The history of Binary Options trading can be traced back to 1974, courtesy of the Chicago Board Options Exchange (CBOE). However, it was until 2008 that Binary Options were first made a publicly tradable asset on CBOE. The 2007 banking crisis and the 2008 financial crisis met the worst financial meltdowns, even on the most established large investors like the Lehman Brothers. Consequently, this paved the way for low-risk investment options such as binary options.
Since 2008, the straight forward form of trading (that is based on the concept of whether an underlying asset will be above or below a particular value at a specific time) has embraced technological adaptability. Extending from supporting the traditional desktop platforms to the current new wave of the widely adopted mobile application trading platforms.
What can you do on a mobile app binary trading platform?
The most basic functionality that a mobile app can offer binary options investors is trading, which includes the details of their choice of assets and payout rates as per the predicted prices. However, despite the small user interfaces on mobile devices, most binary options mobile apps match all the capabilities functionalities offered by desktop clients.
Most apps have gone beyond the bare minimum. And created all the tools required by investors for informed decision making. These include up to date charts and pricing, instant alert and news, and training resources. Overly, most apps offer the same functionalities they have configured on their desktop platforms.
What makes an excellent binary trading app?
The top of the line mobile app offers you nearly all the functionalities you would enjoy on your desktop platform. All of which seamlessly operate on your user interfaces. Some of the specific features that define excellent binary trading apps include:
- Demo trading: A lack of awareness on how to manage different elements on a mobile application can lead to trading errors that amount to massive losses. Thus, a good mobile app should familiarise its users with how to leverage its trading interface before they go live.
- Up to date alerts and news: As a trader, setting your limits before you start investing in binary options is so powerful. However, you cannot know how to correctly define your limits without news on the latest market trends. A reliable binary app instantly informs users of news and data that might alter the existing market conditions.
- Training resources: These are especially useful to newbie traders. Who would like to familiarize themselves with binary trading options before actively commencing trading.
- Full account management: The ideal app should provide not only seamless execution of trading functionalities but also feature easy deposit and withdrawal procedures. How entering a position is simplified should be the very same way deposits and withdrawals are facilitated.
What smartphones support binary trading options?
Mobile users either utilize Android, iOS, or Windows smartphones. To cater to different mobile users, most binary options brokers cover either two (mostly Android or iOS), or all the mobile operating systems. The chances of getting a binary trading app compatible with your mobile phone device are, therefore, nearly 100%, especially if you are an Android or iOS user.
How to trade binary options using mobile apps
- Choose and register with a broker: There are many binary brokers available in the market. You can either choose to use one or more brokers, depending on your level of expertise as a trader.
- Download the binary trading app: After choosing your broker’s platform, proceed to download their recommended binary trading app. This could be either an Android binary app from Google Play Store (for Android Smartphones users) or an iOS binary trading app from the App Store (for iPhone users).
- Demo trade: Before investing your money, always familiarize yourself with the properties and functionalities of a binary option mobile trading app. Taking your time to trade with virtual money minimizes the errors you would encounter once you go live.
- Live trade once comfortable navigating the app: Once comfortable with the mobile binary trading platform of your broker(s), invest your initial trading capital. And go live on your predictions.
Advantages of using mobile applications to trade binary options
- Ease of access and flexibility: Mobile apps grants you access to your binary trading platforms 24/7 regardless of location. As long as you have strong internet access.
- Affordability: Unlike desktops and laptops, mobile devices are relatively inexpensive to acquire.
- Access to many brokers options: A majority of brokers support mobile binary trading options.