Binary Options Hacks
This 101 guide includes all the hacks and tricks you need to maximize your binary options trading success. Read on for an in-depth guide to all the best techniques for developing your binary options skills. Both hands-on and hands-off binary options hacks are included, as well as an overview of the most important trading fundamentals you need to know.
Top Binary Options Brokers
Binary Options Hack #1 – Copy Trading
Binary options copy trading is a less active approach to online investing.
All you need to do is fund your binary options account and select a trader to copy. The image below shows how a copy trade could be set up on Pocket Option. Users can browse from the broker’s top-performing traders and choose a provider based on key performance metrics, including the number of profitable trades and the amount of profit they have made over a period.
Other binary options copy trading platforms also show you the markets a master trader speculates on, the number of followers they have, and the trader’s risk rating.
To start using our first binary options hack:
- Make an account with a supporting binary options broker. Note, copy trading is not usually available on demo accounts.
- Fund your account. This can be done via the payment channels offered by the brokerage. Examples include credit/debit cards (Visa, Mastercard, and American Express), PayPal, or cryptocurrencies.
- On the brand’s webpage, navigate to the social investing or copy trading section. The top copy traders will often be listed here. Select one.
- Input the details of your investment goals and risk appetite into the copy trading parameters. The exact details required will differ between platformsqza.
- Wait to see the results of the automated copy trades.
Note, users can often keep control over how much they invest, assign maximum loss thresholds, and can manually override trading signals.
Binary Options Hack #2 -Bots
This binary options hack is one of the best hands-off methods of investing. Often called “auto-trading”, binary options robots use software which analyzes data and automatically makes trading decisions on cryptocurrency markets, for example.
Free software is available at some of the top binary options brokers, including Deriv. Alternatively, there are specialist binary options bots, such as Option Robot.
To choose a binary options robot, consider whether the platform offers backtesting and demo trading capabilities. Deriv, for example, provides a free demo account where you can test the robot feature with virtual currency on a 60 seconds, 5 minutes or 4 hours strategy, for instance. They also offer highly customizable bots for download, so you can amend parameters to align with your trading strategy, style and risk tolerance.
Note, bots still requires knowledge of binary options and specific markets. Using auto-trading saves time and opens up opportunities, but it still requires an effective strategy and monitoring.
Binary Options Hack #3 – Double-Up Strategy
The binary options double-up strategy is often used by more experienced traders but remains one of our top hacks and tricks. Double-up services are offered by some of the most popular binary options brokers, including Quotex and Pocket Option.
As the name suggests, traders select the ‘double-up’ button to double their stake and potential winnings. The option to double-up will appear in the window where your open positions are displayed. It is typically only available for a short period while the trade is open. Importantly, it can be an effective approach when you’re confident the trade is going in the right direction.
Note that with the double-up binary options hack, not only is the potential for reward doubled but so are the potential losses. With this in mind, do not choose a market you have a limited understanding of. Also consider the volatility of the market. Cryptocurrencies and exotic forex pairs, for example, often experience highly volatile periods which could lead to a trade quickly moving against you.
Binary Options Hack #4 – Demo Accounts
One of our top binary options hacks for beginners is to make use of paper trading accounts. The best brokers offer binary options demo accounts for free, and often with no need for registration.
A demo account essentially allows you to trade without putting your funds at risk. This is done by providing you with virtual funds which you can purchase binary options contracts with. Demo accounts provide the same experience as real-money accounts. Starting balances are often around $10,000 and users can speculate on a broker’s full list of assets, from stocks and metals to forex and cryptos.
Binary options beginners or those new to a market can use paper money accounts to study, develop and test a new strategy, explore a broker’s range of investing tools, and gain confidence before risking real money.
Binary Options Hack #5 – Money Management
Binary options are a risky form of trading due to their all-or-nothing nature. This is where binary options money management comes in. Managing your wallet will help keep a handle on losses and keep you in the investing game no matter how many trades you make a day, making it one of our top binary options hacks.
Some traders recommend not risking more than 1% to 2% of your total balance on a single trade. So if you have $1000, you wouldn’t risk more than $10 to $20 on an individual trade. You can also amend your minimum and maximum trade thresholds based on your risk appetite and experience.
Make sure the binary options broker offers a low enough minimum deposit that you can follow your money management plan. It’s also worth noting that some brokers offer a partial refund during a small window. You may also be offered the option to sell your contract before expiry, for example at Nadex.
