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Best Binary Options Brokers
In 2008, binary options trading gained momentum among retail investors in the United States and beyond, following approval by the US Securities and Exchange Commission. However, the surge in popularity also led to a proliferation of trading platforms, making it increasingly challenging to distinguish reliable brokers.
Identifying a trustworthy broker is crucial in any trading sector, but it is particularly essential in the realm of derivative assets like binary options. To assist you in making an informed choice, we have evaluated numerous platforms and pinpointed the leading binary options brokers available today.
Best Binary Options Brokers in December 2024
Top 5 Binary Options Trading Platforms - 2024 Picks:
- Pocket Option - Best asset variation
Quotex - Best free trading tools
Binomo - Best for non-stop trading
- IQ Option - Best financial instruments offer
- Deriv - Best trading platforms
How We Evaluate Binary Options Brokers
With the binary options market rapidly expanding, there are dozens of platforms for this type of trading on the web. While some exchange websites are regulated and completely reliable, there are just as many online trading platforms that are risky or even operating illegally.
When browsing for a binary options broker, make sure to take the following criteria into account:
Broker Regulation
Regulated binary options brokers in the US typically hold licenses issued by the same agencies as platforms offering other types of options trading.
Note that some exchanges may operate under the supervision of a UK licensing agency or an authority located in other parts of the world.
Binary options brokers around the globe also need to abide by country-specific regulations in order to operate legally, but they might not require a specific license like in the US. In our reviews, we’ll note whether the broker in question has a license and in which countries their service is available.
Given that there are still many unregulated brokers within the industry, make sure that the platform you’ve chosen for your binary trading endeavors is entirely safe and secure.
Available Underlying Assets
So what are underlying assets when it comes to binary options, you may wonder? In this context, an underlying asset is an instrument you choose to bet on. In other words, you select a financial product and predict whether its price will increase or decrease over a set period.
While some exchanges may offer more than 100 underlying assets, the most common instruments tou can bet on with binary options brokers are Forex, cryptocurrencies, stocks, indices, and commodities.
If you’d like to speculate on the price of a specific underlying asset, make sure that you opt for the binary options platform that will meet your requirements. You may also benefit from a platform with a wide range of financial products on offer.
Account Minimums and Fees
When comparing offers, one of the first things you should check is the minimum amount the platform expects you to invest. This is especially important if you're new to the world of binary options trading. Account minimum requirements can range from a few dollars to several thousand, depending on the site’s policies.
If you don’t want to risk more than a few hundred dollars, don’t feel pressured to invest more than you can comfortably afford - make sure to choose a low-deposit platform. On the other hand, if you aren’t a complete beginner and are hoping for a higher payout, we suggest you look into solutions with higher initial deposit requirements.
Moreover, don’t forget to examine brokers’ fee schedules. Make sure that you understand what the minimum trade amounts imposed by different platforms are. Some brokers, for example, may require minimum trade amounts of $20. Others, however, may let you enter a trade with just $1.
Payout Rates
Always remember to look at the payout rates and expiration times, as some brokers place caps on the amounts users can withdraw from each payout, such as $2,000 or $15,000. Other platforms charge fees on each end of the trade, leaving you with a maximum payout of 85% or 90% of your total profit.
Note that the payout rate can vary significantly depending on the expiration time and the underlying asset of the trade in question. Additionally, the rates can differ on a trade-by-trade basis, as brokers are constantly trying to maintain acceptable risk levels.
Demo Account Availability
If you are still learning about the ins and outs of binary options trading, a broker with a demo account functionality is the right choice for you. With many online trading platforms, as a prospective user, you get the opportunity to test out all the features they offer to binary options traders without running the risk of losing any money.
By investing practice funds, you get to explore all the functionalities different platforms offer and build your confidence for the paid trading account.
Another great thing about demo accounts is that you can try out several brokers before choosing the one that best fits your investing style. While evaluating different platforms, make sure to look at technical indicators, risk management tools, and the user interface.
