Best binary options software
Binary options trading software, also referred to as an online trading platform, is a program that allows you to access online investing from anywhere in the world, at the time and place you want. The constant evolution of technology as well as considerable competition in the brokerage market is the reason for the emergence of advanced trading platforms. A modern trading platform is not limited to simple "buy" and "sell" functions. It is now software that accommodates many useful features, including a training section, a news portal and even a blog.
Below we look at the benefits of the best binary trading software in Nigeria.
Features of the best binary options trading software
First of all, quality online trading software is rich in functionality. In addition to the standard functions for opening and closing trades, you will find many additional features. Below we discuss the main features of the best software for binary options.
For example, if you are a beginner, you will benefit from the "Training" section. Here the broker gives you free access to video lessons on investing. The video lessons on the basics of investing are not overloaded with complicated terminology and are easy to understand, even for someone who has never invested before. There are also more advanced lessons that will show you how to use sophisticated platform tools for analysis and trading, how to study the market and current trends and so on. All lessons are laid out in simple and clear language, with vivid examples using clear charts.
If ordinary trading terminals are not equipped with such sections and you have to waste your time searching for the necessary information, here you can access the tutorials completely free of charge.
In addition, the best trading platforms are equipped with a demo account, so you can practice trading online without risking losing your capital. Activate a demo account after you register, get a certain amount of fictitious money into your account automatically and use this money for training purposes.
It is important to remember that you cannot make any profit with a demo account!
So, after testing your own abilities on a demo account, activate a real account and start real trading.
Despite the rich functionality of such platforms, the developers have made the registration process as simple and easy as possible. To register on the platform, do the following steps:
- Visit the official website of the brokerage company;
- Find and activate the "registration" button;
- Confirm your registration. The system will automatically send you an email with an activation link to the email address you provided during registration.
After the simple registration process, you will have access to all the information on the platform, as well as the demo account. If you would like to trade live, you will need to complete an additional verification procedure by filling in all of the details in your Personal Profile. As a rule, all you have to do is attach a scanned copy of your ID. By following the automatic prompts of the system, you will be able to cope with this task easily.
Convenient settlement transactions
Quality trading programmes offer you convenient and easy deposit and withdrawal methods. There is no need to visit a bank branch and everything is done online.
To activate a live trading account, you will need to deposit real funds. Each platform sets its own minimum deposit limit, but usually only a few dollars, so you can invest without having a huge initial capital.
To make a deposit, do the following:
- Activate the "Deposit" option on the platform's dashboard;
- From the list that opens up to you, choose a convenient method of funding your account. Good platforms offer several deposit options, the most popular ones are depositing with a bank card or through online payment systems;
- Enter the deposit amount and select the currency of the account. You can choose to deposit in USD or EUR or select the local currency. If you choose the method of deposit "by card", type in the card number (16 digits), expiration date of the card, name of the cardholder and the secret CVV code (three digits, indicated on the back of your card);
- Press "Next" and confirm the transfer in your banking application (if you top up with a card) or in the payment system.
The money is almost always credited instantly. In some cases it may take a few working days for the funds to be credited and the system warns you beforehand.
Withdrawal can be made using the same methods.
Comfortable and secure settlement transactions, cooperation with well-known and widespread payment systems are qualities of the best binary options software.
Flexible personal settings
The trading software's interface is well designed and geared towards the trader's convenience. But you can also customise the platform to suit your own needs. Depending on the asset you select, the length of your trades, your trading strategy and your analysis methods, you can choose which menu items to display on the main work screen.
What can I change? If necessary you can:
- Change the design theme of the work screen. Working for a long time on the platform tires the eye, so it is important that the colour scheme suits you personally;
- Change the colour and type of the quotes chart. Quality software will offer you four main chart types, depending on the analysis method you are using: line or candlestick chart, bars or Heikin-Ashi;
- Choose the number of charts displayed on the screen, their relative positioning and also their size. Really good platforms enable you to have up to nine charts open at the same time, with each chart having its own independent mode: you can set different display parameters, assets, and so on, and display the data on a common screen for comparative analysis;
- Set up a personal notification system by selecting the type of notification (asset price change, trade opening or closing, withdrawal, market news, etc.) and the display method (background notification on your desktop, push notification in your app, email notification or personal manager call);
- Choose what information you want to make public and keep private information you don't want public. You can work in incognito mode by activating the relevant shortcut in your personal profile. The system will generate a fake name for you to show up in your chat room.
These additional features will make your online experience more comfortable and productive.
Wide range of underlying assets
The best binary options trading software provides a good choice of underlying assets to open an option trade. A binary option can be opened on almost any asset, but the most popular ones are:
- Currency. The high volatility of the currency market attracts traders because it allows them to open highly profitable short-term trades, and binary trading allows them to profit from both rising and falling rates;
- Stocks. The ability to open stock options on world-renowned companies;
- Commodities. Traders are much less frequent, but open options on commodities as well.
Depending on the direction you choose you will have to analyse one or the other of the financial markets. Good platforms, in addition to accessing these markets, will give you complete and exhaustive information on each asset, as well as analytical tools for analysis.
Tools for analysis
There are a lot of negative reactions to binary trading, and you can even find reviews in various forums accusing brokerage companies of fraud.
To understand why this is the case, you have to understand binary trading.
A binary option is an exchange contract, which is opened for a certain period of time (expiry time) and implies the prediction of the asset price at the moment of contract closing.
If at the end of predetermined time your prediction is correct, you will make a profit, if not - you will lose the money you invested in the option.
The principle of options is similar to roulette, where you bet on red or black. You make all kinds of assumptions, for example if the price touches a certain level or not, if in an hour the dollar will be cheaper than it is now or not.
Many beginning traders perceive binary trading as roulette, so they do not predict the future price of the asset, but act at random.
Remember that the price of a binary asset depends on many market factors and is influenced by certain economic laws, so do not compare binary trading to gambling. Your prediction and opening of an option should be based on a careful analysis of the market, not at random.
Successful binary trading is the result of good analysis.
Trading platforms are equipped with qualitative tools for fundamental and technical analysis, the application of which gives you a complete and clear picture of the market by asset.
In short-term trading, technical analysis is relied upon. Technical analysis is based on the assumption that all processes in the economic world are cyclic and consequent, and are dependent on many factors. The correlation of various factors is shown in specially developed mathematical formulas and indicates different trends. Technical analysis indicators which are based on these formulas help traders to quickly orientate themselves in the situation and make correct predictions.
Fundamental analysis takes into account real numbers and reports and is more commonly used in long term investing.
The best binary options software gives you access to a large number of technical indicators as well as a news section, economic calendar and expert market analysis section.
Competent use of analytical tools is a prerequisite for your successful trading.
Additional features of quality trading software
In addition to the above benefits, quality platforms offer a number of additional features, such as:
- A chat room to allow you to communicate and exchange information with other traders;
- Frequently Asked Questions section, where you can find answers to the questions most frequently asked by novice traders;
- The "tournaments" section, where the broker periodically holds a kind of competition between experienced traders who want to compete. The fee for participation in the tournament is a few dollars, while the possible amount of the prize prize may be a few thousand dollars;
- A feedback chat room to help you resolve any technical questions you may have. The chat room is at your service 24/7.
Choosing the best trading software is an important task for a trader. The presence of all necessary functions, relevance of information and convenience of work increase the chances of good result.
Online trading offers the opportunity to earn good money - choose the best binary trading software in Nigeria, fund your account and start trading today!