Best binary options software
Trading binary options is one of the most popular trends in trading. Short duration of transactions, high percentage of the profit promised by the broker, good choice of underlying assets these are the main factors influencing the traders' choice.
The main feature of binary trading is the dual option of transaction outcome, i.e. you either make profit or lose the whole sum invested. With other types of financial instruments you can only lose a part of the invested amount if the asset price falls, with binary options the rule of "all or nothing" applies.
That is why many beginning traders lose considerable amounts without understanding the details of this type of investments and unjustly accuse brokerage companies of fraud. You have to predict the possible direction of the asset's price movement, analyzing the market situation, but not reacting randomly, when opening a binary deal. The accurate tracking of market trends, correctly and competently made analysis of current trends will help you make the right choice. Acting at random will most likely lead to losses.
That's why one of the main tasks of a trader is to choose the high-quality trading platform, which will provide complete and up-to-date information about the current market situation as well as access to qualitative analytical tools.
This review is about choosing the best binary options software in Hong Kong.
How to choose the best binary options software in Hong Kong?
A real stock exchange means constant communication with a personal broker who, on your behalf, carries out certain transactions, opens or closes trades and advises you on possible investment issues.
The main difference between online investing is that you will conduct all transactions yourself and the online trading platform is your virtual broker.
A trading platform is software developed by a brokerage company that you can use to access online trading. As in the case of a real exchange, operating a virtual exchange starts with choosing a good and reliable broker. The brokerage firm providing you with the trading software must be licensed to conduct brokering activities and must have all necessary permissions under Hong Kong law. You should also investigate the reputation of the broker by checking out public feedback from market experts and experienced traders.
Once you have selected some suitable brokerage companies which you would like to work with, study the trading platforms they offer.
Depending on your personal trading strategy and the methods you use in trading, each trader will look for specific characteristics on the platform that meet their needs. However, there is a minimum set of qualities that a quality platform should have and that you should look for when choosing a program to trade.
Traders with a good track record in online investing prefer platforms with the following distinctive characteristics:
- The trading application is easy to install and has a simple and uncomplicated registration procedure;
- It allows you to open a demo account for instructional trading and also offers lessons on investing;
- The platform is easy to use, has a clear and friendly interface, well-drawn graphics and flexible settings with the ability to change the menu items displayed on the work screen;
- Informative. The platform provides access to complete and up-to-date information about the assets, such as current price, trading schedule and real-time quotes chart. Also, quality platforms are equipped with a news section containing all of the latest important economic and political events in the world that impact asset prices;
- Analytical tools. The platform provides you with quality tools for market analysis, trend following, as well as assistive graphical tools for independent construction of technical analysis elements, such as trends, support and resistance lines;
- Flexible settings that allow you to customize the trading platform to suit your trading needs: visual layout, types of charts, menus displayed on the screen, number of working windows, types and methods of alerts, etc;
- Acceptable operation limits. Each trading platform sets its own minimum deposit and withdrawal limits. When choosing a platform, be guided by your own financial capabilities;
- Feedback. A quality trading platform provides 24/7 technical support to its clients.
All the above features of the trading software make the work of a trader comfortable and productive, increasing the chance of a successful transaction.
How do I set up my trading software to work comfortably?
The best binary options trading software has flexible settings. You have the ability to customize the trading platform to your liking by setting up the following:
- The background layout of the trading window;
- The number and location of the quotes charts displayed on the screen. The best binary options trading programs allow you to open up to nine charts on one screen simultaneously;
- Type and colour of the chart. Choose the colour of the chart which does not tire the eye, and also the type of display: linear, candlestick, bars or Heikin-Ashi;
- The layout and visibility of the menu items for quick access to the relevant sections, e.g. open positions and display of option purchase amount on the chart, deal completion, price line, etc;
- Notifications. You can configure the alerts you want, such as the changes in the price of the asset, the imminent closure of your position, pending orders, successful withdrawal, etc. They can be displayed directly on the chart, as push notifications, by email, or even by a personal phone call from your account manager; the choice is yours;
- Key combinations. Set up personal commands via shortcuts for more convenient and quicker operation;
- Privacy settings. These settings will help you choose which information to display for public viewing by other bidders and which not. The software allows you to generate a working nickname that will be displayed in CHAT in place of your real name.
The best binary options trading software allows you to fully customize the platform, so you will not be distracted by unnecessary details or miss important system alerts.
