If you want to get started trading binary options you'll need to find a good broker. Unfortunately that's not as easy as it sounds - not because there's a shortage of good brokers, but because different traders need diferent services and functionality, and what's good for one may not suit another.
You may want only basic binary options, or you may want more advanced trading to be supported. You should look at the number of assets that are offered; for instance Boss offers 100 different assets, and uBinary 75, but you'll also want to check that they include the assets you actually want to trade. Sterling/dollar, dollar/yen, and big stocks like Apple, Amazon or Google are usually there in the mix, but commodities aren't always supported.
You'll also want to check on the types of option that are offered, from the extreme short term of a 60 seconds option (it really does last 'Just a Minute') or 2 and 5 minute options to long term options from a week up to six months. The basic high/low (sometimes called above/below) options are offered by every broker, but more experienced traders should check to see if touch/no touch options (which pay out if a share price does or doesn't touch a certain level) or boundary options (which pay out if a share price remains within a particular range), or ladder options (which lock in profits at successive price levels) are offered. One of the most intriguing offers comes from uBinary, which allowed traders to choose their own expiry time, asset, and profit/loss ratio with its Option Builder product.
You'll also want to look at the payout ratio since that shows roughly how much profit you can make. Payout ratios range from 91% down to 80%, which is quite a significant variance.
Account types, support, and money transfers
The devil is the details and you will also want to check on the tiering of accounts, minimum deposits, and minimum investment amounts. At the same time you need to know how to get your money out. Withdrawal limits and fees are not uncommon.
Support also varies between options houses. Some offer loads of free education including webinars and free demo accounts which enable you to trade on paper before you commit your funds, as well as extensive information resources. Higher value traders may get personal account managers, which can help manage more advanced trading patterns.
You should also check out how any broker you are considering is regulated. None are regulated by the FCA (Financial Conduct Authority) which supervises all financial services companies based in the UK. Some EU based brokers are regulated by their home country authorities, for instance Boss Capital (Gibraltar) and 24Option (Cyprus). Others, like Finpari, operate as pure offshore brokers and are not regulated. You might still pick such a firm, but you won't get the benefit of certain consumer protections.
Picking the right trading house may not be easy but it's worth putting the work in. Behind every good trader is a good broker.