This guide will go over the Best Binary Options Trading Platforms and Brokers to help you decide which trading platform is right. We analyzed top-tier Binary Brokers and ranked them on a variety of factors.
We base our comparison on criteria such as maximum returns, regulations, bonus offers, minimum deposits, and more. Picking the best binary trading broker is an important step for many people based on personal needs. You will learn how to start trading binary options, legalities, tips, and strategies.
Key takeaways:
- Many of the listed binary brokers are not regulated by any official regulatory body. Most of the binary brokers listed are registered by offshore trading companies. We advise extra caution before working with them.
- The only regulated binary broker on this list is Nadex. It is regulated by the CFTC and accepts clients from many countries – including some countries in the EU.
Table of Contents
- Top Rated Online Binary Options Brokers 2023
- Top Binary Options Companies of 2023
- What is the top rated binary trading app?
- Best Binary Options App
- Compare Binary Options Brokers
- What are binary options?
- Benefits of Using Multiple Binary Brokers
- Are Binary Options Legal?
- How to pick a binary trading platform?
- CFD Trading vs Binary Options
- How to start trading Binary Options?
- Conclusion
- FAQ
Top Rated Online Binary Options Brokers 2023
Below, we ranked the best binary brokers. We based this on their trading platform, deposits, regulations, company reviews, and payouts. Some offer deposit bonuses and higher payouts, and some binary brokers offer fast deposits and withdrawals.
Here is a list of the best binary options trading platforms:
- Pocket Option – Best Binary Options Broker Overall
- ExpertOption – Best Binary Options Trading Platform for Social Trading
- Nadex – Regulated US-Based Binary Broker
- Olymp Trade – Best Binary Options Platform for International Traders
- Binary.com – Best Binary Options Broker for Advanced Traders
- Binarycent – Binary Options Broker for Copy Trading
- RaceOption – Best Binary Options Deposit Bonuses
- Binomo – Best Binary Options Tournaments
Our Top 3 Picks
Runner up
Best Overall
Third Place
Top Binary Options Companies of 2023
Below we go over each trading platform in detail. We ranked these binary brokers based on various factors, such as fees, security, payout percentages, regulation, etc. Here is our list…
| Binary Options Broker | Info | Our Score | Accepts Clients | Minimum | Best For | |
|---|---|---|---|---|---|---|
| #1 | Pocket Options | Best Binary Options Broker Overall | 4.9 | Globally | $10 | Overall |
| #2 | Expert Option | Fast Execution Binary Options Broker | 4.9 | Globally | $10 | Fast Execution |
| #3 | Nadex | US Based | 4.9 | Globally | $250 | US Clients |
| #4 | Olymp Trade | Cyprus Based | 4.7 | Globally | $10 | Ease of Use |
| #5 | Binary.com | Founded in 1999 | 4.6 | Globally | $5 | High/Low Binary Options |
1. Pocket Option
Pocket Option is our top pick as the best binary options brokerage.
We advise caution before working with them, as any official regulatory body does not regulate them.
They offer instant withdrawals, an excellent proprietary trading platform, diverse trading instruments, cashback, and more. Pocket option operates in over 95 countries and regions with over 100,000 active users.
On Pocket Option Official Website
Pocket Option, founded in 2017, and owned by Gembell Limited, is a broker based in the Marshall Islands. Their trading platform has over 100 assets. These include contracts on stocks, Forex, Cryptocurrencies, Commodities, and indices. Pocket Option offers a demo account, comprehensive education, easy deposits and withdrawals, technical indicators, and trading signals. According to their website they serve more than 10 million clients and accept many different deposit methods.
Pocket Option is not regulated by any top tier regulator.
However, the IFMRRC (International Financial Market Relations Regulation Center), license # RU 0396 AA Vv0158 is listed on their website. IFMRRC is not an official regulator. The demo account offered is among the best in the industry. It takes one click to start trading with the demo account. Pocket option offers an excellent platform interface for iOS, Android, Windows, and browser-based. The web app lacks the ability to set notifications and customizable price alerts, which we would find helpful. For more information, read our in-depth review of Pocket Option.
