Binary Options Broker Bonuses
One of the biggest things to consider when signing up for a new account with a broker is the bonus that you are paid for account opening. Most binary options brokers will offer new trading clients a monetary bonus on their first deposit. This is known as the 'first deposit bonus' and is what many traders base their decision of broker on.
So when choosing a broker should you simply pick the broker that offers the highest bonus? It would seem that many traders do exactly this. However the reality is that you shouldn't simply use this bonus to determine the broker that you trade with. Never be swayed by the bonus into opening an account. There are more important things to consider if you want to develop a successful trading career. The bonus should be considered exactly as that - an additional benefit if the broker meets all of your other trading criteria.
Here are some tips to help you to look past the bonus that is offered and make a decision on the broker that is right for your trading.
Is The Broker Any Good?
This is the first question that you need to ask yourself. It is important that the broker that you choose to trade is acknowledged as a leader in the field and will provide you with a good service. You should check out the opinions of other traders when it comes to choosing a broker by visiting forums and online chat rooms where you can read some feedback. Opinions and comments from other people who have actually traded with a broker will give you the best insight into whether they are worth using.
Do They Offer A Good Range Of Returns And Assets?
You need to make sure that what is on offer from the broker will be sufficient for your needs. Gaining a high return from your 'in the money' contracts is important. A higher return will soon negate and benefit that you receive from a bonus if you intend on trading over the longer term. Also look to see which assets and trading contracts are offered and whether these will cover your requirements for your strategies. If they don't offer the core of what you need then the bonus is useless.
Check The Terms And Conditions Associated With The Bonus
The bonus that you receive from your binary options broker should not be viewed as free money as it isn't. You can't simply withdraw it as you would your trading capital. Instead it is designed to allow you to trade at a higher level on each contract and thus make more gains from your trading. However you may not be entitled to withdraw this money for several 'round trips' on your account. Essentially this means that you may have to trade for a long time before this money passes into your hands. Always check the broker small print before agreeing to a bonus. The long and the short of the matter is that if you don't agree with the terms then turn down the bonus.
So when choosing a broker should you simply pick the broker that offers the highest bonus? It would seem that many traders do exactly this. However the reality is that you shouldn't simply use this bonus to determine the broker that you trade with. Never be swayed by the bonus into opening an account. There are more important things to consider if you want to develop a successful trading career. The bonus should be considered exactly as that - an additional benefit if the broker meets all of your other trading criteria.
Here are some tips to help you to look past the bonus that is offered and make a decision on the broker that is right for your trading.
Is The Broker Any Good?
This is the first question that you need to ask yourself. It is important that the broker that you choose to trade is acknowledged as a leader in the field and will provide you with a good service. You should check out the opinions of other traders when it comes to choosing a broker by visiting forums and online chat rooms where you can read some feedback. Opinions and comments from other people who have actually traded with a broker will give you the best insight into whether they are worth using.
Do They Offer A Good Range Of Returns And Assets?
You need to make sure that what is on offer from the broker will be sufficient for your needs. Gaining a high return from your 'in the money' contracts is important. A higher return will soon negate and benefit that you receive from a bonus if you intend on trading over the longer term. Also look to see which assets and trading contracts are offered and whether these will cover your requirements for your strategies. If they don't offer the core of what you need then the bonus is useless.
Check The Terms And Conditions Associated With The Bonus
The bonus that you receive from your binary options broker should not be viewed as free money as it isn't. You can't simply withdraw it as you would your trading capital. Instead it is designed to allow you to trade at a higher level on each contract and thus make more gains from your trading. However you may not be entitled to withdraw this money for several 'round trips' on your account. Essentially this means that you may have to trade for a long time before this money passes into your hands. Always check the broker small print before agreeing to a bonus. The long and the short of the matter is that if you don't agree with the terms then turn down the bonus.