I am considering starting binary options trading. I would like to know, for a novice trader, whether it is better to trade on multiple platforms or one platform.
For both novice traders and experienced traders, it is better to trade on multiple platforms as there are more assets and options available for them to trade. In case a binary options broker declared bankruptcy, traders can reduce the risks if they keep their money in several different accounts.
It is also beneficial for you to carry out trading. When there are a wide variety of financial assets available, you will have more choices and you can reduce the losses. If you use just one platform, you can only trade with a limited number of types of binary options and financial assets. If you open accounts on multiple platforms, you will have the freedom to choose an asset and place a trade.
The payout rates provided by brokers are different from one another. Because the payout rate changes in accordance with the trading time frame and price movements, it would be better to use multiple platforms so that you can compare and choose the one that offers higher payout rates.
In addition, if you keep your money in multiple trading accounts, you can reduce the risks. If a binary options broker declared bankruptcy, you will not lose all your investment.