Where Should You Trade
Binary options brokers not only connect traders to a trading platform, they are also responsible for a host of other tasks such as banking, customer service, education, and more. Today, there are many different sites to choose from. This is good in that traders now have plenty of options, but bad in that it can be tough to select from such a large number. Our goal is to help you to narrow down your choices by pinpointing only the very best.
The good news for traders is that some brokerages do stand out from the rest by offering an above-average level of service. 24Option, Anyoption, and Traderush are well-established and have a track record of reliability. Established companies such as these become so by continually meeting or exceeding the needs of traders. Those which are not able to accomplish this typically fail to thrive, with some even going out of business. With this in mind, let’s consider for a moment the components of the best trading sites.
|Broker||USA||Bonus||Min. Deposit||Min. Trade Size||Pay Rate||Review|
|NO||Up to 100%||$250||$24||85%|
Transparency and Reliability
It is quite important to know the history of each of these companies, along with the details of operating within their platform. Most sites include a FAQ and Terms and Conditions page, but there needs to be someone available to answer any questions that these resources do not. Phone and email contact options should be available. Live chat is also a bonus, as it provides a quick way to have questions answered by a representative.
Scams are quite rare now, but this does not mean that they can never happen. The number of years that a broker has been in operation is an excellent indicator of reliability, but do keep in mind that binary options really did not go mainstream until 2008. Many of the “veterans” in the industry launched in 2009, and are still in operation today. Regulation is important, but note that there are some reliable companies that are not yet regulated. Those which are located in Cyprus, such as 24Option, are regulated by the Cyprus Securities and Exchange Commission (CySec).
The technology itself is extremely important. In order to generate profits on a consistent basis, traders must have access to plenty of trade types, underlying assets, and expiry times. Variety is key when it comes to trading for profit, so traders are highly advised to select a platform that offers plenty of different options. The basic “Put or Call” trade is going to be available 99.9% of the time, but the availability of trade types such as 60 Seconds, Pairs, or One Touch is going to vary.
Return rates are important as well. You’ll obviously want to earn the largest possible return on each winning trade. Option Fair, for example, offers up to 85% profit on trades that finish in the money. Although they have become less common due to higher upfront return rates, refund rates on losing trades are still offered in some cases. For the novice trader, refunds can provide a nice cushion while mastering the analysis process and becoming acquainted with the technology.
Education and Customer Service
No company is required to provide educational tools, yet many do offer these as a service to their clients. 24Option has long been known as one of the best in regard to providing academic resources, but there are others that offer a nice selection as well. Guides, strategies, and market reports can all help you to get the most out of your trading experience. One-on-one training, when available, can also be extremely helpful to those who are just starting out.
Customer service is an area that is far too often overlooked. As a part of our research, we put each customer service department to the test to see how they would do. What were we looking for? Fast response times, educated answers to our questions, politeness, and more. Anyoption performed very well when tested, as did the other recommended brokers that you will see listed on this website. Feel free to put each option to your own test prior to completing the registration process.
Banking and Payments
Last, but certainly not least, is banking. The necessary elements here include plenty of banking options (credit card, bank wire, online payments, etc.) and a secure online banking area. Withdrawal times should be reasonable, no longer than one week total, as should the minimum deposit and withdrawal amounts. Do expect that some form of identification will be required from you, as this process works to protect against fraud. In most cases, you will receive a free withdrawal each month, but there can be fees so be sure to ask what these are prior to creating an account.
Our goal is to provide you with a list of the top places to trade binary options. We’ve scoured the internet to locate the very best, omitting any potentially poor selections. The information that you have access to here is the result of a massive amount of research and a commitment to helping traders to connect to the platform that is right for them. The fact of the matter is that online trading is much more likely to yield substantial profits when you have all the tools needed to trade well. We are pleased to provide the information necessary for traders to make the best binary broker selection.