- Maximum payout: 95%
- Minimum trade: $1
- Demo account: Yes
- Minimum deposit: $10
- Assets available: Forex, Stocks, Cryptocurrency, Commodities, ETFs
2. Expert Option
Expert Option is a binary options exchange that offers 100+ binary options. Expert option lists the VFSC (Vanuatu Financial Services Commission) and FMRRC (Financial Market Relations Regulation Center) as their regulators.
These regulatory bodies are not considered top-tier, and we advise you to exercise caution before working with EO.
Their desktop and mobile platforms have more than 50,000,000 trading accounts. Great fundamental and technical analysis tools, 24/7 trading, and an initial deposit bonus make ExpertOptions a great choice. They execute over 30,000,000 deals each month. Their offices are in Saint Vincent and the Grenadines.
On Expert Option Official Website
ExpertOption offers different account types, depending on the initial deposit. The minimum deposit is $10. Depending on the account type, investors have different functionalities available. Expert Option offers a demo account, social trading, great education, and analysis tools. They have many different tiers of accounts ranging from their Micro account to Exclusive (invitation only). They work with over 20 payment systems, making withdrawals and deposits a breeze.
- Maximum payout: 95%
- Demo account: Yes
- Minimum trade: $1
- Minimum deposit: $10
- Assets available: Commodities, Forex, Cryptocurrencies, Stock
PFI Rating: 4.8/5
3. Nadex
Nadex is USA based binary options exchange based in Chicago, Illinois. Nadex is regulated by the CFTC (Commodity Futures Trading Commission). They offer binary options, call spread contracts, and touch brackets. Investors' funds are kept in segregated bank accounts.
On Nadex Official Website
The Nadex Trader Platform is their proprietary software that lets you filter over 5,000 contracts by asset class, expiry times, and Asset chart prices.
Fees include a $1 trading fee per contract per side and a $1 settlement fee for contracts that expire “in the money.” No settlement fee for trades “outside the money.” For more information, read our in-depth review of Nadex. Nadex is one of the few Chicago Board Options Exchange (CFTC) Regulated Brokers.
- Maximum payout: Varies
- Demo account: Yes
- Minimum trade: $1
- Minimum deposit: $250
- Assets available: Binary Options, Call Spreads, Touch Brackets
PFI Rating: 4.7/5
4. Olymp Trade
Olymp Trade is a category A broker at the International Financial Commission ensuring the company's reliability. It was founded in 2014. Over 25,000 traders use Olymp Trade every day with around 35,000,000 trades closed per month.
We advice caution before working with them, as they are not regulated by any official regulatory body.
On Olymp Trade Official Website
Olymp Trade is a Cyprus-based trading platform founded in 2014 and owned by Olymp Trade Ltd.. OlympTrade is a reliable broker and a member of FinaCom (Financial Commission) with a category A. The license protects positions with deposit insurance and support in case of disputes. Over 25,000 users trade every day. Olymp Trade offers a mobile trading app (Android and iOS), a Desktop, MT4, and a web-based platform.
Deposits and withdrawals are quick and easy. They offer over 75 assets you can trade. Their website includes an excellent education portal.
- Maximum payout: 92%
- Minimum trade: $1
- Demo account: Yes
- Minimum deposit: $10
- Assets available: Currency pairs, ETFs, Cryptocurrencies, Indices, Commodities
PFI Rating: 4.6/5
5. Binary.com
Binary.com is one of the leading binary brokers founded in 1999 and recommended to both beginner and advanced demanding traders. Binary.com helps clients make better trading decisions, understand risks, and start trading. Choose from 100+ instruments paired with award winning-technology. Their services are not available to investors in the United States or Canada.
