Best binary options software
In binary options trading, an important issue is the choice of an online trading platform. Modern trading platforms are more than just a trading terminal with the ability to open or close a trade. It is a powerful resource for online investing, which provides the ability to research the market, analyze trends, track all important changes and keep up with the economic news. Today every trader can choose a trading platform depending on personal preferences and their own trading strategy. But there are a number of characteristics that all quality softs have in common. These characteristics are:
- easy and simple registration in the trading system;
- low deposit and withdrawal limits, easy payment methods;
- availability of the test account for training as well as of the theoretical section with training materials;
- analytical tools for market analysis;
- user-friendly trading tools;
- user-friendly interface of the program and flexible settings of trading software.
In this short article, we will take a closer look at the qualities of the best binary options trading software in South Africa.
Open a working account
Registration on modern trading platforms is adapted to the skills of the average internet user, so you should have no difficulty at this stage.
These simple actions are enough to give you access to a practice account, training section, up-to-date information on the platform, and other features, apart from real trading.
For live trading and the ability to withdraw money from the platform, you need to fund a live account and go through a simple verification process. All you have to do is provide scanned copies of your ID and provide any additional information requested by the system. Follow the system's prompts and get verified in just a few minutes. Some platforms have introduced video verification, which further simplifies the process.
To register on a trading platform or download a trading application, use only official sources.
Register or use the links to install the mobile version of the programme from the broker's official website, or using the official playmarket on your mobile device. Do not use registration links from unknown websites or spam advertisements to avoid fraudulent activities by third parties.
Test the platform with a demo account
The best binary options trading platforms will give you the opportunity to open a demo account.
A demo account is an account designed for learning. It is fully identical to a real trading account, and the system will credit this account with a certain amount of fictitious money for training operations. You can make any trading operations on your demo account, open and close trades, buy various assets, connect indicators for test market analysis, enable leverage, and so on. You will see real quotes and real work of the platform, thus getting a chance to learn how to trade real money. In this case your risk of losing money is zero, because the funds on the demo account are not real.
In addition to a demo account, the best binary options trading software comes with a tutorial section with video lessons on trading and investment analysis. Be sure to take advantage of this great opportunity and study the free lessons provided on the platform.
Study the lessons, test your theoretical knowledge on a demo account and improve your knowledge and skills as a trader.
Activate a real account
Activate a real trading account by depositing and start real trading.
The best binary options trading software will offer you several options for funding your trading account. High-quality and reliable trading platforms cooperate with well-known and popular online payment systems, which indicates a high level of security and reliability. Activate the deposit option, choose a convenient payment system, deposit the amount you wish (not less than the limit set on the platform) and confirm the transaction. You can also use your debit card to fund your live account.
As a rule, the money is credited to your account instantly. In some cases it may take three to five business days for the funds to be credited, and you will be informed in advance.
Withdrawals can be made using the same methods as when you deposited your account.
When choosing a trading platform, be sure to check which deposit and withdrawal methods it offers. The limits and transaction fees should be suitable for you.
Make a correct forecast of the asset's value
What is the essence of binary options?
A binary option is an all-or-nothing trade.
This means that you invest a certain amount of money and you make a prediction about the price of the asset going up or down at the time of the trade expiry (expiry time). If your prediction turns out to be correct, you will make a profit, which is predetermined on the platform. If you are wrong in your forecast, you will lose the entire amount of your investment. Hence the name "all or nothing".
Many people confuse binary options trading with gambling because of the specifics of option trading. Indeed, you invest in a trade, make a prediction in the form of a bet on a rise or fall in price and either win or lose. It is reminiscent of roulette betting, which is why it is very common to hear negative comments about binary trading and even accusations of fraud against brokerage companies.
In fact, you should remember that binary options trading is not a gambling game, but a trading operation, the outcome of which depends not on pure chance, but on many factors, such as economic, political, environmental, man-made and others, as well as on the industry condition (if the underlying asset is a commodity) or on the internal politics of a company (if the underlying asset is a stock).
Therefore, when opening a Call trade (predicting an asset's price to rise) or a Put trade (predicting an asset's price to fall), one should not act at random because it is not a bet on "luck", but rather an economic forecast. Novice traders who do not understand binary options or binary trading laws, acting at random, are unlikely to make much profit.
In fact, binary options trading can bring you a very good profit. Brokerage companies offer up to 90% of the profit of the investment amount. All you have to do is to analyse the market and make a right forecast.
Advanced traders use methods of fundamental and technical analysis in order to determine the most probable scenarios of price situation on the market.
Fundamental analysis is based on real reports, figures and statistical data. Fundamental analysis is a good indicator of factors, which influence the market. In other words, it helps a trader to understand the reason of a trend.
Generally, this method of analysis is used for long-term investments.
The best binary options trading software is supplied with sections to aid in the fundamental analysis of the market, such as the "economic calendar" and "market analysis" as well as a news feed showing all the current changes in the world that affect asset prices. Technical analysis is used in medium- and short-term transactions. It is based on certain regularities and cyclicities of the exchange market, which can be calculated with complicated mathematical formulas and displayed on a price chart. To do this you need to choose a particular indicator and activate it. The best trading platforms offer a good selection of indicators, as well as graphical tools for self charting.
When choosing a platform to trade binary options, make sure the platform is equipped with the right tools for technical or fundamental analysis.
Platform settings and feedback
The developers of the best trading applications have taken care of trader's comfort by equipping the terminals with flexible settings that allow you to customize the platform to your liking. Yes, you will be able to choose a background design for the trading room, as well as change the colour palette and type of quotes chart displayed. The convenient notification system will allow you to keep abreast of important changes in the market just specify in the settings the type of alerts in the form of a reminder on the screen, an e-mail or a personal call from a call centre employee, as well as the type of notification about price changes, opening or closing a deal, and so on.
Of course, the best trading platforms offer you round-the-clock feedback in the form of a technical support chat, in case of unforeseen technical problems or just current questions. You will be able to choose a comfortable language of communication and get an answer to your question within a few minutes.
Choosing a qualitative trading platform is a guarantee of comfortable work and a good resource for experienced traders as well as a training ground for beginners.
Open a demo account and try out the best binary options trading app in South Africa for yourself!