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List of the 11 Best Binary Options Brokers – Review 2020
The choice of a good Broker is undeniably one of the hardest steps to successfully trade as a beginner. My Binary Options Broker list and comparison can be very helpful here because the selection of brokers on the internet is quite large and therefore the chance to find a good broker. Find your suitable broker in a few moments in this honest review.
|Broker:||Review:||Regulation:||Min. Deposit:||Yield:||Advantages:||Open Account:|
|1. IQ Option||(5 / 5)
|CySEC (EU)||10$||up to 100%+|
Huge range of assets
High Yield 92%
High Yield 87%
High Yield 95%
Trade with cents
Huge range of assets
Binary Options is a financial instrument to trade worldwide assets with the possibility of a high return on investment. It is like betting on rising or falling markets. There are only 2 options, that is why it is called “binary”. You can win a high return of 75 – 95% in a selected time horizon or you lose the amount of your investment. It is so popular because it is a way to trade the markets very fast (5 minutes or less) and easy. I have to mention here you can trade it longterm too.
For more information about the financial product and how it works read the article: “How are Binary Options are working?”
The criteria of the Binary Option Broker Review 2020
If you looking for a good broker, you should following the next steps when you check the company. Sometimes traders get scammed by a bad and criminal broker. With this review and comparison, we try to prevent it. Furthermore, Binary Options are very risky. You only should invest money, which you can afford to lose. You can check the following criteria for finding the best company.
Criteria for a good and reliable Binary Options Broker:
- The official physical address of the broker
- Regulation or license
- Free Demo Account
- Experience in the markets
- Good support and service
- High asset profit and fast execution
- User-friendly trading platform
- A platform for mobile trading
Reliability of a broker and safety for traders
It is important to look at how long the broker has been on the market. I easy checked it on the homepage from the financial companies. A good broker provides you with all the information which you want to know. Some companies got an international regulation or license. Also, this is good for reliability. In addition to that, I checked the address of the brokers in this review. As a trader, you want to see clearly an official address of the company. At latest a trader should trust a broker. If you are not sure, just invest a less amount of money first and check the platform by yourself.
Official regulation and license are very important
High payout and asset return of investment for Binary Options
One of the most important point to consider is the asset profit. The average of the payout in this review is 75-95% for each Binary Options trade. There are differences between the brokers. Every trader wants to make a high profit in trading. If one broker got less asset profit like – 5%, this can be a huge restriction to you possible profits.
Moreover, every time the payout depends on the traded asset. Normally the broker provides the highest payout on the most traded asset. In addition, the payout can dependent on the expiration time too.
Which broker provides the highest profit?
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Free and unlimited Demo Accounts are necessary for every trader
The broker should provide you with a free demo account. This is an account with virtual money. It is made to practice the financial product and to test the trading platform. You can trade Binary Options without any risk with this virtual money. It is completely free to use. Also, traders can develop new strategies or improve their trading skills. Advanced traders or beginners try to trade new assets for the best success with this account.
Open your free demo account now.
On the other hand, sometimes the broker gives its traders trading tips for analysis or strategies. The demo account is perfect for practicing that new knowledge. Trading is very complex and often it is not easy to find the right way. This is the main reason for using a demo account. Most traders gain experience first before they invest real money. With own experience, it is possible to get a high profit with trading in the right direction.
How to open your real account
The opening of a real account should be as easy as the opening of a demo account. In most cases, it is very easy and fast. The broker requires some additional documents and data of the trader to proof their personality. Upload a picture/copy of your passport. Sometimes they require a utility bill. The broker will check the documents and verify your account in less than 24 hours. Important information: The broker only withdraws full verified accounts. (Not every broker requires this documents)
What do you need:
- Data: Full name, address, birthday, phone number
- Picture/copy of your passport
- Sometimes picture/copy of a utility bill
Review of the Binary Options Brokers support and Service for traders
As a trader, you need good support and service. Most brokers are showing experience and knowledge in Binary Options. The Binary Options Brokers in this review give you the best and fastest support. According to that, they give traders sometimes a good education with webinars, videos or strategies. For beginners, it is important to learn theoretically about Binary Options. It is a risky financial product.
