Binary options trading has become one of the most interesting and lucrative schemes for traders out there. Being easier to understand than other options, online binary trading has helped many low-skilled traders to earn some extra bucks.
While some trading platforms have higher payouts, others might have higher deposit bonuses. So, picking the right platform can be tricky, especially for beginners.
That’s why we’ve selected and reviewed some of the best binary option trading platforms for you. Check them out!
Our Top 3 Picks For The Best Binary Options Trading Platforms In 2023
- Pocket Option – Overall Best Binary Options Trading Site, Editor’s Pick
- Binary.com – Recommended For Variety Of Trading Features
- IQCent – Top Rated Site To Get Brokers For Copy Trading
#1. Pocket Option – Overall Best Binary Options Trading Site, Editor’s Pick
At the top of our list of best binary option trading platforms is Pocket Option. It was launched in 2017 by a team of FinTech and IT experts who had the sole objective of providing their customers with a convenient and accessible platform for binary trading.
Since then, they have successfully acquired more than 100,000 customers from over 95 countries across the globe. The platform has received decent reviews from experienced and new traders.
Almost all users have loved their easy-to-use interface layout and trading functions. They also appreciate the free demo account that is available to experiment with the platform’s features.
The reasonable initial deposits also set the site apart.
Further, the company operates with a license from IFMRRC (International Financial Market Relations Regulation Center), so no need to worry about your money’s safety. If you are looking for a comprehensive platform that covers the trading circles of the US and Europe, this is the one.
- Minimum Deposits and Withdrawals
The minimum deposit amount is extremely reasonable, making the platform well-loved among customers. After your account setup is done, you can deposit an amount of $50 or higher to get started.
Having a low minimum withdrawal amount of $10, you don’t need to earn lots of profit for a payout. The site offers you the flexibility to manage your income, withdraw or continue investing in binary trading options.
- User Experience
The ease of use pocket option offers everyone makes the platform an excellent choice for beginners who don’t have much experience in binary options trading.
The site has received praise for its tutorials and educational guides to help out beginners. Most traders stated that the platform made binary trading way easier for them.
Along with all this, Pocket Option also has convenient mobile apps so that you can always have quick and easy access to your binary options.
- Demo Account
The platform allows you to open a demo account and start trading with virtual money. It allows users to experiment with website features and get accustomed to binary options trading.
It offers you excellent trading options, including stocks, cryptocurrencies, commodities, and currency.
Their services also include more than 100 payment options, with no commissions on withdrawals or deposits. After creating your trading account and verifying it, you will get many convenient deposit options to pick.
Another reason beginners love this platform is its educational resources. The platform offers you guides and tutorials on trading strategies for optimizing your investments and gaining the most out of each trade.
That’s not all! Pocket Option allows you to use cashback for a more comfortable trading experience which is also less risky. It offers you maximum comfort while investing your hard-earned money.
Plus, they offer you up to a 100% bonus when you open your trading account, which also separates them from other sites.
- Tutorials and guides for beginner traders
- The demo account offers flexibility to try out services
- Low minimum deposits and withdrawal amounts
- Variety of binary trading assets, including stocks and cryptocurrencies
- Hassle-free withdrawals and payment systems
- The platform’s charting functions are too limited
- More chart interactivity and rollover features required
⇒ Visit the Official Website of Pocket Option for the Best Discount
#2. Binary.com – Recommended For Variety Of Trading Features
The last binary options trading platform on our list is Binary.com an award-winning company with decades of experience. They have been in the market since 1999 and follow a very simple and straightforward approach towards offering trading services.
Coupled with an excellent web interface, they have a host of other features to attract potential traders. Also, they segregate their trader’s funds and store them in esteemed institutions. So, no worries about regulation and security.
Over the years, the platform has received multiple awards for its ease of use, flexibility, and high-quality services.
So, here you’ll find the perfect trade according to any market condition. It also helps you to understand how much you will gain or lose while participating in a trade.
