Introduction
Are you looking to invest in binary options, but don’t have access to a computer? Don’t worry, you can trade binary options on your android device too. In this article, we will guide you through the process of trading binary options on your android device.
What are Binary Options?
Binary options are a type of financial instrument that allows traders to speculate on the price movement of an underlying asset. The trader can either predict that the price of the asset will go up or down within a given time frame. If the prediction is correct, the trader earns a profit. If the prediction is wrong, the trader loses the investment.
Step 1: Choose a Binary Options Broker
The first step is to choose a reliable binary options broker that offers android trading. You can find a list of recommended brokers on various online forums and websites. Once you have chosen a broker, download their android app from the Google Play Store.
Step 2: Open an Account
After downloading the app, open an account with the broker. Fill in your personal and financial details as per the instructions. You will be required to deposit a minimum amount in your trading account to start trading.
Step 3: Choose an Asset
Once you have opened an account, choose an asset that you want to trade. The app will display a list of assets such as stocks, currency pairs, commodities, and indices. Choose an asset that you are familiar with and understand its price movement.
Step 4: Choose the Expiry Time
After choosing the asset, select the expiry time of the option. The expiry time is the time frame within which the trader’s prediction has to come true. The app will display a list of expiry times ranging from 30 seconds to several hours.
Step 5: Choose the Investment Amount
After selecting the expiry time, choose the amount that you want to invest in the option. The investment amount is the amount that you will lose if your prediction is wrong. The app will display the potential profit that you can earn if your prediction is correct.
Step 6: Make the Trade
After selecting the asset, expiry time, and investment amount, make the trade. Click on the “Call” button if you predict that the price of the asset will go up or “Put” button if you predict that the price of the asset will go down.
Conclusion
Binary options trading on your android device is easy and convenient. However, it is important to choose a reliable broker and understand the risks involved in trading. Follow the steps mentioned above to start trading binary options on your android device.
