For rookies and plain folks out there playing around with binary options and trying to dive deeper into the essence of these derivatives, trading binary options boils down to guessing games, the way most people gamble in casinos. Still, for savvy trader and investors, this is an excellent way to hedge their risks.
Indeed, binary options can be profitable when traded on their own or when used as a part of a more complex portfolio strategy, if you know what you are doing. Still, it is also important to go with the right broker. The thing is, most of the representatives of the contemporary online trading industry are far from being completely transparent and honest with the client. On the surface the may look nice, but under the hood, you see find them trying to play dirty tricks on you to prevent you from making money in the long run. That said, you should avoid those guys like the plague. Instead it is always a good idea to go with a decent broker playing on your side rather than against you, especially if it is a decent FX broker backed by a major investment company and willing to enter the binary options niche to make it a better place for millions of traders seeking a better financial future. This time, we are talking about PrivateFX.
Binary Competition – Binary Options Contest by PrivateFX
We remind you that conventional binary options trading doesn’t rely on how far the price will go relative to the entry point. With conventional binary options, all you need to do is to predict whether the price is going to be above or below the entry point on expiration. The trader can set the type and lifetime of the option. With PrivateFX, you can trade any binary options starting from 30-second options. Still, the company has introduced a new feature taking turbo options to the next level. The thing is that you can cancel any trade within the next 15 seconds after opening. This is a really nice feature allowing you to cancel those trades that look like losers. This reduces the risk significantly, thereby putting the odds of winning in trader’s favor and backing long-term success. For more advanced traders, this is also a decent chance to hedge their newly-opened trades from market spikes.
How to kick-start you trading career? Everything is fairly simple:
1. Open a binary options account with PrivateFX.
2. Deposit $50 or more.
3. Participate in the trading contests named Binary Competition. The 3 best traders of the day get a certain share of the $1800 daily prize pool.
- 1st place – $1000
- 2nd place – $500
- 3rd place – $300
The contest is a series of daily tournaments starting at 8 a.m. GMT and lasting for the next 24 hours. Friday’s tournaments paused over the weekend and ends on Monday morning. The 3 best-performing guys as of the end of each tournament share the prize pool 2 hours after the end.
PrivateFX credits the prizes to the winners’ binary options accounts. The funds are credited within the next 10 days after the tournament. This is required to let the company make sure that the winners complied with all the terms and conditions of the contest and didn’t violate the rules when they participated in the 24-hour trading marathon.
In order to be eligible for participating in the contest, you trading account should have $50 or more as a deposit. At the same time, you re not going to win another prize if you have already won a prize over the last 30 days.
Should any violations spotted, the company reserves the right to ban the violator from the contest. For more information, please go to the company’s official website.
