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What to Look for in Binary Options Trading Software?

  • jonsmaradona

    Binary options might seem simple at first glance, but you need a pretty thorough knowledge base, as well as a keen understanding of market conditions to reliably secure your gains. To do that, you’re going to need access to two things—research and education. Educational materials are the least important of the two. Even if a platform doesn’t offer a lot in the way of educational material, you can still find reputable sources online—but having it at arms reach is a big plus. On the other hand, research entails market commentary, charting tools, trading ideas, market analysis, as well as expert opinion—it’s quite a varied topic.

    Binary options software is traded in the short-term—the tenor or expiration date of most binaries is usually one week at the high end and could be as short as 10 seconds in the case of certain highly-specialized software providers. No matter what timeframe you intend on trading at, the reliability and speed of your chosen platform will be crucial to success. Reliability is more or less self-explanatory—with such a short timeframe and a very volatile financial instrument, you need things to go through as close as 100% of the time as possible. A platform that isn’t reliable will end up costing you a lot of money in unrealized gains. Likewise, speed is of the essence—you’ll want to find a platform that is responsive, and intuitive, and will allow you to change course or take opportunities at a moment’s notice.

    A reliable platform that executes orders fast is important—but if the information you’re basing your decisions on is outdated, you might as well be going in blind. How fresh the information you have access to via a platform plays a very important part in pulling off winning trades. As usual, real-time market data is the best possible scenario—and quite a few exchanges do offer this to clients free of charge. However, even if your software of choice doesn’t offer real-time market data for free, it still might be worth paying for—so long as you find reliable info elsewhere.