Easily compare and contrast the main features of this year’s best binary options brokers
|Top Brokers||Review and Free Sign Up||Free Demo||Countries||Best Feature||Min. Deposit|
|REVIEW||Lowest Minimum Deposit||$10|
|REVIEW||Great Trading Platform||$200|
|REVIEW||Wide Asset Range||$250|
|REVIEW||ROI on Losing Trades||$250|
Key To Binary Options Brokers Table
If this box is ticked, the broker offers a free demo trading account where you can trade using their platform without using money, ie “virtual” or “paper” trading. You are mostly required to open an account and deposit funds into it that you can later use to trade with before you can utilize a demo trading account. With most of the binary options brokers their demo accounts are available for a limited time, others leave them open indefinitely.
Due to particularly strict regulations, most binary options brokers are not able to accept traffic (ie traders) from the U.S. If you are in the U.S., a colored flag means you can trade with that broker. If you hover your mouse over the U.S. flag you can see which countries that broker accepts traders from.
This is the minimum amount you need to deposit when you first open your binary options trading account with that broker. You can invest a much lower amount on each trade, this is just to initially open your account.
How to Choose The Best Binary Options Broker For You
Although the open trading of binary options has only been allowed since 2008, it is recognised as a viable and profitable financial instrument in the trading world. Being that binary options are relatively new, traders are faced with the unenviable task of trying to select the best binary options broker for them. This can be quite daunting, especially when you are new to the binary options world.
Every broker is different. Each has their strengths and weaknesses. It can be overwhelming to attempt to analyse all of the data that is out there for the purpose of selecting the best binary options broker for your specific needs. This section is designed to provide six specific points of interest that will be critical in choosing the best binary options broker for you.
The six key elements are: assets offered, option types, payout rates, the platform, deposit options, and customer service.
When you are considering which company may be the best binary options broker for you, pay special attention to their payout rates. The differences in payout rates between binary options brokers may seem insignificant at first glance, but do not underestimate the impact those differences can have in your overall profitability in the long term. If everything else is equal between brokers, choose the one with the highest payout rates.
It is also important that you don’t simply evaluate the headline rates posted by the broker. In many instances these rates are not indicative of the actual payouts provided by that broker. In other words, they reflect the highest possible payout and not the average payout. Before you decide to open a live account with a broker, take the time to examine their platform to get an idea of what the payouts are for the different types of assets and options. If you have an idea of what type of assets you want to trade and the type of options you wish to trade with, see how those particular assets and options are performing with that broker.
Many times you will find that the posted payout rates vary drastically from the actual payout rates for a given asset. This is why it pays to first do your due diligence.
The importance of evaluating the platform used by the binary options broker cannot be overstated. The platform you use and the simplicity that it offers will have a great deal to do with your future success. What you don’t want is to have a platform where the interface is too complicated, making it difficult to enter and execute trades in a timely manner. Being able to identify and execute trades in an efficient manner is vital to your success and profitability in trading binary options, especially when you’re looking at the shorter term trades.
Some platform interfaces will be cluttered with useless information, making the navigation of the interface nearly impossible. What you should be looking for is an interface that is intuitive, clean, and well organised. You want a colour coded section that has tabs that are easily identified, which allows you to identify and execute trades in a quick effective manner.
Some broker platforms are customisable, so check to see if the platform can be adjusted to better suit your personal preferences.
Generally, the best binary options brokers that you encounter will advertise hundreds of assets that you will be able to trade if you choose them. It is important, especially in the initial stages of developing your trading experience that you focus on mastering only a couple of assets. Being a “jack of all trades” doesn’t work with binary options trading. There’s a good chance you will make a lot more money trading just a few assets that you understand very well than you will make trading twenty assets that you know nothing about.
Take the time to familiarise yourself with the assets that are offered and determine which assets you wish to concentrate on. Don’t be in a hurry to take on all of these assets; it can be confusing and overwhelming.
Most of the binary options brokers that you will be considering will offer a variety of binary options that you can trade. The most popular options are high/low, range and one touch options. These are explained further for your benefit here in our binary options guide. Your personality and trading style will have a great impact on the type of options you choose to trade. As you become familiar with the different option types, you will develop a personal preference for some over others. Obviously the best binary options broker for you will offer the types of trades you wish to place.
Deposits and Withdrawals
You want to select a binary options broker that will make depositing and withdrawing your money as effortless as possible. Avoid brokers that make it difficult to negotiate the movement of your money. Any reputable broker (including those listed above) will have a number of ways that you will be able to deposit and withdraw money.
Avoid dealing with brokers that have a history of complaints concerning payouts and withdrawal activity. It should not take your broker an unreasonable amount of time to facilitate a withdrawal, and any difficulty should be immediately addressed and rectified by customer service. If a broker is having problems facilitating withdrawals, it is a sign that there may be deeper issues. Beware.
Most people underestimate the power of customer support. Don’t make this mistake. Good customer service is an invaluable asset when dealing with binary options brokers. The best binary options brokers will provide you with unlimited access to a support team that can address your concerns. You want to have someone knowledgeable close by that you can contact whenever an issue arises with one of your trades.
A great customer support system will have phone support, online live chat, and a help desk. Make sure when you are vetting these brokers that you check whether their customer service department will be online during the times that you plan to be doing most of your trading.
Choosing the best binary options broker for you is important to your success as a binary options trader. Please review the six crucial elements to look out for when selecting a binary options broker before you make your final choice.