You can learn the basics and advanced trading knowledge in webinars with experts. The most brokers first show you the basics like functions of candlesticks and the use of technical indicators. Usually, a trading platform offers more than 30 different indicators. Sometimes it is hard to find a good working strategy with them. In addition, they give you some advanced knowledge and information to rule the markets. Most brokers offer you a better education if your deposit is higher (see account types).
Another option of service is account types. For big traders with high deposits and high trading volume, some brokers offer different account types. As a trader, you can get great advantages. They offer you higher yields, better support, bonus or a cashback program. This is a way to get more profit in trading. For example, the broker offers you a higher asset profit of 5%. That can be very helpful.
The companies in this review offer you:
- Chat support
- Telephone support
- Email support
- Education centers
- Webinars, videos, strategies
- Account types
- Account managers
Diversity of assets and test of the Binary Options trading platform
I tested the trading platforms of the Binary Options Broker Review. In conclusion, they are very good and innovative. They give you a very good reaction rate which is important for short-term trading. You can use them for your computer or as an app for your mobile phone. In addition to that, they are very flexible and customizable. Use different indicators for the best strategies. As you see in the picture below I am using Bollinger Bands and the RSI. They are very popular.
First of all the trading dashboard is the most important point of the trading platform. You should be able to switch very fast between different expiry times and create new trades. Some strategies are designed to have multiple trades open at the same time. The brokers in my review provide you the fastest execution time. Secondly social trading very popular. In some trading platforms, you can copy the best traders of the broker and make an automatic profit. They show you transparently what they are trading and you can start copying them.
Another important point is the flexibility of the platform. An app should be available for mobile trading. On most platforms, you can customize the chart very easy. Thanks to the digitization, platforms are getting better and the brokers always try to improve them. Use free indicators and technical tools for your analysis. Moreover, you can use the newsfeed to trade exactly high volatility. Market news occurs every day – Why not use them to make money?
Facts of the Broker Review:
- Fast execution for your trades
- Use indicators and more
- Apps for mobile phone
- More than 50 different assets
On the most trading platforms, you can trade Binary Options with forex, stocks, cryptos, and commodities. There is a big diversity of assets for you. The yields depend on the category of the asset. More often than not the most traded asset gives you the highest yield. You can easily see that on the platform.
Weekend Trading (OTC) and Cryptocurrencies (Bitcoin and more)
Each broker in this list provides the service to trade on the weekend. The platforms are open 24/7. Weekend trading is allowed and advocated. On the weekend you can trade Cryptocurrencies like Bitcoin, Ethereum, Ripple and Forex OTC charts. Cryptocurrencies are traded decentralized and the stock market is open 24/7 for them.
Especially attention should be paid to the OTC Forex charts. Normally the stock exchanges are closed on the weekend but the international internal bank market is working. The volatility is much less than in the normal working days Monday – Friday.
The first steps for your Binary Options success:
- Learn the Binary Options basics. Information for trading Binary is available at the broker platform or the internet. For questions, there are certain forums available.
- Develop a successful strategy. Most brokers will help you to find a way to trade successfully.
- Use the Demo account. It is an account with virtual money. So you trade without risk the markets.
You should ask yourself these questions:
- What do I want to achieve with the trading of Binary Options?
- How much I want to invest?
- Where, on which market I want to trade?
- How do I react to losses?
- What are the chances of winning?
Deposit and withdrawal by a Binary Options Broker
Nowadays the deposit is easy like the withdrawal. Most brokers only need a small amount of money to open your real account and give you access to the market. Capitalize your account in few seconds with a credit card, bank wire, cryptocurrencies or other e-wallets. Today it is very simple. The withdrawal systems are working very good too. Sometimes it is fully automatic. Most companies payout in less than 24 hours. In addition in a lot of cases, there are not any fees for you. Another important fact is brokers only withdrawal verified accounts. So get your account full verified with the right documents as mentioned before.