The company has been regulated and licensed in Malta and the British Isles since 2015. In Europe, the platform is regulated by the MFSA (Malta Financial Services Authority); it operates under the name Binary Investments Ltd.
For clients who want to open a CFD Metatrader 5 or FX account, the platform is regulated by these three bodies – Vanuatu Financial Services Commission, Labuan Financial Services Authority, and British Virgin Islands Financial Services Commission.
- Minimum Deposits and Withdrawals
As the minimum deposit amount is reasonable, the platform is more suitable for casual traders and beginners. There are plenty of deposit and withdrawal processes, so you need not worry about that.
The minimum deposit and withdrawal amount depend upon the payment modes:
- Credit cards – $10
- E-Wallets – $5
- Wire transfer – $500
- User Experience
Over the years, the top-class trading services offered by the platform have allowed it to gather tons of positive reviews. Most users loved the diversity of functionalities in the account types.
You get to browse more than a hundred markets, including Forex, crypto, and CFD. The sign-up process is convenient, and the platform follows the handholding approach to help you understand functionalities.
All the withdrawal and transactional processes are smooth. You can open accounts using your email address. However, there are no bonuses on account opening.
- Virtual or Demo Account
A virtual account is offered for those who want to try out the platform and how binary options trading works. The company will put a sufficient amount of virtual credit in this account, which you can use to trade.
Once you’re accustomed to the platform switches and want to gain some real cash, you can register for your official account.
The platform offers TradingView, technical analysis, and charting functionality that helps you analyze the current markets.
Then, you also get SmartCharts, which enables you to study the financial markets using interactive visualizations and trading tools.
- Categorized Trading Services
Binary.com has other amazing functionality that they categorize into two sections – beginner and advanced. You get the following features under the beginner section:
- Deriv.com – A simple online trading interface
- SmartTrader – A high quality international binary options trading platform
- Tick Trade Android App – An excellent mobile trading app
Under the Advanced section, you receive:
- MetaTrader 5 – A platform dedicated to Forex and CFD trading
- Binary Bot – A drag and drop interface for trading strategy automation
- Binary WebTrader – An advanced interface monitoring asset movement and the markets
- Educational Resources
The company has plenty of educational resources for you to go through. You will find that the concepts are broken down into small chunks for easy understandability. All information related to binary options lookbacks and MetaTrader 5 is clearly presented for you.
- No hidden expenses on commissions
- Choose trades from a duration of 10 seconds to 1 year
- Monitor your trading portfolio in real-time
- Excellent binary trading Technology for efficient investments
- Binary options, Forex, Crypto, Metals, CFDs, and Lookbacks available for trading
- No bonuses are available while signing up
- The platform lacks prizes and giveaways
⇒ Visit the Official Website of Binary.com for the Best Discount
#3. IQCent – Top Rated Site To Get Brokers For Copy Trading
If you’re looking for some quick profit without too much research on the complexity of the binary options market, then this platform will be ideal for you. IQCent is a very popular platform in the trading arena with excellent features catering to all types of users.
Moreover, you can easily fund your trading account using credit cards, bank transfers, bitcoin, ethereum, and other methods. After the company receives a confirmation of the payment, it will add your funds immediately.
It’s a well-reputed platform suitable for beginners. The platform offers more than a hundred trading assets, including crypto, commodities, stocks, and multiple payment methods are accepted here.
This binary trading broker is handled by a company called Wave Makers LTD, with headquarters in the Marshall Islands. No other regulatory body oversees its operations.
- Minimum Deposits And Withdrawals
They have a reasonable minimum deposit of $10 to get started with an easy sign-up process. Also, the minimum trade size is low, so it will suit you even if you’re a beginner.
An excellent advantage for new traders or first-timers on this platform is that they can receive a bonus of up to 100% after their initial deposit.
In case you want to withdraw some balance, you need to provide your ID. Withdrawals take about an hour after the platform has received the necessary confirmations.
- User Experience
Most users loved the platform’s interface and the reliability of a copy trading tool. It allowed many traders to follow the pros and sharpen their skills. As all the processes are super smooth and easy to follow, the platform has become very popular among beginners.
