3

Choosing a Broker

In this chapter, I’ll explain the important things to look for when choosing a broker. I will warn you, it can be a bit of a minefield finding the right one for you .

Some brokers are regulated, some are not. The regulatory bodies these brokers are regulated by may or may not cover your country.

Some brokers are transparent and clear with their terms and conditions etc. but some are just straight up dodgy.

Some have a whole myriad of tools you can use to help you trade and some are real bare-bones platforms with very few features at all.

Although my company JH Options recommends a particular broker, I'm not writing this book to make commissions from signing you up to one. I'm writing this book to help you improve your strategy.

I will say though, to make best use of the strategy, you will need to either use a platform that allows you to use indicators or have a separate application open that provides indicators.

I use Bollinger Bands, RSI and Stochastic Oscillator so make sure you have access to those indicators. It also helps massively if you can use a demo account to practice and perfect your strategy.

Make sure you read the terms and conditions thoroughly before opening an account. If you’re offered a bonus, read the terms and conditions of the bonus too.

If in doubt find a legitimate recommendation from a friend or reliable source before you go ahead and start trading .

Please be very careful, I don’t want to put you off trading but there are a lot of scams surrounding binary options trading. It seems like every time something good happens in the world, some nasty halfwit has to come up with a way to use it to defraud people.

I read an article once which had an interview with a guy who had actually worked for a scam broker and he dished the dirt on exactly what they did. It was disgusting, there was 0% chance of any of the victims ever making any money whatsoever.

He explained how they preyed on desperate people who didn’t have a lot of money and persuaded them to borrow money from family and friends to deposit with them.

The platform was rigged and everyone who deposited lost all their money. No one could withdraw the money they’d deposited and as soon as they said they weren’t happy, they got blocked from making any further contact!

So please, please, please make sure you use a regulated broker. The broker I use is regulated in the EU by CySEC (Cyprus Securities and Exchange Commission). You can go on the CySEC website and check any company to see if they are actually regulated as I don’t doubt that some scammers probably say they’re regulated when they’re actually not.

The last thing I want is to teach you a great strategy only for you to go and waste your money on a scam.

You probably wouldn’t give this book the best review if that happened and I want you to recommend it to everyone you know .

So that's it. That’s the chapter done. No plugs. I’m trying to be very neutral here but at the same time warn you to check out a broker thoroughly before choosing to deposit.

If you already have a broker that doesn’t provide indicators and you don't want to change, there are tools you can use – maybe on a second screen of you have one – to analyse the market then place the trades through your broker.

Or you can use a demo account on a trading platform that does provide indicators next to your ‘real money’ trading platform.