On Binary.com Official Website
This online binary and CFD platform is owned by Regents Market Group and operates under Binary Group ltd. They offer to Trade CFDs and binary trading. Binary.com is known in the industry and has over 1 million registered investors. Regulations under which they operate include BVIFSC (British Virgin Islands Financial Services Commission), MFSA (Malta Financial Services Authority), VFSC (Vanuatu Financial Services Commission), and LOFSA (Labuan Financial Services Authority). Binary.com has offices in Malaysia, Malta, Paraguay, and Dubai.
One of the best features is their execution speed. This allows you to execute your trades and analyze your portfolio in seconds.
Return rates at Binary.com can go over 100% on up/down positions and over 1000% on touch/no-touch and high/low trades. They have over 100 CFDs, and their tradeable assets include commodities, indices, cryptocurrencies, forex, metals, and forex.
- Maximum payout: 85%
- Minimum trade: $1
- Deposit Methods: Credit Cards, Bitcoin, Bank Transfers
- Demo account: Yes
- Minimum deposit: $5
- Assets available: Currency pairs, Synthetic Indices, Commodities, Indices
PFI Rating: 2.0/5
6. Binarycent
We Don't Recommend BinaryCent, as multiple users reported losing their funds.
Founded in 2017, Binarycent platform focuses on CFDs, but also offers forex and binary options trading. Their payouts go up to 95%. Their minimum trade size is $0.10, and they guarantee a 1-hour withdrawal process. The Vanuatu Financial Services Commission (VFSC) regulates BinaryCent. Their trading platform offers copy trading and leverage up to 1:100.
On BinaryCent Official Website
Traders might be eligible for a first deposit bonus, which BinaryCent matches up to 100%. They offer fast withdrawal processing, 24/7 trading and customer support, and a low minimum trade size of $0.10. However, Binarycent doesn't provide any success manager or regulations.
- Maximum payout: 95%
- Minimum trade: $0.10
- Demo account: Yes
- Minimum deposit: $250
- Assets available: Cryptocurrencies, Commodities, Stocks, Forex
PFI Rating: 2.0/5
7. RaceOption
Raceoption is a binary broker with a robust copy trading platform, perfect for beginner investors. Short withdrawal processing, flexible trading hours, multiple deposits, and withdrawal options. It offers a 20%-100% initial deposit bonus. These are a few of the things that make this platform great.
We advice caution before working with them, as they are not regulated by any official regulatory body.
On RaceOption Official Website
RaceOption is based in the United Kingdom, established in 2014. It is part of the Finance Group Corp (FGC). Their platform offers stocks, currencies, commodities, and indices. There are 100+ trading assets available. Users can trade on both mobile and desktop 24/7.
The minimum trade size is $1, and the minimum deposit is $250. Race Option guarantees 1-hour withdrawal processing, 24/7 customer support, and copy trading.
They offer deposit bonuses, but you must meet specific terms. RaceOption, similar to IQ Option account, hosts trading contests & prizes (or tournaments) where investors can win up to $20,000. Depending on the size of your initial deposit, you can open a bronze, silver, or gold account. Each account type comes with different benefits.
- Maximum payout: 90%
- Available in the USA, Canada, Australia
- Minimum deposit: $250
- Assets available: CFDs, Indices, Stocks, Commodities, Forex
PFI Rating: 2.0/5
8. Binomo
Binomo is registered in St.Vincent and the Grenadines. Binomo offers binary options, Forex, Cryptocurrency, and CFDs. They are a category “A” member of the IFC (International Financial Commission). This ensures their transparency, quality of service, and a neutral dispute resolution by an organization if needed. Clients have deposit insurance of $20,000.
We advice caution before working with them, as they are not regulated by any official regulatory body.
On Binomo Official Website
Traders can open a standard or VIP account, which comes with extra benefits. Seasoned Traders that deposit $1,000 upgrade to the VIP account. Binomo doesn’t offer as many assets as other brokers. The standard account offers 14 markets and payouts up to 85%. VIP accounts offer 42 markets, a maximum payout of 90%, 10% cashback, a personal account manager, deposit bonuses, and fast withdrawals.
You can also open a demo trading account with $1,000 virtual money and try out the platform.
You can sign up for a $1,000 demo trading account with limited assets available.
