How to open a Binary Options account – Guide for beginners

Opening an account is evidently the foremost step a trader needs to focus on. Be it binary options or any other online trading method, it surpasses all the steps. But did you know that you may need to comprehend certain things to profitably open and use the account? 

Knowing all the steps of opening an account is essential, but you should also know what to do before and after. 

Binary options trading does not wait for anyone to get a tutorial for that. Hence, we will resolve it quickly by revealing every minute detail of the account opening process.

Tutorial for opening a binary options account and binary options registration

Now that we have become familiar with what is to be done initially, we can proceed further. In this tutorial, a beginner trader will come to know the ways of opening an account successfully. The discussion will guide them in binary options registration, and after that, we shall learn the proper use of the opened account. 

Visit the broker’s website

One cannot imagine opening a binary options account without visiting the broker’s website. Earlier, we discussed the relevant pointers one needs to keep in mind while choosing the broker. So, go for their website once you are sure of the broker, which could be Pocket Option, Quotex.io, or IQ Option. 

Brokers may offer access to their site through multiple widgets such as pcs, laptops, iPad, or smartphones. Also, you can choose to visit the broker through their own apps. For example, Pocket Option, Quotex.io, and IQ Option offer compatible and innovative apps.

On the broker’s homepage, you may cross-verify other details, such as the regulations, privacy policy, KYC policy, etc. And then proceeding with the account opening is all that’s left.

Our recommendation: Pick the best broker for binary trading!

Binary options registration or sign up for the account

In other words, opening a binary options account simply implies the sign-up to your broker’s account only. Now, if you are a trader from either Pocket Option, Quotex.io or IQ Option, the registration is simplest. All these brokers offer a safe registration with minimum requirements. 

A trader needs to keep in hand the email and a few other personal details only. The broker’s homepage shall highlight the sign-up option, where the trader has to go next and fill in the relevant details. Once the details are in and you have a strong password, the broker will ask you to wait for account verification. 

(Risk warning: your capital can be at risk)

Verification of the account

The verification process is essential to undergo because of the rising online frauds in binary options trading. As an online trading method, scammers always have a chance to enter the broker’s platform with fake details to influence the trades. Therefore, top brokers like Quotex.io, Pocket Option, and IQ Option have mandatory account verification as a countermeasure.

But, it is not a step that takes too long or is hectic as the trader will need to verify just the following:

• Password verification
• Address verification
• Payment details verification

(Risk warning: your capital can be at risk)

Funding the account with money

The last step in opening a binary options account is funding it with money. Once the account has a minimum deposit, the trader can move forward in executing the trade. Beginners may avoid the account’s funding if they wish to start with a demo account. 

All the three top brokers: Quotex.io, Pocket Option, and IQ Option, offer a demo account with a virtual cash reserve of up to 10,000 dollars. Also, there is no need for a demo trader to follow the previous steps.

But, if the account is a live account, there is a minimum deposit that every trader must abide by. It will be anywhere between $1 to $10. You can even go with any amount higher than that for more investments and a higher chance of profits. 

Those top brokers also allow the traders to choose the deposit methods. There may be a choice from over 20 payment methods, including online wire transfer, e-wallets such as skrill, Neteller, crypto-wallets, credit or debit cards, and many more.

(Risk warning: your capital can be at risk)

Using the account after opening

The best use of the account depends on the broker itself. They may offer benefits such as social trading or copy trading, which can be helpful. As a beginner, you can use them to connect with other traders and use their trading strategies and methods. Other trading features may come in the form of OTC trades. 

Where you even get the chance to continue trading during the weekends. Moreover, top brokers such as Quotex.io, IQ Option, and Pocket Option may offer 8 special OTC assets ranging from currencies to commodities such as gold. 

But, in all the cases, the trader must know how to execute the binary options trade.

Executing a trade

The execution of trade is perhaps the simplest of all steps. Brokers like Pocket Option, IQ Option, and Quotex.io are known for their vast array of assets ranging from currency pairs to indices and commodities. But, they do not require you to do something special before executing the trade. 

Once you are an account user, you have the ability to choose the asset and place the bet. While doing so, there is a need to choose the time frame. Once all of that is set, you can simply predict the rise or fall of the price before the expiry of the option.

However, strategies and other trading fundamentals play a crucial role in arriving at the right prediction. Strategies such as Martingale, straddle, etc., can help increase the profit chances. Also, while choosing the time frame, you can customize it and make it a one-minute or five-minute trade. 

However, they come with their own perks and drawbacks. Lastly, while executing the trades, one should not forget to keep the stop-loss limit as a risk-minimizing measure. 

(Risk warning: your capital can be at risk)

Withdrawing the profits

Using a binary options account is useless if you do not engage in timely withdrawal of the profits. Of course, it is the moment a hardworking trader will await the most, especially a beginner. 

To withdraw your first profits in the trading journey, brokers like Quotex.io, Pocket Option, and IQ Option have come up with the most convenient methodology. You can withdraw the profits any time of your wish with the least minimum amount cap: not more than 10$.

You just need to go to their withdrawal section and choose the payment method from the available list. It could be any method suiting your leisure. But, beginners should keep in mind that the method should not be different from the deposit method. It is also a safety measure that reduces an illegal transfers. 

Things to focus on before opening a binary options account

Prior to opening an account with any broker, a trader must understand that there are certain pointers. Out of those, two are foundational in guiding you to win the trades. Skipping them will be a careless act by any new trader. 

Factually, a large share of traders, up to 80%, lose their trades because of their sheer carelessness. They do not follow the prerequisites of opening an account and eventually suffer. Let us understand them one after the other. 

(Risk warning: your capital can be at risk)

Acquiring knowledge of binary options

Of all the steps, the substantial one is to know what binary options trading is first. This online trading method is different from other standard methods. In binary trading, you get the choice between just two options; either a yes or a no. The placing of trade happens when you put a bet by predicting the rise or fall of the prices. 

So, that tells us there are more parameters one should know about. For example, a trader must have a sound trading strategy that helps with the unpredictable nature of this market. Furthermore, the trader must focus on technical and fundamental analysis to know the market deeper.

Choosing the right broker

Next comes your choice of broker. The need for a broker is inevitable. Since they offer a featureful platform to you, you can trade binary online. But, choosing the broker must be based on certain parameters, such as regulation status, payouts, minimum deposits, withdrawals, etc. Only then can you come across the best-suited broker.

When choosing the broker, the top names such as Quotex.io, IQ Option, and Pocket Option must not miss your vision.

They are some of the most reliable brokerage firms out there. A trader can get numerous binary options assets along with various other features. 

Moreover, they come with the lowest possible minimum withdrawal and deposit amounts ranging from 1$ to 10$ only. Also, some of them stand out in offering additional benefits. For example, the chance to social trade and affiliate trade is available with Pocket Option and Quotex.io.

(Risk warning: your capital can be at risk)

Frequently asked questions:

Conclusion

Opening a binary options account is fairly simple and may take only some minutes. But, a beginner should know the facts mentioned above before opening an account. Even when you are under the shelter of a regulated broker, a beginner can choose to follow the above tutorial to get the best profitable results from her account.