Traders can access different assets on online binary trading platforms, such as stocks, indices, forex, commodities, etc. These days’ binary options are taking over the market by becoming the investors’ choice.
You can trade all kinds of assets with binary options, including forex. We will guide you on how to trade forex with binary options in this article.
Beginner’s guide to trading forex with binary options
You can follow these steps to get started with forex binary options trading.
Step 1: Choose a broker
The first step to trading forex with binary options is to choose a suitable broker. A trader should look for a reliable and trustworthy broker. Many things are there for a trader to bear in mind while selecting a broker. If you are looking for a reliable forex broker, Quotex can be your best pick.
Our recommendation: Pick the best broker for binary trading!
Broker: | Review: | Advantages: | Sign up: |
1. Quotex  |
| Live account from $ 10 (Risk warning: Your capital can be at risk) | |
2. IQ Option  |
| Live account from $ 10 (Risk warning: Your capital can be at risk) | |
3. Pocket Option  |
| Live account from $ 10 (Risk warning: Your capital can be at risk) |
Besides reliability, the trader should also focus on the quality of service offered by the broker. He should also check whether the broker provides a demo trading account. If a trader does not offer a demo account, he could be compromising your trading experience.
While choosing a broker to trade forex with binary options, a trader should also consider the minimum deposit amount. Other features you would require your broker to offer you include multiple payment methods and a variety of assets.
Quotex is one such broker that leads the binary options currency trading market with all these features. The platform allows users to use all modern features. The traders can successfully trade forex with binary options with the top-class online trading platform.
Once you pick a binary options broker, you can proceed with the next step to trade binary options on forex.
Step 2: Choose a currency pair
Binary options currency trading begins by choosing a currency pair. Before choosing a currency pair, we recommend you conduct thorough research.
You can get some help from traders’ forums and discussion platforms to learn about the leading currency pairs.
The online trading platforms offer you over 50 forex pairs. For instance, Quotex offers its clients a variety of foreign currencies. You can choose your desired currency pair and begin trading forex with binary options.
Generally, the leading forex currency pairs are EUR/USD, GBP/USD, USD/CHF, USD/CAD, USD/JPY, AUD/USD, and NZD/USD. You can pick any pair from these or choose any you desire.
Online trading platforms, such as Quotex offer users all the profitable currency pairs. A trader can easily choose a currency pair after signing up with the broker. The signup process on Quotex is one of the simplest things in the world. You only need to enter some information like your name, email ID, and country of residence, and you are good to go!
A trader should understand that the popularity of a currency pair does not make it profitable. Trading binary options on forex comes with a lot of risks. Therefore, picking currency pairs based on informed decisions help the traders make a profit. A considerable amount of research will come in handy to trade forex with binary options.
(Risk warning: your capital can be at risk)
Step 3: Set the ‘call’ or ‘put’ option
Once you have chosen the kind of binary options on forex for trading online, you can set the call or put option. With the help of these options, you can trade forex with binary options.
A trader can choose a call option if he predicts that an asset’s price might increase. However, if you expect a fall in an asset’s market price, you can opt for the put option.
Whatever the choice of option you have, make sure that you place your trade only after analyzing the market. In the absence of accurate analysis, you might lose your whole investment. In binary options trading, everything depends on your prediction. So, a trader should make sure that he does his homework.
You should also remember that call or put option does not apply to the no-touch or one-touch trades.
(Risk warning: your capital can be at risk)
Step 4: Set expiry time
After placing your trade for binary options on forex, you can set its expiry time. The benefit of trading binary options is that you get an advantage to trade as per your desired duration.
Most commonly, the binary options’ expiry time ranges between 30 seconds and one day. However, you can even place a trade with an expiry time of a week.
Many advanced traders and even beginners indulge in day-trading to make quick money. However, they do so only after conducting a thorough market analysis.
Step 5: Enjoy your rewards
Binary options trading will make you win the trade, or you might lose all your money. It depends on the accuracy of your prediction and your trading experience.
If your forecast is accurate, you will be able to enjoy the fruits of trading forex with binary options. However, if you encounter a loss, you might need to brush up on your trading skills.
You can withdraw your profits from your trading account by submitting a withdrawal request. The amount you will receive also depends upon the payout percentage offered by the broker. You might even have to pay some fees to the broker for withdrawing your funds.
You can join Quotex for trading binary options on forex. The broker offers the maximum payouts compared to the other leading brokers. The broker’s fees are also minimal, so you can enjoy your profits without paying much to the broker.
These six simple steps will enable you to build the best experience in trading forex with binary options. This simple guide will show how to get started with binary options currency trading.
Whether you earn profits or not depends entirely on you. Most traders are able to build a fortune by trading binary options. However, the majority of traders struggle with recovering their losses. The key to earning consistent profits with binary options on forex is trading expertise and knowledge.
Of course, some trading tips might come in handy to minimize your losses trading forex with binary options.
(Risk warning: your capital can be at risk)
Tips to make the best out of binary options currency trading
Let us tell you a few tips to help you turn your life and finances around with binary options currency trading.
1. Don’t forget about the demo account
The best way to earn money through binary options currency trading is to practice trading. You can place trades for your favorite currency pairs on your demo account to check whether you are using the adept trading strategy.
The demo account is one specialty of almost all trading platforms. However, all online trading platforms might not offer you all the features on the demo account. Quotex stands out in this regard because it lets its users access top features on its demo account.
You can determine the currency pair offering the maximum profitability through a demo account. Finally, you can plan and strategize your trading moves for such currency pairs.
2. Use trading indicators
Binary options are a highly risky investment because they are based on a simple yet complicated yes or no proposition. If your prediction comes accurately, you stand on the winning side of the game. However, if there is a slight miscalculation, you can lose your money.
Therefore, a trader cannot ignore the relevance of an adept trading forecast. Trading tools and indicators help you arrive at the perfect conclusion of your trading decision. Online trading platforms such as Quotex offer you plenty of trading indicators.
These trading indicators will help you identify the trends and changes in an asset’s price. Once you can determine these trends and the resistance or support levels, you can make an accurate decision. As a result, your chances of earning profits through binary options currency trading are manifold.
(Risk warning: your capital can be at risk)
3. Diversify your trades
Most investors keep a diversified portfolio which keeps them away from heavy losses. Choosing only one currency pair and investing all the funds in that pair can be a mistake.
A wise investor would choose more than one currency pair. He would also look for different markets in which he wishes to invest. Diversifying the trades protects investors from losing all their money.
Since binary options trading can either make you money or take everything away from you, it is important to refrain from investing all money in one currency pair. A trader can pick two or more different currency pairs.
4. Don’t overtrade
Control over his feelings can be challenging when he suffers a loss while trading binary options. This loss might urge him to indulge in another trade to recover whatever money he lost.
Overtrading is among the worst things you can do in binary options currency trading. If you make a loss on a binary options trade, the first thing you should do is take a break from trading.
This break will help you assess where you went wrong and what you need to change in your strategy. If you overtrade, you might face more losses than you did before. Eventually, you will make trading a frustrating situation for yourself.
Conclusion: Forex with Binary Options can make you profits
You can begin trading forex with binary options in a few simple steps. You only need to find a broker that fits you the best. Choosing a broker is the most important thing, as your whole trading experience will depend on your broker.
After picking a broker, you can choose the currency pair you want to trade and place your binary options trade. Once you place a trade, you can hope that your forecast is accurate. If it does, you will earn a well-deserved profit.
(Risk warning: your capital can be at risk)
