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Unlike forex brokers that use MetaTrader as the main platform that facilitates their clients' trading, broker binary options use the services of providers of web-based trading platforms with diverse facilities. However, there are also several binary options brokers that create their own trading platforms. Then, which type of platform is the best to use?
Why is the Selection of a Trading Platform Important?
Most of the features provided by broker binary options, ranging from the choice of instruments to the type of trading, starts from the platform used. This is due to the many trading features that can be accessed through the use of a broker's trading platform. Due to the use of platforms from certain providers, there are several brokers who have the same trading conditions, but some are different services. For example, the instruments and types of trading offered by Alpari Binary Options and Binary.com are different because the trading platform is also different. Not only about the diversity of instruments and the type of trading offered, the naming and understanding of each type of trading is also different. For example, trading high / low in Alpari is called the name call / put, while Binary.com calls it rise / fall. This does not include some variations developed from other basic trading types such as touch and boundary trading.
Instead, traders will find similarities on the trading platforms on ETX Binary and HotForex because they both utilize the services of the same platform provider. This is where the introduction of the binary options trading platform can help traders to understand the trading system of a broker more easily.
Types of Binary Options Trading Platforms
Of the several binary options trading platforms that support trading systems at several brokers today, there are 3 main platform providers that are often cited as the best binary options platform providers. The three types of platforms are SpotOption, TechFinancials, and Tradologic. In addition, there are also several trading platforms that are developing and are widely used by several brokers such as MarketsPulse and TradeSmarter.
However, not all binary options brokers use the platform from some of the providers mentioned above. There are also several brokers who choose to build their own trading platform systems like Binary.com. In choosing the best platform, the required criteria can include the quality of the provider, the choice of instruments, the type of trading offered, and the sophistication of platform technology.
Trading Platform Providers Provided
Trading platforms are often referred to as the core facilities of binary options trading. Therefore, many brokers who want to provide the best service decide to use a superior provider services such as SpotOption, TechFinancials, Tradologic, and so on. The following is a brief review of binary options trading platform providers that have been widely used by broker-binary options brokers today:
1. SpotOption
Founded in 2008, SpotOption is one of the most reliable trading platform providers today. With the use of a real time price quote from Reuters, SpotOption has guaranteed convincing market price accuracy. Some major brokers like Banc De Binary, FXDD, and HY Binary Options are listed as SpotOption clients. Other forex brokers that provide binary options trading features such as HotForex, MFX Broker, and ETX Capital also utilize the SpotOption trading platform to support their trading services in OptionTrade (HotForex), MFX Options (MFX Broker), and ETX Binary.
SpotOption claims that there are at least 200 brokers registered as their clients. This is also agreed by several other sites that review SpotOption as the largest and leading provider of binary options trading platforms today. Platform services from SpotOption consist of 150+ trading instrument options, trading types that include high / low, one touch, and 60 trading seconds, live cs features, trading instructions, news updates, to various interesting info such as glossaries and FAQs. SpotOption is also a pioneer of the mobile trading platform for binary options. The presence of several complementary facilities such as social trading features, demo account services, and trading monitoring systems that can be translated into various languages makes the SpotOption trading platform more attractive to use.
2. TechFinancials
TechFinancials is one of the growing binary options trading platforms. This provider client is not as much as SpotOption, but some of them are superior binary options brokers such as 24Option, Boss Capital, OptionXO, and many more. Trading platforms from TechFinancials allow traders to choose in / out boundary options, a type of trading that is apparently not yet available on the SpotOption platform. There is also a webtrading application that can be operated on the iPhone and Android, as well as a well integrated forex and binary options platform.
New TechFinancials was established in mid-2010, but its progress has been almost parallel to its predecessor trading platform providers. This condition can be seen from its attractive, efficient and user-friendly interface.
3. Tradologic
When talking about the 3 best binary options trading platforms, Tradologic is always included in this category. Compared to the two platforms above, Tradologic's existence is still not well recognized by most binary options traders. Tradologic platform view is at a glance similar to SpotOption, but has some additional features such as trading boundary and touch options types.
The trading platform of this provider can be recognized by its simplicity and ease of access. In addition, many choices of short-term binary options trading types and not many different technical indicators are offered. Because of this, many consider that the trading platform from Tradologic is suitable for beginners. Some binary options brokers that use this provider services are Regal Options, Option Bits, and Cedar Finance.
