Binary Trading Platforms

hottdang1

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

ChesterDog

It's not trading, it's straightforward betting/gambling.

The house wins.

Reaper

It's been discussed a few times. Type "binary" into the forum search and see what comes up.

Here is one example:
https://forums.moneysavingexpert.com/discussion/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

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)

hottdang1

ok - thanks all

JeDi

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.

Malthusian

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

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