Setting up your first binary options trading account can be a daunting task. With the right help, however, it is easy. This article, Setting up your first binary options trading account, will be all the help you need.
You will learn:
- How to find the right broker for your needs,
- How to sign up with this broker,
- How to get your account ready for trading.
With this knowledge, it will take you less than 5 minutes to set up your binary options trading account.
Setting up your first binary options trading account: How to do it
Step 1: Finding a good broker
Obviously, you first need to pick a broker to sign up with. If you have already know which broker you want to use, skip to step 2. If not, we recommend you take a look at our top list of the best binary options brokers available.
All of the brokers on our list offer a 100-percent trustworthy service, and you can confidently choose any one of them. Additionally, they all provide first-class demos which allow you to test their service and refine your skills risk-free.
Step 2: Signing up for your account
Once you have decided on a broker, it is time to create your account with them. If you chose a broker from our top list, simply follow the link we provided for you. It will take you to the broker’s sign-up form. If you chose another broker, search for a link to their sign-up form on their website. Usually, these links are prominently placed and hard to miss.
Either way, once you get to your sign-up form, things are easy. Most brokers respect your right for privacy and only ask for the most basic information – you name, currency, email, etc. Fill out the form and click send. That’s all you have to do; now you have your binary options trading account. Easy, right?
Step 3: Fund your account
Now that you have your account, you need something to trade with – you need to deposit money into your account. Most brokers offer three options for you to do that:
- Credit card / debit card: The best option, allowing for immediate and free deposit, and quick and easy withdrawals.
- Online payment provider: The second best option, allowing for immediate and free deposit but often requiring you to withdraw money via wire transfer.
- Wire transfer: The slowest option, with deposit taking up to 5 days and withdrawals up to 10 days. Some brokers also apply a fee.
Pick the deposit method you like best and get some money into your account. We recommend depositing at least $500 to have a nice cushion to survive losing streaks. Also, keep an eye on your broker’s minimum deposit requirements and account model. Sometimes, depositing $100 more will get you a better account type with a high deposit bonus, which will increase your final account balance by much more than $100.
Step 4: Set up your demo account
This step is voluntary, but we recommend it to everyone. Once you have funded your account, contact your broker’s customer support and ask them to enable your demo account.
With your demo account, you can test all your broker’s features with play money instead of real money. This creates the perfect environment for you to test new strategies and improve your trading without having to risk anything.
A demo account is an important tool to accelerate your development. Since it is a free gift, there is little reason to pass it up.
With these four simple steps, you have set up your first binary options trading account. You are now ready to start your trading career. Enjoy!