In the previous article, I have proved that Binary Options trading (BO) is not a scam. But to be able to choose a trusted and reliable Binary Options broker is another thing. In this article, I will guide in detail how to check & review a Binary Options trading platform.
From there, you can conclude whether it is reliable or not. Or is it worth it to deposit and participate in trading?
Commitment: We are traders from How To Trade blog. We do not tell an untruth or entice traders to participate in Binary Options. All points made are accompanied by evidence (detailed link) that you can check for yourself.
Step 1: How to review a Binary Options platform
Almost all Binary Options brokers operate online. Their trading platforms work on the website. Therefore, you absolutely can use a number of tools to check these platforms.
Within the scope of this article, I will guide you to use two different tools, which are Similarweb and Hypestat, to review Binary Options websites are trusted and reliable or not.
Use Hypestat to review a Binary Options platform
Hypestat is a very effective website domain checking tool. Regarding online trading platforms, you can completely check the following: How many daily visits are there? Is that trading website popular? And how many countries in the world are using that Binary Options web?
A detailed video on how to check a Binary Options platform is a scam or a reputable platform via the hypestat.com website
Let’s take IQ Option as an example
Every day, IQ Option has nearly 22 million unique visitors, and about 29.5 million page views. This is a very large number for a website. At the same time, the web site is hosted at North Richland Hills, TX, 76182, Cyprus
You can check it yourself at this link: https://hypestat.com/info/iqoption.com
Or Olymp Trade trading platform
Every day, Olymp Trade has about 2.7 million unique visitors and over 3.6 million page views. And the website is hosted in Amsterdam.
You can check it yourself at this link: https://hypestat.com/info/olymptrade.com
Use Similarweb to review a Binary Options platform
A trusted and reliable website trading with many traders visiting to trade every day will definitely have a great ranking. By using SimilarWeb, you can check the rankings of the Binary Options platform in the financial world.
Video on how to use Similarweb.com to check the rankings of Binary Options platforms
For example, IQ Option ranks the 4th in the 100 largest investment websites in the world.
Or regarding the Olymp Trade platform, it ranks the 69th out of the 100 largest trading websites in the world.
You can check it by yourself with this link: https://www.similarweb.com/top-websites/category/finance/investing (Rankings will continually change monthly).
Remember: A trading website is a platform for traders to trade every day. Therefore, using tools, we somewhat know the number of traders as well as the popularity of the Binary Options trading platform worldwide. The higher the index is, the greater the reputation will be.
Step 2: Check the credibility by the trader community
The trader community is the best place to give you objective reviews of Binary Options trading. All scams, scandals, fraud proofs, etc. about trading brokers will be shared by the community. You can use Facebook to check the credibility of participants in trading around the world.
Let’s take the Olymp Trade platform as an example. They are rated 4.1/5 stars on the Facebook community. And there are lots of good reviews from over 2000 traders worldwide. You can verify that with the Facebook link below: https://www.facebook.com/olymptradecom/
One of the other extremely popular trader communities is Quora. All frauds, scandal, and proof of scam will be posted on this website. You can read for yourself, find out, and make conclusions for yourself. For example, here are some comments about the frauds of the IQ Option with evidence. Detailed link: https://www.quora.com/Is-IQ-Option-a-scam-or-a-trustworthy-broker
Step 3: Review the criteria of a Binary Options trading platform
This is your own step. You will directly review a Binary Options trading platform through the following criteria:
The trading platform is legally licensed
The operating license is always an important factor when assessing whether a trading platform is good or not. Unlicensed binary options platforms are not always scams, but they are not trusted and reliable. Because no one will protect you if a dispute arises. Reputable platforms should be licensed and regulated by at least one of the following reputable organizations:
CySec – The Cyprus Securities and Exchange Commission
IFC – International Financial Commission
FCA – Financial Conduct Authority
CFTC – Commodity Futures Trading Commission
These are investor protection organizations, ensuring the investors’ money when participating in the trading platforms in the event of an incident. That is why you need to trade on platforms with the approval of one of the above organizations.
For example, The Olymp Trade trading platform is licensed and guaranteed by the International Financial Supervisory Commission. Detailed link: https://financialcommission.org/olymp-trade/
Or, the IQ Option platform is licensed and legally recognized by CySec in Europe. Detailed link: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/40647/
Offer a demo account
A Binary Options Demo account is the best way to get you familiar with the trading platform. You can also experience and decide whether you should participate in this platform or not.
So you need to join the trading platforms with a demo account first. You can try out at more than one platform to compare and choose the broker that you feel most suitable for you.
Payment method and liquidity
The payment method or intermediary payment is the place that will guarantee your deposit and withdrawal with a Binary Options trading platform. Regarding reputable platforms, they will support many payment methods to create the most favorable conditions for traders.
Take for example some platforms such as IQ Option, Olymp Trade. In addition to payment methods such as Visa/MasterCard, they also link with local banks via online banking. Or they also are in contact with highly reputable e-wallets in the world such as Neteller, Skrill, Webmoney, etc.
Liquidity is one of the factors which decides which Binary Options broker you should choose. Simply, we participate in search of profits. But we can only know when we can withdraw money into a bank account.
If this is your first time participating in Binary Options trading, you should only deposit a small amount. So choose to participate in platforms that allow the minimum deposit amount as well as the minimum amount for each transaction. Ideally, for starters, we should choose platforms that allow a minimum deposit of $10 to $15 and the minimum amount per transaction is only $1.
Customer support service
In the course of trading, there will certainly be times when you need to rely on the customer service team. Especially when you are a new trader, you may need this support 2-3 times per week. That is why you should learn and choose a platform with a fast, professional, and dedicated support team.
Ideally, every country should afford its own support team. So you don’t have to worry about the language barrier. Remember, all the money-related issues desperately need support from dedicated customer service.
One last word
Above are some detailed instructions on how to check if a Binary Options broker is trusted and reliable. Do not listen or believe in anyone. Do it yourself. It will expose some facts that not everyone tells you.
Protect your money by checking carefully with all 3 steps above before participating in any Binary Options platform.
Wish you success!