8 Best Binary Options Brokers and Platforms 2023

This guide will go over the Best Binary Options Trading Platforms and Brokers to help you decide which trading platform is right. We analyzed top-tier Binary Brokers and ranked them on a variety of factors.

We base our comparison on criteria such as maximum returns, regulations, bonus offers, minimum deposits, and more. Picking the best binary trading broker is an important step for many people based on personal needs. You will learn how to start trading binary options, legalities, tips, and strategies.

See below for our rankings of the top-rated trustworthy binary options platforms for 2023.

Top 8 Best Binary Options Platforms

Binary options platforms have different benefits for traders. Below we ranked the best brokers. We based this on their trading platform, deposits, regulation, company reviews, and payouts. Some offer deposit bonuses and higher payouts, and some brokers offer fast deposits and withdrawals.

Here is a list of the best binary options trading platforms:

1. Pocket Option – Best Binary Options Broker Overall
2. ExpertOption – Best Social Binary Trading Platform
3. Nadex – US-Based Binary Brokerage
4. Olymp Trade – Best for International Binary Options Traders
5. Binary.com – Best Advanced Binary Options Broker
6. Binarycent – Binary Options Broker for Copy Trading
7. RaceOption – Best Binary Options Deposit Bonuses
8. Binomo – Best Binary Options Tournaments

Best Binary Options Companies of 2023

Below we go over each trading platform in detail. We ranked these binary options brokers based on various factors, such as fees, security, payout percentages, regulation, etc. Here is our list…

Pocket Option, founded in 2017, and owned by Gembell Limited, is a broker based in the Marshall Islands. Their trading platform has over 100 assets covering the trading circles of both the US and Europe. These include binary options contracts on stocks, Forex, Cryptocurrencies, Commodities, and indices. The company has a good reputation and is considered safe. Pocket Option offers a demo account, comprehensive education, easy deposits and withdrawals, technical indicators, and trading signals. They serve more than 10 million clients and accept many different deposit methods.

Pocket Option is regulated by IFMRRC (International Financial Market Relations Regulation Center), license # RU 0396 AA Vv0158. IFMRRC is not an official regulator. Their trading platform is high-quality. The demo account offered is among the best in the industry. It takes one click to start trading with the demo account. Pocket option offers an excellent platform interface for iOS, Android, Windows, and browser-based. The web app lacks the ability to set notifications and customizable price alerts, which we would find helpful. For more information, read our in-depth review of Pocket Option.

• Maximum payout: 95%
• Minimum trade: $1
• Demo account: Yes
• Minimum deposit: $10
• Assets available: Forex, Stocks, Cryptocurrency, Commodities, ETFs

ExpertOption offers different account types, depending on the initial deposit. The minimum deposit is $10. Depending on the account type, investors have different functionalities available. Expert Option offers a demo account, social trading, great education, and analysis tools. They have many different tiers of accounts ranging from their Micro account to Exclusive (invitation only). They work with over 20 payment systems, making withdrawals and deposits a breeze.

• Maximum payout: 95%
• Demo account: Yes
• Minimum trade: $1
• Minimum deposit: $10
• Assets available: Commodities, Forex, Cryptocurrencies, Stock

The Nadex Trader Platform is their proprietary software that lets you filter over 5,000 contracts by asset class, expiry times, and Asset chart prices.

Fees include a $1 trading fee per contract per side and a $1 settlement fee for contracts that expire “in the money.” No settlement fee for trades “outside the money.” For more information, read our in-depth review of Nadex. Nadex is one of the few Chicago Board Options Exchange (CFTC) Regulated Binary Options Brokers.

• Maximum payout: Varies
• Demo account: Yes
• Minimum trade: $1
• Minimum deposit: $250
• Assets available: Binary Options, Call Spreads, Touch Brackets

Olymp Trade is a Cyprus-based trading platform founded in 2014 and owned by Olymp Trade Ltd.. OlympTrade is a reliable broker and a member of FinaCom (Financial Commission) with a category A. The license protects positions with deposit insurance and support in case of disputes. Over 25,000 users trade every day. Olymp Trade offers a mobile trading app (Android and iOS), a Desktop, MT4, and a web-based platform.

