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Binary options forex broker?

  • #1
  • First Post: Feb 3, 2010 2:05am Feb 3, 2010 2:05am
hi,


can anyone intro me a binary options forex broker, and i am wondering what is the max. invest for them, for what i have saw there is only a max of 3k.
  • #2
  • Feb 24, 2010 8:25am Feb 24, 2010 8:25am
hi, i am also looking for binary options broker. I traded for fun and a bit of guessing on www.tradesmarter.com. did you find a secure broker to open an account?
  • #3
  • Feb 24, 2010 8:48am Feb 24, 2010 8:48am
If you live in the states you can try NADEX. I trade with them and I used to rtade FX with gft and now I am full time with Binary options. They are owned by IG markets, so if you are overseas you can try it with IG. Soon NADEX will hopefully allow overseas clients to trade with them , they are an exchange here in the US and very heavily regulated with Binary options which is a good thing. They applied to regulators to be able to have overseas clients so they will know soon. PM if you want any more info.

Ranger
  • #4
  • Feb 24, 2010 5:43pm Feb 24, 2010 5:43pm
Quoting keano1
hi, i am also looking for binary options broker. I traded for fun and a bit of guessing on www.tradesmarter.com. did you find a secure broker to open an account?

Keano hit me up at [email protected] and I can help you with binaries
  • #5
  • Feb 25, 2010 7:59am Feb 25, 2010 7:59am
Thanks ranger, i have opedned a demo account with nadex to play with it. But i am based in UK so maybe they take clients world wide?!!! will let u know how it goes
  • #6
  • Feb 25, 2010 8:55am Feb 25, 2010 8:55am
Keano , as for UK clients not yet but soon! They are waiting for regulatory approval to take overseas clients now. Like I said hit me up on email and I can help you with the binaries
  • #7
  • Jan 28, 2011 9:35am Jan 28, 2011 9:35am
Hi:
I've been learning forex with demo and micro accounts for almost two years and going through what seems to be the typical learning curve (jumping from system to system, trying every indicator, EA's, and finally settling down) Got in a lot of screen time on one pair and got used to how it moved, but still couldn't make consistent pips.

Found binary options beginning of January and turned a $250 account into $516 in under a month w low drawdown and a 70+% win rate. I know it's not a lot of dollars, but I'm interested in the rate of increase and I feel that the process I'm using should be very repeatable month after month.

For whatever reasons, the binary options seem to click for me and the huge hours of screen time seem to be finally starting to pay off. Just using PA to identify likely reversal points, sticking to one pair, none of my trades are longer than about 35 minutes. This is working better for me when price isn't moving much, so I pick times of day when it's slow - thinking this should be great year round. I think the defined risk, reward, and time span of the options helps me be more disciplined, and trading larger positions encourages me to wait for really good setups.

I'm using tradersroom.com to place trades. Don't know anything about them, other than I can move money in and out with a credit card and no fees, and they were prompt and fair on the one complaint I raised with them. Planning to keep just enough cash in the account to cover 3 or 4 losses to be on the safe side.

If anyone is familiar with them I would appreciate hearing from you good or bad.

Tradersroom is the only site I've found that uses their format for placing a trade and I like the simplicity of it. Just picking a pair, a time, and up or down. If any there are any other sites that offer this combination please let me know, I'd like to have more than one account as a backup.
  • #8
  • Jan 28, 2011 9:49am Jan 28, 2011 9:49am
pippindog,

take a look at optionbit.com They offer much higher payouts for 30 min binaries.

I can see why trading binary options is tempting, especially when you have a small account. It's tricky though....getting both direction AND timing right...
  • #9
  • Jan 28, 2011 10:38am Jan 28, 2011 10:38am
Quoting Traderlarry
pippindog,

take a look at optionbit.com They offer much higher payouts for 30 min binaries.

I can see why trading binary options is tempting, especially when you have a small account. It's tricky though....getting both direction AND timing right...
Hi Larry:

That looks good. I appreciate you taking the time to let me know. I just opened a demo with them and their platform seems very similar to tradersroom (wondering if they are related) but slightly different price feed. The higher payout is a nice touch.