- Maximum payout: 90%c
- Demo account: Yes
- Minimum trade: $1
- Minimum deposit: $10
- Assets available: Commodities, Forex, Indices, Stocks
What is the top rated binary trading app?
The best app for binary options is Pocket Option. Their app features financial charts, trading tools, easy deposits and withdrawals, and diverse trading innovative tools.
Best Binary Options App
- Maximum payout: 95%
- Minimum trade: $1
- Demo account: Yes
- Minimum deposit: $10
- Assets available: Forex, Stocks, Cryptocurrency, Commodities, ETFs
Pocket Option Website
We want to note that they are not regulated by any official regulatory body.
Compare Binary Options Brokers
We compared the top-rated binary brokers below. See the below comparison list and how they compare based on foundation year, regulation, offering of investments, minimum deposits, deposit and withdrawal fees, and more.
| Broker | Pocket Option | Expert Option | Nadex | Olymp Trade | BinaryCent | RaceOption | Binomo |
|---|---|---|---|---|---|---|---|
| Founded | 2017 | 2014 | 2004 | 2014 | 2015 | 2017 | 2014 |
| Regulation | IFMRRC | SVGFSA | CFTC | FinaCom | VFSC | N/A | N/A |
| Offering Of Investments | Currencies, Cryptocurrencies, Stocks, Indices, Binary Options | Stocks, Commodities, Currency, Futures, Cryptocurrencies, Binary Options | Stock Indexes, Forex, Commodities, Economic Events, Binary Options | Currencies, Stocks, Metals, Indices, Commodities, Crypto, ETFs, Binary Options | Forex, CFDs | Forex, Binary Options | Binary Options |
| Minimum Deposit | $50 | $10 | $0 | $10 | $5 | $250 | $10 |
| Demo Account | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Withdrawal Fee | $0 (0.5% for Perfect Money) | $0 | $0 | $0 | $0 | 5% | $0 |
| Inactivity Fee | No | $10 per month | $10 per month | $10 per month | $10 per month | $0 | $30 |
| Deposit Methods | Crypto, Credit Cards, e-Payments, Bank Transfer | Crypto, Credit Cards, e-Payments, Bank Transfer, Perfect Money, Skrill, WebMoney | Debit Cards, Bank Transfer/ACH, Wire Transfer | Debit Cards, Wire Transfer, Credit Cards, Neteller, Skrill, Crypto, WebMoney, FasaPay | Debit Cards, Wire Transfer, Credit Cards, Neteller, Skrill, Crypto, WebMoney, FasaPay | Debit Cards, Wire Transfer, Credit Cards, Neteller, Skrill, Crypto, Perfect Money | Debit Cards, Credit Cards, AstroPay, CASHU, Advcash, Neteller, Skrill, Bank Transfer |
What are binary options?
Binary options are financial derivatives that can be traded on any market. These complex financial products are popular because binary trading is straightforward. The profit or loss is predetermined, so you know how much you will win or lose before opening the trade. They are “all or nothing” positions. They are called binary options because there are only two possible outcomes.
How do Binary Options Work?
Binary options are simple to understand. Traders have to predict where the price of the underlying asset will close. Is it going to be above or below a predetermined value at the expiry time. If you can predict the price, the profit can be substantial.
Binary Brokers and trading platforms have their benefits and drawbacks. The two main trade types are cash-or-nothing and asset-or-nothing. Because of their nature, scammers use them to commit Binary Options fraud. Some regulators banned them as they are considered a form of gambling and high risk. In response, many trusted brokers implemented security measures and regular regulatory oversight audits to keep customer funds safe.
Are binary options gambling?
They are sometimes considered a form of gambling, not an investment because they are structured similarly to bets. Most regulators don't consider them a form of gambling.
Types of Binary Options
There are several popular trade types:
- High/Low (Up/Down) – This is a popular trade type. Predict if the price will be higher or lower at the expiry time.
- Ladder – Similar to up/down trades. The price ladder has a predetermined price level, and returns often exceed 100%. Both sides of the trade (call option and put option) aren’t always available, and the price movement is typically substantial.
