I have just come into the knowledge that binary trading was out there. After doing a bit of research into this it seems that big promises of up to 85 percent profit on a single trade are to blindside people into thinking they can make quick and easy money, it did set alarm bells in my head ringing. So i thought i would come on here and ask what thoughts you guys had on this type of trading or would you classify it as classy gambling (if their is such a thing!) It has peaked my interest but it seems alot of platforms dont seem to offer a demo of the platform, which again does not sit nice with me!
Options of all types are legitimate in a real market place. I have tried placing binary options with Oanda, but it wasnt worth the risk. Even though I was profitable with it, the risk adjusted returns were so low. If you really want to play options by them from a real options exchange.
Recently I had a look at IG Index. They have a binary section as part of the spread betting platform. I haven’t tried it yet however there seems to be a variety of types of binary positions. E.g. If price touches an area or if price is up or down over a different time period. G.
Well I could only use the available knowledge to me is websites internet and a few people I know who have done it. Its also been described I believe as fixed odds trading. But don’t quote me on that
Be very careful with web sites offfering binary options. If you read their Terms and Conditions, you will notice that it is usually extremely difficult to withdraw any money from your account.
This is only if you take the bonus. You can always refuse any bonus offers that are offered and you won’t get stuck into having to do several ‘round turns’ on your account to get access to your funds.
You know the reason they do this? Statistically most people who trade binary options start out with a ‘gambling mentally’ and don’t use a proper strategy. Basically the longer the broker holds onto these peoples money, the higher the chance they will blow their account in the meantime…
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