The binary options market is gaining momentum among global traders, especially with the rise of smartphones and mobile apps in this digital era. There are a number of binary options trading platforms which offer the features needed for successful traders.
More and more traders are enjoying the benefits of using binary options trading platforms on their smartphones, which of course includes swift access to the markets, 24/7. It is vital to understand all of the benefits that each platform offers before choosing one to trade with.
When it comes to trading, there’s no way to choose just one platform when you’re deciding on your best binary options trading platform.
In this article, I will present a list of the best binary options trading platforms. Besides, these websites will give you an exceptional overall experience when it comes to online binary options trading.
What are Binary Options?
Binary options are one of the most popular forms of online trading currently available. It is are a form of financial trading offered by brokers.
The main benefit of binary options is that they allow retail investors to trade the financial markets with minimal investment amounts.
Since its inception, the popularity of binary options has grown dramatically in both the number of traders and the growing market size.
Trading in binaries allows you to trade based on a simple yes or no response. It is this simplicity that attracts traders as well as the high returns.
These are some of the best binary options brokers to consider and they will definitely help you and make your trading worthwhile.
1. eToro
eToro is a well-known social trading network and binary options trading platform that specializes in offering stocks, commodities, currency pairs, and the most popular crypto-currency. The platform is intuitive for beginner traders as well as sophisticated options brokers.
eToro offers several types of accounts to its clients including Instant execution, Copy Trader accounts and ‘LITE’ accounts for individuals who want to make small investments.
Investors looking for help with their investment portfolios may select to follow a trader whom they like and whose strategy has worked well in the past. Instead of studying financial charts, you will have to study the behaviors of other traders and evaluate their strategies or patterns.
eToro has simplified things by offering seminars and video courses on how to develop your skills. You can quickly spot consistent traders and avoid being taken advantage of by one-time offers.
Furthermore, you can also share your trading insights and enroll in the Popular Investor Program as a trade authority. While the minimum deposit is $200, the maximum returns differ. The network is also available on Android and iPhone apps.
Pros
- Easy to use
- Social aspect
- No commission fees
Cons
- High sell fee
- Few offerings
- No stocks or other non-crypto assets
Key Features
- Minimum deposit: Depending on the country, it varies from $200 – $10,000.
- Maximum returns: The maximum returns vary.
- Supported trading platform: The supported trading platforms are Android, iPhone, proprietary, and web.
- Bonuses: Unspecified.
2. 24option
24option is one of the well-known brokers in binary options trading. Trading 24/7 online, its minimum deposit and withdrawal are $250 (or equivalent with your currency).
It has a huge variety of features, such as support for 5 major languages (English, Italian, French, Spanish, and German), and abundant demo videos available for traders to learn skills in binary options trading.
Offered trade types are one touch and no touch, high/low, boundary, and 60 seconds.
New traders get access to a demo account. Depending on the amount you deposit and the functionalities you want, you can sign up for a Standard, Gold, or Platinum account. They offer customer support through live chat, phone, and email in English and 13 other languages.
- Pros
- A large range of asset classes
- Trading bonuses
- Effective platform
Cons
- Limited trading tools
- ‘No leverage for non-expert clients
- No US or UK clients
Key Features
- Minimum deposit: The minimum deposit is $250.
- Minimum investment: The minimum investment amount is $24.
- Maximum returns: The maximum return is 88%.
- Supported trading platform: The supported trading platforms areTechFinancials, web, Android, and iPhone.
- Bonuses: up to 100%; 25% or $500 (whichever is lowest) for first-time depositors.
3. ETX Capital
A London-based binary broker, ETX Capital is regulated by the FCA and has won a number of awards for its services. Since the company has been around since 1965, it has managed to gain the trust of many investors and traders.
ETX Capital is one of the few binary options brokers that offer zero commission fees. You might be wondering who is behind this broker ETXCapital?
In fact, it is not a single person or a company but an international network of highly sophisticated professionals who combined their knowledge, trading skills, and years of experience.
Their main goal is to provide the best financial products for customers from all over the world.
These include the best binary option trading platforms and trading services. These awards are based on actual customer feedback and there is no doubt that they are an accredited brand for trading binary options where the platform is world-class.
