Binary options are here to stay, with a huge number of traders getting involved with them every day. They have yet to take over the mighty Foreign Exchange market, but thanks to their ease of use and their accessibility, it might not be long before binary options surpass Forex and every other form of trading for that matter.
Binary options are easy, which is why so many traders with little to no experience are joining the multitude of platforms available worldwide. Unfortunately, many binary options sites have huge minimum deposits, and this can put a lot of amateur traders off. Even if you do have the sort of expendable income that will allow you to risk upwards of $500 or even $1,000 on something you know little to nothing about, it’s much better to start low and to build yourself up.
In this article we will look at how you can do just that, focusing on traders here in the UK and on the platforms that offer them low minimum deposits, whilst also providing all of the security and the features that make the best binary options platforms stand out.
The $100 Minimum
A $100 minimum deposit may sound like a lot if you are used to gambling sites and to £5 or £10 minimum deposits, but when it comes to professional trading environments, and to binary options in particular, this is not a lot at all. In fact, $100 is one of the lowest minimum deposits we have ever seen, and it just so happens to be on our favourite site: Trade.com (link in top graphic).
Trade.com is focused on the UK market, but it also allows members from other European countries to join. In fact, whilst there are more members from the UK than any other country on Top Option, the main regulatory body of the company are based in Cyprus and also regulate the Cyprus Stock Exchange. The FCA also regulate Trade.com though, which makes them as tight and as legit as it is possible to be. This minimum deposit can be paid through a multitude of web wallets, and you can also deposit using a credit card, a debit card or a bank transfer. There are no extra fees for this, although you may be charged a very small fee when making a withdrawal, depending on which method you use.
Trade.com is a web-based trading platform, which means that there is no software to download and that it should be compatible with most computers — providing you use one of the main web browsers. There nothing that we don’t love about this platform, and one of the things that first drew many of the Regulated Broker team to it (not to mention many of our readers) is the fact that it was developed with the novice trader in mind.
Binary options are simple once you know what you’re doing, but it can be intimidating and confusing if you don’t. Top Option was created to make it simple from the start, so that even those who had never traded on the financial markets before could jump straight in at the deep end and make their first trades within seconds.
That’s not to say that Trade.com isn’t a great fit for experienced traders, because it is. In fact, many traders that join as novices remain as Top Option users when they learn all there is to learn. There are also many members who have been trading for years and join Trade.com because they prefer the simple layout and the accessibility of the platform on the whole.
Trade.com also has some of the best customer support we have ever seen, answering phone calls and live chat sessions in seconds, and responding to emails in a matter of hours. This can be vital for novice traders that are struggling to find their way around and want immediate and helpful assistance.
Overall, whilst Trade.com has one of the lowest minimum deposits of an binary options platform, there is also so much more to love about it. That’s why Top Option is one of the biggest binary options platforms around, and it is why all of our writers and many of our readers are dedicated members.
Free Binary Options Trading
If $100 still sounds like a bit of a push for your first attempt at binary options trading, then you can also trade for free on demo accounts. Many of the best sites have these, including Top Option, mentioned above. These allow you to access the trading platform that paid users trade on, only you don’t have to pay or deposit anything to get there.
You will be given a lump sum of free credits, simulating real money. Many novice traders use a demo account to test their ability, telling themselves that if they can turn a profit with fake money, then that will be enough of an incentive to invest some real money and to take the plunge. If you have the time and you’re not impatient, then this is probably the best thing you can do. It means that you get used to how the platform operates and how binary options themselves work, before risking a single penny. Bear in mind that the process of “demo” trading is exactly the same as the real thing. All of the markets are the same, as are the fluctuations, so this really is a great way to test your skills.
As mentioned, Trade.com allows you to open a demo account and this is a great choice for any novice traders looking to do just that. If you’d prefer something else then checkout Only Option instead. The minimum deposit here is a little higher at $250, but that is still decidedly less than many other platforms and as with Trade.com , there is also a demo account where you can try before you before.
Only Option isn’t as novice-friendly as Trade.com , but both platforms are very professional, with stacks of features to take advantage of. These will be available to you when you are trading for real or are using a demo account, so sign up and get trading, there’s literally nothing to lose.