Bonus Programs and conditions for traders
Bonuses are very popular in the section of Binary Options Brokers. Most companies offer a deposit or a no-deposit bonus. There are a huge diversity of promotions for traders. Mostly the bonus depends on the deposit amount or you can choose it manually. For example, some brokers offer a bonus of more than 200%.
It is a good way to top up your trading account balance and earn more money. You can trade with more risk and grow faster your account, but you should not forget the bonus conditions. Every time there are requirements for the bonus. For example, you do a deposit of 5000$ to your broker and trade with sensible money management of 1% of the account balance per trade. That means you invest 50$. Now you activate a bonus of 100% and additionally you get extra 5000$ and your account balance is 10.000$ now. At the moment you can trade with sensible money management with an amount of 100$ per trade. That sounds good and you grow your account faster as without bonus.
The deposit bonus is a good way to increase your account balance and to trader with more risk.
As mentioned before there are conditions of the bonus. Simply there is the requirement of turnover of the bonus amount. Sometimes you have to do a turnover of x20 and sometimes you have to do a turnover x50. It is important to read the bonus requirements. If you got any questions, you can ask the support. In most cases, you will see the requirements transparent on the platform.
- Deposit bonus: Get additional money to your account balance.
- No deposit bonus: You will get a small amount of money for free, but you have to do a huge turnover before you can payout the profit.
Welcome Bonus for beginners
The no deposit bonus is named welcome bonus. There are different ways to get a welcome bonus. One way is to win a free demo contest (read more below) without any risk. You compete to other traders on the platform. The rules are easy to understand: Just try to get the highest account balance versus your competitors. If you win, the broker pays a high prize. It is like a welcome bonus because you do not invest real money.
On the other hand, as mentioned before the no deposit bonus is like a welcome bonus. There are a few brokers who offer this bonus. Just create your real account and activate the welcome bonus. The company gifts you any amount of money to your account balance but you can not withdraw the money. You have to do a high turnover of the welcome bonus like 30x or 40x. Recommend broker for a welcome bonus is Pocket Option.
Binary Options Tournaments
In addition, most brokers offer tournaments or demo contests for beginners and advanced traders. You must pay a fee to participate in a contest with a huge prize fund. The rules are very simple: You get a separated demo account where you have to get the biggest balance as possible. You will compete against other traders of the broker. Sometimes there is a prize fund of 100.000$ or more. Furthermore, it is not easy to win the contest because there are a lot of competitors.
The demo contest is a tournament without participation fee. That meant that the prize fund is much smaller than the paid tournaments. But it is a good way to earn money with a small amount of money (participation fee). If you are a successful trader, you can easily win these contests.
Countries for traders
Binary Options are not allowed in every country of the world. In addition, some countries forbid trades to use foreign brokers. Most brokers accept international traders, but there are restrictions for forbidden countries. You can not generalize it because the broker decides which customer he accepts.
Nowadays Binary Options become more and more popular for traders. It is a simple and efficient financial product. It is possible to generate a high payout in a short time horizon. Asian and Africa are growing very fast and people like the function of trading. The brokers in this review try to improve their service in this region of the world because the demand is very high. They improve their customer support with different languages and other services.
The fastest growing countries:
Are Binary Options legal?
Sometimes there are some restrictions to this financial product that depends on a particular country. Personally, I only know one area where Binary Options are forbidden. It is the European Union but some offshore and international brokers accept EU traders. It is like gambling on rising or falling markets and easy to understand. The EU tries to protect its citizens because there are a lot of scam brokers. To prevent a scam, use the best brokers of this review.
Find the best Binary Options Broker 2020 – Conclusion of my review
On this site, I showed you the idea of finding a reliable Binary Options Broker. In the list, you see the best companies in 2020. For successful trading a good broker is necessary. The company should allow you your own strategy of trading and give you good support and service. On most platforms, you can learn via education videos how Binary Options are working.
