Let’s take a look at 5 crucial tips that you should pay attention to right from the start. These are very, very simple guidelines, and following them is a must. Don’t say you weren’t warned!
1. Watch out for bonuses
Every broker offers bonuses, of course. But why? Why do they want to give you money?
You can already guess – bonuses are given for a reason. They need to be processed. Always. In other words, to turn the account around. Turnover is the sum of all trades. These conditions are described in the rules, which newbies always ignore.
Turnover (trading volume) is not the funds earned, but the sum of all trades, both profitable and unprofitable.
A professional may be able to get the bonus, because for him it’s a gift and he knows exactly how to get out of the situation. A novice doesn’t. And if you’ve just come to this topic, refuse bonuses always and everywhere by unchecking boxes like these.
2. Avoid scammers
We’ve already mentioned that binary is a complicated subject. There are real binary options that are inaccessible to us (and nobody needs them), but there are betting options. The latter are divided into suitable and… not very suitable (and completely unsuitable).
So far, even though 2022 has long since arrived, crooks and scammers of all kinds keep popping up on the market.
A trader needs to work hard to select the most suitable brokers. Nowadays, it’s either old Forex brokers with binary options, who have been on the market for at least 8-10 years, or old and respected binary offices that have been operating for 5 or more years.
In the old days, regulations made the selection, now it all depends on the opinion of those who use the office.
So:
- choose old and proven offices;
- don’t listen to the managers of binary and Forex companies;
- don’t look for guaranteed profit signals – they don’t exist in nature;
- learn to choose for yourself.
Of course, Binario Invista has done most of the work for you, selecting suitable brokers, constantly monitoring them and getting it wrong, but… imagine that the site has disappeared. Is it going to leave the Internet and other sites?
No. That’s why, from lesson to lesson, the importance of independent choice is emphasized – treat the choice of brokers as analytically as possible. These tips will be useful to you not only in binary options, but in Forex, shares and other markets.
Everywhere, the selection criteria are the same and based on a critical mindset.
3. Demo account
Although trading with a real account is psychologically different from a demo account, you need to start with a virtual account.
It’s amazing how many people get confused by this. They come to the market where you have to predict interbank quotes and examine them – and they’re sure they’ll be successful straight away. And the reason for such arrogance? Greed is the answer.
Then they are taken in by unscrupulous brokers, YouTube and Telegram “traders”, full of bonuses and super positive signals, and that’s it – the guy falls for the bait.
He first needs to get a demo account and understand where he’s got to. Fortunately, demo platforms for some companies are available directly on the website without registration. It’s worth taking advantage of.
I understand that the situation is complicated, we need money immediately, there’s no time to wait around on the demo. That’s the kind of thinking that brokers love – it’s what makes them the most money.
4. Read the broker’s terms and conditions
If you’re going to put money into a company, first study the conditions of the services provided. Yes, you don’t like reading those documents in small print.
But then the risks are all yours. And everything is said in the conditions – what are the conditions for bonuses, what documents are needed to withdraw funds, what restrictions exist for working with accounts.
For example, for some brokers, if the account is not used for a certain period of time, for example a month or two, a kind of “subscription fee” starts to be debited from the account.
Yes, you need to read that. Otherwise, how will you know that a broker will receive almost 6,000 reais a month simply because you haven’t visited them for 3 months?
Is that theft? And it’s written in the regulations, which you haven’t bothered to read.
5. Check your account in advance
If possible, check your account in advance. Some companies require this very rarely, some after a certain amount has been withdrawn, but most will require it from the start. It all depends on the position of the regulator in the country where the broker is legally located.
As for how to pass verification, then study these recommendations carefully and follow them.
We recommend passing the verification before depositing again.
And here you are again
I know, I know. This school has already given you similar warnings and here you are reading them again, when will it end?
Never. Choosing a broker is fundamental. The technical tools won’t disappoint – everything will always depend on you. The broker can let you down.
So, from lesson to lesson, the basics of critical thinking, which are so lacking in beginners, will enter your head. This is for all those naïve people who enter a cruel and unforgiving market and think that they will now solve all their problems.
A professional reads the terms of the services offered to him and doesn’t care how long it takes. A beginner – never, he urgently needs to press the “money” button. Guess which one has the best chance of success on the market? The question is rhetorical.
