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Sri Lanka lies close to the southern coast of India. The Palk Strait separates Sri Lanka from the Indian state of Tamil Nadu. Binary options are any trader’s favorite because they help traders fetch quick profits. The popularity of binary options trading is picking pace because of obvious reasons. First, the whole world is aware of the multiple benefits that binary options trading brings. Even Sri Lankan traders know of it.
If you reside in Sri Lanka, you would want to know whether binary options for Sri Lanka trading are possible. Binary options trading in Sri Lanka is possible if you indulge in it with a profit-earning motive.
So, let us begin with a binary options trading guide that Sri Lankan traders can follow to get started.
A step-by-step guide to trade binary options in Sri Lanka
What you will read in this Post
All traders in Sri Lanka desirous of trading binary options can follow a few simple steps.
#1 Pick an available binary options broker in Sri Lanka
Most renowned brokers offer services to investors in Sri Lanka. These brokers let you access all the greatest assets in various underlying markets.
However, the Securities and Exchange Commission of Sri Lanka gives broker licenses to various online trading platforms. Therefore, an online trading platform will be able to offer services in the country only when permitted by the SEC of Sri Lanka.
So, if you are hoping to start binary options trading, you must choose your broker wisely. Three brokers offer excellent services in Sri Lanka. These include:
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
from $10
(Risk warning: Trading is risky)
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
from $50
(Risk warning: Trading is risky)
300+ Markets
- $10 minimum deposit
- Free demo account
- High return up to 100% (in case of a correct prediction)
- The platform is easy to use
- 24/7 support
from $10
(Risk warning: Your capital might be at risk)
1. Quotex
Quotex is not a new broker that recently emerged. Instead, this online trading platform has served users for many years. Traders sign up with Quotex because of its user-friendly interface and several other features.
- Quotex allows traders to initiate their journey with a demo trading account.
- Traders can enjoy using various technical indicators offered by this platform.
- With only $10, a trader can begin binary options trading in Sri Lanka on this platform.
Is Quotex legal in Sri Lanka?
Certainly, trading with Quotex in Sri Lanka is permissible within the bounds of the law. To ensure compliance, it is advisable to consult the Quotex website for the most current list of countries subject to trading restrictions.
(Risk Warning: Your capital can be at risk.)
2. Pocket Option
Among the leading online trading platforms, Pocket Option is one broker that offers world-class facilities to Sri Lankan traders. For instance,
- This platform’s basic trading account will require you to make a minimum deposit of only $5.
- Traders can access all trading features just like other trading platforms.
- Pocket Option does not charge trading fees and commissions from the traders.
- The broker has fast deposit and withdrawal methods. Also, it makes several payment methods available to Sri Lankan traders.
Is Pocket Option legal in Sri Lanka?
Indeed, engaging in trading activities with Pocket Option from Sri Lanka is well within the legal framework. Nonetheless, for up-to-date information on countries where trading might be restricted, it is recommended to refer to the Pocket Option website.
(Risk Warning: Your capital can be at risk.)
3. IQ Option
IQ Option is a reputable online trading platform prized for its user-friendliness, diverse asset selection, and regulatory compliance. It features an intuitive interface, educational resources, demo accounts, and a mobile app catering to both new and seasoned traders.
- IQ Option allows traders to begin their trading journey with only $10.
- There are several account types available on this platform. You can choose one according to your trading experience and, of course, your needs.
- This broker allows you to access some of the best profit-reaping binary options.
Is IQ Option legal in Sri Lanka?
IQ Option welcomes Sri Lankan traders and provides a secure and completely lawful trading environment. Presently, IQ Option stands as one of the best platforms that offers services to binary options traders from Sri Lanka.
(Risk Warning: Your capital can be at risk.)
Binary options trading experience depends severely on the broker a trader chooses. So, choose wisely.
After choosing a broker, a trader should sign up for binary options live trading account.
#2 Sign up for a trading account
Once a trader has made up his decision about which brokerage to use, he may begin the registration process. Almost every brokerage need these basic process when registering:
- Browse to the broker’s homepage and select the ‘signup’ option
- Enter information like name, email, contact information, and so on.
- Click the ‘submit’ button
Therefore, starting up with investing in binary options is as simple as complying with these steps. Investors should now decide the type of account they wish to use for trading in binary options.
(Risk Warning: Your capital can be at risk.)