- Range or Boundary (In/Out) – A high and low price point is set. The trader has to predict if the price will finish within or outside this range.
- Touch/no touch – Price levels are set at either a higher or lower price point than the current price. The trader opens a position predicting the price will touch these predetermined price levels between the time they made the trade and expiry. If the price touches the price level, traders receive the profit.
Expiry Times
The expiry time is the time at which the trade ends. This is the point at which you win or lose. Expiry times range from 10 seconds to 1 minute, one full day, or up to a year.
Payouts
Binary options payout percentages vary depending on the brokerage you choose.
Payouts depend on the underlying asset and the option's expiration time and can change on a trade-by-trade basis. It is best to look for the average payout percentages range.
Benefits of Using Multiple Binary Brokers
Using multiple binary brokers might be a wise move as you decide which platform fits your needs.
There is no penalty for switching platforms as you find which one fits your trading style.
You should do this from the start so you don't get used to using a single platform. It is also better so you don't build up an account balance that you need to transfer later.
Some brokers also offer CFDs, which is great if you want a more extensive investment selection.
As a better investor, you might want to use multiple brokers at once. You can mix the product offering and payouts from different platforms. This way you can open trades at the broker with the best terms for that binary options contract.
Are Binary Options Legal?
In recent years, some shady brokers who operated scams and binary options schemes gained a negative reputation. Most binary brokers and those included in this list are legal, not scams. Regulation in certain areas means that retail traders can’t access them.
In the European Economic Area (EEA), professional traders can still trade them. Australia and India allow binary trading. Traders have to make sure they sign up with a reputable broker and do their research.
This way, you will avoid manipulation, deception, and fraudulent brokers whose sole plan is to swindle traders' money, rip off, and cheat people.
How to pick a binary trading platform?
Before deciding to signup and fund a real money trading account, here are a few factors to consider. Your personal needs determine the broker that best suits your trading preferences. Your overall trading experience depends on these factors:
- Minimum Deposit – Beginners looking to start should pick a broker with a low minimum deposit. It is essential not to risk too much money when starting. Some brokers allow trading with as little as $10. Remember that trading platforms also have a minimum trade amount, which can vary from as little as $0.10 to $50.
- Available products– The more assets available, the more opportunity for trading. The average binary provider has 30-80 markets available. Forex trading, stocks, stock options, commodities, cryptocurrencies, indices, and ETFs are popular investment prodcuts. Brokers list the available assets to trade on their website. Make sure you check the assets you are interested in are available.
- Payouts – The industry standard for payouts is from %50 – %100. Before you start trading, make sure you know how much your payout is. While not usual, some offer a payout structure as high as %200.
- Bonuses – Brokers sometimes offer a deposit bonus. Some match your initial deposit (from 20% to 100%), and others might offer risk-free trades. Terms & conditions apply to these deposit match promos. Some binary brokers provide referral agent or introducing broker compensation.
- Regulation – A licensed broker should be a priority. Before selecting a binary options site, ensure they are a legit, regulated company. This ensures that your money will be safe. It is a good sign if a regulator like the CySEC regulates your broker. Regulators have specific requirements that brokers must follow. This ensures traders have a form of protection in case of a dispute. There are some benefits of using an unregulated broker, for example, sign-up trading bonuses. Some regions prohibit trading. An offshore broker is the only way to access the binary markets in areas such as Europe or India.
- Customer Service Quality – The best binary companies have quality customer support. When customers need assistance, the quality and level of service are essential. We recommend you pick a competent, responsive, and fast customer service binary broker.
- Customer Reviews – We recommend you find the feedback from existing customers on independent sites. You should find objective sites with reliable data.
- Age of a broker – Find companies with a proven record over a few years. Brokers that have been in business for several years have proven their reputation.
- Trading Tools & Features – For trading on the global markets, you should look for real-time market data, market depth, options chains, embedded liquidity pool and platform's trade execution.
