If you know anything about binary options trading, you know that a mobile platform makes trading more convenient, efficient, and accessible. When you can’t sit at your desktop to watch the market fluctuate, an app can make all the difference to your payout.
But what makes a high-quality binary options mobile app? We’ll show you what features you should look for and why a mobile platform helps you boost your trading skills.
But first, I'm going to show you the top binary trading apps of 2020.
Table of Contents
- 1 The 7 Best Binary Option Apps For Mobile Trading 2020
- 2 Benefits of Using a Binary Trading App
- 3 Features to Look for in a Binary Options App
- 4 Final Thoughts
The 7 Best Binary Option Apps For Mobile Trading 2020
Benefits of Using a Binary Trading App
While carrying your trading platform with you is a fantastic feature of binary options mobile apps, it isn’t the only one—or even the best. Mobile trading apps can improve your trading experience with features you can’t get on a web-based platform.
What should you be getting out of your mobile binary options trading platform? Let’s take a look.
Trade Binary Options Anywhere
When you have a trading app for your mobile device, you can take your trades wherever you go. Want to trade on the train on your way to work? Is your friend late for your coffee outing? Just want to look busy in public?
If you’ve got a mobile trading app, you can check on the market for your chosen assets anywhere you want. You don’t have to worry about missing a market trend and your shot at a high payout. When you’ve got access to the trading platform on your phone, you get a leg up on the competition, too. After all, not everyone uses mobile trading.
Faster and Easier Access to the Markets
On a web-based platform, you have to consider logging into the platform and navigating to the pages you need. With a mobile platform, you have your information and account on hand at all times. It’s your phone, so it’s—hopefully—always with you.
If you can access the markets fast and easily, you have a better chance of jumping on trends and knowing the direction of the market before other traders who only use web-based platforms. Plus, it’s more convenient.
You can often trade on mobile at the touch of a button, and all the information you need is available without having to open another tab or lose sight of the platform page.
Push Notifications and Alerts
You rarely get push notifications and alerts on web-based platforms. It’s not impossible, depending on the one you use and your operating system, but it’s much less common than receiving them on your phone.
Push notifications and alerts can let you know when the market takes a turn, when it’s heading in a specific direction, and how accurate your predictions are. In other words, if you have notifications enabled, you have a better chance of catching trends and making better predictions.
These notifications can help you hone your trading skills and improve over time. Better trading skills mean higher and more consistent payouts.
Simpler Interface for Beginners
Mobile platforms are excellent resources for both beginners and experienced traders. While experienced traders find them convenient and accessible, beginners may find mobile platforms easier to understand.
Binary options apps are often less complicated than their web-based counterparts. The information is all on one screen, and you can find it with a tap of your finger. Beginners may feel less overwhelmed when they’re learning the platforms and how to trade using different assets.
In addition to a different setup, some mobile apps have adjusted features when compared to the broker’s web platform. While the core elements are the same, the trading app may alter the features to make them more visually appealing or compatible with a smaller screen, thereby making the amount of information in one place more manageable for those who don’t yet understand it all.
Features to Look for in a Binary Options App
When you’re looking for a binary options mobile trading app, the benefits depend on the features. All brokers offer different features, so before you sign up with one, know what you’ll get with both the mobile and web-based platforms.
We mentioned earlier that sometimes the features differ between platforms, and some brokers offer less on their mobile platforms than they do on the web. When choosing a broker, make sure they have the following features at a minimum:
Variety of Assets to Trade
This feature goes for both the mobile app and web-based platform for any broker. You also want to make sure you have access to all the same assets on mobile that you would on the web.
When you have more assets available, you have more opportunities for trades and payouts. Some brokers have over 500 assets available for trading while others have 60. It’s no secret that the one with 500 will give you more chances to trade in more areas.
When you’re looking for the best binary options app, you want to make sure the broker has assets like:
The specific assets they offer will vary, but with these assets, you at least know they offer a diverse selection. Diverse assets allow you to explore different options while giving you the opportunity to stick with whichever one you like best.
Operating System Compatibility
What good is a binary trading app if you can’t use it? If a broker’s mobile app isn’t compatible with your phone, it doesn’t matter how many incredible features it has or how high-tech it is.
Before you choose a binary broker, make sure their mobile app works with your operating system. Most binary options mobile trading apps work for both Android or iOS, but you need to look a little deeper than that.
If you have an older phone, the mobile app may not support a system that old. Most apps will tell you which versions of your OS they support, and if yours is newer, you don’t need to worry. However, if you have an older version, you either need a different broker or a new phone.
Demo Account for Practicing
You want a demo account option, whether you’re trading on your phone or your desktop. However, having access to a demo account on mobile can help you get familiar with both trading in general and the various platforms the binary options broker offers.
You don’t want to have a demo account on the web platform alone, and then get confused when you try trading for real on mobile. A demo account is designed to let you make your major mistakes using virtual funds instead of real money.
If a binary options trading app doesn’t allow you to use that demo account, you may want to search for another broker, especially if you’re not already a confident binary options trader.
Safety and Security
Safety and security are arguably the most important features of a binary options trading platform, whether mobile or desktop. You want to know that when you deposit or withdraw funds, they go to the correct accounts.
Make sure before you sign up that the trading app is just as secure as the broker’s web platform, and that the two connect, so you’re using the same funds between platforms. If you see a binary options broker who’s had problems with their mobile app security, it’s best to find a different option.
Binary options mobile apps differ between brokers, and you’ll find different features with all of them. Before you sign up with one, know what each offers and what’s important to you.
If you want asset variety above all else, know what that broker has available on mobile. Likewise, know your trading level and what you want out of the app, whether it’s convenience, learning experience, or better access to your chosen market. Shop around for different brokers, see what other users say about them, and remember to look for features that suit your mobile binary options trading needs.
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.