Deposits and withdrawals are quick and easy. They offer over 75 assets you can trade. Their website includes an excellent education portal.

• Maximum payout: 92%
• Minimum trade: $1
• Demo account: Yes
• Minimum deposit: $10
• Assets available: Currency pairs, ETFs, Cryptocurrencies, Indices, Commodities

This online binary options and CFD platform is owned by Regents Market Group and operates under Binary Group ltd. They offer to Trade CFDs and binary trading. Binary.com is known in the industry and has over 1 million registered investors. Regulations under which they operate include BVIFSC (British Virgin Islands Financial Services Commission), MFSA (Malta Financial Services Authority), VFSC (Vanuatu Financial Services Commission), and LOFSA (Labuan Financial Services Authority). Binary.com has offices in Malaysia, Malta, Paraguay, and Dubai.
One of the best features is their execution speed. This allows you to execute your trades and analyze your portfolio in seconds.

Return rates at Binary.com can go over 100% on up/down positions and over 1000% on touch/no-touch and high/low trades. They have over 100 CFDs, and their tradeable assets include commodities, indices, cryptocurrencies, forex, metals, and forex.

• Maximum payout: 85%
• Minimum trade: $1
• Deposit Methods: Credit Cards, Bitcoin, Bank Transfers
• Demo account: Yes
• Minimum deposit: $5
• Assets available: Currency pairs, Synthetic Indices, Commodities, Indices

Traders might be eligible for a first deposit bonus, which BinaryCent matches up to 100%. They offer fast withdrawal processing, 24/7 trading and customer support, and a low minimum trade size of $0.10. However, Binarycent doesn't provide any success manager or regulations.

• Maximum payout: 95%
• Minimum trade: $0.10
• Demo account: Yes
• Minimum deposit: $250
• Assets available: Cryptocurrencies, Commodities, Stocks, Forex

RaceOption is based in the United Kingdom, established in 2014. It is part of the Finance Group Corp (FGC). Their platform offers stocks, currencies, commodities, and indices. There are 100+ trading assets available. Users can trade on both mobile and desktop 24/7.

The minimum trade size is $1, and the minimum deposit is $250. Race Option guarantees 1-hour withdrawal processing, 24/7 customer support, and copy trading.

They offer deposit bonuses, but you must meet specific terms. RaceOption, similar to IQ Option account, hosts trading contests & prizes (or tournaments) where investors can win up to $20,000. Depending on the size of your initial deposit, you can open a bronze, silver, or gold account. Each account type comes with different benefits.

• Maximum payout: 90%
• Available in the USA, Canada, Australia
• Minimum deposit: $250
• Assets available: CFDs, Indices, Stocks, Commodities, Forex

Traders can open a standard or VIP account, which comes with extra benefits. Seasoned Traders that deposit $1,000 upgrade to the VIP account. Binomo doesn’t offer as many assets as other brokers. The standard account offers 14 binary options markets and payouts up to 85%. VIP accounts offer 42 markets, a maximum payout of 90%, 10% cashback, a personal account manager, deposit bonuses, and fast withdrawals.

You can also open a demo trading account with $1,000 virtual money and try out the platform.

You can sign up for a $1,000 demo trading account with limited assets available. 

• Maximum payout: 90%c
• Demo account: Yes
• Minimum trade: $1
• Minimum deposit: $10
• Assets available: Commodities, Forex,  Indices, Stocks

What is the best binary options trading app?

The best app for binary options is Pocket Option. Their app features financial charts, trading tools, easy deposits and withdrawals, and diverse trading innovative tools.

Compare Binary Options Brokers

We compared the top-rated binary options brokers below. See the below comparison list and how they compare based on foundation year, regulation, offering of investments, minimum deposits, deposit and withdrawal fees, and more.

