If you are currently looking to open a trading account with an online binary options broker, there is one question you should definitely ask yourself. Where does this broker get his data from? It represents critical feature for any broker you are considering. Lots of brokers have been accused of using an operational practice called “different price” that has resulted in unexpected losses for many retail traders.
Exchanges, data providers and binary options brokers
As you may know, there exists dozens of different exchanges and data providers. An asset price is simply the latest price traded on one of these exchanges and reported by a data provider. On the forex market for example (that is an OTC market), there exists many different data provider (Bloomberg, Reuters, EBS…). All these data providers are not necessarily reporting the same prices even though these prices generally deviate from only one or two pips. The core issue of this concern is that some brokers service their trading platforms with their own price feeds that may not include all the data providers available. You should then be sure that you are monitoring the same data that your broker uses to feed its trading platform.
Another simple way to avoid any unexpected losses is to always base your trading decisions on the quotes and data provided by your own broker. All the brokers presented on the website offer top real-time data systems and trading platforms that enable you to customize your own charts with your own technical indicators in order to build the most efficient trading strategies.
The data feed is a key feature for any broker
This information is not often provided within the promotional literature used by most binary options brokers. This is why most beginners in binary options trading may overlook this issue and suffer unexpected losses. We personally believe that this real-time data problem is both an unfair and risky procedure. Our view is also shared by financial regulators that have started warning retail traders in their domestic market not to use such fraudulent brokers.
Feel free to have a look at our detailed reviews of OptionTime, AnyOption, TopOption and 24Option. These binary options brokers offer full real-time data packages. We highly recommend that you only deposit with brokers that you find listed on our website. This will secure safe payouts, real-time data and we will be able to assist you should you face any difficulties.