When you browse through “Google Trends” reports for the recent years, you will see that people who are interested in Binary Options trading, are increasingly searching for the term “Best Binary Brokers“. When we consider the single word “Best”, it is a widely broad adjective. What should “Best Binary Broker” mean to us? Which factors are the ingredients of being the best broker and which criteria are much more important than the others?
Starting from this point, we have decided to prepare a comprehensive and useful Blog post, which will lighten your way through your Binary trading journey. First of all, let us mention the “10 Most Important Criteria For Selecting the Top Rated Brokers“. Please kindly note that there is not any priority order as each and every of the below criteria has got the same weight.
Major Criteria for Broker Selection
1) Age of the broker: Although it is not a complete guarantee of trust and safety, being an old enough broker means having plenty of experience when compared with the other younger brokers. Besides, if a broker could have managed to stay in the market for a reasonable amount of time, this means that the overall complaints regarding this trading company have been kept at the minimum level or even there have ever been zero complaints.
OK but “How many years are needed for a broker to be considered as an “Old”, “Mature” or “Experienced” broker?“. Well, when we consider the industry averages, if a broker is older than 4 years old, then you can consider it as an experienced one. OK but “How can you understand the broker’s age?“. The simple answer lies under this URL: http://www.webconfs.com/domain-age.php. Just type one or more broker web address(es) in the box, enter the captcha and hit the “submit” button.
2) Trading Software Brand: This is another critical factor when comparing the brokers. The stronger and reputed the software company a broker prefers, the safer it is for you. But your job is not difficult as most of the serious brokers are powered by “SpotOption” brand, which is the leader in the Binary Options market for many years.
Rarely, you may face up with other smaller scale software brands or “own proprietary” software types but mostly you will see SpotOption company and if so, you will never experience any problem with the market quotes and trading features including mobile trading.
3) Asset Types: Practically, more asset types mean more trading opportunities. But also, assets portfolio carries an importance in your trading variety. Your task is not hard with this criteria also. There are 4 main asset categories available for you in the market which are; Currencies, Commodities, Stocks and Indices. Most of the Binary brokers consists of the same categories. So, do not worry about this factor.
4) Assets Portfolio: As we mentioned above, the number of tradable assets determine your trading variety with the asset types. The average broker should have at least total of 80 assets offered for your trading experience. A bit less is still okay but lower than 70 may cause you a limited trading ability for hedging your positions or catching opportunities.
5) Trading Types: The most popular Binary Option trading types are; “Binary Options”, “One-Touch”, “Pairs”, “Long-Term”, “Short Term” and “Turbo Options”. Nowadays, “Forex” has been also added to brokers’ trading services as it enables you to trade binaries as if you are trading Forex currency pairs. There are additional trading types like; “Ladder” and “Follow-Up”.
We recommend you to search for and prefer “Binary Options”, “Long-Term”, “Pairs”, “Forex” and “Follow-Up” trading types for less risky trading. You may also prefer to trade with the other types as well but to be honest, that would increase your overall trading risk.
6) Customer Service: We wish nobody will face any problems with any of the brokers in the market. But due to our own professional trader and customer experiences, this is impossible. Even if you do not have any scam or fraud complaints you will still have something to ask or solve during your trading. Fast and to-the-point solutions will make you save your invaluable time and energy.
The support channel of a top broker should, at least, have these alternatives as a minimum; “Live Chat”, “International (preferably toll-free) Support Numbers”, “Message Form” and “Postal Address”. Please kindly check the richness of the international numbers and whether that broker has got a support line for your country. Otherwise, you may realise problems with limited language support etc.
7) Mobile Trading Feature: In the recent years, mobility is the key factor to your freedom not only in Binary trading but also in each and every aspect of personal and business life. Trading mobile means, benefitting the market trading opportunities while you are on-the-go. So to be honest, please directly pass the broker which does not offer you mobile trading facility. Again “SpotOption” platform offers the best mobile trading experience for Apple iPhone and Android-based smartphones.
Please note that both the website of the broker should be fully mobile (with responsive design) and also there should be a mobile application available for you at the “App Store” for iPhones and at “Google play” for Android based smart-phone communication gadgets. If you would like to never miss any trade opportunity 24/7, then do not trade with a non-mobile-friendly broker.
8) Deposits & Withdrawals: If you are not comfortable and safe with your money deposit and withdrawal transactions, then how can you completely focus on your Binary trades! Not only the variety of deposit and withdrawal alternatives but also the execution time and accuracy are crucial for you to experience safe trading times.
