Being that binary option trading is still in its infancy in terms to traditional trading methods it has and still is to an extent suffering from an image problem, this is due to a number of unregulated entities setting up operations and using it as a front to carry out financial scams. However recently the industry is starting to clean itself up and regulation is becoming a necessity for all firms operating in the binary option world. When selecting a binary options broker you should always check to ensure the broker that you have selected is regulated just because it states on their website they are regulated don’t take their word for it, double check on the regulators website to ensure that they are, after all it only takes seconds to write the words regulated on a website just like it only takes seconds for a scam to cost you money.
Top 9 things to check before opening an account.
1) Ensure that the firm is regulated and that the regulation is in a reputable jurisdiction.
2) Check there are no hidden fees for withdrawing any money from your account.
3) Check on forums for any feedback from other users of the website.
4) Check to see if they firm provide help desk contact details or live chat facility.
5) Check there is support in your language.
6) Ensure payouts on winning trades are the best you can get.
7) Check to see if provider refunds a small percentage back on loosing trades.
8) Always select a provider that provides a wide range of assets to trade.
9) Make sure you read and understand the Terms and Conditions.
To summarise you need to ensure that the binary option firm you select is who they say they are, provide the service they say they do. Use the internet to check out the firm chat rooms and forums on binary options are a great source of information. At the end of the day it is your money, you wouldn’t just hand it to anybody walking down the street so why give it to any broker just because they have a decent website.