Deposit and Withdrawal Methods
Trustworthy brokers should be transparent about what types of payment methods they support: The best platforms typically accept credit cards, debit cards, e-wallets, cryptocurrencies, and wire transfers. As you search for the right platform, think about the payment methods you’d prefer to use.
Once you earn profits on your options contracts, you’ll probably want to cash out the funds as quickly as possible. The leading binary options trading platforms offer lightning-fast withdrawal times, allowing you to cash out your funds in just a few hours. Other sites, however, may take up to five business days to process your withdrawal request.
Trading Apps
Long gone are the days when trading wasn’t easily accessible to everyone. Nowadays, most trading sites offer both browser-based and mobile applications, and the same goes for binary options trading.
If you plan to do most of your trading from the comfort of your home, using your desktop or laptop computer, a browser-based platform should easily meet your needs.
However, if you’d enjoy the convenience of being able to trade binaries or check up on your account from anywhere using your smartphone, make sure that you look for solutions compatible with iOS and Android.
Detailed Reviews of Binary Options Brokers
Pocket Option
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Owned by Gembell Limited, Pocket Option entered the binary options trading market in 2017. Based in the Marshall Islands and regulated by the International Financial Market Relations Regulation Center (IFMRRC), this provider welcomes traders from more than 95 countries - including the United States - and has already served more than 10 million users.
Given its innovative trading platform with convenient payment methods, low minimum deposit requirements, high payout rates, and an excellent variety of technical analysis tools, we recommend Pocket Option as the most well-rounded broker on the market today.
There are more than 100 assets to trade, including Forex, cryptocurrencies, stocks, indices, and commodities. If you have the good habit of testing a platform before making a deposit, you’ll be glad to hear that this provider lets you create a demo account with $10,000 in practice funds to try out all the features available without running the risk of losing anything.
If you are new to the world of binary options trading, you’ll appreciate that the minimum trade amount at Pocket Option is only $1, which will give you a chance to start small and minimize your risks. As per returns, the site claims to offer payouts as high as 218%.
The trading platform is compatible with iOS, Android, Windows, and all the most popular web browsers so that you can make trades wherever and whenever you’d like.
Another great thing about Pocket Option is how easy it makes depositing and withdrawing funds. Payment methods include credit cards, debit cards, e-payments, and cryptos. The minimum deposit amount is $5, while the minimum amount you’ll be able to cash out is $10, meaning that you won’t need to build up massive profits before making a withdrawal.
Pocket Option offers a unique social trading feature. Particularly useful for those with little trading experience, this functionality lets you keep an eye on other investors’ trading habits, monitor their progress, and even set up automatic trade orders that will copy the strategies of the most successful traders.
New investors will also appreciate the site’s comprehensive education section, brimming with detailed tutorials and guides.
Reasons to use this platform:
- Easy payment processing
- Diverse trading instruments
- Trading indicators and signals
- Payouts up to 218%
- Comprehensive knowledge base
Quotex
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Quotex is a digital options broker platform owned and operated by Maxbit LLC based in St. Vincent and Grenadines. Even though it hasn't been present for that long in the market, it established itself as a reliable platform among traders.
Quotex is, for a good reason, among the leading brokers on the market, allowing investors to trade assets like forex, commodities, stocks, and indices.
Before registering, you can check out the platform’s demo account and trade with $10,000 in virtual currency. We find that’s fair since you don’t have to go through an extensive KYC procedure only to find the platform is too complicated to use or doesn’t include all the options it discloses.
The platform is not available in Hong Kong, EEA countries, and Indonesia, but traders from the US are able to use it. Furthermore, the company used to be regulated by the International Finance Market Relations Regulation Center (IFMRRC), but its license has expired.
For deposits and withdrawals, Quotex supports Visa, Mastercard, cryptocurrencies, and Perfect Money. You can choose between 19 popular cryptocurrencies, which include BTC, ETH, USDT (on four different blockchains), Litecoin, and Zcash. The minimal withdrawal and deposit amounts are $10, except for Ether and Bitcoin at $50.
