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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  
 
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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
 
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  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
 

 

When you are shopping for a binary options broker, if you take the time to explore each Website you encounter, you will find dozens and dozens of features which each broker may or may not offer.  Some features are very common, like several types of trades, while others, like a demo account, are not.  Brokers are often vague about what they offer (especially in the language on account tiers pages), which only makes selecting a broker more difficult.  It is easy to get distracted by all the different features you see and lose sight of what is really important for you as a trader.  What are 10 of the most important features to look for in a broker?

  1. A great website which actually works.
  2. Transparency and clarity of terms.
  3. Top-notch customer service.
  4. A demo account.
  5. The trade types you want.
  6. Control over expiry time, early close, and other trade tools.
  7. Simple, fair withdrawal terms.
  8. Flexible trade sizes.
  9. The right attitude toward trading.
  10. Excellent, believable customer reviews.

There are also “distracting” features that do not really add that much to a broker, of which I suggest paying less attention to during your quest to find the perfect broker.  I will explain why I think these features are a bit overrated in part 2 of this article.  They are:

  1. Regulation (yes, I will explain this).
  2. Bonuses.
  3. A billion deposit options.
  4. A billion assets.
  5. Resources.
  6. Awards.
  7. “No commissions.”
  8. “VIP” benefits.

But for now, on to the 10 most important features, and why you should pay special attention to each of them as you shop for the perfect binary options broker.

  1. A great website which actually works.

Sometimes in our quest to find a broker who offers a ton of great features, we forget about the features that are never listed such as the quality of the website itself.  If a broker offers a ton of great trading tools, but their website is buggy and sections of it appear abandoned, do you really want to invest your money there?  Yet you would be surprised how many people do.  Always look for a broker that invests time, effort, and care into developing a website that works.  It will help you to avoid scammy binary options brokers and find legitimate ones that care about traders.

  1. Transparency and clarity of terms.

This is another one that you have to look for on your own.  A broker cannot simply list “transparency” in their features or on their about page (though many do).  The broker must truly be transparent.  How can you tell?  There are two ways to research the transparency of a company.  Firstly, scour the website for answers to your questions.  If you cannot find answers to even the most simple of questions (and this happens quite frequently with these companies), that company is not being forthright with you.  Try contacting customer service to ask your remaining questions.  If you cannot reach them or they provide dodgy information, you are again dealing with a bad binary options broker.

Just taking these two steps can steer you away from countless scams.  Most of the hundreds of brokers out there are going to fail one test or both.  Very few will make it through either.  Those that do are worthy of a closer look, and possibly your patronage.

  1. Top-notch customer service.

This is yet another feature which only you can evaluate.  I suggest talking to a broker on live chat and then giving them a call if they pass the chat test.  The majority of brokers will avoid you on live chat by not staffing the desk at all.  About 10% will staff the live chat desk, but only about half of those will provide informative service.  Oftentimes, these jobs are contracted out to agents who are under-informed about the broker’s product.  That is not something you want to put up with as a customer.

If a broker passes your live chat test, give them a call on the phone and talk directly to someone.  This is where you will usually be given the hard-sell by untrustworthy companies.  If you are given friendly, prompt, and informative responses to your questions without the hard-sell, you may have found a good company.  This is arguably the most important feature of any binary options broker.  The quality of service determines trust, and if you cannot trust a broker, it doesn’t matter how many trades you win.  You will ultimately lose, every time, because the broker will make it so.

Click here for a list of top customer service binary options brokers.

  1. A demo account.

This is absolutely one of the best features a broker can offer you, hands down.  Why?  A demo account is really your key to success as a trader if you are at all serious about long-term trading and serious profit.  This is not so important if you are trading for entertainment purposes.  But if you want to maybe become a trader for a living someday, a demo account is the ultimate weapon in your arsenal.  With it, you can practice for as long as you want without losing money.  As you save up, you can hone your skills and come up with a winning method for success!