Do you have experience with their ability to close out a position early? It's not enabled in the demo. Seems like the thing to do would be to close out as soon as the position goes into profit, or maybe it just gives a fraction of the total return?

Take care and I hope your weekend goes well.
  • #10
  • Jan 28, 2011 10:59am Jan 28, 2011 10:59am
Quoting pipppindog
Hi Larry:

That looks good. I appreciate you taking the time to let me know. I just opened a demo with them and their platform seems very similar to tradersroom (wondering if they are related) but slightly different price feed. The higher payout is a nice touch.

Do you have experience with their ability to close out a position early? It's not enabled in the demo. Seems like the thing to do would be to close out as soon as the position goes into profit, or maybe it just gives a fraction of the total return?

Take care and I hope your weekend...
Hi,

I don't see that option either in the demo but its mentioned in the guidelines. Haven't funded the account yet.

Good weekend to you as well.
  • #11
  • Jan 28, 2011 11:08am Jan 28, 2011 11:08am
Ok, so I'll have to admit I'm a dork. I just made my first trade on optionbit ( demo) and it was profitable....the payout is 181%...that means you gain 81% and not 181% as I had assumed...yet, the payout is higher than on tradersroom, just marginally though.
  • #12
  • Jan 28, 2011 3:53pm Jan 28, 2011 3:53pm
Quoting Traderlarry
Ok, so I'll have to admit I'm a dork. I just made my first trade on optionbit ( demo) and it was profitable....the payout is 181%...that means you gain 81% and not 181% as I had assumed...yet, the payout is higher than on tradersroom, just marginally though.
I've found a handful of brokers now that I know better what to search for. My concern is that every single one of them seem to located in Cyprus. Is that a reason for concern? Does anyone know if that should be scary? Several of the broker sites seem similar enough that I would not be surprised if they are all part of the same parent company. Slightly different payouts and data feeds, but looks like the same webmaster. Again, should this scare me?

I've submitted a withdraw request for about half my balance from my current broker to see how that goes. Planning on keeping a minimum amount of cash in the account and moving it in and out as necessary via credit card (site says no fees).

Still looking for a US regulated binary option broker.
  • #13
  • Jan 28, 2011 4:20pm Jan 28, 2011 4:20pm
FYI:

Tradersroom offers a bonus based on initial deposit. In my case, $250 deposit, $25 bonus. Fine print says bonus is forfeit in there is ANY withdraw before you place trades equivalent to 15 times the deposit and bonus ($275 in my case) following the date the bonus is credited (in my case, 2 full weeks after my initial deposit, so all the trades before that don't count towards the total). So if I'm placing $25 trades (the minimum), I'd have to place 165 trades (275 X 15 = 4125; 4125 / 25 = 165) before I make a withdraw to be able to keep the bonus.

That's fine, it's spelled out if you look for it. But based on my first month's trading, that would be over 3 months worth of trades, assuming I don't increase my position size. Closer to two months assuming I continue to be as profitable as the first month.

I guess my point is that the "bonus" is a non-issue for me (I didn't know there was a bonus until after I'd opened the account). I'd rather forfeit the bonus and start periodic withdraws early on to make sure there's no problem getting my earnings back from the broker.

At least one of the other Cyprus based brokers has a similar bonus policy, so I'm guessing this is pretty common.

Anyone have a different take on this?
  • #14
  • Jan 28, 2011 4:22pm Jan 28, 2011 4:22pm
Quoting darr3n
hi,


can anyone intro me a binary options forex broker, and i am wondering what is the max. invest for them, for what i have saw there is only a max of 3k.
IG Index/Markets offer them I believe. They certainly used to.

I used to trade them on indices, but I got frustrated by them and moved on to Forex.
  • #15
  • Jan 29, 2011 8:23pm Jan 29, 2011 8:23pm
Quoting ranger
If you live in the states you can try NADEX. I trade with them and I used to rtade FX with gft and now I am full time with Binary options. They are owned by IG markets, so if you are overseas you can try it with IG. Soon NADEX will hopefully allow overseas clients to trade with them , they are an exchange here in the US and very heavily regulated with Binary options which is a good thing. They applied to regulators to be able to have overseas clients so they will know soon. PM if you want any more info.

