Binary Option Review – Can you make money online with binary options
Being a frequent online user there are days when you find some ads pitching you to buy their magical money making system while you can generate money in your dorm room. One of which we will be going to discuss today is the binary option. Binary option is a way you can make money online. But it will not be easily as they advertise. Playing with money is like gambling if you do not know what you are doing with it.
What is binary option?
We heard it a lot but very few people know its meaning. Binary as we all know is either a 0 or 1. The name is well-chosen because when you do a trade you either win the trade or lose your money you invested.
That is the reason binary option usually are considered a fraud. But no one gamble with money.
There is a lot more going in background, the statistical stuff and waiting for a trend reversal.
There are scams that uses celebrity name to lure people in. Fortunately the legit one are regulated which we are going to talk about a bit later.
Can you make real money with binary option?
There must be some questions going right now in your head. Most of the time is that if can you make real money with binary option.
That answer is yes. But there is a catch. Predicting if the market will go up or down is a serious skill. You could be considered a god in the eyes of a beginner.
Some training and practice will be required from your part. So that you can be at a level where you are good enough and able to generate money.
Most of the time there are some simple clues to know if the market will rise or fall.
Yearly Apple launches new products, and they are sold pretty quickly. Apple announced that a product will be released on a specific date. Then you can be sure at that time the market will rise.
How does a binary options work?
Although they make it appear simple when you use it, there are quite some deals happening in the back-end. The stock market is updated for almost near instantaneously so that you can predict if the market will fall or rise.
It allows you to have access to stock, indices, commodities and foreign exchange. On all the binary option it allows you to invest when and where you want.
If you make the right prediction you will get paid a fixed amount, else you lose your investment.
Then you guess that you will need to implement a type of strategy to place so that you minimize your investment.
All the binary option trading platform give you a tutorial on how to use the platform and some basic strategies you can choose from.
How to know if the binary option platform is a legit one?
No one want to give money to a complete stranger. The same apply to someone online. You cannot just read the positive comments and the way of the website is build.
It doesn’t matter if it is legit or scam. The rules are the same.
A bit of research work is needed so that you will have a general opinion about the product if it is genuine.
Most of the time if you are an experienced online marketer then you have the well-rounded instincts to see if something feels fishy.
Common tricks to see if binary option is a legit one
The most common idea that come to your mind is to see if the broker is legitimate.
You could consult and authority website where you could easily pinpoint the good from the bad.
One of the main reason of so many scams and fake online gurus is that they are enormous leverage on the internet. So all try to get their piece of the pie.
It cost a significant amount of money to be a licensed broker in the US. The perks of being a regulated broker mean that the money will be monitored. He will not be able to steal the money or use if for purpose it was not intended to.
There are several clever ways to keep the money some keep it in a safety institution like bank. Liquidity for the same business is method.
The majority of unlicensed brokers come from offshore. The geographical area they are operating it is not necessary to monitor them. Using internet make it harder to find them.
Another tip is to look for clues like if the website have a green padlock when entering sensitive information.
The social media presence, every legit business today must have a social media presence. Most of them will know your business to the information can be easily spread out. Click here to learn more about binary options.
Contact information, information if it is a company or privately owned. All these information are needed to determine if the binary option is genuine.
Pros and Cons of binary options
Pros of using binary options
- You limit your investment loss
- The result of the transaction will be safe until withdrawal
- Fast options are available on newer platforms
- Wide range of assets to invest in
- Low investment to start with
Cons of using binary options
- Being a very competitive market there are significant scammers
- Binary option from the US do not allow people from the US only from overseas
- Higher chances of getting scammed in overseas
- Slow learning curve
My first experience I have first used binary options I was a bit skeptical. Not because of how easy it was to make money and predict market change but how they approached their online prospects. Most of the time it is a good-looking man. The timeline stays the same every time. He was broke at some time and then magically find that product that changed his life. Many of us will definitely be freaked out if someone approached us this way. I will not recommend beginners to jump into that. The only reason is that you will need to burn some cash before getting it right. Being among huge potential scammers it is a big no.