  1. The trade types you want.

Depending on the strategies you are interested in using, some types of trades may be more useful to you than others.  You may have a great strategy for One Touch or for Range, but nothing good for a standard High/Low trade.  Or you might have something that will be great for Long Term trading, but nothing that would work on short intraday time frames.  Make sure a broker can offer you a way to trade that suits your trading style.  One of the best things about binary options is the variety of trade types out there.  You are not going to find that kind of variety with traditional stock trading or Forex trading.

  1. Control over expiry times, early close, and other trading tools.

A broker that provides you with tools to control your trades is putting power into your hands that you can leverage to win.  If a broker does not give you the option of closing out trades early, choosing your own expiry times, or in other ways controlling your trades, odds are you are being forced to take trades that the broker expects you to lose.  When you can customize your trades, the broker has less control, and you are more likely to win.

You might wonder why any broker would provide useful trading tools.  But you are not your broker’s enemy; you are your broker’s customer, and you should expect those tools.  The broker is borrowing your money.  Furthermore, most traders are going to lose any given trade, so there is no reason for a broker to turn on the minority of traders who might just profit.  You are hardly a threat to their business; in fact, quite the opposite.  The broker can hold up its winners as an example of success to entice new customers—most of whom will lose money to the broker.  Very few traders actually make use of these tools.  Make sure they are provided to you, and be one of the traders that does.

  1. Simple, fair withdrawal terms.

This is probably one of the most challenging criteria for any broker to satisfy.  When you go to withdraw from your binary options account, that is when you are most likely to find yourself getting scammed.  Oftentimes, the justification for the maltreatment is built into the terms surrounding withdrawals.  What should you look for as far as simple and fair?

  • Know what documents you are required to submit in advance, and why they are needed.
  • Look for a broker who does not have severe limitations on withdrawals, requiring high minimums, or allowing you to only withdraw once or twice a month.
  • Avoid brokers with other confusing terms, like only allowing you to withdraw X amount of money via credit or debit card.
  • Choose a broker with fast withdrawal turnaround times.
  • Steer clear of brokers who force you to accept a bonus.  This can lead to issues with withdrawals if you have not yet met the turnover volume required to claim the bonus as cash.
  • Look out for massive fees.  There are usually wire transfer fees, and this should not deter you.  Will you be forced to rely on wire transfer because of unusual terms of service?  Will you pay a huge fee every time you withdraw past your first withdrawal per month? These are very important questions. Do your research.

As you can see, there are a lot of potential pitfalls here.  If you can find a broker with clear and fair withdrawal terms, you should seriously consider trading with them.  This is one area of service where you definitely want to check customer reviews as well.

  1. Flexible trade sizes.

Whether you have a very large account or a very small account, you do not want to be forced to trade more or less than you should be trading.  If you have a small account, your money management rules will not allow you to trade too high a minimum.  And if you have a huge account, you do not want low maximum investment amounts standing in the way of high profits.  Run some numbers to make sure that the minimum and maximum trade sizes will support your account and money management plan.

  1. The right attitude toward trading.

This is one of the more nebulous concepts in this list, but I believe it is a truly important one.  What do I mean by the “right attitude?”  I mean a broker that is going to encourage you to take your time, learn, practice, and trade intelligently and conservatively.  This is not to say that any broker that encourages gambling is a bad broker.  That is not what I am getting at.  It is possible to take a smart attitude toward trading for entertainment, just as it is possible to take a smart attitude toward trading for a living.

Look for a broker that encourages you to trade responsibly, whether you are trading for profit or for fun.  Stay away from brokers that encourage you to spend massive amounts of money on trading without thinking about the consequences.  Also avoid brokers that try to deceive you into believing you are likely to become a millionaire overnight.

  1. Excellent, believable customer reviews.

Finally, search for a broker that has superlative customer reviews online.  This does not mean to look for a broker which has no negative feedback.  What it means is to look for customer reviews which include a reasonable, credible mixture of pros and cons, and which explain clearly the basis for all claims, positive and negative.  The more specific reviews are, the more likely they are to be real, and not just praise left by affiliates.

If you find a broker with a number of real reviews that are generally positive, you have probably found a company to trade with.  While reading the reviews, look for feedback on the features I have discussed above: a demo account, fast and friendly withdrawals, great customer service, helpful trade tools, and transparency.