What are binary options?

Binary options are financial derivatives that can be traded on any market. These complex financial products are popular because binary trading is straightforward. The profit or loss is predetermined, so you know how much you will win or lose before opening the trade. They are “all or nothing” positions. They are called binary options because there are only two possible outcomes.

Binary Options Brokers and trading platforms have their benefits and drawbacks. The two main trade types are cash-or-nothing and asset-or-nothing. Because of their nature, scammers use them to commit Binary Options fraud. Some regulators banned them as they are considered a form of gambling and high risk. In response, many trusted brokers implemented security measures and regular regulatory oversight audits to keep customer funds safe.

Are binary options gambling?

Binary options are sometimes considered a form of gambling, not an investment because they are structured similarly to bets. Most regulators don't consider them a form of gambling.

Types of Binary Options

There are several popular binary options trade types:

• High/Low (Up/Down) – This is a popular binary options trade. Predict if the price will be higher or lower at the expiry time.
• Ladder – Similar to up/down trades. The price ladder has a predetermined price level, and returns often exceed 100%. Both sides of the trade (call option and put option) aren’t always available, and the price movement is typically substantial.
• Range or Boundary (In/Out) – A high and low price point is set. The trader has to predict if the price will finish within or outside this range.
• Touch/no touch – Price levels are set at either a higher or lower price point than the current price. The trader opens a position predicting the price will touch these predetermined price levels between the time they made the trade and expiry. If the price touches the price level, traders receive the profit.

Expiry Times

The expiry time is the time at which the trade ends. This is the point at which you win or lose. Expiry times range from 10 seconds to 1 minute, one full day, or up to a year.

Payouts

Binary options payout percentages vary depending on the brokerage you choose.
Payouts depend on the underlying asset and the option's expiration time and can change on a trade-by-trade basis. It is best to look for the average payout percentages range.

Benefits of Using Multiple Binary Option Brokers

Using multiple binary options brokers might be a wise move as you decide which platform fits your needs.

There is no penalty for switching platforms as you find which one fits your trading style.
You should do this from the start so you don't get used to using a single platform. It is also better so you don't build up an account balance that you need to transfer later.

Some brokers also offer CFDs, which is great if you want a more extensive investment selection.

As a better investor, you might want to use multiple brokers at once. You can mix the product offering and payouts from different platforms. This way you can open trades at the broker with the best terms for that binary options contract.

Are Binary Options Legal?

In recent years, some shady brokers who operated scams and binary options schemes gained a negative reputation. Most binary brokers and those included in this list are legal, not scams. Regulation in certain areas means that retail traders can’t access them.

In the European Economic Area (EEA), professional traders can still trade binary options. Australia and India allow binary trading. Traders have to make sure they sign up with a reputable broker and do their research.

This way, you will avoid manipulation, deception, and fraudulent brokers whose sole plan is to swindle traders' money, rip off, and cheat people.

How to pick a binary trading platform?

Before deciding to signup and fund a real money binary options trading account, here are a few factors to consider. Your personal needs determine the broker that best suits your trading preferences. Your overall trading experience depends on these factors:

