It is the responsibility of each binary options broker to provide traders with a platform to trade within. Each platform may differ slightly in both design and the types of trades being offered, but the basic functionality will remain the same. It is extremely important to learn how to use the trading interface prior to entering into trades. The good news is that this can be accomplished within a very short period of time, typically twenty minutes or less.
Brokers provide one or more educational resources to assist with the learning process. This may be written instructions, videos, webinars, one-on-one training, or possibly a combination of these resources. For the first-time trader, these resources will prove extremely helpful. Not only can they be used to get started quickly, most can be referred back to at any time should questions arise. Customer service reps should also be available to answer any questions.
Each trade window will appear to be different, but will contain the same basic parameters. These will include an asset, expiration time, investment amount, a price chart, and the option to select the direction of price movement (or other forecast). The offered payout rate will also be included. This will be the percentage amount that will be earned if the trade finishes in the money. An optional trade features such as the option to sell an open position will most likely be presented below the trade window.
There may, or may not be extras such as advanced technical charts and market news provided. Some brokers even provide market analysis. These extras can certainly help with the analysis process, but there will be no requirement to delve too far into these when first learning to use the platform. Initially, the focus should be placed upon learning how to navigate between the available options, and learning how to execute each trade. Once this is done, the focus can shift to learning how to analyze price movements.
If offered, a demo account can be used to master the platform without the need of entering into any actual trades. Some binary options brokers offer these accounts at no cost, and with no obligation to submit a deposit. Others do ask for a deposit, but offer a full refund of the amount should the decision be made not to trade with them. Demo accounts will allow you to enter into mock trades using fictional funds. Should you be provided with this type of account, be sure to fully test out each instrument to see how each functions.
Part of the appeal of binary options trading is the overall simplicity of trade execution. Even those who have never participated in any form of trading will be able to start earning money in less than an hour. Trading platforms will vary a bit, but in no case should it take much time to learn how to use it correctly. Do make use of demo account (if available), along with any resources that are provided. These should be provided at no cost and are quite beneficial to the new trader.