I have seen no coverage of binary options in myfxbook, yet for new traders with little funds they make a great place to start.
I have one account with a US exchange that has oversight by the cftc. There is another legitimate exchange in the US that I have traded with in the past.
One attraction is the low cost. Another is the limited risk. I also like being able to go outside their trading platforms for verification of currency prices.
Binary options have gotten a bad reputation because so many global sites are scams, but it just takes looking for exchanges , not brokers, that are monitored, licensed or certified by a reputable commission or agency.
One thing I don't care for in Forex trading sites and software is that it is hard, or impossible, to find a way to include my exchange and trade it from that software.
One great use for binary options is hedging other trades. If you don't need binary options, maybe because your already driving that Maserati, fine, super. But I would like to hear other people's take on using binary options.
I have purposely left out names of my exchanges, because this is not an advert! Thanks in advance
Right. I've spent weeks to build a winning strategy with that crap. In demo I had a consistent 80% success, somedays even more. Confident enough I made a small deposit and ran my strategy live. Bam! Account lost 50% and impossible to widthraw the remaining because of the bonuses. So better stay away and consider micro account with a reputable non-Cyprus regulated broker.
Personally I have negative experience with binaries. With one of Russian companies. Loss is got significantly more often than profit and I dare say even too much often to be just coincidence even if you get to trade after thorough analysis. I will never be surprised if one day I suddenly discover an obvious evidence that binaries are manipulated. I think they are just casinos that position themselves to be brokers. But I am glad that got my negative experience only with not very great amount. Avoid that stuff.
I would generally try to stay away from any Russian companies, especially binary options brokers, because their market is mostly unregulated. The Russian Central Bank is supposed to license brokers, but so far there are only one or two actually licensed ones. Everyone else operates either on foreign licenses or no lisences at alll. There's also KROUFR, which is a self-regulating non-profit organization and aims to provide some sort of regulation. And even they recently warned that the complaints against binary options brokers in Russia are increasing. (https://smnweekly.com/2016/08/12/russia-kroufr-complaints-july-2016/)
I did my own research about binary options and to be honest coulnd’t find a good broker , at the end I got the impression its truly a scam. Is there someone here who can say a reliable binary options broker where you can withdraw your funds. Something is even wrong with the whole concept behind the binaries, there is no real execution to the market and only individual platform it more looks like a online game where you put your money in and never get it back. Forex is a zero sum game as the market is , someone buys at the same time someone sells. With binaries its you against the broker and their platform there is no real market execution, something is missing, right?
I agree. Even when there are no outright scams there is a lot of unethical advertising and trying to get people to sign up with the promise of a quick profit, which we all know is rarely possible, if not impossible. For example Canada’s Nova Scotia Seccurities Commission (NSSC) issued earlier this week an alert notice against binary options trading robot Quantum Code Software for acting without a license. (https://smnweekly.com/2016/08/26/canadas-nssc-alerts-of-binary-options-robot-quantum-code/). More interesting though, are the company's business practices - they promise a “100% guaranteed way to make profits everyday” and offer investors “to make over $1,892,460 every month”. Traders need to activate a new account via the Quantum Code website, work with their partner-broker, make a deposit of a minimum $250 and “watch the money roll in”as the software places bets on their behalf. Does this sound even remotely realistic?
Hi - I have personally made some money with Binary Options and recently took the step to automate my own trading strategy into an EA for binary options. I personally find running the EA has actually helped and taken some of the emotion out of the trades and reduced tendency to 'gamble'.
I take as much time and effort with my Binary trading as I do with normal FX, is some ways I find it easier as I can trade more assets without having to consider commissions, spreads, swaps etc...
It is still early days for me so will have to see If I am saying the same in 12 months!! :-)
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