Overview of Binary Options Broker Trader Tiers
Some binary options brokers are now offering different tiers, or membership levels to traders. The higher tiers are often associated with additional perks that standard or basic traders will not receive. New trader can decide to place themselves in a higher tier right away, or may opt to upgrade at a later time. There can be value in becoming a preferred trader. However, one needs to consider just what is being offered and what the cost is.
Most binary options brokers do not charge a fee to upgrade to a higher tier. Instead, the trader is required to meet a specific minimum deposit requirement. This amount could be just a bit higher than the basic minimum deposit amount, or much higher, depending on what extras the broker is offering. Some brokers will offer three tiers, such as silver, gold, or platinum, while others may offer even more.
Perks typically include things such as the ability to make unlimited binary options profit withdrawals each month, or faster processing times on withdrawals. Most brokers offer one free withdrawal each month, with additional withdrawals costing the trader a set amount of money. Standard withdrawal processing time averages around 5-7 days. However, higher tier traders may get their money in as little as 3 days.
Though rare, higher tier traders may be given access to additional tools. However, most binary options brokers will make every tool accessible to all traders. No one should ever need to upgrade in order to have access to the basic tools required for trading. Neither should any upgrade ever be needed in order to take advantage of mobile trading should the broker provide this option.
It is possible that bonus amounts could be linked to tiers. Many binary options brokers now offer bonus amounts to new traders, as well as traders who trade on a regular basis. Since the signup bonus amount is often based on the amount of the initial deposit, it could be wise to make the largest possible deposit in order to receive the largest amount of free money. In doing so, the trader will automatically be placed in a higher tier.
Prior to deciding to opt for a higher minimum deposit amount one must be sure that the binary options broker is reliable. Though not a rampant problems, binary options scams do exist. This fact alone could easily prompt the trader to bypass lucrative bonuses out of the fear of losing their minimum deposit. By researching the broker in advance, a level of confidence can be achieved. This will make the minimum deposit decision much easier.
Not all binary options brokers offer tiers or trader levels at this time. However, this offering has become much more common recently. Though no trader is required to ever be anything other than a "standard" trader, tiers are worth examining. In some cases these can provide a lot of value should the perks be something the trader does want to take advantage of. Each broker should clearly list the minimum deposit requirement for each tier, and what the perks of each are on their website.