There are so many binary options brokers out there; it seems hardly logical to just stick to 1. Just a simple reason to choose multiple brokers would be that there is a better chance of finding that 1 broker that perfectly suits your needs. On the other hand, switching brokers could mean you will never develop a profitable long-term relationship with 1 broker. These are just some emotional examples of why you could choose either 1 or multiple brokers. Below are some rational thoughts on the matter.
You Have Enough Money
The most obvious reason you could (but don’t necessarily have to) look into multiple brokers is that you have enough money to fund multiple accounts. Different brokers have different platforms, different account managers offering different strategies, and different payout percentages offering a better risk spread. If you are wealthy enough to fund more than 1 account, this is something to consider.
You Feel You’re Being Scammed and Need a Second Opinion
Let’s start by saying that as much as we would like to deny it, there are still scammers out there. One of the best ways to expose a scammer is to compare the scammer’s information with the information of a trustworthy broker.
Getting off to a flying start is always comfortable. The best way to do this is to start with a nice bonus to add to your broker account. If you want the best bang for your buck, you must deposit everything on one account.
You’re Afraid to lose oversight
Having multiple accounts means you have to keep track of multiple accounts, so multiple trades running on multiple platforms. This can get pretty complicated if you’re not great at multitasking. The most important thing about trading is that you never lose focus. So if you’re afraid to lose focus, you better stick with 1 account.