Best binary options software
Choosing binary options trading software is an essential task for a trader, as it is the software that will be his online workplace. Therefore, the platform must accommodate all the necessary features, is user-friendly and also intuitive. Of course, what matters is the commission charged by the brokerage company for providing the services of using such a platform.
The review focuses on the best binary trading software in Somalia.
What does the best binary options software offer?
First, let's understand what a binary option is.
Binary options are a way of trading online and allow you to speculate on the rise or fall in the price of an asset. The trader has to correctly predict the direction of the underlying asset's price movement, and if this prediction is correct, he will make a profit.
Online brokers offer up to 95% profit from the invested amount. In addition, binary trading allows you to speculate on concise time frames, allowing you to trade hundreds of times a day. You do not need to know the exact price of the asset at the time of the transaction (expiration time) as it is sufficient for the cost to change by just one pip up or down in the direction predetermined by the trader.
A successful trader is a good analyst. The tools provided by the best software - statistics, market analysis section, economic analysis, news section, technical indicators, and so on - help.
In addition, quality software is informative, fast processing, and can configure important notifications. At the same time, working with such platforms is practical and convenient, requires no special technical knowledge or experience. Moreover, the user-friendly interface and pop-up system will help even a newcomer to get oriented.
In the opinion of most experienced traders, a platform can be considered qualitative if it meets the following characteristics:
- It is easy to use, i.e., it has easy registration, deposit and withdrawal methods and is not difficult to open or close trades;
- Informative. The platform provides complete, up-to-date and comprehensive information on traded assets;
- Provides educational information in the form of video tutorials and a test account for hands-on learning;
- Provides easy-to-use working tools for analysis and trading;
- Provides a good selection of assets for trading;
- Flexible in settings, so there is an opportunity to adapt the platform to personal needs;
- There is a mobile version of the program;
- Availability of 24/7 online support.
Let's look at some of the above features in more detail below.
The registration process on the platform. Mobile app for online trading
The registration process on most binary trading platforms is as simple as possible and takes no more than a few minutes. All you have to do is follow these simple steps to start trading online:
- Visit the broker's official website;
- Locate and activate the "Registration" button;
In this way, you will have access to the information on the platform and the demo account.
You will have to go through additional verification in the system for real trading and profit opportunities by adding complete information to your profile and a scanned copy of your ID document. These are security measures taken by the site to ensure the safety of your funds.
You can also download the platform's mobile app and trade using your mobile phone.
Modern online trading software in its mobile version is no different from the full version used on computers. The only difference is no possibility to open several working windows at once on one screen, which is due to the size of the gadget. Otherwise, the mobile version of the program is an exact copy of the desktop version and will allow you to be always online and have access to the platform at any time, from anywhere.
Please follow the standard registration procedure described above if you are downloading a mobile app for a new platform. If you already have an account on the complete platform, you will only have to download the mobile app and sign in using the same username and password.
The best binary trading software has a high synchronization speed between different application versions, so all your transactions will be available to you as soon as you log in to the additional application.
An important point: only use links from the broker's official website or the official play store on your mobile device to download the app.
Do not use links from unknown websites and sources to avoid fraudulent activities by third parties.
The purpose of a demo account. Tutorial section
The best binary options software offers the possibility to open a demo account designed for test trading on the platform. With this account, you can try out all the program's features or even learn how to trade if you are new to trading.
A demo account shows all real quotes and allows you to use all the options in live trading. The only difference is that you use fictional funds here, which the system automatically credits to your account. Of course, you cannot withdraw this money, but you do not have to take any chances either, as you will not lose anything.
Remember that a demo account will not bring you any real profits. To be able to earn money, be sure to activate a real account and open real transactions!
In addition to a demo account, quality platforms offer free training videos in the form of investment lessons. Studying the lessons, backed up with practice on a demo account, will help you get to grips with all the nuances of online trading faster.
Convenient methods of funding a live trading account. Withdrawal of funds
To start real trading, activate a real trading account. To do this, you will need to make a deposit. Quality platforms offer many different ways to fund your account. The most popular ways to fund your account are via bank cards or Internet payment systems.
To make a deposit:
- Click on the "Deposit" button;
- Choose a deposit option;
- Fill in the amount and the additional details you require (if you have chosen the card as your deposit method, you will be asked to enter the card number, the expiry date of the card, the name of the cardholder and the CVC security code);
- Choose the currency of the recharge;
- Confirm the operation.
You will be able to withdraw money from your account using the same methods.
Reliable brokerage companies cooperate with well-known payment systems, ensuring the speed and security of settlement transactions.
Availability of tools for quality analytics
As mentioned above, traders rely on market analysis to correctly predict the price movement of an asset.
Quality trading software offers excellent tools for tracking and analysing current trends and making price forecasts.
Technical and fundamental analysis are used in online trading.
In technical analysis, only price movement is decisive. The rate of price movement, its amplitude, the momentum of price rise or fall, the candlestick pattern, and so on.
Advocates of fundamental analysis study the economic factors which influence the price of an asset. For example, if the underlying asset is a company's shares, then they take into consideration the company's balance sheet, working capital balance, profit and loss statements and the like.
In fundamental analysis, they prefer long timeframes, sometimes even a year. In technical analysis, you can work successfully even on the 5-minute chart.
If we are talking about binary trading, as a rule, it is short and medium term trading. Therefore, in most cases, technical analysis methods are used.
In the section "indicators" you will find more than a hundred of the most commonly used indicators by traders for this type of analysis. There are also graphic tools for constructing the elements of analysis (support and resistance lines, trends).
For those who prefer fundamental analysis there are sections "News", "Market analysis", "Economic calendar", "Forex calendar" and so on.
The availability of analytical tools is an important issue when choosing a trading platform.
Other features of the best binary options software
Aside from being easy to use, good trading platforms allow you to trade different assets and offer excellent analytical tools, they are also very comfortable to use.
The "Settings" section gives you the ability to customize the platform's menu by adding or changing the options you see on the screen and setting up alerts to make sure you don't miss important market movements.
You can customize the background of the working window, choose the colour palette and the type of charting you want to see on the screen, the number of windows you want to display and how they are mutually displayed and choose keyboard shortcuts for your shortcuts. You can also choose which information to display for public viewing, while keeping private data out.
If you have any questions about the platform, you can take advantage of our 24/7 live customer support chat.
A quality trading platform is a powerful resource that, when used correctly, allows you to make good profits.
Follow our advice and choose the best binary options software in Somalia, open an account and start trading today! Let your trades be profitable!