To participate in any financial market, you can’t access it directly. You have to go through some intermediary; that intermediary is known as a broker. To buy and sell stocks, you need a stockbroker. To trade commodities, you need a commodities broker. So also is the case with binary options. To trade binary options, you need a broker that will give you access to a binary options trading platform. This platform might be an application or website.
The importance of a binary options broker cannot be overemphasized, as without a broker, you really cannot perform any trading operations. However, as binary options trading Ghana continues to get even more and more popular with several newbies coming into trading from time to time, different brokers are showing up with different trading systems.
As such, the binary options brokerage space is becoming more and more saturated. Different brokers are actively employing different strategies to lure traders to come into their platforms. The strategies include juicy bonuses, signup offers, and much more.
| Brokers | Minimum Deposit | Minimum Investment | Maximum Returns | Trade |
IQoption Review
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Minimum Despoit$10 | Minimum Investment$1 | Maximum Retursnup to 95% | Get Free Account |
Deriv.com Review
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Minimum Despoit$5 | Minimum Investment$5 | Maximum Retursnup to 95% | Get Free Account |
Binary.com Review
|
Minimum Despoit$5 | Minimum Investment$5 | Maximum Retursnup to 95% | Get Free Account |
OlympTrade Review
|
Minimum Despoit$10 | Minimum Investment$1 | Maximum Retursnup to 95% | Get Free Account |
Just like with other methods of trading the financial markets, in order to trade binary options, you need a binary options broker. A broker is simply an institution that grants you access to make trades in any market using its platform. A binary options broker provides software on which you can make trades; not only that, you can also conduct trading analysis, stay in touch with market news and moves, amongst a number of other things.
The process of choosing a broker is quite an important one that requires some levels of careful and cautious analysis. This is because whichever broker you choose can go quite a long way in determining how successful you may turn out to be in binary options trading. There are a lot of brokers out there, with different offers and brokerage models. A good number of them are not credible, and maybe outright scams.
As such, one must be equipped with information that will enable you to select the right brokers. And there are some qualities largely common to all good brokers, as summarised below.
By all means, you should go for a regulated broker as there is a clear distinction in the world of binary options between regulated and non-regulated brokers. To be “regulated” here means the binary options broker is registered with financial regulatory authority. Government agencies that regulated binary options brokers include the UK Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), the Cyprus Securities and Exchange Commission (CySEC) and the South African Financial Services Board (FSB).
Signing up with a regulated broker comes with a lot of benefits. For one, you are rest assured that the broker will most likely not cheat you, as the regulator must have put in strict guidelines in place for them to comply with. Furthermore, in the event of bankruptcy or insolvency of the broker, your funds will likely be protected, or otherwise, you will at least receive some compensation.
The best binary options brokers provide quality customer support to traders. As such if you have any complaints, you can easily reach out to get them fixed.
Beyond customer service, your binary broker of choice should provide quality brokerage service. This includes user-friendly platform interface, up-to-date charting and technical analysis tools, amongst others.
One of the more often overlooked tools and factors that may affect the success or otherwise of your trading, is the quality of the trading platform upon which you trade.
The binary options trading platform is basically a tool or resource provided by your broker where you perform all Binary options trading operations. It is basically the platform or program or software where you get to make your trades. The importance of going for a good binary options trading platform cannot be overemphasized. This is because a poor-performing trading platform can mar your trading in really undesirable ways.
For instance, if the trading platform is a slow one, this will cause the trading platform to lag significantly. As a result, you can make trades but they will reflect only much later. This will most likely render your analysis irrelevant and most likely lead to heavy and significant losses. It can also happen that you make a “Close Trade” order, but it will activate moments later.
Similarly, if you make your analysis right on the platform, the analysis platform can be displaying the wrong prices. So, you will carry out your technical analysis on the wrong figures, leading to wrong forecasts and wrong trades. This will cause further heavy losses.
As you can see, it is quite important for you to pick a well-functioning trading platform. However, before you go about deciding which trading platform to pick, you should first understand the types of platforms that we can have in binary options trading.
There is the proprietary trading or first-party trading platform. This is the platform that is developed, owned and managed by the binary trading broker that you sign up with. Binary Options brokers do come up with trading platforms of their own, either on PC or mobile, or even both.
There are both upsides and downsides of making use of a proprietary trading platform.
The biggest advantage of proprietary trading platforms is that they generally have Better Features: A binary options broker coming up with its own trading Platform can customise it with innovative features to give traders a better trading experience than they will get with traditional third-party platforms.
However, a big downside is that they are prone to being manipulated by unscrupulous brokers, leading to losses for traders.
On the other hand, there is the Third-party trading platform, that is a general trading platform, where several brokers can come to host their trading services. By far the most popular of these is the MetaTrader 4 (MT4).
The good side of third-party platforms is that they protect the trader as scam brokers cannot manipulate it. They are also generally more accessible. On the other hand, they can be quite rigid.
Depending on how you look at it, the binary trading software might mean the same as the Binary Options trading platform. As such, a binary options trading software is a computer program or resource that enables you to access binary options trading. The software can be accessible on your mobile device (in the form of a mobile application or via the web) and on a PC (in the form of a web application). As already discussed above, choosing the wrong trading platform or software can really hurt you and your trading. It will lead you to make wrong trading choices and as a result causing you to bag debilitating losses.
Conversely, there are many benefits of choosing the right software for your trading. For one, you have access to a trading platform that has the right mix of tools needed for successful analysis. Furthermore, your trades are triggered at the exact right time; and when you make an order to close trades, they are also triggered as at when due. This protects your account from the losses that may result from a lagging trading software.
Here are some of the best binary trading platforms on the market:
IQ Option is an all-inclusive trading platform that has in recent years dominated the market, especially in Europe.
