Trading binary options starts with choosing a broker. There have been written a lot of articles about brokers, but none of them really answer the question if you should go for a bigger or a smaller broker. Here are some things to consider when choosing a smaller or larger broker.
The amount you’re investing
If you’re starting out small, it doesn’t really matter what size broker you choose. Some larger brokers offer great accounts for smaller traders, but the same goes for more than a couple of small brokers. If you’re starting out with a larger sum of money, you can better choose a larger broker, simply because they are more accustomed to larger traders and can usually offer you a better deal.
The wiggle room
Speaking of deals: it does pay to shop around. Great deals can be promised on the website, but we’ve seen more than once that account managers can get you even more once you talk to them one on one. Here we see that larger brokers often have stricter guidelines for their account managers, and smaller brokers can offer a bit more wiggle room. However, some large brokers have great bonuses to start with.
Once you’ve found the profitable trading strategy that delivers trade after trade, your trading account will start to fill up. At this point it’s wise to start looking into your broker and see if they have the means to pay out your profit. This is a problem you won’t encounter with large brokers such as IQ option and Binomo.
You’d think a broker isn’t much more than a website and an account that you fund. Well, it is. Some brokers have competitions among traders where you can win large prizes. Others offer great extras, such as trips and tickets to games. These are usually – you’ve guessed it – the larger binary options brokers.