Also important is the execution of your trades. It should be very fast and with no delay. Usually, every broker does that. Nowadays as a trader, you can start with a small amount of money to trade Binary Options (10$ or less). It is possible to turn it in a high amount with the right strategy. In conclusion on this site, you can find the best and proofed Binay Options Brokers 2020.
Read more about them in my reviews:
I recommend this article if you can not choose between the most known brokers: “IQ Option vs. Olymp Trade vs. Binomo”
RATING BROKERS BINARY OPTIONS AND CFD
If you got to this page, it means you’re interested in making fast and stable money online. Our website gathers information about an innovative way to multiply money – trading binary options, trading CFD contracts, and shows rating of the best CFD brokers and binary options brokers of 2020.
Top 10 Binary Options Brokers : List of best trading Brokers Websites
Below you will find out listing of the top 10 Binary Options broker sites, to ensure you find one that suits your exact needs you will find listed their available markets, minimum and maximum trading limits plus the minimum deposit amounts you can make into each respective site.
We have also got in-depth reviews on several of our featured Binary Options Brokers so please do have a good look around our website.
From USA? Checkout our exclusive list of the Binary Options Traders and Brokers for America
|Broker||Offer||Devices||Trade Now / Review|
* Amount to be credited to account for a successful trade
Do you want to learn to how to trade binary options, or looking to find out how binary options trading works.
Then follow the link above to find the answers to the questions you may have.
Licensed Binary Options Brokers
We do operate this website to the very highest of standards and one thing that our team are great believers in is having in place a very strict set of guidelines and criteria when it comes to deciding just which Binary Options Brokers to showcase to our website visitors.
As such, I am happy to let you know that every single one of the top 10 Binary Options Brokers site you will see listed and fully reviewed upon this very website each have a full and valid Brokers license and are fully regulated too.
With that in mind you are always going to find each of those Binary Option Brokers sites along with their respective apps are operated to the very highest and most robust of industry standards which is turn will ensure any real money trading session you have at those Brokers sites or apps will be an enjoyable and first class experience too.
But please do make up your own mind as to just which of our top 10 Binary Options Brokers you utilize their services of, for there are lots of additional benefits on offer to you at each of them, as you will discover when you read through their respective reviews.
Popular Trade Types
Never get too overwhelmed with the sheer number of different Binary Options trades that you can place online or via any traders mobile app, for you should always be prepared to take a step back and discover how every single type of trade can be placed and how they have been designed too.
Boundary Binary Options – If you are interested in trying out some Binary Options traders that can and often do offer the best and very highest paybacks then I would advise you to study the makeup and designed of Boundary Binary Options.
Asset Trades – I do think its fair and very true to say that the most interesting of all Binary Options trades available these days are the ones that are based around assets, and boy are you going to be spoiled for choice when placing any type of Assets Trade.
Currency Pairs Trades – You may end up having a love or hate relationship with Currency Pairing Trades, for you will need to keep your nerve when pacing them and correctly predict the way in which one currency is going to move against the other one you have chosen to include in such trades.
Top 10 Trading Options
I just know that if you do have a very keen interest in business and finance then you are going to have an absolute ball and a very enjoyable time when you do set about placing Binary Options trades online or on any traders app.
However, once you do become a newly signed up client of any Brokers site or app you are going to find a massive array of different trading markets and trading opportunities, and below you will discover which are the top 10 trades moist traders tend to place time and time again.
- Trading FTSE
- S&P 500 Trading
- Stock Trading
- Gold Prices
- Silver Values
- Platinum Markets
- Palladium Prices
- Copper Values
- Crude Oil Markets
- Brent Oil Prices
If you do want to experience the delights of placing any of the above types of Binary Options trades then a free no risk demo trading account will allow you to place any of them in a risk-free type of way and work out whether you will then go on to enjoy placing such traders for real money, which you can of course switch over to doing at any time of your own choosing by the way.
Binary Options Trading Bonuses
You will have a decision to make as soon as you do decide to sign up to any of our approved and highly rated Binary Options Brokers sites or apps and that will be whether to make use of their sign-up welcome bonus offers.