For deposit alternatives; You should look for Credit & Debit Cards (MasterCard, VISA & AMEX), Bank Wire Transfer and e-Wallets (preferably Skrill Moneybookers, NETELLER, Paysafecard and PayPal).
Regarding withdrawal alternatives, you should go for more richness especially in e-wallets added to above as follows; EcoPayz, Ukash, iDEAL, SOFORT and Webmoney. Also for debit and credit cards, you may additionally look for; Diners Club, DISCOVER, JCB, Maestro and Carte Bleue.
9) Bonuses, Risk-Free Trades, Promotions, Demo Accounts & Bonus Codes: There are 2 main types of bonuses which are the deposit and no deposit bonuses. But in Binary Options sector, you will always face up with deposit bonuses. Deposit bonuses generally lie between 50%-100% level. Please keep in mind that, there are certain withdrawal requirements are valid for the credited free bonus money.
Instead of No-Deposit Bonuses, there are “Demo Accounts” which involve zero risks as you can test-drive the trading software of the preferred broker(s). Your account will be credited with a demo money instead of real money. This varies from one broker to another.
“Risk-Free” term says it all! You will trade but you will not lose your invested money even if you lose your trade(s). You will get between 2-10 Risk-Free trades changing from one broker to another. In conjunction with the “Demo Accounts”, “Risk-Free Trades” are also strongly recommended by us to you for familiarising with the new trading platforms.
Promotions of the brokers are limitless from giving away an innovative Apple Watch to Summer/Winter Holiday packages. With respect to your deposited money and trader profile, you may gain more precious giveaways like Rolex watches and even a Porsche Carrera sports car.
When it comes to “Bonus Codes”, they are the most precious promotional weapons of the brokers. Specific broker sites and/or broker sites itself announces these limited-time bonus codes. It simply consists of letters and numbers combined with each other. You are required to enter the bonus code while you are deposing with the broker to grab your exclusive bonus offer.
10) Value Added Services: This is the most widely-ranged criteria. Let us summarise each and every possible service you may face up with a reputed broker as below;
- Free Webinars
- Free e-Book Downloads
- One-on-One Training Courses
- Educational Video Library
- Personal Account Manager
- Exclusive Trading Coach
- Free Trading Strategies
- VIP Trader Packages
- Weekly Market Reviews
One or more of the above additional exclusive services will be offered to you in association with the first deposit level you make with the corresponding broker. Simply, the more money you initially invest, the more exclusive services you will gain from the brokers. This is a rule-of-thumb in capitalism (free market)!
After covering the above 10 most important criteria for selecting the fair binary brokers, let us honestly say that there is not a magical formula to make you select the best binary broker in the market. But following and checking up the above 10 criteria will significantly ease your way and lower your risk of failure in selection(s).
Before proceeding with our 15 Recommended Binary brokers list which is qualified with our above 10 criteria, let us share the simplest yet critical method before you finally agree on opening a trading account with any broker;
Just visit Google.com (preferably) or any other search engine and search for the name of the broker with “scam”, “fraud” and “complaints” added near to the brand-name of that broker. Let’s say you prefer to trade with trader “ABC”, please search for “ABC Scam”, “ABC Fraud” and “ABC Complaints”. If even one of the results shows a negative testimonial or a comment without any solution sign embedded with it, then forget everything about that broker and do not risk your money!
Below are the 15 best Binary brokers we have explored, tested and recommend for you. You may naturally trade at your own risk with one or more of them but we are highly confident that you will be satisfied with your trading experience.
Best Binary Brokers
24option: Another fully CySec regulated Binary broker having nearly the same reputation and experience with Banc De Binary. 24option was founded in 2010 and gained a fast but solid reputation just after 1 year from its launch by reaching to first 100,000 customers all around the world. Many achieved awards were not a coincidence as this broker is one of the most reputed and zero-complaint online brokers you may browse around.
Before you deposit a minimum amount of $250 which is the minimum account opening requirement, we strongly advise you to open a “Demo Account” with 24option for maximum adaptation. Welcome Bonus varies in accordance with your initial deposit preference. Mobile trading will be your come-in-handy solution while you are on-the-go. Customers from the US are not welcomed due to regulatory issues. So, if you still would like to read more on 24option please do so here.
