Update On PowerOptions
PowerOptions is shutting its doors. The broker announced it would no longer be taking clients and that a cessation of trading is soon to follow. This is unfortunate news but not the end of the world. There are still plenty of good brokers out there and you can get free demo and social trading at Communitraders! PowerOptions is closing.
Demo account trading is well known to be one of the top ways for newbies and experts to test strategy and learn about trading. The ability to enter trades in a platform that simulates the real thing is the best way to get familiar with the mechanics, if not the nuances, of trading be it binary or other. Not all binary options brokers offer demo trading but fortunately at least one of my top picks of brokers does.
PowerOption is a newer broker founded by forex industry leader Avatrade. The platform is very nice and includes High/Low, Touch, Range and 60 Second speed trading. The asset list is well rounded including the major world indices, top traded forex pairs, today’s hottest commodities and a basket of international stocks. Expiry’s on this platform are a focused on intra-day, end of day and short term speed trading but there are some end of tomorrow and end of the month expiry on some assets.
Signing up for a demo account is very easy. All you have to do is register with the broker, create a user name and a password. There are no requirements for providing credit card information or deposits, it is totally free. If after you begin to demo trade you decide that binary options, and more specifically PowerOptions, is something you want to pursue then the minimum deposit is only $100 with a minimum trade size of only $10. This makes it a great choice for newbies or anyone else with a smaller account versus other brokers who may require a $100 or $200 or higher minimum trade.
Other perks of PowerOption include the banking methods ie the deposits and withdrawals. Methods include the typical credit cards and wire transfers but also include multiple ePayment methods including Skrill, MoneyBookers and Neteller. The ePayment methods are my preferred way to deposit because it is the best way to withdraw. For one thing, you can collect any monies you wish to deposit in one place for ease, all you have to do is set it up once and all your credit and banking accounts can be connected. The most important reason for using an ePayment method though is because it will make withdrawing much easier and faster. EPayments are the fastest way to withdraw binary options profits.