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I'm new to trading - Preferably Binary Options

Discussion in 'Beginners Bootcamp' started by IamNigel, Mar 22, 2015.

  1. IamNigel

    IamNigel Recruit

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    I've been recommended by friends to start trading with binary options, since forex seems too complicated for me, and binary options seems like a simple way of trading.

    But I see so many different brokers, with good and bad reviews- it's hard to choose where to invest.


    If I have an amount of 3000 GBP to invest, how should I go about investing them? Should I put a little bit in several brokers' and see how each one does? Or do I put all of the investment into one broker?

    If so, am I losing advantage if I deposit a smaller amount into a broker (300 instead of 3000)?
    Also, if i do deposit into a broker, and it turns out to be a bad idea, will the broker refund it quickly?

    Sorry for all the questions, I'm completely new at this!

    Thanks, Nigel
     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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  3. FxMaster

    FxMaster Lt. Colonel

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    My advice is choose Forex instead of binary options, Assmod already added reason and shared the link. And what ever you choose my advice is go with small deposit to check them out first instead of 3k GBP. Best of luck.
     
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  4. Pharaoh

    Pharaoh Colonel

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    Binary brokers are worse than betting red or black on roulette. On a roulette wheel, there are 1 or 2 green squares which wipe out those who bet red or black. Other than that, it's a 1:1 risk reward ratio. On binaries, you bet $100 and get back something like $60-80 if you win.

    Simpler to "play" - yes. Risk reward ratio controllable or in your favor? Absolutely not.

    Also, other than one broker named in that article AsstMod pointed you two, I'm not aware of any binary broker which I would call "well-regulated". The horror stories of non-payment of withdrawals from binary brokers are much more prevalent than those for forex brokers.

    On longer time-frames, one can apply some technical analysis to binaries. If you go to the effort to learn to do this, why not also get the ability to set your own risk/reward ratios and to make larger profits out of larger moves? In other words, why not use that knowledge to really trade instead of placing simple win/lose wagers?

    Check out Forex Military School. It;s free and will get you started down the right path.
     
  5. 7Bulletin

    7Bulletin Private, 1st Class

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    Does this forum have some sticky for binary options as well and where to read about that ? But getting like $60-$80 in return for spending $100 doesn't seems so bad for me, correct ? With Forex it will be really better ? But Forex risks are so much higher it seems.
     
  6. momo3HC

    momo3HC Corporal

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    Binary options are just a gambling for me. My advice is to stay away from them.
     
  7. bigdolly

    bigdolly Sergeant Major

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    I don't advice you to trade binary options because they have very bad reputation and unfavourable trading conditions. After losing 300 bucks there I moved to FX trading with Hotforex and found they are much safer, trusted and flexible. I can safely say that binary options are pure casino which creates impression that you are being involved in true financial markets, which is false.
     
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  8. momo3HC

    momo3HC Corporal

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    Exactly! ;)
     
  9. Purekiller

    Purekiller Recruit

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    Binary options are banned in a lot of countries now be very very carefull with them, I see only left something like forex, CFD's, Commodities, Stocks/Shares and modern cryptocurrencies from all that things lately. Good link by the moderator above.
     
  10. bigdolly

    bigdolly Sergeant Major

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    You got wrong recommendations, binary option brokers are well known scam. They offer you extremely unfair conditions to trade (80% payout at best), while fx brokers only charge small spreads and commissions which provide your with better control over risk and help you to set correct reward targets.

    Instead you spend some more time to understand fx platform and start to trade small lots with reliable brokers like Tickmill, IB or Hotforex. If you are patient enough trading can soon become your primary occupation
     

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