OptionBit: Nominated with “FX Empire” site’s “Best Broker” award, OptionBit is a broker which caters its traders with rich added value services. OptionBit was established in 2011 and you will see the footprints of its experience on each and every stage of your trade. The minimum account opening amount is $200 and minimum trading size is $10 as this is one of the lowest minimum trading amounts around.
Traders from all countries are welcomed by OptionBit except the US. We recommend you to open a “Demo Account” before you start trading with your real money. Welcome bonus changes between 30% and 50% in determined by your initial deposit amount. Trade anytime anywhere with OptionBit mobile applications for iPhone and Android-based smartphones. Read our complete OptionBit review if you need further information.
OptionWeb: “First Regulated Broker” title belongs to this highly trustworthy Binary broker. OptionWeb not only has “CySec” license but also “MiFID” licenses. So please kindly be acknowledged that you are dealing with a fully regulated broker. Minimum deposit amount to open a real trading account is $200 and minimum trading size is $25. US traders are not allowed to trade with OptionWeb due to being registered.
OptionWeb is mostly popular in France but also pretty popular in all EU countries as well. There is a “Demo” account available for “Standard Account” type and higher account types to minimise the trading loss while you are test-driving the trading panel. Your first trade with OptionWeb will either be a winner or refunded as a welcome offer. Refund amounts change according to the account type you prefer. If you would like to have deeper information on this broker, we recommend you to read our in-depth OptionWeb review.
Banc De Swiss: Another “CySec” licensed and regulated Binary broker with high popularity especially in German market but also in all other EU countries as well. Re-branded as “BDSwiss”, Banc De Swiss was founded in 2013. Opening a real trading account requires you only $100. This is one of the lowest Binary broker minimum deposit for sure. Please note that traders from the US are not welcomed due to regulatory issues.
Unfortunately, there is no “Demo” account available for you but do not worry. As the minimum account opening amount is too low and the trading panel is too easy to operate, you will not have a problem. Banc De Swiss mobile applications for iPhone and Android-based smartphones are ideal for your on-the-go trading needs with full functionality. Here is our complete Banc De Swiss review for you if you would like to explore more information about this broker.
Stockpair: Authorised and regulated by the IFSC (Belize International Financial Services Commission), Stockpair is one of the most innovative brands in the Binary market. “Best Banking – 2013” and “Best Support – 2014” awards are just the signs of their satisfactory services. Stockpair is the pioneer of “Pair Options” in the market. They also serve regular Binary Options trading service with all features. Stockpair was established in the year of 2010 and does not accept traders from the US.
“Stockpair Demo Account” is available for you to speed-up your trading panel adaptation period. The only requirement to open a demo account is an initial deposit of $500. 12 language alternatives are available for you including English. Fully mobile-friendly responsive website with iPhone and Android based smart-phone applications are available for you through “App store” and “Google play” stores. Minimum deposit to open a trading account is $200 and minimum trading size is $20. There is a “25% First Deposit Bonus” for depositing a minimum of $500 at Stockpair. Here is our complete Stockpair review if you need more detailed information.
Opteck: Founded in 2011, Opteck is another CySec regulated Binary broker we strongly recommend to you. Operable in 8 languages including English, Opteck is a fully mobile-friendly broker with available mobile trading applications for iPhone and Android-based smartphones via “App store” and “Google Play” stores. The minimum amount needed to open a real trading account with Opteck is $250 and minimum trade size is $25. US traders are not welcomed by Opteck due to regulatory restrictions.
You will experience the “Opteck Demo Account” feature after you deposit a minimum of $500 as a first deposit. “Academy” section will guide your way with essential and crucial knowledge on Binary trading. Also “Analysis” section will give you a fresh daily update on the markets before you execute your trades with Opteck. To-the-point and on-time solutions will be with you by the pro-active “Opteck Support” service. If you still think that you need more information, then do not hesitate to read our in-depth Opteck review.
10 Best Binary Brokers in 2017
Last But Not the Least
We have covered “How to find the best binary brokers” titles in this article and we have also mentioned the criteria which we refer while recommending and you should also refer in order to prefer the premium brokers online. But let us once more state that there is no any magical formula which guarantees your trading safety and comfort. And as the Binary trading market is dynamically changing, you should always be in line with the developments. More importantly, you should also closely and continuously monitor the brokers even you trust most for possible performance changes! We wish yo all success with your trades. Enjoy your Binary trading experience!