Brokers use personal account managers to not only attract you as a Binary Options trader, but to retain your business. It can be beneficial to have an account manager, or indeed just a knowledgeable person, to get you started with Binary Options trading, to answer any of your questions and to take care of your account. But how much trust and faith should you have in the account manager handling your hard earned money?
What are account managers doing anyways?
There are a few things to take into consideration when looking at Binary Options trading and whom you choose to help you with your account.
Firstly, account managers usually work for the broker. Be mindful that the quickest way for the broker to make money is for you to lose money. This creates a clear conflict of interest. For all intensive purposes the account manager does not care if you lose or make money, they only care if you invest thereby ensuring they are paid for their work.
Secondly, an account manager is nothing more then a salesperson. They work on commission, which is usually a percentage of the deposit, or deposits, you are willing to part with to get started with your account and continue to invest over time. So they push and bully you to invest huge amounts of money, regardless of the risks associated. This way they can make more money off you.
Third, some of these account managers have no formal qualifications in Binary Options, or any other kind of financial investments. So ask yourself: why are you paying someone, who is no more qualified then you, to provide you with advice and to manage your account? How much should you really listen to them?
Some account managers and brokers are exactly like seedy car salesmen; ready to take your money, and sell you a lemon before they move onto their next victim.
Should you pay attention to your account manager?
However, it is not all bad news, scams, schemers and bad investment advice. Not all brokers and account managers are out to take you for a ride and bleed you dry. There are some who are out there to genuinely make you money in the long term, and therefore making themselves a nice profit in return. It just takes time and research to find the right person or product to help you out. There is also the option of cutting out the middleman, so to speak, and self-manage your own account with online broker websites.
Brokers are there without lying
There are many online Binary Option brokers that you can create an account with and control your own trading and investments. This means you do not have to deal with unqualified and pushy account managers. A lot of them provide online training and support videos so you learn how to manage and excel at online Binary Option trading for yourself. In this way you are in control of everything, and do not have to risk your hard earned money in the hands of someone who is not qualified or has your best interests in mind. It is essential you research these online brokers, as just like account managers, there are seedy ones out there who try to take advantage of others. Look at their websites, search for reviews and comments on the Internet and ask around in regards to their reputation and services. Take IQ Options, for example. When researching their Binary Options trading page, they appear to have favorable reviews and continue to attract new traders who believe IQ Options are trustworthy and provide sound returns on investments. Not only this, their website is user friendly and easy to navigate. There are many other Binary Option broker sites, such as Anyoption, 24Option and Cherry Trade, which also provide reliable and dependable platforms to trade from.
So, don’t be sucked in by the get rich quick scams and bullying behavior of account managers. Take charge of your own Binary Option investment account and cut out the unreliable account manager on your way to financial freedom.