Each Broker will offer such a welcome bonus when you first sign up to their respective Broking platform or app, but they are optional bonuses so it will be your decision to make ultimately whether to get the bonus fund and bonus credits added to your account or not.
The way to tell however whether any such bonus is going to be worth claiming is by looking at the terms and each of the conditions and rules attached to such offers, which will of course be found on the website of each of our showcased Brokers websites.
If you do remain loyal to any of them I would also like to point out that they are also going to be giving you a access to plenty of ongoing bonuses and promotional deals too, so you are always going to be able to maximize the value of your trading bankroll when utilizing the services and offers available at those featured Binary Options Brokers.
The true art of being able to place profitable Binary Options trade is by knowing just when the very best time to place such tares will be, and also just which type of trade you will be best off placing at any time and just how long to have a Binary Options trade in place for too.
You are going to find that you can place some very short term Binary Options trades which can last for seconds such as 60 seconds trades but you are also going to be given the opportunity at our feature and approved Binary Options sites of placing some rather long term Binary Options traders too
I will leave it up to you however to decide just which Binary Option Brokers sites or apps to make use of, however you will need to get a very good grounding and understanding of just how such trades work and operate too.
To that end, what you will see above is a short video which I do actively encourage you to watch, as by doing so that video will walk you through the basics of placing Binary Options traders and in no time at all I am more than confident that you will be happy and willing to place such trades too.
Best Binary Option Broker
- TopOption – At TopOption you can trade Binary Options from as little as 5.00 whilst the maximum single Binary Option trade limit at TopOption varies in value. You could make a maximum profit of 85% at TopOption. The minimum deposit amount you can make into your account is 100.00
- TopOption Binary Markets: UK Markets – International Markets – European Markets – Asia Markets
- EZTrader – The Minimum Binary Option trades you can place at EZTrader are from just 25.00 and the maximum single trade limit at EZTrader is 3000.00. The maximum percentage profit you can expect to make at EZTrader is a large 95%. The minimum amount you can deposit at EZTrader is 200.00.
- EZTrader Binary Option Markets: UK Markets – International Markets – European Markets – Asia Markets
Featured Binary Options Brokers
- 24Option – At 24Option you can trade Binary Options from as little as 24.00 whilst the maximum single Binary Option trade limit at 24Option varies according to trading accounts. You could make a maximum profit of 88% at 24Option or lose all of the capital you invested. The minimum deposit amount you can make into your account is 250.00
- 24Option Binary Markets: UK Markets – International Markets – European Markets – Asia Markets
- Magnum Options – The Minimum Binary Option trades you can place at Magnum Options are from just 5.00 and the maximum single trade limit at Magnum Options is 5000.00. The maximum percentage profit you can expect to make at Magnum Options is 85% and the minimum amount you can deposit at Magnum Options is 200.00.
- Magnum Options Markets: UK Markets – International Markets – European Markets – Asia Markets
Recommended Binary Options Broker
- Banc De Binary – At Banc De Binary you can trade Binary Options from as little as 1.00 whilst the maximum single Binary Option trade limit at Banc De Binary is 3000.00. You could make a maximum profit of 91% at Banc De Binary. The minimum deposit amount you can make into your account is 250.00
- Banc De Binary Markets: UK Markets – International Markets – European Markets – Asia Markets
High Trading Limit Binary Options Broker
- uBinary – The Minimum Binary Option trades you can place at uBinary are from just 20.00 and the maximum single trade limit at uBinary is 5000.00. The maximum percentage profit you can expect to make at uBinary is 85% and the minimum amount you can deposit at uBinary is 100.00.