#3 Use a demo or a live account
A demo trading account offers immediate and immense benefits to a trader. For example, a trader does not need to indulge in binary options trading with his real funds. Instead, he can use virtual currency that online trading platforms like the ones discussed above offer.
Newbies can also formulate their trading strategies while using a demo trading account. A live trading account is perfect for any trader to start binary options trading in Sri Lanka. They can employ their real funds while trading through their live trading account.
#4 Pick an asset to trade
Choosing an asset to trade binary options is the second thing a trader needs to do. However, this can happen only when a trader’s account setup finishes.
Trading binary options in Sri Lanka is just as easy as trading them elsewhere. Once an asset’s choice is final, you can proceed to place your binary options trade after coming up with an accurate analysis.
(Risk Warning: Your capital can be at risk.)
#5 Make an analysis
Traders in Sri Lanka and elsewhere will benefit from binary options trading if they have the proper knowledge about an asset’s movement.
Binary options will be worthwhile if you come up with accurate predictions. The accurate analysis also allows traders to know about an asset’s resistance and support levels.
However, achieving this only with the right technical analysis is possible. Online trading platforms, including Quotex, Pocket Option, and IQ Option, operating in Sri Lanka allow traders access to several trading tools.
| Good to know! |
| Traders who use the technical tools and build the right trading strategies have a better chance of benefiting in monetary terms. So, you can use indicators such as MACD, Bollinger Bands, Awesome Oscillator, etc., to make a perfect technical analysis. |
#6 Place a trade
After proper analysis, you can finally place your binary options trade with the broker with which you have signed up.
(Risk Warning: Your capital can be at risk.)
#7 Wait for the result
Waiting for the results involves traders knowing whether the underlying asset’s price has witnessed a downfall or an increase. If it rises, you win your binary options trade and profit from it. The vice versa happens if the underlying asset’s price falls.
Here are binary options basics to help you get through their trading in Sri Lanka.
(Risk Warning: Your capital can be at risk.)
What is a binary option?
As the name suggests, binary options are just another kind of derivative. Trading binary options require traders to bet on the future price of any underlying asset.
The dictionary meaning of binary suggests ‘two.’ So, traders trading binary options can expect two trading outcomes. For example, when any trader indulges in a binary options trade, he can expect to win the entire trade or lose everything at once.
| Good to know! |
| Whether you trade them in Sri Lanka or any other country, the outcome of these options remains fixed. On their expiry, traders get a fixed sum of money if there is a profit. On losing, traders get nothing. |
So, if binary options trading interests you, you might want to know about its legality in Sri Lanka.
Is binary option trading legal in Sri Lanka?
The Central Bank of Sri Lanka and the Securities and Exchange Commission of the country regulate the overall financial bodies of the country. So, if binary options trading has to be legit in the country, it should have a permit from these Sri Lankan authorities.
Now, binary options trading is legal in this south-east Asian country. As many as 20 million Sri Lankans indulge in binary options trading. As a result, these traders can convert up to 92% of their invested amount into profits.
| Good to know! |
| The binary Options trading market in Sri Lanka is gaining quick momentum because of the promising opportunities it offers traders. Sri Lankan traders with high-risk appetites can double their account balances with binary options trading within a few days and months. But, first, they should move in the right direction with an expert market analysis. |
(Risk Warning: Your capital can be at risk.)
Payment methods for traders in Sri Lanka
Trading binary options require traders to sign up for a trading account and fund it with money. So, knowing about the payment methods is crucial. A trader will have a good trading experience when he has payment convenience.
Here are some binary options payment methods prevalent in Sri Lanka.
Bank transfers
Bank transfers are a common binary options payment method in Sri Lanka. As a result, traders can fund their trading accounts on all trading platforms using their bank accounts.
Platforms such as Quotex, Pocket Option, and IQ Option do not charge users any deposit or withdrawal fees. However, traders might have to incur charges or fees that their banks might levy.
Using this method, you can instantly fund your live trading account. However, withdrawing funds using this method might require you to wait sometime.
Card payments
Besides bank transfers, card payments are common for Sri Lankan binary options traders. They can use their debit or credit cards to fund their account or withdraw money.
Deposits made through cards are instant. On the other hand, card withdrawals might take up to 2-24 hours to credit your account with funds.