Pros
- Diverse and free withdrawal options
- Excellent educational tools
- Fast account opening
Cons
- Lacks basic tools
- Only CFDs, forex, and crypto offered
- High CFD fees
Key Features
- Minimum deposit: The minimum deposit is £200 (around $260)
- Maximum returns: The maximum return is 100%
- Bonuses: It varies and can be personalized. Giving their customer support a call would be great if you want to be specific about a personalized bonus based on your investment
- Supported trading platform: The supported trading platforms are web, MarketPulse, Android, and iPhone
4. CMC Markets
CMC Markets (CMC) provides one of the most sophisticated platforms for binary options trading. It was founded in 1989.
The company initially operated as a brokerage house providing access to the financial products on the financial markets, but soon offered its own products such as CFDs, spread betting, and contracts for difference.
Today CMC Markets is one of the leading names in the financial industry, offering their clients access to indices, FX, and CFDs.
With the freedom to trade nearly 50 instruments and the availability of a personal trading account – CMC has become a popular destination for traders around the world, from rookies to professionals to institutional players.
Meanwhile, the software is customizable and provides pattern recognition functionality, different screen formats, charting tools, and several timeframes. Android and iOS devices can connect to the system.
Customer service is based in the United Kingdom and is available via live chat, email, phone, and fax.
Pros
- Segregated clients funds
- Serious regulations
- Strong platforms – MT$ and next generation
Cons
- No copy trading platform
- No fixed spread accounts and FIX API
- Clients from the US are not yet accepted
Key Features
- Minimum deposit: There is no minimum deposit
- Maximum returns: Varies but can reach up to 95%
- Supported trading platform: The supported trading platforms are proprietary web, Android, and iPhone
- Bonuses: There are no bonuses
5. EmpireOption
This is a new binary options trading platform provider. EmpireOption was founded in 2010. Although it was launched in Uruguay, the platform has a registered address in London, England. Again, US traders are not accepted.
Its goal is to develop an online trading platform that will allow all traders around the world to trade binary options in a safe environment and with high returns.
It trades in forex and CFDs and up to 80% maximum returns. The trading platform is SpotOption, not including the SpotOption payment network. Furthermore, it uses a personalized branding interface and maintains control of most of the trading aspects.
EmpireOption offers support via phone and email.
Pros
- User-friendly platform
- Several option products
- Personal customer support
Cons
- No FAQ page
- No Demo Account
Key Features
- Minimum deposit: The minimum investment is $200.
- Maximum returns: The maximum returns can reach up to 82%.
- Supported trading platform: The supported trading platforms include web, SpotOption, Android, and iPhone
- Bonuses: Bonuses can reach 100%, but terms and conditions apply.
6. PocketOption
PocketOption is one of the leading binary options trading platforms. It also offers clients a fully functional mobile app and a web-based trading platform with a live chat feature.
Their mission is to provide our customers with the most up-to-date market information and trading tools so they can easily choose the best investment opportunity offered by the global markets.
The world’s most advanced, fully functional trading platform for binary options brokers. The PocketOption platform empowers brokers to deliver an unmatched client experience, and experts to trade with unrivaled discipline.
Whether you are a novice or an experienced trader, PocketOption provides all the tools you need to make smart trading decisions. Developed by daytraders for daytraders, the platform is packed with loads of features that will help improve your profitability and allow you to trade with confidence.
By allowing you to test your strategies in real-time within a demo account, you can be sure you are using the right approach to help grow your assets.
Pros
- Accepts traders from the US
- Over 130 assets to trade
- Regulated and reliable
Cons
- Only one type of account to trade with
- High/Low is the only trade type
- Simple trading platform
Key features
- Minimum deposit: The minimum investment is $50
- Minimum trade: $1
- Maximum returns: up to 128%
- Supported trading platform: Web, Windows, iOS, Android
- Bonus: up to 50%
7. Binary.com
Binary.com is a trusted leader in the online trading industry. Through its simple user-friendly interface, members can enjoy peace of mind knowing their investments are safe and accessible whenever they want them.
This is a unique feature that other binary options trading platforms seem to fall short of. The platform caters to both new and experienced traders and has trading options for those interested in binary options, forex trading, and even stocks.
Users can also trade on their desktops using web-based or downloadable software. The mission at Binary.com is to deliver a safe, secure, transparent, and regulated online binary options trading platform for traders worldwide.
