questionsLooking for a binary options broker to trade with when you’re a beginner can seem like quite a chore. There is a lot of research to do, and there are so many bad brokers out there that finding even one good broker can be a challenge. Have you ever considered trading with multiple brokers, though? This idea isn’t a must by any means, but there are several possible advantages to doing it, and it’s something to think about if you’re just starting out.

Hedging Your Bets

One of the reasons to consider multiple brokers to trade with is ironically that many binary options brokers are untrustworthy. The term “hedging” is used a lot in trading. It means to protect your investments by providing yourself with a form of “insurance” when you’re trading (usually by holding an opposing position). You can also “hedge” your bets when it comes to choosing your first binary options broker by using more than one broker until you decide you’re thoroughly comfortable with one or the other.

Binary options brokers are barely regulated these days. And while there are some great brokers that we recommend in our brokers list (which you can find here), it never hurts to protect yourself. Another consideration is that even good brokers can have problems. Most binary options brokers are relatively small companies which are springing up here and there in response to the growing trend in binary options trading. Some of these companies may not be entirely financially stable, and since trading is still relatively unregulated, that means that these brokers are not required to have enough money on hand to return your funds should something go downhill with their own operation. Keeping some of your money at one broker and some at another helps to protect you against collateral loss of this nature should one company need to close its doors.

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Bonuses

Bonuses are another reason to consider trading with more than one company. You can only qualify for so much bonus money from any one binary options broker, but what’s to stop you from opening accounts at more than one broker and receiving more than one bonus? Just remember to be cautious when you trade using bonuses, since not all bonuses are equal, and they are governed by different rules. Some bonuses you can collect as cash straightaway, but the majority are leverage-based, and you can only collect them as cash after you’ve turned over a large trading volume.

As such, bonuses carry risks as well as benefits, but for many traders, they are part of the thrill of trading binary options. So if you’re into binary options trading for entertainment value, that may be another incentive to trade with multiple binary options brokers.

Learn more about bonuses here.

Features

When you trade with more than one broker, you have a great opportunity to cross-compare features. You’ll be able to see quickly and easily which broker offers superior capabilities, and also which broker offers you the best customer service. Customer service is often overlooked by new traders, because they are so focused on features, but you should consider it one of the most important features there is. No matter how many different types of trading a company offers, no matter how many assets, you won’t be successful if you don’t receive honest, prompt, knowledgeable service.

After a few weeks of trading with two brokers, you should be able to make a more intelligent decision as to which one you like the best. There is nothing which can replace experience when it comes to making informed decisions.

Trading with multiple brokers does carry some additional risks, since you will be testing out not one but multiple companies; in some ways that risk is mitigated because it is distributed. Even if one company turns out to not be quite what you expect, you still have your money at the other companies, and not all invested in one website. You also will get a better feel for doing business in an industry which currently has a lot of unknowns. We definitely suggest that even if you test out multiple brokers on your own, you choose from our list so that you are deciding between brokers which are likely to meet your strong criteria!

Click http://www.binaryoptionsblacklist.com/broker-reviews/demo-test-before-you-trade-live-at-banc-de-binary/ before trading with real money!