The platform charges no fees for deposits and withdrawals. The latter can take anywhere from one to five workdays, but the platform always tries to process the requests on the same day.
The underlying assets offered by Quotex are not terrible but not great either. Most traders will find the selection satisfactory, however. There are multiple currency pairs to choose from, and you can trade on stocks from companies such as Microsoft, Johnson & Johnson, Pfizer, and many other well-established names.
Indices Like NASDAQ 100, Dow Jones, and S&P 500 are also included, along with commodities such as gold, silver, and oil. Quotex also has a category for cryptocurrencies.
With Quotex, you can trade on the go. The platform has a mobile app for iOS and Android devices. It includes the same features you’d find on the web platform, neatly packed in a smartphone and tablet-friendly interface.
The platform offers up to 91% profit payouts for trades, which is one of the better percentages in the industry, but OTM trades are still going to be a net loss.
Quotex is a great binary choice for beginners, and that’s why we recommend it to new traders. Advanced analytics, documentation, trading signals, analytics, and a demo account to get started are more than enough to prepare you for handling your investments responsibly.
Reasons to use this platform:
- No trading fees
- Demo account
- A wide range of payment methods supported
- High payouts
- Low minimum deposit requirement
IQ Option
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Next up, we have IQ Option, a reputable online platform for trading binary options and CFDs on ETFs, commodities, stocks, forex, and cryptocurrencies. The company behind the platform, Sky Ladder LCC, is headquartered in Antigua and Barbuda and it’s well known in the trading circles.
The downside here is that IQ Option is not regulated by the CFTC, meaning it doesn’t operate in the US. But it accepts traders from across the globe, so their overall coverage is still impressive.
Trading options here are pretty varied, including Forex, cryptocurrencies, ETFs, commodities, indices, and CFDs on stocks. In total, there are over 300 financial instruments at your disposal.
The $10 minimum deposit is considerably lower than with some other brokers. The payout on binary options goes up to 100% in case of a correct prediction. While we saw platforms with higher percentages, this is still higher than the industry average. When it comes to digital options, the payouts can reach up to 900%.
The minimum investment is $1, while the maximum is $20,000. Expiry times go between 60 seconds up until the end of the month.
Bear in mind that shorter expiry means more risk for the trader.
In addition, withdrawals take one to three business days, which is pretty much the best you can hope for with any binary options broker.
When you sign up on IQ Option, you’ll get access to a demo account with $10,000 to test out the platform and practice trades. There are no tiers when it comes to trader accounts, and the amount you deposit won’t affect the features and bonuses at your disposal in any way.
Reasons to use this platform:
- $10 minimum deposit
- One- to three-day withdrawals
- A single platform for multiple assets
- $10,000 demo account
- 300+ financial instruments
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.
CloseOption
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
CloseOption is a Georgian-based broker. The company was founded in 2013. It is regulated by the National Bank of Georgia under the license number B 2-08/3647, dated October 18, 2017.
Unlike other brokers on this list, CloseOption isn’t backed by any major US regulatory body and is not available to US customers, which is why it may be viewed as a riskier investment, with users advised to proceed with caution.
Binary contracts offered by CloseOptions are based on a range of underlying assets, including stocks, commodities, indices, and currencies. When it comes to account types, CloseOption offers three options: demo, real, and contest accounts.
The demo account is for those who want to try out the platform and get familiar with the trading process. The funds in the demo account are virtual and can’t be withdrawn.
The contest account is for traders who want to compete against other traders and win prizes. The contests are usually held once a week, and the entry fee is $10.
The real account is for those who are into trading with real money. The minimum deposit for a real account is $5, and the minimum trade size is $1. The maximum value is $1,000 per trade, and users can only have one account on the platform. Having multiple accounts is not allowed.
CloseOption offers up to a 95% payout in binary options trading. There are more than 30 cryptocurrency pairs on the platform, so every trader can find something for themselves.
