This guide will go over the best binary options brokers and platforms 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.
See below for our rankings of the top-rated trustworthy binary options platforms for 2023.
Top 8 Best Binary Options Brokers
Binary options platforms have different benefits for traders. Below we ranked the best brokers. We based this on their trading platform, deposits, regulation, company reviews, and payouts. Some offer deposit bonuses and higher payouts, and some brokers offer fast deposits and withdrawals.
- Pocket Option – Best Binary Options Trading Platform Overall
- ExpertOption – Best Social Binary Trading Platform
- Nadex – US-Based Binary Brokerage
- Olymp Trade – Best for International Binary Options Traders
- Binary.com – Best Advanced Binary Options Broker
- BinaryCent – Binary Options Broker for Copy Trading
- RaceOption – Best Deposit Bonuses
- Binomo – Best Binary Options Tournaments
Our Top 3 Picks
Runner up
PFI Rating 4.9
Best Overall
PFI Rating 4.9
Third Place
PFI Rating 4.9
Table of contents
- Top 8 Best Binary Options Brokers
- Binary Options Companies and Sites of 2023
- Pocket Option – Best Binary Options Broker Overall
- Expert Option
- Nadex
- Olymp Trade
- Binary.com
- BinaryCent
- RaceOption
- Binomo
- What is the best binary options trading app?
- Best Binary Options App
- Compare Binary Brokers
- What are binary options?
- Types of Binary Options
- Expiry Times
- Payouts
- Benefits of Using Multiple Binary Option Brokers
- Are Binary Options Legal?
- How to pick a binary trading platform?
- CFD Trading vs Binary Options
- How to start?
- Conclusion
- FAQ
Binary Options Companies and Sites of 2023
Below we go over each trading platform in detail. We ranked these 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 |
PFI Rating: 4.9/5
Pocket Option – Best Binary Options Broker Overall
Pocket Option is our top pick as the best binary options brokerage. They offer instant withdrawals, an excellent 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, including stocks, Forex, Cryptocurrencies, Commodities, and indices. The company has a good reputation and is considered safe. Pocket Option offers a demo account, comprehensive education, easy deposits and withdrawals, technical indicators, and trading signals. They serve more than 10 million clients and accept many different deposit methods.
Pocket Option is regulated by IFMRRC (International Financial Market Relations Regulation Center), license # RU 0396 AA Vv0158. IFMRRC is not an official regulator. Their trading platform is high-quality. 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 platforms for iOS, Android, Windows, and browser-based. 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
PFI Rating: 4.9/5
Expert Option
Expert Option is a binary options exchange that offers 100+ binary options. They are regulated by the VFSC (Vanuatu Financial Services Commission) and FMRRC (Financial Market Relations Regulation Center). Their trading platform has more than 50,000,000 trading accounts. Great 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: 4.7/5
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 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 CFTC Regulated Binary Options 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
Olymp Trade
Olymp Trade is a category A broker at the International Financial Commission, founded in 2014. Over 25,000 traders use Olymp Trade every day with around 35,000,000 trades closed per month.
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 platform, 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
Binary.com
Binary.com is a well-known broker founded in 1999 and recommended to both beginner and advanced traders. 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 options and CFD platform is owned by Regents Market Group and operates under Binary Group ltd. They offer both binary and CFD 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
BinaryCent
We Don't Recommend BinaryCent, as multiple users reported losing their funds.
Founded in 2017, BinaryCent 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.
- Maximum payout: 95%
- Minimum trade: $0.10
- Demo account: Yes
- Minimum deposit: $250
- Assets available: Cryptocurrencies, Commodities, Stocks, Forex
PFI Rating: 2.0/5
RaceOption
Raceoption is a binary options 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.
On RaceOption Official Website
RaceOption is based in the United Kingdom, established in 2014. 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, hosts trading contests (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
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.
On Binomo Official Website
Traders can open a standard or VIP account, which comes with extra benefits. 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 manager, deposit bonuses, and fast withdrawals.
You can also open a demo account with $1,000 virtual money and try out the platform.
You can sign up for a $1,000 demo account but has limited assets available.
- Maximum payout: 90%
- Demo account: Yes
- Minimum trade: $1
- Minimum deposit: $10
- Assets available: Commodities, Forex, Indices, Stocks
What is the best binary options trading app?
The best app for binary options is Pocket Option. Their app features charting, trading tools, easy deposits and withdrawals, and diverse trading tools.
PFI Rating: 4.9/5
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
Compare Binary Brokers
We compared the top-rated binary options brokers below. See how they compare to each other, 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. They 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.
In a nutshell
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 Options Brokers and trading platforms have their benefits and drawbacks. The two main types are cash-or-nothing and asset-or-nothing. Because of their nature, scammers use them to commit fraud. Some regulators banned them as they are considered a form of gambling and high risk.
Are binary options gambling?
Binary options 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 binary option types:
- High/Low (Up/Down) – This is a popular binary option. Predict if the price will be higher or lower at the expiry time
- Ladder – Similar to up/down trades. The ladder has a predetermined price level, and returns often exceed 100%. Both sides of the trade (call/put) 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 Option Brokers
Using multiple binary options brokers might be a smart 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.
Are Binary Options Legal?
In recent years, some 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 EEA, professional traders can still trade binary options. 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, ripoff, and cheat people.
How to pick a binary trading platform?
Before deciding to signup and fund a real money binary options 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 get started with binary options trading should pick a binary options 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– Forex, stocks, commodities, cryptocurrencies, indices, and ETFs are popular. Brokers list the available assets to trade on their website. Make sure you check the assets you are interested in is available. The more assets available, the more opportunity for trading. The average binary options provider has 30-80 markets 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 payouts as high as %200.
- Binary Options 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.
- Regulation – A licensed broker should be a priority. Before selecting a binary options site, make sure they are a legit company that is regulated. 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 bonuses. Some regions prohibit trading binary options. If you are in regions such as Europe or India, an offshore broker is the only way to access the binary markets.
- Customer Service Quality – The best binary companies have quality customer support. When customers need assistance, the quality and level of service are very important. We recommend you pick a broker with competent, responsive, and fast customer service.
- 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 binary broker – Find companies with a proven record over a few years. Brokers that have been in business for several years have proven their reputation.
Popular broker 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 money account is with a demo account. These practice accounts allow investing with “virtual funds.” This way, you can learn more about the trading platform and features and work on your investing style.
Minimum deposits
Some brokers 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 brokers offer the function of following or even copying top traders. This is useful for beginner traders, as it allows you to watch successful traders and study their strategies. Some binary options sites 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.
CFD Trading vs Binary Options
There are differences between CFDs and binary options. 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 size of the trade can go up or down based on 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?
To start trading binary options, follow these steps:
- Find a reputable broker
- 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
Binary options are a popular financial derivative but come with risks. Always do your research before making that initial deposit. The binary options broker 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. Binary Options 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 ask price. Many brokers also offer bonuses or other incentives to encourage traders to sign up and trade with them. Some binary options brokers make money solely through commissions. How do binary options brokers make money off of clients?
Brokers make money off of 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 binary options 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 binary options is to use a reliable and reputable broker. Many brokers are out there, 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.
