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I have decided to try out binary options as a way to diversify my portfolio. They are pretty new to me but they are very simple to use.
I have signed up with Banc de Binary to place the trades. You can either trade for yourself or if you have a certain amount of funds available, you will get a trader to show you the ropes.
There are four different accounts to choose from, as detailed below.
Micro Silver Account 250 Euros – 2,500 Euros
Standard Gold Account 2,501 Euros – 5,000 Euros
Personal Account Manager Reserved Account 5,001 Euros – 50,000 Euros
VIP Lions Club Account 50,000 +Euros
The first two are for self-traders that want to trade for themselves. They may be getting signals from another party and want to place the trades with Banc de Binary.
The next two are for more serious traders and investors that have in excess of 5,000 Euros to invest. Both have a personal trader to help you get started and to send you the trading opportunities when they arise.
So far I have deposited my funds and they give you a starting bonus of 100%. They say the bonus will be between 25% and 100% but everyone gets 100%. It is supposed to make you feel special I guess when they say you have been chosen to receive the 100%.
When you deposit your funds and receive your account bonus, you will be sent an electronic bonus application which you need to fill out and return to them.
You will also get an electronic “Declaration Of Deposit” to fill out and return.
Below is an image of the binary options trading platform.
It is very simple to use. Much simpler than trading forex with MT4 (MetaTrader4) forex trading platform. See image below. Once you receive your signal which may be EUR/USD Call, you simply go to the platform and place your trades. With the MT4 platform, you have to work out your risk percentage and trading volume, order type, your stop loss and much more.
Don’t get me wrong, I absolutely love the MT4 platform but it is relatively complicated compared to the binary options platform.
Also with forex, it is possible to lose a lot of money very quickly due to leverage and the volatility of the market. With binary options, you know how much you could lose at the start of the trade and can easily adjust that amount. You also know what you are going to gain if your trade wins.
11th April 2014
Things are happening really fast this morning.
First, I spoke to the trader who is looking after my account on Skype this morning. It was mainly about showing me how the binary options platform works, a quick tour of it. There are only 6 or 7 things to think about really, very easy to pick up.
The trader had to go to a meeting, but about an hour later, the trader was back on Skype again, but this time we were using the text chat function. I was told how the signals would be sent to me, for example USD/JPY up 100. This just means that on the USD/JPY currency pair, I was to put £100 and hit the call (up) button.
I thought that would be it for the day but he said “ok lets do a trade”. I was a bit nervous but he sent me the signal and I put on the trade. I did a further four trades and at the end of it, my account was up 1.275%. Not a bad start.
If you want to find out how I am getting on, you can follow my progress here – My Results