Popular online brokers regulators:
- Financial Services Board (FSB) – South Africa
- Financial Conduct Authority (FCA) – UK
- Australia Securities and Investment Commission (ASIC) – Australia
- Cyprus Securities and Exchange Commission (CySEC) – Cyprus
- Commodities Futures Trading Commissions (CFTC) – United States
Mobile trading app
Most brokers offer a mobile trading app. When trading binaries, it is essential to have access to the markets everywhere you go. Most software is compatible with both Android and iOS operating systems.
Demo account
A great way to practice trading before committing to a real accounts is with a demo account. These practice accounts allow investing with “virtual funds.” This way, you can learn more about the trading platform and execute portfolio simulations and features to improve your investing style.
Minimum deposits
Some binary trading platforms allow you to get started for as low as $5. If you are on a tight budget, you should find a broker that requires a low minimum deposit. Low minimum deposits are good for beginner traders that are just getting started. You also have to be aware of the minimum trade amount. The minimum trade amount is the minimal investment you can make per contract.
Signals
Some binary trading platforms offer the function of following or even copying top traders. This is useful for beginner traders, as it lets you watch successful traders and study their strategies. Some binary sites offer Binary Trading Signals and have copy trading capabilities, allowing you to copy VIP traders for a small fee. This is a great way to increase the odds of earning an income. Advanced Brokerage account holders can also use Open API for binary trading at some brokers.
CFD Trading vs Binary Options
There are differences between CFDs and binaries. In both cases, you don’t own the underlying asset.
With binaries, you get a fixed risk. You can only lose what you invest. With CFDs, the trade size can increase or decrease based on variable leverage.
Pros
- Simple to trade. You only decide whether the price will go up or down.
- No need to time the market. The expiry time is set beforehand.
- Multiple markets are available. You can trade binary on almost all markets.
- Fixed risk. Fewer parameters to analyze.
Cons
- Payouts can be lucrative. That is usually for longer expiry options. The higher the probability, the lower the payout.
- Odds of profit. For every 70% profit, the same losing trade would be an 85% loss.
- Higher minimum deposits.
- Limited technical analysis tools. Trading tools for binary traders fall short compared to tools for other traders. This means people use third-party trading tools.
How to start trading Binary Options?
To start trading, follow these steps:
- Find a reputable binary trading platform
- Sign up and get verified
- Fund your account
- Choose a market to trade
- Pick an expiry time
- Decide the size of the investment
- Choose an option type
Conclusion
In summary, the best binary broker is Pocket Option. They offer multiple asset classes, an easy-to-use custom-built platform, good payouts, and a good trading experience.
Note: We advise caution before working with them, as they are not regulated by any official regulatory body.
Binaries are a popular financial derivative but come with risks. Always do your research before making that initial deposit. The binary trading platform you choose should fit your personal needs and situation.
FAQ
Is Binary Options Trading Legal in the USA?
Yes, Binary Options are legal in the USA. To trade these financial options, they must be traded on a regulated US Exchange. They can be offered on registered trading platforms or on DCMs (Designated Contract Markets) – supervised by the CFCT or SEC.
How do binary options platforms make money?
Binary options brokers make money in a variety of ways. Some charge commissions on each trade, while others make money through the spread—the difference between the bid and sell prices. Many brokers also offer bonuses or other incentives to encourage traders to sign up and trade with them. Some binary brokers make money solely through commissions. Brokers make money from clients by offering them a platform to trade on. The broker charges a commission for each trade that is made. The more trades that are made, the more money the broker makes.
How do binary options companies provide services?
Binary options companies provide services by allowing traders to trade online. These brokers typically provide a trading platform that allows traders to buy and sell binary options. Some brokers also provide other services, such as market analysis and education.
What is the best way to trade binary options?
The best way to trade is to use a reliable and reputable broker. Many brokers are out here, but not all are created equal. Some brokers are more reliable and offer better customer service than others. It is essential to do your research and read reviews before selecting a broker. Once you have selected a broker, the next step is to open an account and make a deposit.
