When binary options got started I had high hopes. The trading format was easy to understand, the risk was minimal (compared to spot forex, futures and leveraged margin trading) and it, binary options, provided a platform for new traders to get their feet wet. Over the years I slowly came to realize that no matter the efforts of regulators, legitimate broker/exchanges, and the trading community binary options had a major flaw; fraud. Binary options were used as a front for massive fraud. Fraud on a scale comparable to any modern industry with businesses, offices, and employees who came to work each day to sit in their boiler rooms, cold calling their targets and pushing binary options trading on a segment of the global population with no business trading at all.
It is no surprise that the US never allowed it into their country, or that the EU as banned spot-style binary trading in its entirety, or that Israel, home to so many of the scams, has done the same. Their efforts, thankfully, have cut down the number of frauds that exist but there are still some out there. The new face of trading scams are based on cryptocurrency and CFD trading, a style of trading that is still permitted in the EU, the US (NADEX ladder style binary options and spreads), the UK, Australia, New Zealand, South Africa, Japan and all the places where traders want to trade. Hopefully, the scammers won’t ruin CFD’s and cryptocurrency for everyone like they did to binary options.
Social trading still exists, but not in the form it once did. Once used as a means of luring unsuspecting traders into the world of binary options it has now evolved into what it was meant to be; all of us traders talking, hanging out, trading and sharing information for the benefit of us all.
Social Trading In The New Age
Social trading is here to stay. The question is, which platform or platforms will you choose? I highly suggest finding a group where you can chat, ask and answer questions, and learn from your experiences. Most importantly, you need to find a group that talks about the assets you want to trade. Sure, you can learn from a group talking about the EUR/USD but does it really apply to Bitcoin trading? I think not. That’s what I’m here now, to help point traders in the right direction. To help them find the trading platforms and trading groups they need to be successful and stay safe in this oh so dangerous world of online financial markets.
I’d like to say that there is one website or platform that has all there is to offer but so far it is not true. For you, the trader, social binary options trading may take more than one website but that is not a problem. Even if one place had forums, profiles, demo trading, copy trading and live real money trading I would still recommend you use different sources. I have found that each forum I am a part of has its own personality, attracts its own types of traders and has something unique to offer. In the end, they all start with a community so if you find one that looks interesting join up to see if you like it.
The Best Broker For US Traders
There are a lot of great choices of broker out there but for US traders (for all traders really, since NADEX accepts individual accounts from around the world) I only recommend NADEX. NADEX is the only US CFTC regulated exchange or broker with the assets and expiry to meet the needs of today’s active traders; the reason I like them so much is because of respect. As a member of the exchange you can always depend on the safety of your deposits, trust in the speed of your withdrawals, enjoy the fasted paced and most exiting trading around, get the highest payouts and never be subject to annoying phone calls or emails pressuring you for more deposits or to let an “manager” trade for you. There is no copy trading feature on the platform, but that’s OK, that issue can be alleviated by following along with your favorite tips, signals or trader in any forum. My top tip for trading NADEX is to use the demo account, it’ll change the way you think about binary options.
Who Is Michael Hodges
I live in the mountains of NC and have for over 18 years. I am the son of two eastern NC rednecks, one a former Army helicopter pilot the other a designer seamstress. I grew up on bases all across the southern US as well as Germany, which I think of as a second home. Since leaving to go out on my own I have been a carpenter, a chef and an insurance salesman, all to varying degrees of success.
My life has been full of struggles, some good and some bad, but the best of all has been my struggle to master trading. I never really appreciated the feeling of personal accomplishment until I was introduced to and challenged by the financial markets. Learning about trading, technical and fundamental analysis, investing and market speculation has been my life’s work. I have come a long way in the last decade and hope to continue growing in the future. Trading is a lifestyle and you must embrace it if you are going to be successful, when you do you may find the peace of mind and personal satisfaction that I have.