Binary options are also known as digital options or options with a fixed profit. This transaction has a pre-known profit. The terms of the transaction are defined while opening a particular contract.
If the trader is right about their position, then the amount transferred to the account consists of two parts:
- The cost of the contract opening, which is returned to the trader’s account.
- Profits stipulated in it (on average, a profit of 80% on the contract value, which is selected by the trader).
At the same time, it does not matter how much the price of the underlying asset has changed, the trader always knows the profit margin in advance, this condition is stipulated when the transaction is opened.
|Min Deposit||Expiration time||Broker|
|$10||60 sec – end of the month||Visit IQ Option|
How to Be Successful When Trading Binary Options
Since binary trading is a relatively new financial instrument, for traders, especially for those who have yet to begin, it is not easy to determine the best binary options. Of course, the options themselves are just a tool, which the trader uses as brokerage service. So when we, at TradeForex.ng, are talking about the best binary options, we have in mind the best conditions offered to the Nigerian traders by brokers on trading platforms.
As in any field, which has financial transactions, when trading binary options be careful not to fall into the hands of fraudsters. When choosing the best conditions for options trading, be careful not to fall for scams tempting offers, which can promise you anything, if only you would buy their tricks.
First of all, Nigerian traders should pay attention to the age of the brokerage site and its popularity. Honest young players, of course, are present in this market as well, and they attract users by various bonuses, but the promise of exorbitant profits should alert you. An honest broker who is going to earn together with its customers, can not offer huge profits in the detriment of themselves.
And we’ve also prepared a separate post in case you wish to read more information on what binary options is.