- uBinary Markets: UK Markets – International Markets – European Markets – Asia Markets
Variable Purchase Limits Binary Options Broker
- Any Option – At Any Option you can trade Binary Options from as for variable amounts whilst the maximum single Binary Option trade limit at Any Option also varies. You could make a maximum profit of 80% at Any Option. The minimum deposit amount you can make into your account is 200.00
- Any Option Binary Markets: UK Markets – International Markets – European Markets – Asia Markets
Low Purchase Limit Binary Options Brokers
- TradeRush – The Minimum Binary Option trades you can place at TradeRush are from just 10.00 and the maximum single trade limit at TradeRush is 5000.00. The maximum percentage profit you can expect to make at TradeRush is 81% and the minimum amount you can deposit at TradeRush is 200.00.
- TradeRush Markets: UK Markets – International Markets – European Markets – Asia Markets
- Banc de Swiss – The Minimum Binary Option trades you can place at Banc de Swiss are from just 25.00 and the maximum single trade limit at Banc de Swiss is 1500.00. The maximum percentage profit you can expect to make at Banc de Swiss is 75% and the minimum amount you can deposit at Banc de Swiss is 100.00.
- Banc de Swiss Markets: UK Markets – International Markets – European Markets – Asia Markets
- TradeQuicker – At TradeQuicker you can trade Binary Options from as little as 25.00 whilst the maximum single Binary Option trade limit at TradeQuicker is 2500.00. You could make a maximum profit of 88% at TradeQuicker. The minimum deposit amount you can make into your account is 300.00
- TradeQuicker Binary Markets: UK Markets – International Markets – European Markets – Asia Markets
Frequently Asked Questions
One thing that you do need to be aware of is that you will be required to be at the very least the minimum legal age to place Binary Options trades, and as such you will find out just what those requirements are on the website of each Binary Options Broker.
Be also aware that as part of the legally required Know Your Customer checks all Binary Options Brokers must perform on their new customers you may be asked to supply copies of your identification documents and a recent utility bill when signing up to a Brokers site or app.
You may be wondering if it is going to be too difficult to learn how to place Binary Options trades such as Assets based ones, well believe me when I tell you that you will soon discover just how easy such traders are to place.
In fact, when you look around this website or visit any of our approved Binary Options Brokers websites you are going to have access to a huge array of trading guides and articles, which I would suggest that you do try and make use of to further your knowledge of Binary Options trading.
As for just how much in profits you can make when placing any types of Binary Options trades, it will all be dependent on the types of trade you place and the pay-outs and paybacks each individual Broker is offering you.
Plus, the amount of cash, you stake on each trade will obviously determine the value of any and all profits and gains you can make, so always be prepare to shop around to secure the highest possible pay-outs when placing any type of Binary Options trades.
Best Binary Options Trading Brokers for 2020
Below you will find a list of Binary Options Brokers that offer various binary contracts for trading. Although the term may appear to be very confusing, it’s not that complicated. A binary option is a sort of a contract with a value, expiration date and determined conditions of winning. By purchasing it, you technically make a bet. Most common wager is to predict whether the asset’s price will go up or down from a certain level and stay there until the option expires. Most tradable assets are currencies, indices and some commodities. There used to be much more brokers offering binary options, but many regulatory authorities placed restrictions and prohibited that kind of trading.
Binary options for the retail market were instituted in 2008 when the first description of this product was approved by the US Securities and Exchange Commission. The initial description of what is now known as US-style binary options was based on assets that were listed on exchanges, with traders pitting their bets against each other.
A short while later, a different model of binary options was developed and introduced to the world by brokers based in Europe and Israel. This model (European-style binary options) was essentially based on off-exchange trading of CFDs. However, what followed was years of unwholesome practices and remarkable scandals, which led to the shutdown of the industry in Israel by regulators there, and in the UK and EU region by the European Securities and Markets Authority (ESMA).
The industry is presently undergoing a self-cleansing, and we now have offshore brokers who are showing better commitment at playing by the rules and ensuring their clients get a good deal for their money.
What led to the near collapse of the binary options market?
The answer lies in only one direction: shady brokers and their agents all over the globe. But perhaps some portion of the blame can go to regulators, who were generally very slow in rising up to the occasion to protect the clients, whose money constituted the entire financial backbone of the market.
