We gamblers love everything that has high payouts and increases our heart beat a little bit. The thing that we usually do not appreciate is being tricked. What is the main issue about gambling against the online casino is the lack of transparency. You may place your bets, but do you really trust some unknown script? To us it seems as a major issue.
Binary Options have gained popularity just a few years ago and to us it seems as a perfect gambling instrument. So what are binary options? This is a type of financial betting. In its simplest form you just need to predict the direction of the price move of an asset. It can either be up or down. In other words, if the current GBP/USD rate is 1.3567, you may bet for this rate being higher than 1.3567 or lower than 1.3567 within a defined time frame. What is the best is that you not only can check the rates at your broker, but you can check them on tons of other sites. This means full transparency.
Sounds pretty easy, right? It is quite similar to betting on red or black in roulette, yet the main difference is the payout and the odds. While in roulette (especially online) it is nearly impossible to predict the color, with binary options you can forecast a bit better. Due to this the payout tend to be lower, so while for a 100 GBP bet in roulette you will get 200 GBP, at binary options you would get 165-190 GBP, depending on your choice of binary options brokers. In some types of binary options trading you can generate the payouts higher than 700%, but of course it comes with a greater risk.
Another great aspect of binary options is that you can gets lots of deposit bonuses and other freebies. Also most of the brokers provide online support and have a wide range of available payment systems. With most of the brokers you can bet on almost any financial instrument, lots of currency pairs, metals, commodities, stocks – whatever rocks your boat!
So how to get started?
Binary options brokers do not make your life hard. Starting to trade binaries online may take only a few minutes and can be done by following the next steps:
- Find a proper broker. Best to find a broker regulated by FCA
- Open an account. Usually you would need to supply a copy of your ID if you open with a regulated broker.
- Make a deposit. The easiest way is to use your credit card for it, but you also have lots of other options.
- Start trading
As a rule, with an unregulated broker you wouldn’t need to provide your ID, so the whole application process could take less than 5 minutes. With a regulated broker it may take up to 2 days to verify your personality.
Good luck with binaries, high payout and transparent betting!
Cover Image via Flickr