Electronic wallets
Online platforms such as Pocket Option, IQ Option, and Quotex allow traders to use their electronic wallets. Electronic wallets, as a payment method, offers traders a quick way of funding their account. In addition, the withdrawals made through electronic wallets are just as quick.
Cryptocurrency
Cryptocurrency is another common payment method for traders in Sri Lanka. For example, you can fund your binary options trading account using the leading cryptocurrencies.
For instance, you can use Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, among others.
Cryptocurrencies offer traders a secure and quick way to make payments. For example, you can instantly credit funds into your trading account using cryptocurrencies.
(Risk Warning: Your capital can be at risk.)
Pros and cons of Binary Options trading in Sri Lanka
Undoubtedly, every good thing has its cons. Even though binary options trading is highly profitable for any trader, it carries risks. Therefore, traders in Sri Lanka should be wary of binary options pros and cons before they begin trading.
The pros of binary options trading are
- Binary options trading is highly profitable if you develop an expert market analysis.
- It is a quick way to earn money, as you can place 60-second or 5-minutes trades.
- You can set the binary options trade’s expiry time of your own accord.
- All traders across the world have embraced binary options trading.
- Trading binary options in Sri Lanka is just as legal as in any other country.
The cons of binary options trading are
- Binary options trading is not legal in several countries worldwide.
- Even though it offers traders a chance to earn money within a few moments, they still need to research.
- Failure to develop an accurate expert analysis can land traders in trouble.
- Various binary options brokers scam traders into losing their investments.
- Some brokers might charge trading fees and commissions and trap investors.
So, the binary options trading experience for any trader in Sri Lanka will be good if he trades with a reliable broker. Traders should pair their market knowledge with the right technical analysis to beat binary options trading risks.
(Risk Warning: Your capital can be at risk.)
Risks of binary options trading
- You can expect to earn high profits. However, it is only possible when you accurately judge an asset’s price movements and direction.
- Failure to ascertain an asset’s price movement direction can lead any trader to losses.
- Unlike other kinds of trading, traders can either win huge or lose their real money. Thus, it is nothing less than an ‘all or nothing situation for a trader.
- Binary options trading can turn out to be addictive for any trader.
- There are several brokers in the binary options market. Unfortunately, not all brokers have licensed or genuine. If a trader finds himself trapped with scam brokers, it could be impossible for the trader to get his money back or find any help.
Conclusion
With all its risks, binary options trading is the best trading market for Sri Lankan traders. As long as you are trading with regulated brokers, you are good to go!
Among all brokers in Sri Lanka, Pocket Option, Quotex, and IQ Option offer the best services. Traders wishing to seek the best binary options trading in Sri Lanka can sign up with one of these three. However, traders must make a perfect technical analysis before placing any trade.
Frequently Asked Questions (FAQs) about Binary Options in Sri Lanka:
Are binary options trading good for Sri Lankan novice traders?
Yes! Binary options trading is good for any trader as long as they follow good practices. The good practices include researching well and building an expert trading strategy.
Is trading binary options in Sri Lanka easy?
Binary options trading in Sri Lanka is just as easy as trading it elsewhere. Sri Lankan traders only need to find the right brokers like Pocket Option, Quotex, or IQ Option to get on their binary options trading journey.
Does binary options trading in Sri Lanka involve risk?
Like any trading form, binary options trading does involve risk. So, traders have to be cautious about placing the binary options trade. Only an expert analysis will help them find an underlying asset with a profit-earning potential.
Can a trader in Sri Lanka become a millionaire by trading binary options?
Yes! Binary options offer traders of any vicinity a way to earn quick profits. However, profit earning is possible only with the traders’ right decision-making power.
What are common payment methods for binary options brokers in Sri Lanka?
Common payment methods for binary options brokers in Sri Lanka typically include credit and debit cards, bank wire transfers, e-wallets like Skrill and Neteller, cryptocurrencies such as BTC, local payment methods like eZCash, and prepaid cards like Paysafecard.
What are the risks of binary trading options in Sri Lanka?
In Sri Lanka, engaging in binary trading carries certain risks, including the potential for substantial financial losses, heightened exposure to risk, and the threat of identity theft.
Can you trade binary options for free in Sri Lanka?
Binary options often involve real-money investments aiming for profit. Some brokers offer educational demo accounts with virtual funds but lack the emotional and risk elements of real trading. Always prioritize understanding a platform’s terms, especially for real money trades.
(Risk Warning: Your capital can be at risk.)