Brokers are meant to create markets for their clients to trade and are supposed to ensure transparency and safety of trading venues, while maintaining some level of neutrality. However, what occurred between 2020 and 2020 was a situation where a lacuna in regulation led to the emergence of fraudulent entities. These fly-by-night operators set up “brokerages” that were essentially criminal enterprises, specifically designed to rob traders of their hard earned cash. These scam brokers devised several means of ripping off their unsuspecting customers.
A) A common method was the use of call center agents, who unscrupulously obtained contacts of prospective traders and literally harassed them into making ever-increasing deposits, with promises of helping them reap bountiful returns on their investments.
B) There was also the use of volume requirements for incentive bonuses, which were tied to the ability to make withdrawals. Traders soon found out that achieving these volume requirements was practically impossible, thus ending any opportunity at retrieving capital or profits made.
C) In some brazen instances, agents in the brokerage house would access trader accounts from the back end, and execute trades that had been deliberately configured to lose on those accounts. There is at least one case known to the writer where $5,000 was stolen in this manner. Prosecutors and law enforcement agents presently have warrants on the identified personalities behind that brokerage.
Perhaps the case that brought binary options into very negative light, prompting calls for an EU-wide ban, was the unfortunate case of a Canadian investor who lost his life savings after patronizing a shady brokerage entity. The eventual suicide of this investor was the breaking point; EU and UK regulators took action and shut down binary options in Europe and the UK.
It is not only traders that suffered from the criminal activities of the scam brokers. Legitimate brokers such as Binary.com paid a very heavy price, as they lost a significant amount of the market share in an industry where they could be said to be the pioneers. Binary.com (which is listed below as one of the best binary options brokers of repute today) and several other legitimate companies around the world were forced to make major changes to their operational models, in an attempt to improve transparency and to bring back badly eroded investor confidence into the market.
Some of the changes which have been introduced include:
A) Restriction on issuance of bonuses, a lot of which is now provided as cashback for volume trading.
B) Robust trader education, in order to ensure that only informed traders use the binary options platforms.
C) Provision of demo accounts, which many of the defunct brokers never provided for their clients. No longer will traders be deprived of the opportunity to test their strategies and learn the process using virtual accounts.
D) Enhancement of the analytical tools on the platforms, to replace the archaic methods of the old order which provided traders with only line charts and zero tools for analysis!
E) Elimination of confusing binary options bet types and sticking to the classical binary options.
F) Getting their entities regulated in the countries of operation, to enhance user protection and boost broker accountability to enforcing regulatory institutions.
G) Incorporating new asset classes (e.g. cryptocurrencies) to the mix.
Criteria used in broker selection
In selecting the binary options brokers displayed in our list below, the following parameters were used in the process of consideration and selection to ensure that only the most genuine brokers are available for you. We have thus made the process simple, knowing that it is quite a challenge for traders to be able to select these brokers on their own.
The issue of regulation cannot be emphasized enough. The only way traders are going to be protected is by regulating the binary options providers they operate with. Anything short of this will be inviting the old demons back. Regulation also provides for greater accountability and ensures that investor confidence is never lacking in the market.
2) Corporate Governance Structure
A look was taken at the structure with which the listed brokerages operate. Many of them have been around for more than 9 years, and have invested in improving their platforms and trade offerings. These brokerages also have properly defined corporate hierarchy and a face to which the company can be tied to. For instance, the CEO of Binary.com is well known. Olymptrade has a very active presence in an online forum in Africa. Brokerages like Go Markets have officials who are also well known. There are no faceless companies in our list.
3) Openness and Reachability
The brokers listed here all have verifiable contact addresses and can be reached by phone, email and social media channels. Compare this with the old order where some brokerage operations were essentially husband/wife run establishments, operating out of a kitchen (yes, a “binary options broker” was found to be just that several years ago).
4) Trade Conditions
The trade conditions for each broker were also reviewed. For instance, we looked at factors such as stability of the platform, uptimes and downtimes, accessibility of customer support, latency of price and data feeds as well as how the brokers handled counterparty risks. Brokers that were found wanting were eliminated from the list.
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