All traders enjoyed the excellent bonuses offered by the site. They stated that the account opening, fund transfers, and withdrawals were quick. The SSL-certified security is also commendable.
The referral program has also benefited many customers. The users also loved the versatility of the platform, as you can use it on any device effortlessly. However, traders felt that information about the platform’s regulation should be readily available on the website.
- Account Types
IQcent lets you open three types of accounts for binary options trading – Bronze, Silver, and Gold.
The Bronze account is the basic account that is suitable for all types of users. Submitting your ID, filling up a registration form, and funding your account will set you up. You get features such as live video chat support, demo account, copy trading functionality, bonuses up to 20%, and easy withdrawals within an hour.
The next account type is Silver, which includes all the facilities of the previous account. However, readers will get bonuses of up to 50% under this account. You get a web session to learn effective trading strategies. Further, your first three trades will be completely risk-free.
The last account type is Gold, which offers you all the features of the previous two accounts. But the bonuses are up to 100%! Along with the masterclass web session, you also get a personal success manager to assist you throughout all your trades.
When it comes to funding methods, IQcent is a completely secure SSL certificate fund transfer process. The platform won’t charge you any transfer fee, and the processes are pretty fast. However, the funding processes may slow down during weekends or holidays.
The platform guarantees all its traders that withdrawals will be processed in under an hour. If you run into any issues, they have an excellent customer support team to handle them efficiently. Further, the platform also lets you trade over weekends.
- Non-stop trading, including the weekends
- 24/7 multilingual customer assistance
- Hundred percent secure trading and fund transfer
- Fast withdrawals under an hour
- Refer friends to earn 20% from their deposits
- Copy-trading allows you to follow successful traders
- Regulation information not specified
⇒ Visit the Official Website of IQCent for the Best Discount
How We Choose The Binary Options Brokers?
As we aimed to offer you a holistic information overview, required to pick the right binary options trading platform, we went through countless hours of research.
Our team started by analyzing the most popular platforms out there where traders invested the most. It left us with a handful of platforms to delve deeper into.
Here are some factors we accounted for:
- Platform Regulation
We took a closer look at which platforms offered the most success to traders. It automatically allowed us to cut the list short and focus on a select few platforms.
A binary trading platform needs to be regulated by a governmental body such as Commodity Futures Trading Commission (CFTC). So, we checked to see whether these brokers were properly regulated and followed the legalities properly.
- Underlying Assets
Our team then moved on to check the range of underlying assets these platforms offered. It was an important factor to check; more options will give you better opportunities to explore the markets.
Also, some companies may impose limitations on these markets. As a result, our list was shortened as we kept only the diverse platforms and left out the rest.
- Country Restrictions
We also focused on any country restrictions these companies faced. Due to certain restrictions, some companies don’t operate in the US, so they aren’t necessarily the safest bet. It allowed us to understand the level of transparency of these sites.
Thus, we chose platforms that followed all the governmental rules to the dot.
- Customer Service
Lastly, we compared the companies based on their customer service ratings and promptness in attending to their users. That includes live chat support, 24/7 service, and polite customer support executives.
We also asked some of our team members to try these platforms out before preparing our final list. This allowed us to get the most authentic information possible.
Other Factors We Checked
To ensure we offered the best information, we also made sure to check the following factors:
- Maximum payouts for each trade
- Minimum deposits for trading account
- Website design and convenience
- Availability of demo accounts
- Access to mobile applications
- Binary option bonus
Things To Consider Before Choosing A Binary Options Trading Platforms
Before selecting a binary options trading broker, you need to do your homework. Even if you have learned a lot from our reviews, you still need to consider some factors before committing to a particular platform.
- Number Of Assets
The most important factor to consider while choosing a binary options trading company is the number of assets they offer. You will notice that most of the platforms we listed offer more than a hundred financial assets to trade.
The most common assets or markets include Forex, stocks, indices, and commodities. The top-quality brokers also offer CFDs and cryptocurrency place your bets. Therefore, a larger variety of assets offer you better opportunities to gain profit.