• Minimum Deposit – Beginners looking to start the binary options game should pick a binary options broker with a low minimum deposit. It is essential not to risk too much money when starting. Some brokers allow trading with as little as $10. Remember that trading platforms also have a minimum trade amount, which can vary from as little as $0.10 to $50.
• Available products– Forex trading, stocks, stock options, commodities, cryptocurrencies, indices, and ETFs are popular binary options contracts. Brokers list the available assets to trade on their website. Make sure you check the assets you are interested in is available. The more assets available, the more opportunity for trading. The average binary options provider has 30-80 markets available.
• Payouts – The industry standard for payouts is from %50 – %100. Before you start trading, make sure you know how much your payout is. While not usual, some offer a payout structure as high as %200.
• Binary Options Bonuses – Brokers sometimes offer a deposit bonus. Some match your initial deposit (from 20% to 100%), and others might offer risk-free trades. Terms & conditions apply to these deposit match promos. Some binary options brokers provide referral agent or introducing broker compensation.
• Regulation – A licensed broker should be a priority. Before selecting a binary options site, ensure they are a legit, regulated company. This ensures that your money will be safe. It is a good sign if a regulator like the CySEC regulates your broker. Regulators have specific requirements that brokers must follow. This ensures traders have a form of protection in case of a dispute. There are some benefits of using an unregulated broker, for example, sign-up trading bonuses. Some regions prohibit trading binary options. An offshore broker is the only way to access the binary markets in areas such as Europe or India.
• Customer Service Quality – The best binary companies have quality customer support. When customers need assistance, the quality and level of service are essential. We recommend you pick a competent, responsive, and fast customer service binary options broker.
• Customer Reviews – We recommend you find the feedback from existing customers on independent sites. You should find objective sites with reliable data.
• Age of a binary broker – Find companies with a proven record over a few years. Brokers that have been in business for several years have proven their reputation.
• Trading Tools & Features – For trading on the binary options global markets, you should look for real-time market data, market depth, options chains, embedded liquidity pool and platform's trade execution.

Popular binary options broker regulators:

• Financial Services Board (FSB) – South Africa
• Financial Conduct Authority (FCA) – UK
• Australia Securities and Investment Commission (ASIC) – Australia
• Cyprus Securities and Exchange Commission (CySEC) – Cyprus
• Commodities Futures Trading Commissions (CFTC) – United States

Mobile trading app

Most brokers offer a mobile trading app. When trading binaries, it is essential to have access to the markets everywhere you go. Most software is compatible with both Android and iOS operating systems.

Demo account

A great way to practice trading before committing to a real accounts is with a demo account. These practice accounts allow investing with “virtual funds.” This way, you can learn more about the trading platform and execute portfolio simulations and features to improve your investing style.

Minimum deposits

Some binary options trading platforms allow you to get started for as low as $5. If you are on a tight budget, you should find a broker that requires a low minimum deposit. Low minimum deposits are good for beginner traders that are just getting started. You also have to be aware of the minimum trade amount. The minimum trade amount is the minimal investment you can make per contract.

Signals

Some binary options trading platforms offer the function of following or even copying top traders. This is useful for beginner traders, as it lets you watch successful traders and study their strategies. Some binary options sites offer Binary Trading Signals and have copy trading capabilities, allowing you to copy VIP traders for a small fee. This is a great way to increase the odds of earning an income. Advanced Brokerage account holders can also use Open API for binary options trading at some brokers.

CFD Trading vs Binary Options

There are differences between CFDs and binary options. In both cases, you don’t own the underlying asset.

With binaries, you get a fixed risk. You can only lose what you invest. With CFDs, the trade size can increase or decrease based on variable leverage.

Pros

• Simple to trade. You only decide whether the price will go up or down.
• No need to time the market. The expiry time is set beforehand.
• Multiple markets are available. You can trade binary on almost all markets.
• Fixed risk. Fewer parameters to analyze.

Cons

• Payouts can be lucrative. That is usually for longer expiry options. The higher the probability, the lower the payout.
• Odds of profit. For every 70% profit, the same losing trade would be an 85% loss.
• Higher minimum deposits.
• Limited technical analysis tools. Trading tools for binary traders fall short compared to tools for other traders. This means people use third-party trading tools.

How to start trading Binary Options?

To start trading binary options, follow these steps:

1. Find a reputable binary options trading platform
2. Sign up and get verified
3. Fund your account
4. Choose a market to trade
5. Pick an expiry time
6. Decide the size of the investment
7. Choose an option type

Conclusion

In summary, the best broker for binary options is Pocket Option. They offer multiple asset classes, an easy-to-use custom-built platform, good payouts, and a good trading expirence.

Binary options are a popular financial derivative but come with risks. Always do your research before making that initial deposit. The binary options trading platform you choose should fit your personal needs and situation.

FAQ