Best binary options software
Binary options are a completely digital product, so one of the main tasks of a trader is to find an excellent online binary options trading platform. Let's look at what a "good binary trading platform" means. First of all, good functionality. That is, not just opening or closing trades and viewing information. The platform should also provide you with detailed analysis and trading tools to help you get started and make binary options trading as comfortable as possible.
Next, we will consider what other features to pay attention to when choosing a trading platform.
Our short review is dedicated to the best binary options software that works in Kenya.
Binary options can be called differently. In the Forex market, they are called digital options. In the US stock market, they are called fixed income options or all-or-nothing options. These are called binary options because they offer you only two choices: you get something (such as $100) or nothing. This ambiguity is characterised by the name "binary", i.e. it consists of two elements.
Formally, the agreement is concluded on the payment to the seller of a certain value of the option with a predetermined right of the buyer to receive and the obligation of the seller to pay a fixed amount in the future, also pre-determined at the conclusion of the contract agreement - e.g. by increasing/decreasing the option price. Otherwise, the buyer of the option loses all the money invested.
Binary options trading and other financial instruments have a lot in common, e.g:
- the same market price movement;
- fundamental and technical analysis is still used;
- you need to determine your appetite for risk and be able to manage your capital;
- you can and should apply specific trading strategies.
But there are some differences that are inherent to binary options trading:
- there are no bets to buy or sell (call/sell options). There are call or put bets: this is the purchase of options with bets on the projected increase or decrease in value;
- the transaction is not closed manually or by a stop order (stop loss or take profit) when the price reaches a certain limit. In binary options trading, there is a clearly defined expiry date, after which the transaction is closed with profit or loss;
- take-profit and stop-loss orders do not apply.
Simply put, a trader can trade binary options as follows: the trader chooses one of the offered assets, the price of which can go up or down. He then examines the indicators and analyses the trading signals based on the forecast of changes in the price of the asset. Finally, he places a bet. In the case of a selected event (e.g. a price increase), you receive a stipulated premium, in case of an incorrect choice, you lose the invested money.
Typically, you can use the following assets to trade binary options:
- stock indices;
- commodity futures.
When trading binary options, you can expect an average income of 80%. But if the forecast is made incorrectly, you will lose 100% of the amount invested.
Binary Options Trading Platform
An online trading platform is software designed to provide a potential investor with access to all transactions in the investment market. This software is generally referred to as a platform because it is available on all possible devices. For example, there is a web version, mobile applications, an application for electronic tablets, etc. High-quality platforms are compatible with different operating systems, and work equally well on Android and iOS.
Mandatory: when downloading apps for trading, use only official sites and sources, as downloading apps from third-party sources can be risky: many sites distribute free "hacked versions" of popular apps and games in the form of APK files that are infected with malicious features, such as sending premium SMS, data theft, device encryption, spying, etc.
By registering on the online investment platform, you will have access to stock market data anytime, anywhere, 24/7.
In order to predict the market situation as accurately as possible, traders use fundamental and technical analysis. Consequently, an important point when choosing a trading platform for binary options trading is the availability of analytical tools, such as news feeds, economic calendar and technical analysis indicators. In addition, most platforms also allow you to choose different time frames for analysis, which is very convenient.
The trading platform is a vital element in binary options trading, as it is the platform through which all trades will be made. However, choosing a platform for regular trading is not an easy task, as there is a great variety of software. Moreover, the differences between them are almost imperceptible without careful testing and trial runs.
To choose the best software for binary options trading, pay attention to the following features:
- security of client funds;
- easy and fast registration;
- availability of a mobile version of the platform;
- free demo account for testing;
- low minimum deposit and convenient options for account replenishment;
- available ways to withdraw funds;
- high return on investment (profitability);
- convenient program interface;
- analysis tools;
- availability of trading tools;
- lack of hidden commissions;
- fast execution of deals;
- availability of support in different languages.
Let's take a closer look at why these points are important.
Easy installation and registration of the programme. Security
The developers of reliable and high-quality trading platforms have made sure that the novice trader does not lose the desire to trade at the initial stage. Therefore, as a rule, registration is as simple as possible and takes a few minutes. You can start by installing the program on your device, using the link on the broker's official website or by downloading the application from the official gaming market, installed on a mobile phone or laptop.
This is the standard registration procedure for most trading platforms.
The main difference between the quality of binary options trading software is its availability on all operating systems, the ease of downloading the program and the ease of registration.
