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Binary options trading: which reviews on forums should you trust?
The Internet is full of binary options trading reviews. Should they be believed? How to distinguish useful from meaningless? – Forex magazine
In the life of modern man, the Internet is playing an increasingly significant role. Before you purchase a product or use a new service, it has become common practice to search for reviews on a variety of online resources. Often, these reviews, even before purchasing a product or service, already form a subjective opinion of the user. I didn’t escape this fate and trade binary options. Sometimes such reviews come across that I want to cry from tenderness and urgently bring all the money to the broker, and sometimes – hide all my savings under my pillow and never talk to the broker about them) Who writes reviews about trading binary options and who should be trusted?
Binary options trading: reviews in the language of statistics
Of course, it would be completely naive to accept all reviews at face value. The lack of the Internet is its impersonality. You never know who the author is and whether his review is true. As statistics show, the proportion of objective binary options trading reviews, backed up by factual material, is approximately 15%. The remaining 85% of reviews are written on emotions or are custom-made.
How to determine which reviews on binary options trading should be trusted, and which should be skipped?
Reviews on binary options trading that you should not trust
Forex forum admins will not let you lie, that one of the most common reviews is “SuperPuperOptions Broker – a scammer!”. This informative part of the review ends. How is a scammer? Why a scammer? Nothing is clear. It becomes clearer if you look at the profile of the user who left such a review. As a rule, this post is the only one, and the date of registration coincides with the date of publication of the post.
And everything seems to be nothing. Well, a man came, shit, and left. However, for everyone else, this review will catch the eye at a subconscious level – “yes, somewhere it was about them that they are scammers” – a subjective opinion that is not supported by anything has already set aside. Such reviews can be safely skipped, they are written solely for mass popularity.
Another common view is a tip like “everything was fine, but the broker intentionally changed the price and robbed me of profit.” It should immediately be noted that such reviews can be of two types. If screenshots of charts of another binary options broker are attached to the post, showing the difference in quotes and confirming the correctness trader – Of course, there is reason to think.
Otherwise, if there are no other facts besides a bare statement, you can skip such a review, considering it as an empty chatter.
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A lot of reviews, and this is natural, relate to cash points. There are some questions regarding technical issues, although they are usually resolved in a working order and do not reach the forums, but there are also quite absurd ones. For example, “The broker is cheating! I withdrew $ 1000, but only 950 came to my account. ” Naturally, a public hearing begins. In the toga, it turns out that the trader simply decided not to burden himself with knowledge of the rules for depositing / withdrawing funds, which are established by the broker, the size of commissions and other financial subtleties. For example, when withdrawing funds once a month, the broker pays the bank commission. If more often, then the payment of the commission lies with the trader.
Feedback on the withdrawal of funds is quite popular, because the trader carries the money to the broker. The question was resolved a long time ago, but there is still a review on the forum and acts like in a joke about silver spoons – “but the precipitate has remained”, again forming a subjective opinion of the user who is interested.
Trusted Binary Options Trading Reviews
First of all, you should pay attention to the reviews, which are backed up by screenshots, however, there is also a chance to get into trouble. For example, discrepancy reviews in quotes. Here it is worth returning to the eternal sin of most traders, namely, the reluctance to read and delve into the intricacies of the conditions of a binary options broker. For example, screenshots with quotes of different brokers given in the recall are different. However, the technical regulation clearly states that the price levels presented by the broker do not reflect market prices, but represent the levels at which the broker sells these options. Legally, even with discrepancies in quotes, the broker is right. In fact, this means that no forecasting or analysis can be considered, since what the quotes will be, the broker decides. That is, there is no binary options trading, but there is a banal casino.
Screenshots containing statistics of trading operations also evoke a certain degree of trust. Profitable trading for, say, several months, is a sign that the broker’s priority is trade binary optionsrather than loss by the trader Deposit.
Almost every self-respecting binary options broker has an official representative on the forums who always answers adequate, and sometimes inappropriate, questions. A normal broker values his reputation and tracks not only reviews on his official forum, but also on major thematic forums. Almost all reasonable, pay attention, justified questions or feedback on binary options trading are almost always decided in favor of the trader. And the empty and meaningless chatter remains so chatter.
Binary Options Jargon You Should Know
Jargon2 Backends: Argon2 implementations for the Jargon2 API
This repository aims to be a collection of com.kosprov.jargon2.spi.Jargon2Backend SPI implementations, ready to be plugged into the Jargon2 API. Artifacts contain all service provider metadata and can be used by simply adding them into the runtime classpath.
This section summarizes any security considerations that come with the use of this library. Make sure you evaluate them before choosing to use any of the Jargon2 backends provided here and visit this section regularly for any updates.
|Default backend native library can be bypassed||If you’re using the default backend ( jargon2-native-ri-backend ), the shared library it binds to can be overridden by defining one of -Djna.boot.library.path , -Djna.library.path and -Djna.nosys system properties. See Hardening your environment for more details.|
The default backend
Currently, there is only one implementation named jargon2-native-ri-backend that wraps the Argon2 reference implementation. It’s unique characteristic is that it binds directly to the low-level API of the C code. This allows for two distinctive features of the high-level Jargon2 API:
- Ability to set memory lanes and threads independently
- Leverage Argon2 RI API for keyed-hashing and additional authentication data (AAD)
Simply add this dependency:
jargon2-native-ri-backend contains META-INF/services/com.kosprov.jargon2.spi.Jargon2Backend metadata and is automatically discovered by Jargon2’s discovery process. No build time dependency is necessary, so it’s recommended to keep scope to runtime .