Funding a CloseOption account is possible through PayPal, Mastercard, WebMoney, Perfect Money, and bank transfers, with fiat and cryptocurrencies, including BTC, XRP, DASH, ETH, and LTC. Bitcoin and other cryptocurrency payments might take up to 30 minutes to process, while other methods are deposited instantly.
The maximum amount that can be deposited at once is $5,000. And while there are no fees for Bitcoin, Perfect Money, and WebMoney deposits, bank card deposits come with a fee of 1% to 8.4%.
When it comes to withdrawals, it usually takes up to three business days for the funds to appear in your account. The minimum withdrawal amount is $1, while the maximum is $10,000. There is no limit on the total amount per day, so you can withdraw as much as you want in multiple transactions.
There are no fees for withdrawing from cryptocurrency, WebMoney, or Perfect Money. However, if you wish to withdraw using a wire transfer, the fee might range from $50 to $100.
All things considered, CloseOption is easily a broker you should consider, thanks to its great selection of underlying assets and account types. The only drawbacks are the lack of regulations and high fees for some deposits and withdrawals.
Reasons to use this platform:
- Over 30 cryptocurrency pairs
- Up to 95% payouts
- Fast withdrawals
- Demo account available
- Weekly contests
Binomo
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Binomo was established in 2014, and has been a category “A” member of the Financial Commission since 2018.
The company has a wide range of account choices, suitable for traders of all types, starting with a demo account with $1,000 in virtual funds which you can use to test out its proprietary trading platform and features.
There are also four different real money account types, starting with the Standard account which requires a minimum deposit of $10 or equivalent in the currency of your choice, and ending with a Prestige trading account which has a minimum deposit requirement of $3,000.
All real money accounts also come with various deposit bonuses and as you progress to a higher level allow you greater access to different trading assets, and special features like cashback and insurance, along with faster withdrawal times, higher profit percentages and risk-free trades provided by your personal manager, which are available to VIP and Prestige-level traders.
You can deposit and withdraw funds via a variety of payment methods such as bank cards, cryptocurrencies and e-wallets, all with no fees charged by Binomo for either deposits or withdrawals.
The minimum you can withdraw from Binomo is $10, and the maximum withdrawals limits are $3,000 for daily, $10,000 for weekly, and $40,000 for monthly withdrawals.
The customer service is available 24/7, and the platform comes with a variety of helpful video tutorials, webinars and trading strategies that can help you reach greater success and understanding of the markets you are trading in.
Binomo also allows trading during the weekends, and offers a unique non-stop trading feature, which allows traders to open multiple positions at the same time.
All in all, Binomo is a highly accessible platform which distinguishes itself from the competitors through its ease of use, diverse account options and unique promotions and features.
Reasons to use this platform:
- Fast processing times
- Non-stop trading feature
- Allows weekend trading
- High deposit bonuses
- Multilingual customer support
Raceoption
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Founded in 2014, Raceoption is a relatively new player on the market. This London-based trading platform is part of the Finance Group Corp or FGC and Suomen Kerren, LP, and the company is registered in Vanuatu.
Unfortunately, Raceoption isn’t approved by the Commodity Futures Trading Commission or other bodies in the US. However, the fact that the platform is part of the aforementioned companies is reassuring, and problems reported by users are few and far between.
When it comes to assets, you can trade with stocks, currencies, commodities, and indices on Raceoption. You can also trade cryptocurrency pairs in both the Forex and CFD portions.
Raceoption doesn’t have a registration charge. On the contrary, you’ll get a deposit bonus when you set up your account. The size of the bonus depends on the account type you choose, with three different types available.
- Bronze account - 24/7 live video chat support, 20% bonus, one-hour withdrawals, demo account, and copy trading tool
- Silver account - everything in Bronze + 50% bonus, first three risk-free trades, and a free Master class web session
- Gold account - everything in Silver + 100% bonus and access to a personal success manager
The account type depends on the size of your initial deposit. From $250 (which is the minimum deposit) to $1,000 is Bronze. $1,000 to $3,000 is Silver, and everything above is Gold. Another great thing is that there are no extra fees on the platform, including for withdrawals.