Ranger
Nadex is not an true Exchange it's name just sounds like it.

It is a market Maker but good part is regulate din USA and owned bya big UK firm IG Markets.
By the way I think other UK regulated and better known forms are also offering Binary
I woudl prefer them or IG market sin UK over the Cyprus based Binary Options providers any time
There is a Australian regulated Binary options provider however they are small market Maker and keep chaning the instruments they offer the trade and keep changing payouts (Market Punter )
Also Compared to UK , Client money safety perhaps not that good in Australia . They are NOT covered under the National Guarantee Fund in Aus
  • #16
  • Jan 30, 2011 1:16pm Jan 30, 2011 1:16pm
Opened a Nadex demo account, will start trying it out this week.

Withdraw on live Tradersroom account pending.

Will post follow ups on both.
  • #17
  • Jan 31, 2011 1:45pm Jan 31, 2011 1:45pm
Played around with Nadex demo a little, seems as though it's designed to be confusing - I find it hard to figure out what I'm going to be paying for a given option. Maybe just it's just me.

Optionbit limits demo to 24hrs, that seems like a red flag to me. If they were confident in their product why not unlimited demo or at the very least a month? Customer service email to me:

"...We are the only company that even offers a demo and had you requested it, it could have been extended for you.

Any info you'd like can be provided including an e-book with details on how to use our platform, I am here as a market analyst to assist you with your trades or simply as a second opinion.

I would like to take this opportunity to offer you a bonus for your first deposit and I hope to speak to you again soon regarding setting you up with a live account.

Best Regards

Jack...."

I think anyone that has looked at even a few other binary brokers would agree that that statement is flat out false. Is it a deliberate lie or does Jack really believe it? Either way, big, big red flag for me. I think there are too many other brokers out there for me to waste any more time on Optionbits.
  • #18
  • Feb 1, 2011 12:24pm Feb 1, 2011 12:24pm
Hi pippindog, they can definitely be confusing at first and I hope that Nadex takes a hint from all of the discussions on this board about their lack of education (both on the platform and the contracts in general). They are certainly not helping traders feel comfortable with unfamiliar products, although, i have found on the phone, they can be very helpful. One thing I recommend, not matter where you are trading binaries, if you are using charts, use a chart of the underlying market (any respectable firm should tell you what they base it off of - futures, spot and specifically, reuters pricing, bloomberg pricing, etc.). I would say with any questions, call them. (also, they are owned by IG Group which has various videos available on their different IG Markets sites that may help you as well).

In reply to Moksha, you are incorrect regarding Nadex. They are, at least according to all regulations by the CFTC a true exchange. Below is a link to a CFTC Federal Register that lists them with the likes of the CME, NYMEX, ICE, etc.

http://www.cftc.gov/ucm/groups/publi.../e9-21545a.pdf
  • #19
  • Feb 1, 2011 9:43pm Feb 1, 2011 9:43pm
phigold

Of course they are regulated but
They are a exact copy of IG markets which is a Market Maker
In a true exchange each trade is guaranteed by the exchange with nadex and Ig your counter party is them.


It is like this In Australia the regulated true exchange is ASX and New Castle Exchange , however if I start a MM style FX/ CFD business and call it
ANX ( Australian national Exchange) it is a just a business name DO I become a true exchnage? NO

Same as the name of Duka in SWISS "market place" it is stilla market maker or STP broker
  • #20
  • Feb 2, 2011 6:14am Feb 2, 2011 6:14am
Quoting moksha
phigold

Of course they are regulated but
They are a exact copy of IG markets which is a Market Maker
In a true exchange each trade is guaranteed by the exchange with nadex and Ig your counter party is them.


It is like this In Australia the regulated true exchange is ASX and New Castle Exchange , however if I start a MM style FX/ CFD business and call it
ANX ( Australian national Exchange) it is a just a business name DO I become a true exchnage? NO

Same as the name of Duka in SWISS "market place" it is stilla market maker or STP broker
Did you know that even if I call myself a cow and start mooing, I may not actually be a cow.
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