The selection of a Binary Options platform provider can have a significant impact upon a trader’s fortunes in the Binary Options markets. The platform is where brokers provide traders with quotes, and charts, as well as the place where orders are received and executed. The efficiency with which the platform is able to execute orders as well as the usefulness of the quotes and charting information, will impact upon how well traders do in the Binary Options market. It is therefore important that brokers choose the platform that will best support the needs of the traders who will rely on it to have their orders executed.
The trading platform software may be either web-based or locally based on the trader’s computer. Web-based platforms provide more flexibility in that they allow almost anyone with access to a computer to be able to use the platform. Some of the factors to consider when choosing a Binary Options platform include:
- Cost to use
- The type of order interface
- The user-friendliness of the graphic user interface
- The type of software used (web-based or local based)
- The technical indicators available in the charting components
- Whether the platform can be integrated with other interfaces
Most platforms are free to use or charge a small nominal fee. Many brokers choose web-based platforms because they may be used by a larger group of traders than local based platforms. Also, it is important that traders can easily navigate the interface without any advanced technical knowledge. The technical indicators offered by the platform should facilitate wise decision making and should give access to information in real time. This is because every second counts in Binary Options trading. Choose the Binary Options platform that will best facilitate efficient trading.
Binary options regulations are not yet set and regulated %100 as of now but regulatory bodies such as CySEC are working on the framework for the full regulation of all binary options platforms and brokers. Platforms that are up to par with these frameworks and that are interested in helping the brokers that use their platforms to get regulated such as the TechFinancials platform are the most recommended for brokers and traders.