Confused? We have answers.
»What are binary options?
Binary options are similar to traditional options but with one key difference: their final settlement value will be 0 or 100. This means your maximum risk and reward are always known and capped. (See Trade Examples) The binary options that PFGBEST will be offering initially are daily binaries. Using Binaries for Short Term Directional Trading
» How do I place a binary options trade on the BESTDirect Web Trading platform?
After logging into your demo BESTDirect Web Simulated Trading account, click on the Nadex tab. Select the product you want to trade by using the dropdown bar on the left side. If you want to narrow down the list of products that you can view, check the Save box next to the specific strike prices that you would like to follow.
To trade, click on the Buy or Sell button for the strike you wish to trade. Nadex only accepts limit orders at this time.
Use the Account Summary, Fills & Cancels, or Working Orders tabs to monitor your positions or trading activity.
» Can I trade binary options with my existing PFGBEST futures account?
If you already have a futures account with PFGBEST, you should return the Nadex risk disclosure to have Nadex products turned on for your live account. Then you will be set up to trade Nadex products and do not need to complete any additional account paperwork.
»Will other binary options contracts be added to BESTDirect platforms?
PFGBEST will be adding additional binary options products, as well as other Nadex products in coming months. Current binary products available through PFGBEST include: Crude Oil, Gold, Silver, US 500, Wall St. 30, EUR/USD, AUD/USD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY.
»What order types are supported for binary options?
Nadex only accepts limit orders at this time.
»What are the trading hours for daily binary options?*
US 500 and Wall Street 30: Mon, 3 a.m. to 4:15 p.m.;
Mon-Fri, 6 p.m.- 4:15 p.m.
Crude Oil: Mon, 3 a.m. to 2:30 p.m.; Mon-Fri, 6 p.m.-2:30 p.m.
Gold: Mon, 3 a.m. to 1:30 p.m.; Mon-Fri, 6 p.m.-1:30 p.m.
Silver: Mon, 3 a.m. to 1:25 p.m.; Mon-Fri, 6 p.m.-1:25 p.m.
EUR/USD, AUD/USD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY: Mon, 3 a.m. to 3 p.m.; Mon-Fri, 6 p.m.- 3 p.m.
*Times shown are ET