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HOW TO CHOOSE BINARY OPTIONS SOFTWARE

As we have said time and again, in an industry that is highly dynamic the use of technological tools to get ahead of the pack is becoming the norm. In fact, over the last few years alone, the uptake of complimentary software in binary options has far superseded all the other years combined. This is because traders are beginning to appreciate and accept the many benefits that come with such software. But then, the big question remains on how they can get the best deal, that is, how does one choose the best binary options software to use for particular assignments? What are the specific factors to be considered when choosing, say, a binary options signal software? Or an auto-trading software? How do you set out establishing these factors in the first place and why are they important? This piece will answer these questions in the simplest manner possible to enable you to find the product that you need and improve the quality of your trades like the early-adopters have. Stay with us.

 

Step One: Identify the Purpose

There are a lot of software products out there that play different roles in the binary options scene. For example, there are auto-trading tools which are automated products that identify and place trades on behalf of the user with a popular example being the AutoMoneyMaker software. There are also binary options free signals generation software products such as the Heat Alerts among others. This means that once you identify the kind of need you have, you will have narrowed down to a specific niche of software.

 


Step Two: Check Reliability

The second most important step is to verify the reliability of the product you want to adopt in your trading. This is done through reading various customer reviews on independent sites and forums online such as the BinarySpeaker, and also going through the product details and testimonials. Reliability generally involves looking at whether the software will deliver what is promised: if it is an auto-trading product, ensure that it does not make too much loss that will cost you your invested amount. If it is a signal source, ensure that it will not generate bad, loss-causing signals.

You should beware of scammers who use paid testimonials starred by fake actors from fiverr.com. There are also review sites that are paid to post fake reviews in exchange for commissions and kickbacks.


Step Three: Verify Efficiency

Efficiency is normally displayed in the form of Win Rates in the binary options industry. This is a description of the number of trades that conclude In the Money (ITM) as compared to those that conclude Out the Money (OTM). Most good products generally have win rates of between 60 to 80 percent. If you find one promising you wins of up to 90 percent, that is the first red flag that should make you reconsider picking it as your preferred product. In the case of Heat Alerts for example, the promised efficiency/ win-rate is 80 percent which means that for each ten trades placed on Heat Alerts’ signals, you will get approximately 8 wins. This is definitely a reasonable return on your investment.

 

Step Four: Check Cost

Once you have established that the software product is both highly reliable and efficient, you can go on to check the costs involved. This way, you can do your own cost-benefit analysis and know whether the product is worth investing in. In most cases, most technology firms provide their software products for free to binary options traders. But you should be cautious as some can easily trap you with fancy bonus schemes or bad products. In other cases, you might find yourself investing in a product not worth the paper it is written on and that might later cost you more in losses. Once you are satisfied that the cost –if any – is less than the benefit, you can go ahead to step five.


Step Five: Ease of Use

It is a fact that no one wants a software product that is complicated to learn and use. What this means is that you should look to find a product that is not only user-friendly but also one that is easy to learn and use on the go. This can be through having a simple, easy-to-understand interface, responsiveness, and in most cases, straightforward approach to handling issues. This will enable you to take the least amount of time learning how to use it and more time actually making money using it. Check for example the AutoMoneyMaker, once you sign up and sign into your broker account, you do not have to do anything else. What is left to do is to enable the product and it will do all the heavy work for you. It has been simplified so that it won’t take more than five minutes for a newbie to sign up and start making money.

On the same note, you can dig further to establish the details of how the system works. You will notice that for most products promoted online, owners have provided key insight on how it works and for the most part, it makes sense. Some scammers, however, take advantage of the fact that most people barely understand how software products work and therefore easily manage to make outlandish claims on how their products are able to deliver such huge returns in so little time. If you are able to find out how the software you want to use works, the better for you. This is important even if it means seeking the advice of an independent consultant.

 

Final Step: Confirm Security and Regulations

Most people never bother to check whether the software they are using is secure enough to protect their data from loss or misuse. Yet increasingly, there are cases of data breaches and losses resulting from the general ‘disinterested’ approach. We strongly recommend that you not only go through the Terms and Conditions sections before accepting to use a product but also verify that the highest standards of safety have been implemented. Also note that some products require downloads to work yet this might come bundled with various malware and spyware that might compromise your own local data – others are web-based. Ensure that you scan the software to ascertain that it is indeed safe for you to use.


On regulations, some countries do not allow the use of certain software products for binary options related business. You can check with your local authorities to ensure that you are allowed to use such software before you actually download it. This way, you will be legally protected should anything go wrong in the process.

CONCLUSION

If you follow each of the steps above, you can rest assured that you will end up with the right software for your binary options trading activities. You might want to go through some products such as Heat Alerts and AutoMoneyMaker because they are the very products we used as the basis for this comprehensive guide.

 

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