Pros
- Over 100+ assets to trade
- Mobile App
- The unique ‘fixed odds’ trading
- Low Deposit
Cons
- Average withdrawal time of 5 days
- Limited bonus and special features
Key features
- Minimum deposit: The minimum investment is $5
- Minimum trade: $1
- Supported trading platform: Custom
- Maximum returns: Up to 91%
5 Considerations for Choosing Binary Options Platform
1. Minimum deposits
Minimum deposits are affected by country and broker. Low minimum deposit levels are preferred by most people.
It increases the number of traders that are able to participate in the binary options trading activity and hence increases the number of assets that can be traded.
It is important for you to find minimum deposit values that will allow you to trade on a daily basis.
2. Trading app
An essential part of online binary options trading is the trading platform. A trader cannot make trades or perform research unless he or she has access to a high-quality platform.
A trading app should be simple to use, feature-rich, and compatible with multiple devices. A good website would make it simple to see the latest trades and their related returns.
3. Country restrictions
Your country’s restrictions also play a major role in deciding which of the binary options trading platforms you should go with.
There are several binary options platforms that do not accept traders from the U.S. or any other country.
So, it is important to check that the trading platform you choose accepts traders from your country.
4. Demo accounts
One very important aspect of binary options trading is the demo account. This is a neutral way in which you can practice your moves before you ever put your hard-earned money on the line.
Platforms that offer demo accounts are appealing because they provide an opportunity for traders to test out the platform and the binary options trading experience, without the risks attached to real money trading.
Use a demo account before you start trading, especially if you are new to binary options trading. The demo account should give you a sample of the investments that you will be able to make.
5. Underlying assets
Your binary options platform will have an impact on the assets you can invest in. One of the biggest advantages of trading binary options is that you can trade stocks, commodities, currency, and even more complex underlying assets.
If you trade stocks, you will need to look for a platform that supports trading binary options on stocks. Some platforms may offer very limited choices of underlying assets, but it is always good to go with the largest number possible.
FAQs
Are binary options brokers regulated?
Yes, all of the binary options brokers are regulated in their respective locations. Depending on where you live, your account with a binary options broker may be protected by the following:
- Financial Services Board
- The Cyprus Securities and Exchange Commission
- Financial Conduct Authority
Should beginners trade binary options?
Binary options can be an excellent way of getting to know markets and investing without losing capital for newbie traders.
Furthermore, they are economic and easy to use, which means that even new traders will make significant profits. But, newbie traders need to consider both the advantages and limitations of binary trading before beginning.
Are binary options gambling?
No, binary options trading does not include any element of chance. Binary options trading is a highly profitable market, and that is why thousands of traders have jumped on board and made millions in returns in the last few years.
There are many different trading strategies to use in binary options trading and the risk is determined by a trader when deciding on the time frame to place a trade based on market activity.
Are binary options easier than forex?
Yes, binary options trading is easier than forex because you have no knowledge of the market and you are not required to try and predict its movements.
Instead, a binary options trader places trades based on the predetermined outcome of market events provided by the binary options broker.
Is trading binary options legal?
Yes, trading binary options are completely legal. While there may be country restrictions banning the practice, trading itself is not illegal in many countries across the globe.
Can trading binary options make you rich?
Yes, but only if you know what you’re doing. You can make tons of money trading binary options, but it is a risky way to invest. Also, if you have access to the best tools and services and have a proven strategy, trading binary options for a living can be profitable.
Binary options trading platforms can be somewhat similar to each other, but some are reputable and others are not. Anyone who tells you anything different is trying to sell something.
Final Thoughts
Binary options are a straightforward and dependable trading instrument that enables you to trade assets. Choosing a binary options trading platform tends to be a quick process.
There are hundreds of websites claiming to be the best, and they all seem to be the same. When you consider the trading platforms themselves, the challenge becomes much more difficult. How do you know which one is best for you?
Most people make poor decisions because they do not conduct thorough studies. Before making any final decisions, it is always a good idea to ask questions and read through the responses.
My candid advice to you is to first practice with a demo trading account. During this period, you learn and develop a strategy. Once you’re comfortable trading and regularly achieving success, you can proceed to trade with a live account.
Here is our pick of the best 7 binary options trading platforms. These platforms are designed to help you trade with ease, usability, and confidence.
My recommended choice is PocketOption. The platform makes binary options trading easier especially for newbies as you can copy trades made by binary options gurus.
Learn other ways you can make money online.
Thanks for reading.
