Hi all, I just wanted to add to Siddharth's excellent post
I am new to all this and have posted in the community forums as I'm currently in the process of learning the forex market and how to read charts etc.
From what I've learnt and read about binary options, is although it sounds tempting with the word 'trading' added everywhere, it does sort of come down to gambling, one site I read about BO was "Binary Options Trading is not trading in the fullest sense, it's basically gambling (hence why it is not regulated by FSA or NFA), it's a bit like a roulette wheel but instead of red and black it's green (call) or red (put)".
How true this is is down to each individual to decide for themselves.
There is a notice on the CySEC website [I don't have the link at time of writing this], that was sent out by them stating that they are now in the process of regulating BO brokers, but how long this will take is anyones guess.
I have also learnt that BO brokers recent main attraction is the One Touch and 60 second trades platforms which are:
60 seconds: You check their site and see which way the live market analysts believe the price for your intended trade will go, if 60% believe the price will rise then you add a CALL trade and after 60 seconds if the price does rise you earn. Or if the market analysts believe the price will fall you add a PUT trade, but never trade on a 50/50 split. The 60 seconds platforms are on most BO brokers sites and this is the main attraction for people with promises of up to $6000+ per week earnings - Only 1 BO rep told me this was unrealistic and I shouldn't be thinking that will actually happen.
One Touch: This is a bit like the 60 seconds, but you decide what price your chosen commodity or FX will hit within a certain time frame i.e over 30 mins.With one touch it doesn't matter at what price the commodity or FX is at at the end of the 30 mins as long as it hits the price you specified i.e You decide that EURUSD will hit 1.27836 in 30 mins, but after 30 mins the EURUSD is at 1.27830 as long as it hit the 1.27836 in that 30 mins you win, if it doesn't you lose.
I've created accounts with a few BO brokers but have not funded any of them yet and yes you do get a call from a rep asking you questions, none so far have tried pressuring me as I tell them straight I won't be pressured. But it is always a good idea to ask them any questions you like and put to them any concerns you have straight away and try to not be fooled by the sales patter. One broker did give me a demo account for 24 hours to try without funding, but you will have to find them for yourself
I will say this though: If you read all the sites that give brilliant reviews etc, don't take them as gospel as affiliate marketing seems to be rife in the BO field, and the temptation can be great.
I may be new to all this but I have asked a lot of questions and done a lot of research on the major ones out there. The information above is only what I have personally found out, someone else may have more or different information to mine.
Don't be fooled or pressured into anything, BO brokers have minimum deposit limits for a reason and I would advise (although I'm a newbie) is don't take the added bonuses, as to me that sound just too good to be true IMHO
Hope this helps anyone out there