4. MarketsPulse
MarketsPulse provides a binary options trading platform, which is now widely used by various owner forex brokers featuring binary options trading such as FXTrade and also Alpari Binary Options, before the broker switches to Binarystation. MarketsPulse also adds Built-in charting and Option on Demand features, as well as platform access capabilities on other devices such as Android and iPhone.
Besides Tradologic, MarketsPulse is one of the recommended trading platform providers for newcomers. MarketsPulse's superiority in providing trading platforms with an attractive and easy-to-understand appearance makes this provider quite convincing to offer traders new entrants to binary options.
5. TradeSmarter
This provider is often regarded as a trading platform with a quite promising level of progress. Since reviewed by binaryoptionex.com in the beginning of 2014, this provider has added more than 20 brokers in its partner list.
The trading features on the TradeSmarter platform are also varied, because they have the option of expiry time starting from 60 seconds, 15 minutes, 30 minutes, 1 hour, and so on. There are also high yield options for the types of trading offered, as well as additional facilities such as take profit, rollover, and double up. Brokers such as CallandPut, MyOption, and StartOptions are among the dozens of partners registered using the trading platform of the TradeSmarter.
Trading Platforms from Binary Options Brokers
Although not many, there are also several binary options brokers who provide their own trading platform for their clients. Examples of these brokers can be taken from Binary.com. This broker provides a trading platform that not only has different payout calculations, but also a free demo account and a more specific variety of trading types. The advantage of the Binary.com trading platform lies in a chart that is able to display price movements in real time.
Traders can choose for themselves whether they want to take advantage of price charts that put forward the choice of timeframes, technical indicators, or their capacity to be downloaded. Binary.com also provides hundreds of trading instruments consisting of forex pairs, stocks, stock indices, commodities, and random. Random instruments are special trading assets made by Binary.com based on price volatility.
How to Choose the Best Binary Options Platform
There are many ways to determine a binary options trading platform that can be adjusted to the capabilities and desires of each trader. In general, there are 7 criteria that can be considered in choosing a trading platform:
1. The trading platform is provided free of charge and without the need to be downloaded. The webtrading concept on the binary options platform should allow traders to trade online without having to download and install any application.
2. Payout offered ranges from 65% -90%. Payouts that are lower than 65% will yield very little profit, while payouts higher than 90% are considered less realistic. This applies to all types of trading except the High Yield Options type which is provided with payouts up to hundreds of percent. Please note that this type of trading also has a high trading risk even though the potential profit is far greater than the usual type of binary options trading.
3. The choice of instruments is not limited to certain types. A good trading platform has at least forex pairs, commodities, stocks, and stock indices offered as trading instruments. The number of instruments from each category can also be an indicator that determines the quality of a trading platform.
4. The trading platform has a good level of privacy security to protect the confidentiality of identity. 128 bit SSL encryption can be the right reference to see if the trading platform has a good security system.
5. There are demo accounts that can be accessed to practice trading. The demo account feature is not a service that can always be found in every broker binary options. A platform that allows access to trading with a demo account can be the right choice to be able to train the ability to trade binary options with virtual funds from brokers.
6. Although not all brokers offer it, a platform that has a refund service for options that fails can be prioritized. With this facility, traders will still get a return even though the placed option ends out-of-the-money.
7. The variety of languages offered can be a feature that helps smooth trading. Because binary options trading services can now be reached in various countries, the choice of available languages can also be taken into consideration to obtain a good trading platform support.
Although some of the facilities mentioned above are generally included on the trading platform, not all brokers will offer exactly the same trading features. This needs to be adjusted to the broker's policy in providing trading services. Therefore, traders sometimes need to search more about the trading rules and conditions of the intended broker binary options.
Regardless of the broker's policy, trading platforms are generally displayed with almost identical features and interfaces at several brokers. Traders may be able to recognize the similarities of MFX Options and ETX Capital trading platforms which are equally provided by SpotOption providers. This once again allows traders to be able to recognize the trading conditions of a broker more easily. Only by paying attention to the type of platform used, traders can estimate what instruments and types of trading are offered.
The same conditions also apply to trading platforms made exclusively by the broker system. To find out the trading conditions of a broker that provides its own trading platform, traders can immediately open the platform offered and analyze the ease and trading facilities of the broker.
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