IQ Option Ghana offers Binary options Services alongside Cryptocurrencies trading, stock CFDs, Digital options and ETFs.
We can say convincingly that IQ Options trading platform has one of the most beautiful and easy-to-use user interface. If you are new to trading, you can practice with the binary options demo account Ghana filled $10,000 which you can replenish. The minimum deposit is $10 and you can trade with as little as $1.
One other good thing about IQ Options is its 24/7 customer support service.
Olymp Trade Ghana is owned and managed by Saledo Global LCC with offices in St Vincent and Grenadines.
The company was established in 2014 and has ever since risen to become one of the fastest-growing trading platforms in the world.
One quite unique thing about OlympTrade is how much it invests in education of its users. There are expert analysts to cater to its clients.
Another impressive thing is that it is licensed by the International Financial Commission (FinaCom), one of the most trustworthy financial services regulators.
Deriv.com can be said to come from history. It traces its history back to the year 2000, but was bearing Binary.com for a very long time, before rebranding to Deriv in 2020. Binary.com Ghana was a huge household name.
The purpose of the rebranding was to signify a shift from purely binary options to other forms of trading, including CFDs.
Deriv.com has a number of Platforms including DTrader, Dbot, DMT5, and SmartTrader.
Largely due to its Binary.com legacy, it has over 1.2 million active users and processes over 6 million USD in withdrawals each month.
Deriv.com Ghana is regulated by multiple reputable agencies and just secured its FinaCom license in June, 2020.
One more unique thing about Deriv.com deposit and withdrawals can be done in binary options cryptocurrency Ghana.
PocketOption was established in 2017 by Gembell Limited. It is based in Marshall Island and is regulated by International Financial Market Relations Regulation Center (IFMRRC).
Its has a solid user interface making it easy for users to quickly create an account to start trading. Its trading platform is available in web, desktop, android and iOS versions, you will have no problems understanding this platform as a beginner.
Above all, they all ensure a superb trading experience.
However, some of these brokers are not necessarily credible ones. In fact, some of them are outright scams and phonies. As such, signing up with them can really lead to some damning consequences.
Nevertheless, does that now mean that you should not trade with any broker or avoid trading binary options as a whole? Of course not. There are so many benefits attached to trading binary options, and as a trader you do not want to miss out on them. But what do you do about the potential scam brokers you might encounter?
The truth is that there are many credible brokers out there; brokers that provide credible services. What you have to do as a trader is get smarter at identifying the scams and separating them from the phonies.
The problem, however, is that there are so many trading software out there; this puts traders in a dilemma as to which to go for. There are some tips to serve as guide to help you pick through the countless numbers of software around.
For one, you should go for a software that features a wide range of trading tools and resources, beyond just allowing you to enter and exit trades. To be profitable, you need to conduct proper analysis. Such proper analysis should include both technical analysis and fundamental analysis. Any good trading software should include tools that help you make such analysis.
You should have access to good charts, coupled with the latest and most relevant indicators. There should also be a news feed that conveys the most important financial markets news and events relevant to your trading.
Another factor you may want to pay attention to when picking your trading software is how available it is on multiple channels. Typically, you should go for a broker software that allows you to trade on any device – PC, smartphone and/or tablet. Importantly, your trading activities must be synced across all channels.
We are increasingly in on-the-go world, where we can literally get any carried out via binary trading mobile Ghana applications.
We discussed above that one of the major reasons why government authorities do not allow binary options trading in some countries is because of the prevalence and popularity of scams attached to binary options trading. These scams manifest in various forms and manners.
First, we have broker scams which are the most popular form of scams you will find in the binary options space. Fake binary options brokers entice you to open binary options trading accounts with them, with promises of benefits that cannot be found anywhere else. The benefits they promise include risk-free trading, high payout percentages, huge bonuses, and many other juicy and enticing offers. Some notable brokers that accept Ghanaians include IQ Option Ghana, Olymp Trade Ghana, Deriv.com Ghana, Binary.com Ghana, amongst others.
Then there are binary options signal scams. These exist in the form of persons promising to send you daily winning signals to trade the markets. They tell you that with their signals you can make extraordinary amounts on a daily basis, in the region of 200% or more returns daily.
There are some pointers that can help you spot potential broker scams. For one, most binary options broker scams lack regulation. That is, they are usually not registered with any regulatory body in Ghana or anywhere else in the world. Potentially scammer brokers also promise you with bogus offers and bonuses that you may likely not find with any other broker in the industry. While this is not a blanket rule that applies to all scam brokers, it is more often the case that brokers that promise you with offers that are too good to be true that do engage in broker scams.
They pose as expert traders with several years put into the craft, claiming that they have discovered “secret” methods that can give you the maximum winnings every day. You should never fall for this because it is quite difficult to do signals in binary options.
An increasingly popular form of scam is the binary options trading bots scams. A binary options robot Ghana or cryptocurrency trading bot Ghana is a computer program designed to help you make trades without you being involved.
In short, the software conducts trading analysis for you, and then based on the analysis, enters trades and exits them. These binary options trading bots are developed by people and imputed with certain criteria or conditions that they have to meet.
The benefits of making use a trading robot to make trades are numerous. For one, you will be able to delegate the stress of having to make trading analysis yourself to a computer program to do it for you. This software (i.e. the trading bot) can scan numerous markets and assets for potential trading opportunities, something that a human trader cannot do.
As a human trader, you cannot be available for trading at all times; you will need to attend to all other necessities of life. As such, you will miss out on a good number of opportunities that come along when you are not available. The binary bot does not have this problem, as they are always up at all times.
However, more often these bots are developed and sold by scams and phonies. They usually do not work. Some which work will end up making you lose huge sums of money.
