forex limits itself to currency pairs. This means that binary options gives beginners a major advantage. You can utilize the basic analytics of trading as all classes are available to you under 1 single platform.
To make money, you need to make sure you can take advantage of the platform you are using and hence consideration must be placed on the quality of the broker you are going after.
Why Does Your Broker Matter So Much With Binary Option Trading?
Most people don’t know this but there are clear reasons why some people profit and others lose everything. The main reason, as noted above, is the quality of your broker. The quality of your broker has a lot to do with the quality of trades executed, the security of the money you’ve invested and the speed at which the entire transaction is executed. These are just a few things to watch out for.
As I said above, there are a lot of scam artists out there and they love to hide behind the name “broker”. Check out our broker’s reviews before deciding anything, if you see positive reviews then the next step would be to sign up for a free trial account (this a pretty common practice amongst the top brokers).
Look at where the broker is based, there are a lot of tax havens out there and for that reason I’d just taking a deeper look at anyone that is based in a country that is generally fairly lenient on government regulations. It shouldn’t be your deciding factor, but it is a consideration.
There are brokers everywhere. There is no shortage of brokers popping up with various minimum deposit levels and terms. What has happened though, is now it is becoming very hard to differentiate the good ones from the bad ones. I’ve seen this happen across so many areas of my life. I trust reviews now, not what the actual site is telling me. Make sense? It does to me at least, that’s how I’ve been operating for a while now.