Binary Trading Platforms

Options
Not sure if this is the right forum so fingers crossed


- has anyone got experience of binary trading?


OptionsClick, TopOption and BDSwiss are a few I've looked at with a view of trading currencies


I'm curious to know the pluses and minuses of such trading and keenly how reputable these sites are?


many thanks

Comments

  • ChesterDog
    ChesterDog Posts: 1,117 Forumite
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    Options
    It's not trading, it's straightforward betting/gambling.

    The house wins.
    I am one of the Dogs of the Index.
  • Reaper
    Reaper Posts: 7,285 Forumite
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    edited 17 November 2015 at 5:14PM
    Options
    It's been discussed a few times. Type "binary" into the forum search and see what comes up.

    Here is one example:
    http://forums.moneysavingexpert.com/showthread.php?t=3371562

    P.S. Over time I have seen posters say they have lost money on currency trading but don't recall anybody ever saying they managed to make a long term profit.
  • george4064
    george4064 Posts: 2,817 Forumite
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    Options
    Personally, I wouldn't touch them with a bargepole for various reasons (as stated above);


    - its practically gambling, the vast majority of binary 'traders' lose money
    - A lot of the binary platforms are very unreliable/dodgy (just look at Plus500)
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • hottdang1
    Options
    ok - thanks all
  • JeDi
    JeDi Posts: 12 Forumite
    Options
    Checked out the link above, Creepy One Two Trade reviews ... brrr. I understand binary options are not even considered securities in many countries, but the limited risk brings sanity to a newbie. I used them to learn trading and better understand stock market, had no problem taking my money out (traded with Alpari). NB - Binary Options are securities under US law and thus are better regulated, but it's not true for every country so you need to be careful.
    When life gives you limes, it means time to get tequilla and start the party!
  • Malthusian
    Malthusian Posts: 10,980 Forumite
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    Options
    The only understanding of the stock market they can bring is that betting on short term price movements, regardless of how you do it, is no different from gambling on where a ball will land in a slotted wheel or which of two cockroaches will reach the end of a box first. It is all random and in the long run you lose your shirt. The only advantage of binary options is that you learn this lesson faster.

    "Limited risk" is presumably in relation to spread betting where you can lose more than your initial stake. Which is like saying that the frying pan has limited risk compared to the fire: you still cook. The word "risk" is not really appropriate, risk is an investment term. The correct term for something like this is "chance" or "odds".
  • luckystrike23
    Options
    yes I'd say that binary trading on very short term events like minutes/hours/days is GAMBLING. On bigger timeframes skill comes into the equation. The only binary provider I would trust would be the main binary provider (formerly betonmarkets)

    More info on binary trading here: http://www.financial-spread-betting.com/binary-options/binary-bets.html
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