Sign Up Process at a Binary Options Broker
Binary options brokers have seemingly some of the most complicated sign up processes on the web. This is because legal binary options brokers are forced by the law to gather certain information regarding traders’ identity. This is actually in order to protect traders in case of a potential abuse.
If a broker will ever abuse a trader, then the trader in question will be able to report this to the authorities. But the authorities will only be able to verify the claim submitted by the trader if they can identify the traders’ account based on the personal information submitted.
In order to find out how to sign up at a binary broker then read the lines below.
Deciding what account type to create
There are two types of binary options accounts offered by brokers. One is the real money account that will require traders to make a real money deposit. Using this account type, traders will have the possibility to win real money by trading financial assets.
However, brokers also offer demo accounts that allow traders to trade with “play money” without making a real money deposit. Naturally, this way, traders won’t be able to win real money but they will be able to test all the features and tools offered by brokers.
Before registering at a broker, traders will have to choose one of the two account types. The rule is that if you choose a real money account you won’t be able to create a demo account later on. However, if you create a demo account first, then you’ll be able to upgrade this to a real money account later on.
I recommend you choose a demo account first and upgrade it later in case you like the broker.
Submitting your personal details
When you create your account, the broker will ask you to submit your personal details such as name, address, and similar. It’s extremely important to only submit real personal information. This is because legitimate binary options brokers are forced by the law to verify traders’ identities.
This verification process will involve traders having to scan either their ID cards or one of their utility bills. The point of this is to verify if the name and address submitted by traders coincides with the ones shown on their ID cards and/or utility bills.
If those details won’t coincide then the broker might think that you are defrauding them or you intend to conduct money laundering and the broker will close down your account. Likewise, if you won’t be able to prove your identity then you won’t be able to seek help from authorities at the unlikely event that the broker will abuse you.
Traders often ask me why brokers request scans on passports or utility bills. Pleas note that these are in accordance with regulatory compliance and various trading laws. Traders are obliged to gather these information in order to prevent money laundering.
Obviously, you should only give away this kind of information to regulated binary options brokers. But then again, you should also never register at unregulated binary brokers in the first place.
Confirming your account
After everything is set up, you will most of the time receive an email from the broker. That email will contain a special link that you will have to follow in order to confirm your account. Clicking on that link will activate your account and permit you to make a deposit and begin trading.
Assigning a payment processor to your account
In case you have registered a real money account or upgraded your play money account to a real money account you will have to add a payment processor in order to make a real money deposit. Binary trading brokers allow you to make deposits using a large variety of tools such as credit cards, Moneybookers, wire transfer and more.
In order to link a payment processor to your trader account you will have to access the banking page of your account. Here, you will have to choose your payment processor and submit your payment details (Moneybookers email, credit card details etc.)
Making a deposit
After you have registered at a binary options broker and submitted your payment details, you’ll be ready to make a real money deposit. In order to do this you just have to enter the desired amount. Once you complete the deposit, your money will immediately appear in your account.
Is it Safe to Register at Binary Options Brokers?
Many people aren’t sure if registering at binary brokers and giving them their personal details is actually safe or not. The truth is that it’s perfectly safe to do so in case you only register at legal and licensed binary options brokers.
Most brokers that operate these days are run by legal companies. These will never abuse you or offer you fraudulent services because then authorities will prosecute them. You have to make sure that you only register at binary options brokers that have real licenses
The brokers that I have listed on this website are all legitimate service providers that respect the laws and regulations of the countries they operate in. If you register at these brokers then you will not have to worry about any abuse or fraudulent activity of any kind.
Naturally, the listed brokers also provide top-quality services overall. They offer a lot of assets to trade on, provide multiple options types and ensure very advantageous and rewarding payout rates. This will ensure that you’ll have the best chances to make money by trading binary options.