You can also get access to a demo account, enabling you to try out trades and the platform risk-free. Furthermore, you can trade on weekends, and the copy trade feature lets you reproduce other people’s trades and earn money, even without any prior knowledge.
The payouts on Raceoption go up to 95%, with the minimum trade amount being $1 and the maximum sitting at $1,500.
Reasons to use this platform:
- No fees
- Up to 95% payout
- High deposit bonuses
- Free demo account
- Weekend trading
Nadex
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Launched in 2004, Nadex, short for Northern American Derivatives Exchange, is a US-based exchange for binary options, call spreads, and knock-outs. Based in Chicago, Illinois, this provider is approved by the Commodity Futures Trading Commission (CFTC).
Due to the safety and security rules imposed by the CFTC, Nadex keeps the funds its users deposit in separate bank accounts.
Aside from the US, Nadex accepts account applications from the following countries: Austria, Belgium, British Virgin Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, India, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Liechtenstein, Lithuania, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, and the United Kingdom.
According to the provider’s website, more than 10,000 hourly, daily, and weekly contracts are traded on its browser and mobile platforms each week. As one of the best regulated binary options brokers in the USA, Nadex offers its users access to the following markets:
- Forex: Users can trade fixed-risk contracts on various currency pairs such as EUR/GBP, EUR/USD, or USD/JPY.
- Commodities: Traders can opt for low-cost fixed-risk contracts for a variety of commodity markets, including natural gas, crude oil, soybeans, corn, gold, silver, copper, and more.
- Indices: Users can predict the price changes of global indices such as the S&P 500. This contract option includes predefined risk levels. Additionally, Nadex charges much lower fees than most futures and stockbrokers.
- Events: With Nadex, you can speculate on the strength of the US economy by trading binary options based on economic events.
Nadex lets you place your orders directly using the provider’s proprietary software. The platform is fairly easy to use and offers multiple filtering options (by price, asset class, expiry time, and more).
You’ll face a $1 cost on both the entry and the exit of your trade. Additionally, Nadex charges a $1 settlement fee per contract for trades that settle “in the money.” Alternatively, if your trade expires “outside the money,” you won’t face settlement costs.
This broker gives all of its prospective users a chance to test out the platform before making a deposit. A Nadex demo trading account comes with $10,000 in virtual money, making it an excellent arena for inexperienced traders to hone their skills. Should you decide to open a real-money account, you won’t have to make an initial deposit.
Another reason why we would recommend trading via Nadex is that the company provides excellent customer support, offers a comprehensive knowledge base, and even organizes webinars and daily market analysis events.
Reasons to use this platform:
- Desktop and mobile trading app
- Demo account with $10,000 in virtual funds
- Predefined risk and reward contracts
- Opportunity to minimize losses by exiting trades early
- Easy-to-use platform with several technical analysis tools
The Fundamentals of Binary Options Trading
Before getting into binary options trading, it's important to get a good grasp of the basics, understand how binary options work, and be aware of the potential benefits and risks.
What Are Binary Options?
Binary options are a unique and simple investment mechanism based on a "yes or no" proposition, which is why this financial product is called "binary". Technically, binary options are derivatives, which means that investors do not directly buy the underlying asset but instead try to determine whether the asset's price will be above or below a projected price in a given timeframe.
Keep in mind that binary options are sometimes confused for digital options, even though they have slight but important differences.
How Binary Options Work
Each binary option is defined by the duration and the direction of the speculated asset. These are the three main variables considered in a binary options trade, making these types of trades relatively simple to grasp.
All binary options have a set expiry date/time, ranging from a minute to more than a week or longer. When the option expires, it automatically exercises, and your trading account will be credited or debited based on whether the underlying asset was above or below the strike price at the time of expiry.
In a binary options trade, a buyer can either win a payout or lose the entire investment, while a seller can make a full payout or retain the buyer's premium.