To make adopting Jargon2 as easy as possible, jargon2-native-ri-backend has a transitive dependency to jargon2-native-ri-binaries-generic , an artifact that contains binaries of the reference implementation. They are available for Windows, Linux and macOS (x86-64 only), so it should work as-is on most systems.
Release 1.1.1 of jargon2-native-ri-binaries-generic contains binaries built from Argon2 release 20201227.
Using different binaries
There are at least three reasons why one would need to use different binaries than those included in jargon2-native-ri-binaries-generic :
Custom-built for a particular x86 micro-architecture
The reference implementation contains a number of optimizations on the low-level algorithms of Argon2 and Blake2b that utilize SIMD instructions on modern processors. Expect a significant performance boost just by recompiling the C code for your particular CPU type. The gains are bigger if you’re hashing with large memory and time costs.
Binaries are available only for the x86 architecture, so different processor architectures would need their own binaries.
If Argon2 RI releases security patches, you would always have the option to recompile and switch to the patched binaries.
To change the binaries you have two options:
Build Argon2 RI and install it as a system library
jargon2-native-ri-backend uses JNA to dynamically invoke native code. JNA searches for system libraries first, so installing on /usr/lib/libargon2.so will take precedence over the classpath binaries. You can change the search location by setting the -Djna.library.path property.
Tweak Maven dependencies
If installing native libraries on the host OS is not very convenient, you can package your binaries in a jar and add that to your application. Don’t forget to exclude the transitive dependency to jargon2-native-ri-binaries-generic .
Have a look at jargon2-native-ri-binaries-generic to see the folder structure required by JNA.
Binary options terminology
As you start your adventure in binary options trading, it is essential that you have a solid foundation. This includes understanding the jargon that brokers and other traders use.
This lesson will introduce you to some of the most common terminology that you’ll come across.
There’s no need immediately to memorise every term – that will come gradually. Some might not even make sense straight away, but don’t worry – everything will become clearer as you start to see them applied in context.
Simply make sure you read this lesson through now and refer back to it whenever you’re not 100% sure what a term means. Printing this page off and keeping it to hand might help.
We covered this in Lesson 1 but a recap never hurts. Binary options (also called digital options or all-or-nothing options) are trading contracts in which you predict that one of two possible outcomes will occur. With most binary options you receive a fixed payout if you correctly predict that the price of an underlying asset will meet or exceed a pre-determined level (also known as the strike price). Unlike with other trading instruments, it doesn’t matter with a binary option how far beyond that level the price moves. You don’t receive a bigger or smaller payout depending on the size of price moves – you simply win or lose. The two most common types of binary options are call options (you predict that the price will rise to reach or exceed the strike price at expiration) and put options (you predict that the price will fall to or below the strike price at expiration).
To trade binary options, you first need a broker. This is a company or individual who acts like an agent or middleman, matching up buyers with sellers. As a trader of binary options, you make your contract with the broker. Lesson 2 explains what a broker does in more depth.
Before you start trading, you need to put some money in the trading account you hold with your broker. This money is known as a deposit. Depending on the broker you use, you may need to fund the account with a minimum deposit of anything from $100 to around $500.
This term refers to the item or financial asset that your binary option is concerned with. If, for example, you have bought a binary option that pays out if the price of crude oil hits a certain level, the underlying asset here is crude oil. Other assets that binary options can be written against include currencies (foreign exchange pairs such as USD/GBP or USD/EUR), commodities (physical, natural resources like gold, oil, wheat or cotton), an index (an imaginary portfolio of securities that reflects price changes in a market or part of it, such as the FTSE 100 or Dow Jones) or stocks (shares in a company like BP or Vodafone that are listed on a stock exchange).
Bullish markets and bearish markets
With binary options trading, you are usually trying to predict whether the price of an underlying asset will go up or down to hit a pre-determined level. To do this, you need to form a view on whether the overall market for that asset is bullish (the price is generally rising or in an uptrend) or bearish (the price is falling or in a downtrend). A trader who bets that prices will rise is also called a bull, while a trader who bets that prices will fall is known as a bear.
Put options and call options
Once you have formed a view on whether the price of the underlying asset will rise or fall, you will have a better idea what kind of binary option to buy. A put is a kind of option where you effectively opt to sell the underlying asset because you think its value will fall before the binary option expires. With a call, you predict the value of the binary option’s underlying asset will rise before expiry and are therefore opting to theoretically buy that asset. With each type of binary, you receive a payout if your view proves correct.
