Top Canadian Broker
Many binary options brokers are geared toward U.S. traders, but there are several that are optimal for short term traders based out of Canada. A few of these include 24 Option (www.24option.com) and OptionFair (www.optionfair.com). Both of these are highly reputable sites, even if they are pretty new. Do not be worried about this, actually. Binary options are a fairly recent phenomenon, and you will not find any brokers that are older than a few years out there. When making your decision, it will inevitably be a different process than if you were looking for a traditional stockbroker since these have been around for much longer. Instead, look at the broker’s reputability and what they offer you. Both of these are important parts of increasing your profitability.
After all, that is why people trade in the financial markets. We want to make money, and the more we are able to make, the better. So, this should be your biggest focus when selecting a broker. Ask yourself: will this broker make it easiest for me to create cash for myself? If the answer is no, then you are in the wrong place.
If you live in Canada, you may eventually run into problems with binaries, but this looks like it will not happen until far off in the future. Right now, binaries are not regulated in this country, nor do they look like they will be any time soon. This creates an interesting situation for Canadian traders. It means that there is a wealth of different brokers to choose from, many of which are heavily competing for your business. Competition between companies over a service like this is definitely a good thing since the end customer is the one that benefits the most. But this is not a passive benefit to you. If you want to take advantage of this, you need to do your research and select the best broker for your purposes. There are several sites out there that will help you compare the available choices, but ultimately, they cannot make a decision for you. You know what’s best for you and your situation, so you need to make the final decision based upon these factors yourself.
That’s a good thing, though. It allows you to customize your experience and make sure that you are always getting the best deals on the underlying assets you will be trading the most.
When it comes down to it, the brokers that are the most popular in countries like the United States and within the European Union–where financial laws are stricter–will be the best within Canada, too. The only downside is that you will find a lot of inferior brokers that you need to sift through, too. This can take time, but it will be worth it in the end when you are making a few extra thousand dollars at the end of every year. Even the sustained difference of a couple percentage points on your rate of return can equal tens of thousands of dollars if you trade larger amounts over a longer period of time.
The broker that best suits your needs might not be the best broker for everyone else. In fact, you might find that the best broker for you is not even listed in some review sites’ Top Ten lists. That’s okay. As long as you are not getting scammed, if it is making you money, then it is doing what it’s supposed to be doing.
Canadian binary options brokers are tough to find, but these are plentiful in other countries. Looking to the major brokerages in the bordering U.S. is a good idea, but this is, of course, only a start for the serious trader. It might take time to figure out what your best course of action is, but that time will be worth it once you start seeing more money coming in.