Binary Options Hack #6 – Journals
For beginners, one of our best binary options hacks is to use a journal. A binary options trading journal can be used to identify mistakes and improve your win rate. Investors essentially collect all key information about their trades, which they can then use to see patterns in terms of winning and losing trades. A good binary options journal will help show you if a particular time of day is particularly profitable, or if a specific contract length works well with cryptocurrencies, for instance.
Key inputs to enter in your journal include:
- The underlying asset
- The type of binary options product
- The length of the binary options contract
- The amount staked
- The payout offered
- The strategy used to inform the trade
- The feelings the trader felt when they opened the trade
- The result, i.e. in-the-money vs out-the-money, plus how much was won or lost
Binary Options Hack #7 – Education
Another of one our top binary options hacks for new traders is to make use of educational materials.
While there are plenty of free videos, forums, and courses, plus book and pdf downloads, many of the best binary options brokers offer beginner-friendly educational materials, including Pocket Option, Alpari and Nadex. These can include platform tutorials, and guides to using a killer ZigZag, Heiken Ashi, or Keltner channels strategy. They also offer insights into particular markets, from traditional equities to popular cryptos and digital assets.
Alternatively, traders can turn to free education sites which can provide information on a 30-seconds, 1-minute, 5-minutes, or 1-hour strategy and expiry times, including potential indicators.
Binary Options Hack #8 – Avoiding Scams
Another one of our key binary options hacks is to avoid untrustworthy brokers and scams.
Steer clear of any company that is promising guaranteed profits or brands offering huge bonuses attached to unfair withdrawal terms and conditions. Also be wary of firms that say their tools ensure a 90% accurate win rate. Instead, look for binary options brokers that come recommended with a good track record and a history of positive user reviews.
You can also check whether an online broker is regulated by a trusted financial body. In the US, for example, Nadex is regulated by the CFTC. Outside of the US, laws and regulations mean aspiring traders often have to turn to offshore firms. This is when it’s particularly important to choose a top-rated broker.
Note, reputable regulators also sometimes maintain a blacklist of firms so traders can check whether a brand has a warning against its name.
Binary Options Hack #9 – Apps
A great binary options hack for those who primarily invest on the go is to look for a reliable and easy-to-use app.
The top binary options apps offer instant account funding and withdrawals, access to the broker’s full range of assets, plus mobile-compatible charts and analysis tools. You can monitor your positions, analyze market trends, and make the most of live signals wherever you are. All you need is internet access.
Several of the best binary options brokers, such as Pocket Option, Quotex, and Videforex, all offer apps for free download on iPhone via iOS and Android via APK.
Binary Options Hack #10 – Islamic-Friendly Accounts
Whether binary options is Halal or Haram is open to interpretation. Some believe that binary options is gambling and opens Muslim traders up to questionable industries and activities.
With that said, some brokers offer Islamic-friendly accounts and trading conditions which do not provide opportunities in prohibited industries, such as alcohol or pornography.
You can also speak to a local religious authority if you are unsure whether trading binary options is Halal.
Final Word On Binary Options Hacks
We have listed the top binary options hacks and tricks in 2024. Use these pointers to develop your trading skills while limiting potential losses. From simply practicing and setting yourself boundaries, to using beginner-friendly tools provided by brokers, such as copy trading, these hacks can improve your binary options experience.
FAQs
What Are The Best Binary Options Hacks In 2024?
Among our top binary options hacks include using free signals and copy trading services, getting in practice on a demo account, making use of the ‘double-up’ button if you are confident in a trade, plus keeping a journal to improve your win rate.
Where Can I Learn More Binary Options Trading Tricks?
New traders can turn to binary options books, which are often available as free downloads. Alternatively, the top binary options brokers run webinars and online events where users can ask questions of experienced traders, from how to find an indicator with a 95% success rate to developing a volume and line chart strategy on MetaTrader 4 (MT4). The best platforms will also provide elementary definitions of key terms, such as Japanese candlesticks and provide access to money management calculators.
Can Any Binary Options Hacks Provide A 95% Accurate Win Rate?
Be cautious when trading with any broker or platform that promises 90%+ accuracy in terms of their win rates and forex signals. These attractive headlines may be used to lure in beginners. Make sure you sign up with trusted and reliable binary options brokers.