The current price and the strike price
With binary options, there are two prices you are most concerned with: the underlying asset’s current price and its strike price. The current price (also known as market price) is the actual price of the underlying asset in real time as it trades on the market. Note however that there may be some delay between truly current prices and the ‘current price’ quoted by your broker. In the case of basic up/down or high/low binary options, the strike price (also known as target price or purchase price) is the underlying asset’s current price at the time you enter into the contract. In this case, you win or lose depending on whether or not the underlying asset’s current or market price when the contract expires is higher or lower than this. With touch binary options or range binary options that depend on the price of the underlying asset hitting a certain price before expiry or remaining trapped inside or breaking beyond two price levels, those target price levels are known as the strike price.
You now need to decide a time frame to trade. You may, for example, buy a call because you think the underlying asset’s price will be higher one hour from now. You are not sure however where the price will be in a day’s time. In this case, you should buy a binary option that expires – ie becomes void – in one hour. Binary options come with a variety of expiry times – typically 60 seconds, 15 minutes, 30 minutes, 45 minute, 1 hour, 24 hours or one week.
With some brokers, traders are allowed to close a binary option, causing it to immediately expire.
Not to be confused with the deposit, the investment amount is the amount of money from your trading account that you use to buy an option. Again, the size of this can vary widely depending on the broker you use, the underlying asset you trade on and the kind of option you buy.
In the money and out of the money
These terms refer to whether you have made a profit or a loss on a binary option. A binary option becomes in the money when you make a profit. For example, if you buy an up/high/call option and the market price of the underlying asset rises before expiry, the option is in the money. Similarly, if you buy a down/low/put option and the market price of the underlying asset falls below the strike price or market price at the time you entered the contract, it is again in the money. The term out of the money is used to indicate a loss. If, for example, you buy a put but the price of the underlying asset rises, or you buy a call and the price falls, you are out of the money. Sometimes, a trader makes neither a profit nor a loss on a binary option – for example, if the price of the underlying asset stays exactly the same. This neutral position is referred to as being at the money.
If your option expires in the money, you make a profit. This is known as your return. Brokers must clearly state the return you will receive on a winning binary option before you enter the contract. It is usually expressed as a percentage of your initial investment amount and will vary depending on the underlying asset, the expiry time and the broker. If, for example, you pay $100 for a binary option that has a guaranteed return of 50% if it expires in the money, you will receive your initial $100 back plus 50% of $100 – ie a return or profit of $50 – if your view proves correct.
This refers to when you make a profit on your binary options investments and decide to pull some or all of the money out of your trading account. The amount of time it takes for you to withdraw funds, as well as the cost of doing so, depends on the broker you use and the method you choose to withdraw money.
If a binary option expires at the money, many brokers will refund your initial investment. Some brokers even will even refund you a portion – typically 15% – of your initial investment, even if the binary expires out of the money. Check your broker’s policy on refunds before you enter into a contract.
Types of binary options
There are a variety of different types of binary options that you need to familiarise yourself with:
Often known as an up/down option or a call/put option, a high/low option is one of the most simple types of binary contract. With this, you simply predict whether the market price of the underlying asset will be higher or lower at expiry than the strike/target price or market price when you entered into the contract. With a high/up/call option, you expect the price to rise. With a low/down/put option, you expect it to fall.
With a one touch option, you predict that the market price of the underlying asset will reach a pre-determined level or target/strike price at expiry. This level can be either lower or higher than the market price at the time you enter the contract – the level you choose is up to you. If the market price does rise or fall to or beyond the target price, you are in the money and make a profit. If it does not move that far, you are out of the money and lose your initial investment.
A double touch option is similar to a one touch option except that here you set two different target prices. If the market price hits or moves beyond either one of these levels at expiry, your option is in the money. If it hits neither, you are out of the money.
A no touch option is similar to a one touch binary but this time you are betting that the market price of the underlying asset will not reach or move beyond a pre-determined target price during the option’s lifetime. If the market price at any point touches the target price, it immediately expires out of the money and you lose your initial investment. If it does not touch the target price, you are in the money and generate a profit.
A boundary/range instrument is a kind of binary option that allows you to predict that the market price of an underlying asset will be inside or outside a pre-determined range at expiry. To do this, you first set two different target prices – one is typically higher than the current price at the time you enter the contract and one is typically lower than this. When the market price of the underlying asset remains inside the range at expiry, it is known as an inbound option. When the market price of the underlying has broken outside the range at expiry, it is known as an outbound option.
So far you have learned that:
- you can trade almost any popular financial instrument through binary options
- you can profit from binary options if you correctly predict, whether prices will finish above or below a certain point at the expiry of the options contract
- with a ‘call’ option you speculate on rising prices, and with a put option you expect prices to fall
- the ’market price’ is the actual price of the underlying instrument, and the ‘strike price’ represents the level that is judged against the market price upon the expiry of the contract, to determine how your bet performed
- ‘in the money’ refers to an expired option that met the predefined criteria and turned a profit; and ‘out of money’ means the option did not fulfil the criteria and you need to take a loss
- there are many different types of binary options such as: high/low options, one touch options, double touch options, no touch options and boundary or range options
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