Learning the basics of binary options is highly important if you want to be a successful binary options trader. Once you know the basics, you will never need to ask the question what are binary options? The big benefit for you is that binary options are easy to learn and they have various basic features, making the trading experience easy throughout the trading day. If you do not learn the basics, it will be very difficult to get the hang of binary options trading.
The Main Asset Types
The first aspect of binary options you need to know is that there are four types of underlying assets to choose from. These are forex binary options, stock binary options, commodities binary options and index binary options. This allows traders to trade the market that suits them whenever they want. For example, if you prefer to trade commodities binary options, then the gold binary options fits under this category. What this means is you have the freedom to trade the preferred binary option at will. If we speak of regular forex trading, you may only trade currency pairs. The fact that binary options offer you multiple market access is an important advantage.
The Times of Expiry
Knowing the time of expiry is paramount if you want to avoid the question of what are binary options? There are numerous expiry times offered on each binary options trading platform. These range from hourly, daily, weekly and monthly. You will choose the one which is best suited to your binary options trade. Before selecting the necessary expiry time, you will need to know why you are implanting each particular expiry time. A failure to know this can result in major losses when trading binary options. Therefore, you need to be far ahead of the game with binary options.
Knowing What are Binary Options
Once you know what are binary options, then it is obvious you have the knowledge of the basics of binary options trading. This is an important level to be if you want to be fully ready for the challenges that lay ahead once you trade on a binary options trading platform. Knowing the basics of binary options is just the beginning. Once you do begin trading, you will need to certainly educate yourself about the latest news affecting both binary options and the financial markets in general.
