Binaries have always been a black sheep in the family of trading. unfortunately, their gambling nature has made them something a lot of people despise. Because of the fact that trading is most of the times dependant on good an quick analysis, some people even exclude binary options as a legitimate way of trading. They just classify them as unwanted gambling options too dangerous to be tampered with. However, most of them don’t even realize the market they are missing through binary options. You see most of the binary options positions are taken blindly because some news that comes out needs a little bit more time to affect the assets they are connected to. But when crypto news starts to circulate you can make a really nice guess that a price may go up or down within hours.
What about the brokers?
Brokers are usually reluctant to offer binary trading is this day and age, because most of the times it gives them a bad look like they are trying to scam you and steal your money through binaries because the trauma of the last few years hasn’t passed on many traders. Therefore brokers sometimes hide the fact that they offer binary options for cryptocurrencies and only offer them to traders who register with them from the beginning. Some of the bravest brokers come clean and tell their potential customers about their services. For example IQ Option.
They feature one of the best mobile trading applications on the market today. So if you really want to trade cryptos with binary options we suggest you pay a visit to them. Check them out, give them a good feel and then make a decision. Never forget to be extra careful with Bitcoin trading brokers even if you receive a recommendation.
What do Binaries actually do?
Also consider that even though cryptocurrency trading with binary options is a lot more reliable than stock or any other asset trading, it still involves a lot of risks so please always pay attention to what you are doing, have all the risks weighted out and only after that should you make the decision to trade. Make sure that the Bitcoin trading volumes are in sync with your desired outcome, before you make a bet. Let us give you an example to why you need to be so careful. Binary options are dangerous, it is no wonder that people are comparing them to gambling. Basically, the way it goes is that you make a bet that a price of a certain asset will increase or decrease within a few hours of a few days. And when the time comes when your prediction needs to be compared to the reality you have a chance of making 80% of your initial bet if you were right, but you could also potentially lose all of it. So this may come with big winnings, but also with huge losses as well. Remember that some of the brokers may be reluctant to offer you this service, so choose carefully.