Out of the hundreds of binary options brokers operating today, there are only a few that we highly recommend based on features and customer experiences. Each of the brokers we recommend on our list has certain strengths and weaknesses; none of them are the best overall in every single category. Which brokers are best in which categories? I decided to go over our reviews and figure out the answers. Here were my findings based on our research. This cross-comparison should help steer you in the right direction.
Best Deposit Options: Magnum Options, OneTwoTrade, CherryTrade
In terms of deposit options, we look more at the deposit methods and trade currencies allowed than we do at the minimum deposit. Why? $100-$250 is the minimum deposit range that probably 99% of binary options brokers offer, so you are not going to see a lot of variation there. It is not overly important either, because you are better off depositing closer to $500 for money management reasons anyway.
The binary options brokers in our list that offer the widest array of trade currencies are:
- Magnum Options: EUR, USD, GBP, JPY, AUD, CAD, or RUB
- OneTwoTrade: GBP, EUR, USD, CAD, AUD, JPY, CNY, or BRL
- CherryTrade: EUR, USD, GBP, JPY, CAD, AUD, RUB, or SEK
All three offer a reasonable variety when it comes to deposit method (credit or debit card, wire transfer or e-wallet). The wide varieties of account currency options make these brokers friendlier to international traders than those which only accept USD, EUR, or GBP. Of course, if you plan to trade in one of those three, this category probably is not as important to you as others.
Best Withdrawal Terms: GOptions and MarketsWorld
Withdrawal terms can be a sticky point when you are evaluating binary options brokers. A lot of brokers set relatively high minimum withdrawal thresholds. Some brokers also make it hard to withdraw if you have accepted a bonus. Others charge excessive or exorbitant fees, or limit how many withdrawals you are permitted each month. Still others take their time with withdrawals, forcing you to wait weeks just to see the money you requested from your account. You want to choose a broker that minimizes drawbacks in this area.
In this category, our winners are:
- GOptions: Despite a $100 minimum for withdrawals, this broker is known for their lightning-fast “Near Instant Withdrawals.” This is great if you are concerned about waiting for your money.
- MarketsWorld: This broker’s minimum withdrawal threshold is $20. That is quite low compared to most brokers, and makes it easy to get your money when you need it.
Payouts: Boss Capital, Banc De Binary, GOptions, and MarketsWorld
With a lot of binary options brokers only offering payouts in the 65-75% range, we love to promote brokers that offer more. Here are the top average payouts offered by our recommended brokers:
Some brokers allow you to vary the payout percentages based on the amount of the out-of-money-refund. Others lock in a particular out-of-money refund and that is what you will get if you lose, regardless. That means you are also locked into a particular payout value. Note that these are average payouts for High/Low trades. For One Touch and Ladder options, you will find even higher payouts! It is not uncommon for One Touch option payouts to range up to 300%, and for Ladder trades to pay as much as 1500%.
Trade Size Flexibility: MarketsWorld and Banc De Binary
MarketsWorld and Banc De Binary are the hands-down winners in this category. Most binary options brokers start out 60 Second trades at a $5 minimum, and all other trade types somewhere in the $10-$25 range. Maximum ceilings can vary widely. MarketsWorld and Banc De Binary are the only brokers so far that we have found that will let you trade as little as $1. I feel this is very important for binary options traders, for the simple reason that the majority are not high rollers. The high rollers are not left out at either site though. MarketsWorld allows trades as high as $1,000, and Banc De Binary allows trades as high as $8,000!
Types of Trades: CherryTrade, Porter Finance, Boss Capital, 24option, Magnum Options
A lot of binary options brokers only offer three types of binary options trades: High/Low, One Touch and 60 Seconds. Some offer only High/Low trades. But others offer a wide variety of trade types. Here are some of our favorite brokers who offer numerous ways to trade:
- CherryTrade: High/Low, Pairs, One Touch, Long Term, 60 Seconds, Ladder
- Porter Finance: High/Low, Long Term, 60 Seconds, One Touch, Pairs, Ladder
- Boss Capital: High/Low, One Touch, No Touch, Boundary, 30-60 Second, Pairs
- 24option: High/Low, Above/Below, Touch/No Touch, High Yield Touch, Boundary, High Yield Boundary, 60 Seconds
- Magnum Options: High/Low, Pairs, Long Term, 60 Seconds, One Touch, Ladder
What are the benefits of being able to trade in a variety of different ways? For one, you can take advantage of a wider variety of expiry times. It can be quite helpful to be able to trade within 60 seconds or 6 months. When brokers only offer a narrow range of expiry times, that shuts a lot of scalpers and position traders right out of the market.
For another, different types of trades offer a variety of different benefits. Ladder trades allow you to take advantage of partial profits and try and climb toward greater and greater profits. Boundary trades let you profit when there is very little market movement. And with Pairs trading, you can win on a stock even when it is falling, which is something that is impossible with traditional stock trading. How awesome is that?
Demo Accounts: 24option, MarketsWorld, Banc De Binary, OptionFair
The majority of the brokers we recommend sadly do not offer demo accounts, but a demo account is a rare feature for binary options brokers in general. It is one of the best features around, though, since it allows you to practice and hone your skills without losing money. Brokers on our list who do offer this feature are 24option, OptionFair, MarketsWorld, and Banc De Binary. MarketsWorld again takes the cake here, since theirs is a no-deposit demo account.
Resources: Boss Capital, Banc De Binary, and OptionFair
The best binary options brokers don’t just leave you floundering on your own without help. They provide you with resources and in-depth customer support so that you know what you are doing when you trade. They encourage you to learn and to develop a trading method, not to trade randomly. They work hard to build real, lasting relationships with their customers.
Our winners in this category are:
- OptionFair: This broker has a huge range of educational materials available. These include video tutorials, articles, live webinars, and trade alerts, which can be found under the “Trader’s Center” or the “Educational Center.” At the upper tiers, they also offer one-on-one time with expert traders, who will help you to develop a strategy that suits you. This is all above and beyond the norm.
- Boss Capital: This site offers trading webinars, articles, news, a free eBook, and a personal analyst. You will find a ton of resources to help you out.
- Banc De Binary: This broker offers such a huge abundance of learning materials that they may as well have designed an entire learning course for traders. You will be amazed by their commitment to helping you learn how to trade.
Customer Service: Banc De Binary, CherryTrade, and Boss Capital
We always go out of our way to recommend binary options brokers with strong customers service teams. Two brokers that we have heard excellent things about time and again from our traders are Banc De Binary and CherryTrade. There are an astounding number of glowing reviews for these brokers.
Another broker that really knocked our socks off based on our own experiences is Boss Capital. I had a very pleasant experience talking to an agent on live chat. I had a number of questions which were all promptly and knowledgeably answered, and a few hours later I talked to a different agent who was equally helpful. It is rare to find a chat desk that is always staffed, and even rarer to find not one, but two, great customer service agents. Refreshing experiences like these make a big impact. If you find a broker which impresses you with customer service, they are one you should seriously consider registering with and trading.
Now you are more familiar not only with the criteria that we rate binary options brokers on, but also with the brokers which stand out the most to us in different categories. Which categories matter most to you will depend on your needs and priorities. Skimming through these categories, hopefully you identified some brokers to take a closer look at. When choosing a broker, you really cannot go wrong with any of the sites on our list. Good luck, and enjoy trading with the binary options broker of your choice!