Platforms for Binary Options. Web terminal for mobile traders
The development of web technologies makes it possible today to create online platforms that are almost as good as their desktop counterparts. At the same time, they lack the main disadvantage of application programs - the need to install and maintain the current version on each of your devices. In turn, you can access the terminal from almost any device via a browser.
A web platform for binary options is a single workspace where your trading history is always synchronized and all important data is located on remote servers. Let's look at the capabilities of modern web platforms using several brokerage companies as an example.
Quick trading panel
Depending on the software developer as well as the broker and the terms they offer, the platform's features may vary slightly. However, the basic functionality of any binary options trading platform will always be the same, including at least two things: the market overview section and the quick trade panel.
In the panel of quick trading the size of the investment, the time of expiration and other data are specified, depending on the type of binary contract. Its main purpose is to make instant deals, which becomes especially important on short expirations.
Market overview, quote feed or chart
A market overview can be a simple line of quotations, or a full-fledged historical chart that allows you to analyze the movement of the asset's price in the past. The first option allows you to make quick trades, focusing only on the current price of the instrument. In turn, with a complete graph it is possible to apply the candlestick and technical analysis to predict the price movement, focusing on historical data for a particular instrument. In TradingView, for example, you can mark trend lines, graphical patterns and make handwritten notes right on the price chart.
Many people lack complete charts for trading binary options. Therefore, traders often use third-party terminals for analysis and forecasting and a web terminal to open positions. But it is much more convenient to have everything in one place. And you get quotes from the source, which can be slightly different from the quotes from other providers. All of this should be taken into account when choosing a platform and always count on perspective.
The time period of the price chart varies in the range from one minute to one month.
Advice on choosing a timeframe
It is good practice to choose a timeframe a couple of orders of magnitude smaller than the expiration time. This is because different analysis methods are used for different option durations, so it is important to set the appropriate time frame before trading.
Selecting the type of binary options
Many brokers offer several types of options for trading. There can be quite a few types, the most common ones are: binary (bid to rise or fall), pairs, long-term, one touch, ladder, range (channel), etc. In the platform you will see a special panel for switching between option types. Depending on the type of binary contract, the trading environment may vary slightly.
The underlying asset or instrument
The underlying asset of a binary option is what we directly trade. In some platforms, the instrument can be selected directly from the quick trade panel.
Others have a separate menu for this.
As a rule, instruments are divided into groups - into currencies, commodities, indices and stocks. At the same time, the set of instruments may depend on the type of option selected.
It's up to you to choose the instrument you want and are interested in. The traditional ones are always represented. The exotic ones vary from company to company.
Conclusion
As you can see, the competition in the market of web platforms for binary options is now quite high, and each company is trying to distinguish itself from the best side. Well, this is only to our advantage as customers.
The functionality of the trading platform is up to you and your needs, because this is where you will spend most of your time when trading. I draw your attention to the fact that usually web terminals differ only in appearance and the set of underlying assets. So apart from a pretty picture, have a look at Binary options broker reviews. Just in case...
And of course, many companies give demo access to their platforms, and this is a great opportunity to try out the platform, its convenience and to learn its functionality before you open a real account with the broker.