Best binary options software
Choosing quality software for options trading is an important task for a trader.
The Philippine brokerage market offers a good selection of trading platforms for binary trading opportunities. To avoid confusion and make the right choice, you need to start by understanding the criteria you should pay attention to when choosing a platform.
Choosing the best binary options trading software in the Philippines is the topic of today's review.
Criteria for the best binary trading software
What is a quality trading program? It is a multifunctional software with a well-thought-out interface, quality graphics and flexible settings.
Intuitive interface allows to operate the program without any difficulties, and the possibility to customize the program according to your personal needs makes your trading even more comfortable.
The developers of modern trading platforms have taken into account all details and peculiarities of a trader's work and implemented a possibility to open several quotes charts at the same time, which allows you to monitor the trading process for different trades. You can also change the colour and type of the displayed chart. The timeline allows you to display a chart of quotes for any length of time, be it a few minutes, days or even years.
You can also change the colour scheme, add or remove the display of some or other menu options on the screen to keep the trader focused on the details.
In addition to good graphics solutions, the software offers many tools to help you analyse the market. The introduction of a news section in the platform, which can also be displayed as a news feed, will help you keep abreast of all important events which affect asset values. It is based on news and real statistical data that fundamental analysis is used by traders for long term investing.
Also, Market Analysis and Economic Calendar sections help with fundamental market analysis.
Technical analysis, which is most commonly used by traders in binary options trading, uses technical indicators. The best binary options trading software contains about a hundred different indicators, so every trader will be able to choose the right one depending on his or her market analysis methods and trading strategy.
The availability of a mobile version of the trading software is another characteristic that speaks in favour of choosing a trading software. You'll always be in touch, thanks to the possibility of keeping track of all your operations and trading in full, using your mobile device.
Registration and settlement transactions
Registering for an online binary trading platform is usually a very simple process that does not take much time. To register, go to the website of your broker of choice, find the "registration" option and fill in the simple registration form. Confirm registration with your mobile phone or email: depending on registration method and data you entered, the system will send you an automatic link to confirm the registration to the specified e-mail, or an activation code to the specified mobile number.
All you need to do is open a live account on the platform and access the information as well as the demo account.
Demo account is another distinctive feature of quality trading software. A demo account is a demo version of a real account, duplicating all the features and functions, but with operations being carried out on a fictitious money account. The fictitious sum is automatically credited by the system to the account, and is intended for training operations. Of course these funds cannot be withdrawn, but you do not have to risk them either. That is why a demo account is a great way to practice trading.
Remember that trading on a demo account will not bring you any real profits. Only real trading on a real account will bring you real profits.
A live account opens automatically upon registration and is activated by depositing funds. Funding a real account is easy. Reliable trading platforms always offer several options for funding your account. You can do it with a bank card or via Internet payment systems. When choosing a trading platform, pay attention to deposit and withdrawal options, as well as ask about the availability and amount of commission. These are important questions that you should know the answers to before you start trading.
Analytical and financial tools
Binary options are transactions which either lead to a fixed profit or a loss of the invested amount depending on whether the trader has correctly predicted the price movement of an asset. Therefore, as in any other online trading the trader's main job is to correctly predict if the price of the asset will rise or fall.
As mentioned above, traders use fundamental analysis or technical analysis to predict possible scenarios in the market.
The best binary options trading software is equipped with many quality tools for market analysis.
Since the majority of binary trading transactions are short-term, it is technical analysis that binary traders use the most frequently. Modern platforms are equipped with a vast number of indicators for technical analysis as well as charting tools. Indicators are visualized mathematical calculations of price data for a specific period of time. You just need to choose the indicator you need from the list available on the platform, and then the curve of the indicator will be displayed on top of the price chart, showing a vivid picture for analysis. Chart tools are auxiliary tools for independent drawing of technical analysis elements, such as trends, support and resistance lines.
The most popular indicators in binary trading are: Bollinger Bands; RSI Oscillator; MACD indicator; Parabolic SAR Stochastic.
Fundamental analysis examines real market indicators. Any fluctuation in the world, be it political or economic, has an impact on price movements. Hence, market analysis based upon these factors is referred to as fundamental analysis.
In fundamental analysis of binary options, the trader evaluates the selected asset based on how changes in external and internal factors can affect the price of this asset. Since this method uses fundamental factors (economic activity and economic indicators of the world's leading economies) that influence the world economy, it is more stable and profitable.
Changes in economic factors are long-term in nature. They cannot influence the world market during one day, that's why traders use fundamental analysis mainly for long-term contracts.
The built-in newsfeed and the platform's Market Analysis and Economic Calendar sections help you keep track of the factors important to fundamental analysis. In addition to analytics, the trading software provides the ability to use the "Multiplier" feature, which enables the leverage action with a click of the mouse. All you have to do is select the multiplier factor and your investment will be increased. You should be aware of the risks involved, so think carefully about the pros and cons before using a loan.
Additional features of the best binary trading software
Aside from having analysis and trading tools and a user-friendly menu, the best binary platform contains a number of additional benefits:
- A chat room for communicating with other binary traders;
- Video tutorials with lessons on investing;
- A good selection of financial instruments to trade. You can use anything as an underlying asset for binary trading: stocks, commodities, currencies etc;
- Comprehensive and detailed information about each asset. On the "Info" tab, you will see the current price of the asset, the minimum investment amount, the trading schedule and statistical data about the asset for the year;
- 24 hour online support.
Chat communication is only possible if you fund a real account. While the real account is inactive, you can only read messages, without the ability to comment.
Section "Training" offers video lessons on investing. You'll find a wealth of useful information here, both if you're a beginner and if you're an experienced trader. Lessons are written in simple and clear language, without complicated terminology, so even a beginner will be able to understand. Study the video lessons and try to replicate the trading examples you have seen using a demo account. Alternating theoretical training from video lessons with practical training on a demo account will bring faster and better results.
Apply the knowledge you learn to real trading and make a profit.
The best binary trading software gives access to trading different assets, meaning the underlying asset in an options contract can be anything commodities, stocks, currencies and so on. Depending on the chosen underlying asset, a good trading platform will offer you certain analytical and trading tools.
Choosing a quality software for trading is choosing a comfortable and safe trading experience.
Check the trading platform for the features and functionality described above, choose the best binary options software in the Philippines. Test the platform with a practice account and after making sure of its practicality, reliability and functionality, feel free to open a live account! All it takes is a few dollars to get started in online trading. Start with small amounts, gradually build up your experience and turnover, and may your trading be extremely successful!