While in the past the trading platform was limited to "buy" and "sell" operations, a modern trading platform is a powerful tool in the hands of the trader, which contains information blocks, news section, market analysis section and many convenient tools for self-analysis in the form of technical analysis indicators, economic calendars, etc.
In binary options trading, technical analysis methods are the most commonly used.
Technical analysis focuses primarily on price chart analysis while fundamental analysis focuses on macroeconomic indicators.
In recent years, technical analysis has gained popularity not only because of its relative simplicity but also because of its universal approach. This means that it can be applied to all market segments and time periods.
Technical analysts do not focus on macroeconomic and political events as they believe that any world events will automatically be priced in.
Because binary trades are usually short or medium term, this method of analysis cannot come at a better time.
The most popular indicators used in binary trading are:
- Moving averages;
Technical analysis of binary options using indicators has its advantages:
- automatic calculation of the formula;
- clear signals;
- can be applied to all timeframes;
- work with different underlying assets;
- absence of subjectivity.
Modern trading platforms are equipped with plenty of different indicators, so every trader can choose the one he or she needs based on personal analysis methods and trading strategy.
Using the indicators is very handy, as all you need to do is to click on the "Indicators" tab, choose a type of indicator in the opened menu and activate it. The analysis curve is displayed on top of the price chart of the underlying asset, giving you a clear picture and indicating the current trend.
Aside from the analytical tools, the best binary options trading software offers the possibility to use leverage. To do so, locate the "Multiplier" button in your dashboard, select the multiplier size and activate it. Your investment amount will increase according to the chosen multiplier, allowing you to significantly increase your profit potential. When using leverage, also consider the possible risks of the transaction.
How to start binary trading in Hong Kong?
So, to start trading binary options in Hong Kong, you have to find a reliable broker and test its platform for functionality and convenience. Once you have made your choice, register on the trading platform, open and fund your account and start opening trades.
Registering on the platform is a technically simple process. To register you need to do the following steps:
- visit the official website of the brokerage company of your choice;
- find and activate the "Registration" option;
- complete the registration form, indicating your username and a valid e-mail address;
- confirm your registration on the platform by activating an automatic system link, which will be sent to your e-mail address.
This simple registration procedure will give you access to the information on the platform, and will also enable you to activate and use your demo account.
A demo account is the exact same version of a real account, except in the fictional currency of the account, which is used for training purposes. That means that you can practice trading, but without risking any real money.
Don't forget that trading on a demo account will not bring you any profit. To make a profit, you should start real trading by activating a real account.
You should activate a real account by funding it with at least the minimum amount set on the platform. Different platforms set their own limits on deposits and withdrawals, but as a rule it is an amount of a few dollars. So you can start trading even without any impressive capital.
To fund a live account, follow these steps:
- activate the "Deposit" option on the platform;
- choose a depositing method that is more convenient for you. You can do it with a bank card or popular payment systems;
- type in the amount and fill in additional card details, if you selected this method of deposit;
- click on "continue" and confirm the money transfer in your bank app (if it is a card), or in the payment system app.
Withdrawals are made using the same methods as deposits.
Binary options trading
To open a trade, decide which underlying asset you prefer to trade. The most popular options are currencies and equities, less commonly commodities. The volatility of the currency market allows you to make good money on the price movements of an asset, both up and down, by making a correct prediction of such a movement. At the same time, it is quite difficult to predict the price on the currency market.
It is a bit easier to analyze the stock market, that is why this financial instrument is also in high demand among binary traders.
Once you've decided on your underlying asset, select the "Assets" option on the platform panel, select the "Binary Options" option from the list of assets that will open, then select the desired underlying asset for your future option trade from the drop-down list.
Choose an expiry time. Consider in which direction the price chart will move relative to the current price at the time of the trade. If you think the price of the asset will rise, click on the "Call" option. If you think the price of the asset will fall, activate the "Put" option.
If the trade is executed correctly, you will make a profit. If not, you will lose the whole of your investment.
Using all the features and functions of the platform, carefully research the current market situation, analyse the possible outcome of the trade and only then open an option.
The choice of software is, of course, an important consideration in online investing. But you have to remember that even by choosing the best platform you are taking a risk and only your attention, concentration and consistency will determine the success of your trades.
Follow our advice, choose the best binary options software in Hong Kong and let your trades bring you good profits!