Binary Options Brokers Compared
Choosing the best Binary Options Broker
To get started with Binary Options trading you will need to open an account with a broker. This will allow you to buy and sell digital binary options contracts.
For many people choosing a broker can prove to be a minefield. There are a huge number of brokers in the market place looking for your business. The range of facilities offered can make it particularly confusing for anyone who is new to this method of trading.
Our list of Binary Option Brokers is handpicked and contains some of the very best names in the industry. We only feature regulated binary option brokers* and those that have a track record of performance and financial security.
The needs and objectives of each trader are likely to be different so we have put together a list of some of the key points to consider when selecting your broker from the list. By reading this list before you make a selection from the above table you will be able to identify the most suitable broker to trade with.
This is the number one most important point to consider when picking your broker. Most brokers have now made the move to get regulated. This provides financial security for deposited client funds and ensures that the broker runs its business in accordance with a defined set of operational standards.
The exception to trading with a regulated binary options broker is the case of US citizens. To get around tight US regulation relating to binary options, brokers who accept US clients are not able to become regulated. We include our pick for US clients in our comparison table above.
One of the most obvious differences between each company is the payout return. This is the amount that you receive for an ‘in the money’ contract’. This should rank highly on your list when it comes to making your choice. A higher return across the contracts that you place will equal greater monetary profits on your account.
Brokers are increasingly offering ‘rebates’ on many of the contracts that they offer. This the amount you will ‘rebated’ on contracts if they end ‘out of the money.’ While these can help to soften the blow of a loss, contracts with high rebate levels will tend to also offer lower returns on a successful expiry.
The trading platform is the interface that you use to deal with your broker. From here you can buy and sell contracts, monitor open positions and manage your account. As this is your main trading tool it is important that you are comfortable with operating it.
Many platforms these days are ‘white labelled’ which means that the core functionality will be the same for many brokers. It is however still worth checking what is available, as brokers may display differences in the contracts or assets that they offer, even if the core platform is the same.
Deposits And Withdrawals
Getting money into and out of your account is a basic requirement. Brokers support most common payment methods for deposits and withdrawals including credit/debit card and bank transfers. Increasingly many are also supporting alternative deposit options including MoneyBookers (formally Skrill), PayPal and UKash.
It is also important to familiarize yourself with any specific withdrawal terms and conditions. Processing times for withdrawals will range from 3- 7 working days, depending on the method used. Also be aware of any charges that you may incur for processing your request. Most brokers will process one request per calendar month for free.
Most companies will offer you an initial deposit bonus when you first sign up as a new trader. This is often used as a key determining factor by new traders as to the company to open their account with.
The deposit bonus from your binary options broker is a great way in which to give your funds a boost when you first start trading. However you need to check out any term and conditions which are attached to the acceptance of this bonus. You can alternatively spare yourself any hassles down the line and decline any bonus when opening your account.