Advanced brokerage firms also offer you a mobile version of the platform in the application. The mobile platform exactly replicates the full version of the desktop platform, providing full access to all your trades. Pay attention to the functionality of the mobile application and the availability of the same functions as in the full version, as well as the speed of data synchronisation on different devices. The qualitative application synchronises automatically and instantly.
A demo account is a sign of a good trading platform. A demo account is a copy of a real account. However, it is intended for training trading only, so the money used on the demo account is fictitious. When you log in to the platform for the first time, the system will offer you to activate a demo account; be sure to take advantage of this unique opportunity. By starting a demo account, you will be able to make transactions identical to the real version, with real quotes, using all the necessary tools for analysis, using leverage, etc. Practice opening and closing trades, try using different indicators. You will be able to draw your own conclusions based on the results of the deals. If your strategy works or not, if you correctly predicted the price movement or if you made a mistake.
Test, trade, analyse, draw conclusions, learn: a demo account allows you to test the system without the risk of losing real money.
Depending on the platform, the required amount of play money may vary. But, as a rule, it is sufficient for training.
In addition, good trading platforms allow you to replenish this amount if necessary.
When choosing a trading platform for binary options trading, prefer platforms that offer a free demo account with a sufficient amount of testing tools that can be replenished as needed.
Settlement operations on the platform
Pay attention to the ways to replenish and withdraw money from the platform. Reliable brokerage firms usually work with reputable payment systems, so you will have several options for replenishing your account. To replenish your live account, click on the "deposit" option and see the list of available replenishment options that the system will show you. As a general rule, this is almost always a top-up from a bank payment card, one of the most popular options for topping up your account. But you can also use online electronic payment systems. Choose the method that suits you best. Then, check the replenishment and withdrawal limits set on the trading platform.
Withdrawals can usually be made using the same methods you used to replenish your account.
When choosing a trading platform, always check the available replenishment and withdrawal options, the minimum replenishment and withdrawal limits, as well as the broker's commissions.
Clear interface. Functionality
Modern platforms are designed to make your experience as comfortable as possible. Relatively high competition on the Kenyan brokerage market is forcing brokerage companies to develop and implement all new technologies to win the favour of traders. Therefore, you have the opportunity to choose the platform that is most convenient for you. Pay attention to the trading software interface. High-quality platforms are characterised by a convenient menu, accurate and high-quality graphics. They are intuitive to use from the first visit to your account.
Pay attention to the available functions of the platform. For example, you will need analytical and trading tools.
If we talk about analysis, it all depends on the type of analysis you use. Fundamental analysis is used on the basis of natural market movements in long-term binary options trading (one month or more). In addition, an economic calendar and a news service are useful. These functions are now available directly on the trading platforms, which is very convenient and helps you to quickly find the information you need. In addition, for each asset you will see an "information" section, where you can view price statistics for a given time, the current price and so on.
In medium-term (one week to one month) and short-term (up to one week) trading, technical analysis methods are used most frequently. Indicators are provided in PlatoFrame for this purpose. Technical analysis indicators or computer indicators are tools that perform certain calculations according to given formulas based on price chart data, and then automatically display the result. Most indicators look like graphical drawings (lines, histograms, etc.) that are automatically plotted on a chart.
Reliable and high quality trading platforms provide access to many different indicators that can be used individually or in any combination.
The multiplier function will help you to activate leverage simply and easily. However, please note that the use of a multiplier will increase the amount of your investment and the potential loss in case of a failed trade. Therefore, we do not recommend using leverage without sufficient trading experience.
When choosing trading software, check the availability and quality of the analysis and trading tools mentioned above. Then choose a platform that is informative and functional.
Other benefits of the best binary options trading software
In addition to all of the above, the best trading platform features a good selection of assets for trading, flexible settings with the ability to customise the software to your liking and according to your trading methods. Technical support should be available on the online platform; ideally, it should be available 24 hours a day, 7 days a week. Consider whether it is possible to choose the language of communication in the online support chat.
Recent innovations have also made algorithmic trading possible. An algorithm is a set of precise instructions that are created to perform specific tasks. In financial markets, user algorithms are executed by computers. Data on prices, volumes, execution time of future transactions are used to create sets of rules. Robots used for algorithmic trading in the stock market are special computer programs. Their development begins with a clear plan of all the tasks they will perform, starting with the main strategy. This type of trading requires good trading experience and at least basic knowledge in the field of programming, so it is not often used by ordinary traders. The process of learning algorithmic trading, of course, it is better to start with the basics of stock trading and technical analysis, and only then move on to it, so far a relatively new trading method.
We hope that our review will help you choose the best binary options trading software in Kenya. To test your chosen platform, open a free demo account and check out the software to learn about all the features and tools we describe.