successThere are dozens of factors to consider when you are selecting a binary options broker to trade with.  In fact, there are so many different features to consider that it can be easy to overlook the most important ones.  Here are 5 absolutely critical criteria which you should look into before you send money to a broker to open a binary options account.  These features are indispensable, because they help you stay safe while trading online, and also help you to make money!

  1. A strong, trustworthy reputation.

When you trade with a binary options broker, you are sending away your money and trusting that it will be kept safe.  It is tough to trust anyone in a world with so many scammers, but there are some great, legitimate companies out there.  Some of them are more well known than others, but those which are offering great service are fast building up their reputations.  Stay away from any company which has numerous bad reviews to its name which were clearly left by real traders (not competitors).

  1. Excellent customer service.

This is one of the more intangible features that you are looking for when you choose a broker, but it is extremely important, because a broker is only as good as the service it can offer you.  Slow or absent customer service typically points toward a company which is not interested in the success of its customers.  Companies which ignore their customers are only interested in the money they can take and keep.  Even companies with good intentions but poor customer service (if such companies even exist) cannot be trusted, because ineptitude can cost you just as much money as outright malice.  If a broker cannot answer your questions quickly and clearly, or is unavailable regularly on chat or over the phone, you should avoid that company and choose a better one. This list of brokers with top customer service is worth your time.

Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
90% $10 $1
 
200% $50 $10
 
85% $200 $20
 
85% $100 $5
 
85% $10 $1
 
95% $250 $1
 
80% $5 $1
 
80% - 90% $250 $5
 
85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
95% $250 $1
 
80% $10 $0.10
 
160% - 180% $50 $2
 
95% $250 $1
 
90% $250 $1
 
80% - 90% $250 $5
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
200% $50 $10
 
95% $250 $1
 
90% $50 $1
 
80% $5 $1
 
80% - 90% $250 $5
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  200% $50 $10
 
  85% $200 $20
 
  85% $100 $5
 
  95% $250 $1
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
90% $10 $1
 
200% $50 $10
 
85% $50 $1
 
85% $200 $20
 
85% $100 $5
 
95% $250 $1
 
85% $10 $1
 
80% $5 $1
 
80% - 90% $250 $5
 
80% $250 $25
 
85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
90% $10 $1
 
90% $50 $1
 
85% $100 $5
 
85% $10 $1
 
85% $50 $1
 
85% $200 $20
 
95% $250 $1
 
80% $250 $25
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  85% $50 $1
 
  200% $50 $10
 
  95% $250 $1
 
  85% $200 $20
 
  85% $10 $1
 
  85% $100 $5
 
  80% $250 $25
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  95% $250 $1
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  80% $250 $25
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  85% $100 $5
 
  95% $250 $1
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  80% $250 $25
 
  85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $250 $10
 
  85% $50 $1
 
  85% $100 $5
 
  85% $10 $1
 
  95% $250 $1
 
  80% - 90% $250 $5
 
  80% $250 $25
 
  85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  85% $100 $5
 
  85% $10 $1
 
  95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  85% $100 $5
 
  85% $10 $1
 
  95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  85% $10 $1
 
  95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
  90% $50 $1
 
  85% $10 $1
 
  95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $10 $1
 
  85% $50 $1
 
  95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
90% $10 $1
 
85% $200 $20
 
85% $100 $5
 
95% $250 $1
 
80% - 90% $250 $5
 
85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $100 $5
 
  85% $50 $1
 
  85% $10 $1
 
  95% $250 $1
 
  80% $250 $25
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  200% $50 $10
 
  85% $250 $10
 
  85% $50 $1
 
  85% $100 $5
 
  95% $250 $1
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  80% $250 $25
 
  85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
200% $50 $10
 
95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  200% $50 $10
 
  85% $250 $10
 
  85% $200 $20
 
  95% $250 $1
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  85% $250 $5  
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  85% $50 $1
 
  200% $50 $10
 
  85% $200 $20
 
  95% $250 $1
 
  85% $100 $5
 
  85% $10 $1
 
  80% - 90% $250 $5
 
  80% $250 $25
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
95% $250 $1
 
85% $10 $1
 
80% - 90% $250 $5
 
85% $50 $1
 

 

  1. Features that boost trade control.

Traders who are profitable are those who take advantage of tools that provide more control over trades.  Some examples include features like “buy me out” or “early close” or “rollover.”  Don’t just look for these tools in the FAQ, but also look up the terms associated with each of them.  Some brokers will give you far more control over each than others.  For example, when looking at the feature “early close,” check whether you can use it when you are winning or losing a trade—or only when you are losing (or conversely, winning).  Check the same thing with rollover.  Can you only rollover trades which are losing, or can you also rollover trades that are winning?  What are the time constraints around these features?  Can you use them any time, or are you limited to certain times during the trade?

The more power a broker gives you to control when you exit a trade, the better.  Brokers that offer “Option Builder” or a similar type of trade which allows you to customize your expiry time are also giving you much better tools for success.  Sadly I have been seeing a lot less of the Option Builder type of trade in recent months as new types of trades rise to prominence, offsetting some older types of trades.  Option Builder is still a great type of trade to look for.

  1. Flexible and easy withdrawals.

There is nothing more frustrating than having difficulty getting your own money.  And with scammy brokers, it can be flat-out impossible.  It does not matter how many trades you win if you are unable to claim any of the money you have made.  Only trade with brokers that make withdrawals fast and easy.  Look at the withdrawal process on the website for details, and also check the terms of service for more information.  Do not stop there, though.  Do some research on third-party websites to see if any customers complained about the withdrawal process.

If you encounter a broker which has complaints from numerous customers concerning difficulty making withdrawals, you will want to go somewhere else to conduct your trading.  Your money is yours, and it should be treated as such.  Look for low minimum thresholds for withdrawals, fast processing times, and flexibility concerning payment methods.

  1. Demo trading.

I will not go so far as to say that you should never, ever trade with a broker that does not offer demo trading, but you should never, ever trade without demo testing first.  It can be highly inconvenient to test with one broker and then trade with another, so that makes demo trading one of the most helpful features that a broker can provide.

A lot of companies advertise demo accounts but do not offer them.  There can be a whole range of functionality here.  On the lower end, a broker might offer you several “risk-free trades.”  This is not the same thing as a demo account, and you should ignore it.  It is not much of an offer.  Other brokers will allow you to trade on a demo account without risking real money, but only if you deposit money first.  This is generally a requirement because it helps the company to conserve system resources (the only people using their demo platform are people who are likely to actually trade as real customers).  This requirement is an irritation, but should not send you running for the hills.

Some demo accounts are restricted by only permitting X number of trades before you must convert to a live account.  Others may only remain open for a couple of weeks.  The best demo accounts are completely unlimited, and allow you to trade with virtual money as long as you want, and to place as many virtual trades as you want.  There are even brokers who will allow you to do this without making a deposit, like MarketsWorld.  On MarketsWorld, you can demo test until you really feel comfortable enough to trade for real.

These are five of the most valuable features which you can look for in a binary options broker: a strong reputation, great customer service, effortless withdrawals, demo testing, and features that give you control over the trades you enter.  These features are even more important than payout percentages, bonuses, and educational resources.  They ultimately can have a bigger impact on your success, and should take precedence when you are choosing your first binary options broker.

Use this guide to help survive your first month of trading.