Over the last several years, binary options trading has grown from a small, obscure section of the market to a huge piece. There are still some brokers out there that are behind the times, though, and these should be avoided. Either they will improve their services to meet current trends and needs, or they will fade away. It’s a far better use of your time to pick a better broker.
It’s important that we are aware of where binary options, brokers, and the state of trading in general are at in 2017, and that we have a good idea where things will be going in the near future. One of the biggest features that has changed over the years, are the amount of signal services that are provided, as well as all the mobile trading applications that are available. Let’s take a quick look at these things so that you can help position yourself to make more money than ever over the coming months.
What To Look For?
You want to choose a top binary options broker. This is the best way to help yourself succeed. Even a great trader can lose money if they don’t have a great site on their side. That extra couple of percentage points when it comes to rates of return, the increased freedom in asset choice, and the specialized exotic options all contribute toward giving you a better chance of making money. If you trade $100,000 per year, and can increase your profit rate by 2 percent, you’ve suddenly made an extra $2,000 per year*–just by picking a better site.
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*Amount to be credited to account for a successful trade.
Below, we’ve listed a few of the most highly respected brokers and outline what it is that is good about them, what’s not, and who they will benefit the most. We’ll break down the reviews into three main groups: deposits, demo trading, and customer service.
Binary Option Robot
Binary Option Robot is the most well known of the automated trading services that have begun to appear in the world of binary options trading. This has given them a good foothold in the market, but it’s important that we remember that there’s a really good reason why Binary Option Robot has become so widely used: it is a strong and reliable tool. The big question for you is whether or not this service will be a helpful one for you as you look to grow your money.
Multiple Deposit Choices
The minimum initial deposit at Binary Option Robot depends on the broker that you decide to use. Most of them require at least $250. You can make a deposit with a credit card, of course. Or you can use a wire transfer from your bank or a few different online wallets. When you make your initial deposit, there are no fees added on. That money goes into your trading account, and once your settings are adjusted, you’re ready to start trading.
Mobile Trading is Available
Binary Option Robot now has a mobile app available. This will let you monitor your account while you’re on the go. Yes, one of the benefits of an automated trading tool is that you don’t need to monitor things constantly, but being able to make adjustments when you’re out can be a very valuable feature. The mobile app is a great addition to the most popular binary options trading robot, making it even more user friendly.
Customer Service Works Well
Binary Option Robot has a great customer service team. If you need help with something, you can call or chat with them online. Online chat is fast and efficient if you need assistance, but you can use phone or email, too.
HOW TO: Find the best broker
Each person will have different needs when it comes to a broker. Before you begin your search, decide what you want to trade, the timeframes over which you’ll trade it, and your basic amounts. Next, find a place that caters to traders in your area, meets all of your requirements, and has high rates of return. This will give you a basic framework for starting your search. Avoid sites that are gimmicky or have unfavorable conditions for their traders. These might not be outright scams, but they are certainly not there to help you make money. There’s a difference between running their business and swindling you out of your cash. Make sure you read about our blacklisted brokers.
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HOW TO: Be a better trader
Start with the tools you have readily available. Some places have signals services, some have demo trading, and the vast majority of them have educational resources. Some even have trading advisors and managers to help you get your trading to the next level. If you’re offered bonuses and the terms are favorable, take advantage of them when you can. Getting a little extra help, either by increasing your knowledge, getting extra money, or just having a better rate of return will all help you keep increasing the size of your account. There’s no quick and lasting way to get rich doing this, but small steps consistently taken in the right direction will eventually get you there.
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IQOption is Becoming a Favorite
IQOption is one of the newer binary options brokers out there right now, but they have a lot of different features to offer clients. If you’re trying to find a new broker, or just curious about what IQOption has to offer, this brief overview is for you.
If you want to create an account with IQ Option, you can do so with as little as $10 or even open an IQ demo account. Their minimum trade amount is just $1, but if you want, you can fund your account with more and trade in larger increments. They offer more than 75 different assets, and a variety of different ways to trade them. They have the traditional call and put options, ranging down to 60 seconds before expiry. Because this broker is located in Europe, they have a heavy focus on European stocks and indices, but they also have a handful of the major assets that are based out of other regions in the world.
Be sure to get a strong feel of the platform to help avoid potential trade mistakes. This only makes sense whether you use the demo or not. If you have any questions, you can always contact their customer service department. As you grow as a trader you will realize how well the platform performs.
Also, by learning all the right ways to deposit and withdrawal money will help when it comes down to it. Getting all the important documents to them early will help make it a lot easier when it comes to taking money out.
IQOption does not accept traders from the United States, Canada, or Japan. They are regulated by one of Europe’s largest regulatory financial bodies. If you are located in the EU, you should have no problems creating an account with this broker if that’s what you determine is best for your style of trade. However, outside of Europe, IQOption is not considered a regulated broker.
Nadex is the perfect choice for US traders
Nadex is one of the only CFTC regulated exchanges offering binary options. This broker is based out of Chicago, Illinois, and they are one of the standard bearers in the world of binary options trading. Founded in 2004, and then rebranded in 2009 under their current name, Nadex is the go-to choice for binary traders based in the U.S.
In order to fund your Nadex account, you will need to make a minimum deposit of at least $250. You can use a debit card, bank transfer, paper check, or wire transfer to make your deposit. Depending on the trade you want to make and the profit levels that you are looking for, you can make trades for as little as $1 in some instances. Withdrawals are processed in the same way, except they do not currently allow debit card withdrawals.
Nadex offers free and unlimited use of their demo account. Most brokers limit the time that you are allowed to demo trade to about 3 days, but Nadex has a much stronger focus on the success of their traders. They want traders to succeed because when their traders succeed, they are also successful.
Are you interested in mobile trading? Read our Nadex Review. They offer for both iPhones and Android devices. This is beneficial to some traders, but not to all. If you want to be a successful binary options trader, you need to be able to have a strong ability to discern good decisions from bad ones, and oftentimes, the ability to make more trades isn’t necessarily a good thing. Nadex offers their clients tools geared toward helping them to make money, but you will need to make your own decisions about what is best for you and address the risk that is associated with trading on your own.
Although we have our top sites listed above we still have so many other brokers to choose from. Listed below are some other regulated brokers you can use. Some providers work with only certain customers. We will try to give you the leading countries for each broker based on the reviews we gathered.
A lot of people get really confused when it comes to binary trading. We are trying our best to help your transition a lot easier. Always remember the risks you put your money in when participating in this type of investing.
24Option has been at the forefront of the binary industry for a few years now. As they expand their product line, 24Option maintains this ranking. They have recently added a third party trading alerts section that allows you to receive a signal service like recommendation on what to trade and when. They also offer mobile trading. They are regulated, and have a great reputation within the EU.
24Option Deposit Options
The minimum deposit here is $250, although U.S. customers are currently not allowed because of local regulations. Deposits can be implemented almost immediately and within 3-5 days you can receive your withdrawal upon full account verification. All information is encrypted and kept private. You can deposit with a wire transfer, a credit card, or through some online wallets.
Demo Trading with 24Options
24Option does have a demo trading account available, but you will need to special request it from customer service. They tend to stay open for only 72 hours. It’s not much time, but it’s enough to get a feel for the site and their software.
24Option places a heavy emphasis on trader support. Without their traders, they don’t have a business, and their philosophy shows this mindset. There are three main ways to contact customer service: phone, email, or direct online chat. Online chat is probably the fastest way to address any issues that you have, although phone and email can often provide more in depth answers to your questions.