On trader forums, there is often a dispute over the features and benefits of different options platforms. Of course, everyone praises the terminal that brings them a profit. Yes, sometimes they are quite different, yet sometimes very similar. You can find a lot of controversy concerning the new trading software developed by the Binomo company. Perhaps we should start with this product when considering the advantages of trading terminals.
So, what do we often see on the official websites of brokerage firms? Of course, we are talking about trading terminals. Usually, brokers offer the following kind of trading software:
By the way, prior to the development of its own product, the Binomo broker had something similar in its arsenal. But the company wanted to develop in the direction of innovation, so this technological miracle wasn’t in use for long. What can we do on that trading platform? To be honest, not much. This type of terminal is very poorly suited to profiting from options trading: trading buttons and quote charts cannot speak to the performance of the trading terminal. Let’s start with the good. On these platforms, you can change the chart’s timeframe, which is no doubt good for trading, but what on that chart, meaning its size, can you see or determine? Well, except for a good prolonged quote trend. But, according to statistics, traders, in most cases, use short-term and medium-term options in conjunction with trade strategies based either on technical indicators, or on technical analysis indicators (figure patterns). These trading approaches cannot be applied on a microscopic chart with linear mapping, and without an indicator set. But, still, there are some pluses – the variety of option types (Pairs, One-Touch) and high-yield contracts – up to 85%. Just try to get that kind of profit using this terminal!
The Binomo platform
Now, let’s look at the Binomo terminal, which appeared on the market in the summer of 2015, and has made quite a stir and brought notability to the broker:
In our opinion, it’s quite another matter. The quote chart occupies almost the entire screen, and the quotes themselves can be displayed in a linear format or in the candlestick format, which means that the use of technical analysis is already possible, which is an undeniable plus. In addition, the binary options trader will finally be able to see the history of asset quotes – this allows you to evaluate the effectiveness of a trading strategy without registering transactions. But the Binomo broker didn’t stop there; they took a big step toward the automation of quote movement predictions. The company’s new terminal has an integrated indicator set. This has opened up new opportunities in binary options trading. Another useful technical platform service and trading condition from this broker can be considered the trader-controlled function of returns on unprofitable positions – which is, literally, a new word in risk management and trading capital.
Some traders say the Binomo company made a mistake in moving away from the classic classification of options by time of expiration (turbo options, long-term, classic). But, what, essentially, changed? The expiry terms that have been used for these kinds of options are still there, they are simply collected in one menu. Of course, if the name of the options is what makes you profitable, then yes, it was a broker error, but this fact casts only doubt.
Let’s talk a bit more about the platform’s indicator set. No, we can’t say that it features a large list of indicators – there are only 4. But, they don’t exist at all on other platforms:
At the same time, pay attention to the selection. These are the best and most popular technical indicators in options trading. In our opinion, this is the best list of automatic indicators, and it’s sufficient for the construction of many trading strategies. They can be used equally well separately or in various combinations.
For your general information, it should be said that with the advent of the new Binomo platform, the company has not changed its trading conditions. The same minimum deposit is 10 USD, and the minimum trading lot is still 1 USD. And contract profitability increased a bit – up to 87%.
To summarize, this trading software has already proved its worth by gaining a lot of fans that claim their profit statistics have grown on the new terminal. Against this backdrop, we can say that the best platform for binary options today is the Binomo platform.