The best binary trading brokers are regulated by a financial institution. It guarantees safety and prevents you from getting involved in any legal complications later on.
Regulated brokers are also able to protect their traders in case a dispute arises. In addition, these brokers segregate the user’s funds in different bank accounts in prestigious institutions. So, always choose a binary options broker that operates under regulatory agencies such as CFTC, ASIC, FCA, and CySEC.
If binary options trading isn’t allowed in your region, these companies will be your savior.
- Demo Account
It is an exciting feature offered by most binary trading brokers, which allows you to open an account and explore the platform. You also get virtual funds which you can use to trade and predict the market conditions.
This account allows you to get comfortable with binary trading and the platform’s functionalities. However, don’t expect to learn everything from a demo account, as real market situations may be more unpredictable than you think.
Therefore, it is our recommendation that you choose binary trading brokers who offer you a free demo account.
- Maximum Payouts
Some platforms put a limit on the maximum amount you can withdraw after a payout. On the other hand, some companies may charge you a small fee while withdrawing money. Both cases aren’t very convenient.
If you want to use most of the profit you have earned, always choose a platform that has high payouts. The top brokers might offer you 50% to 100% payouts for each trade.
Thus, always check out the payout limit before signing up for the platform. Besides choosing companies offering high payouts, you can also choose brokers who offer rewards or bonuses but have a low payout.
- Withdrawal Time
When you bag lots of cash, it’s natural to want to withdraw the money as soon as you can. That’s why some binary trading brokers allow you to withdraw your money a day before the expiry time. Other platforms may ask you to wait for a couple of days before the withdrawal.
So, choose the company depending upon how much you are willing to wait. If someone offers you a quick withdrawal, it’s also a measure of the smoothness of their processes and customer service.
- Mobile Applications
If you’re someone who likes to keep tabs on their investments, the mobile application for your chosen trading platform will be extremely convenient. These apps can be accessed from your smartphone or tablet and will let you monitor the trades in real-time.
So, it’s good to consider trading brokers who offer you apps available on Android and Apple devices. Further, using apps might be easier for inexperienced traders.
FAQs About Best Binary Options Brokers
What Type Of Binary Option Trading Platforms Must Beginners Select?
Binary option trading suits all inexperienced traders, as they have to choose between only two options – yes or no. To get the most out of each trade, beginners must choose a platform that has sufficient educational content or tutorials to guide them.
The platform must have a simple interface, easy controls, and also the provision of a free demo account to try out various features. If you’re a beginner, look for sites offering personalized training assistance.
Is Binary Trading Safe?
In general, binary options trading is safer than many other high-risk investments. It’s straightforward and uncomplicated, where you have an idea of how much you might gain or lose before an investment. You won’t lose money just because you don’t understand the investment terms.
Even though every trade investment is a little bit of risk, binary options are worth a shot. Just ensure that you are using a safe and properly regulated platform for your trades.
How Important Is Copy Trading?
The copy trading functionality offered by many platforms allows you to follow experienced investors. As the professionals have more knowledge about trading than you do, you’ll get a fantastic opportunity to understand their trading strategies.
If you’re confused, copy trading will allow you to emulate the investment methods of these pro traders, increasing your chances of profit. Thus, it’s important for any trader, especially if they’re beginners.
What Are Binary Trading Signals?
Binary trading signals are notifications given by companies to help you understand the market conditions or the direction of the market you’re investing in. These signals have been prepared after a thorough technical analysis and market evaluation.
Seasoned investors may not require these trading signals, but they will be extremely beneficial for beginners.
Conclusion: Small Brief About Binary Options
If you’ve never invested before and want to dip your toes, binary options trading is the best way. It’s simple, with lesser rules and regulations, which will help you wrap your head around the basics.
As any investment involves some amount of risk, you’ll need some time, in the beginning, to settle down. However, with practice, reading tutorials, and using free demo accounts, you will be on your way to rule the binary trading market.