For example, a simple binary options trade could involve betting on whether the share price of Apple (AAPL) will be above $190 on December 10th at 9 am. You can bet "yes" if you believe the share price will be above $190 or "no" if you believe it will be lower. If you stake $100 on that trade and you are correct, you will receive a payout based on the agreed terms.
If the payout rate is set at 80%, the broker will credit your account with $80. If your bet is unsuccessful, you will lose the entire $100 stake.
The payout rates on binary options can vary drastically depending on factors such as liquidity and volatility and can range from as low as 50% to as high as 100%.
Types of Binary Options Trades
Binary options trades have grown in popularity in recent years, leading to the introduction of various trade types. The original trade type, known as High/Low, is still popular, but new trade types have gained prominence.
One of the popular trade types is One Touch/No Touch, where traders speculate whether the asset will touch a trigger point on the chart by the expiry time. The trigger points can be placed anywhere on the asset chart, with higher trigger points offering higher potential payout averages. One Touch/No Touch trades carry more risk than traditional High/Low trades but can offer larger payout averages, with some brokers paying out as much as 300%.
Another popular trade type is the 60 Seconds trade, where the expiry time is set at 60 seconds. Some platforms also offer Short Term trades with extended expiry times of two or three minutes. On the other end of the spectrum, Long Term options have expiry dates ranging from weeks to months and are considered safer for traders who prefer price action and technical analysis.
Other notable trade types include Boundary/Range trades, which involve predicting whether the asset's price will stay within a designated range, and Ladder trades, which offer more complexity and allow traders to choose strike prices and expiry times to gain partial profits.
Finally, some platforms offer Pairs trading, where traders estimate the performance of two different assets and choose which one will outperform the other within a set period.
Pros and Cons of Binary Options Trading
The main advantage of binary options trading is its simplicity. Binary options have just three variables (asset, direction, duration) and require a smaller amount of capital, making them suitable for beginners and traders with limited experience.
Binary option trades also carry a lower level of total risk compared to other trading options, as you can only lose the amount you invested in a trade. Furthermore, binary options trading is highly flexible and adjustable, offering a variety of underlying assets to trade and strategies that you can employ.
However, there are some disadvantages to binary options trading. The most popular trade types offer little time to study the market before making a decision, which can lead to impulsive and emotional decision-making. This can result in the quick accumulation of losses at a higher rate compared to other trading options.
Are Binary Options Legal in the US?
Binary options are legal and available to trade in most countries, including the US. However, it's important to note that not all companies offering binary options are legally authorized.
Regulation is crucial to protect investors and ensure their funds are held in separate accounts. Therefore, it is recommended to choose platforms authorized by designated regulatory agencies.
In the US, binary options are considered gambling due to their associated risks. Brokers and exchanges offering binary options to US traders must be regulated or licensed by the US Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
It is important for American traders to partner with brokers operating under the supervision of these government bodies, regardless of whether the platforms are US-based.
For traders in other countries, it is essential to check whether the broker platform accepts users from your location and operates legally.
Some notable regulatory bodies outside the US include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Financial Services Board (FSB) in South Africa, and the Cyprus Securities and Exchange Commission (CySEC) for Cyprus and the EU.
FAQ
Are binary options a CFD?
Both binary options and CFDs are derivatives, and the success in each type of trading depends on correctly predicting the underlying asset’s appreciation or depreciation.
The key difference between binary options and CFDs lies in the fact that the gains or losses with CFDs depend on how far the asset’s value moves, while binary options have predetermined profits or losses. This makes binary options a more riskier derivative product with a much higher profit potential.
Can you be successful in binary options trading?
Binary options trading can be a highly successful form of trading, but due to its simplistic “yes or no” nature, it is crucial to remember that becoming a successful trader requires patience, knowledge and discipline.
The only right approach to trading binaries is to keep developing your skills and not act rashly or emotionally, as a gambling mindset will most likely not lead to long-term success.