Best Binary Options Brokers in 2023

Want to jump straight to the answer? The best options brokers for traders are Pocket Option and BinaryCent

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Binary options trading was established back in 2008 to cater to retail investors who wanted to speculate on the direction of various assets. It was approved by various bodies, including the commodity futures trading commission and others. Ever since that day, binary options trading has become the best way to get into financial markets for a majority of retail investors out there.

While binary options trading can be risky, it also gives you the possibility of amazing returns. It’s also one of the simplest financial derivative products that are allowed by the financial industry regulatory authority. However, to enjoy the best possible experience trading these derivatives, you need the best binary options broker in the market. The broker is often the intermediary between you and the market.

Sadly, with the popularity of binary options, a lot of fake binary options trading platform providers have emerged. Knowing who to trust can therefore be a daunting task. The great news is that you don’t have to take any chances. We went out and did extensive research on some of the best brokers to trade binary options.

In this review, we are going to analyze these brokers and give you details about the best binary trading platform. We will also highlight important information about trading binary options that every person should be aware of.

Best Binary Options Brokers: What are Binary Options

Before we get to the full analysis of binary options trading brokers, it is important to start by explaining what a binary option actually is. As noted above, a binary option is a type of financial derivative whose value is determined by the price movement of underlying assets.

The main goal for a binary options trader is to bet or predict the direction in which the asset will move. Now, there are only two ways an asset can move in the financial market. It can either go up or down. This is why these options are called “binary” in the sense that there are only two ways to predict the price movement.

Different trading platforms will have different underlying assets to trade binary options but at the end of the day, these derivatives have three crucial components. The first is the bet which basically means the direction in which you think the asset will move. If you think the binary options trade will go up, you will buy and if you think it will go down, you sell. The second component is the duration. This simply refers to the period within which the price action will move.

So for example, you can predict the underlying asset will be higher or lower in value after 1 day. Some binary trading platforms even allow you to bet in the direction of the asset over a minute. The third component is the asset you are betting on.

You’re free to choose any asset class for your trading account. But in most cases, forex pairs, commodities, and indices are the most commonly traded assets when it comes to binary trading. Unlike traditional options, the value of the binary options trade is not affected by the expiry date.

Best Binary Options Brokers

There are many regulated binary options brokers that are authorized by the securities and exchange commission to offer these services. But even with this, it does not mean that all of these brokers are reliable or good enough for you. Well, no need to worry. We picked five of the best brokers in the binary options market and here is the full list below.

#1. Best Binary Broker Overall: Pocket Option

Pocket Option is a reliable binary trading broker that strives to offer users a seamless experience thanks to its state-of-the-art trading technology. The broker delivers a powerful and tech superior trading platform with integrated technical analysis tools. The platform is so easy to use and requires little to no time to get used to it.

Pocket Option is also a regulated binary options broker with transparency and regular audits. This guarantees the safety of your money and trades. You will also get a free demo account to hone your skills. This can be a big plus for new binary options traders. The firm also offers low fees with no hidden charges.

But keep in mind that a minimum deposit of $50 is required here. Also, Pocket Option has made it quite easy for the average person to open a trading account. It takes about a few minutes to get this done. Be sure to also take advantage of the social trading program offered by this regulated broker.

How does it work?

Pocket Option is designed to be a beginner-friendly platform that allows people from all parts of the world to get into the binary options trading game. There are three simple steps you should follow to use this binary broker. First, you will need to set up an account with Pocket Options.

This takes about five minutes at most. Once you upload the required verification documents, you will have full access to the binary options trading industry through the trading platform offered by this firm. You can then pick the asset you want to trade, go ahead and deposit some trading capital, and start earning.

However, if you are still not sure if the binary broker and its platform are good for you, start with a free demo account with virtual money and test it out. Besides, you can always reach out to the customer support team if you have any queries.

Pros

• The minimum deposit required here is relatively small.
• A highly regulated broker with proven expertise in the market.
• One of the most advanced trading platforms in the binary options trading market.
• Free demo account with free virtual money to hone your trading strategies.
• Users also get social trading and binary trading signals.
• Allows multiple deposits and withdrawal options including crypto wallets
• Trading platforms are available on mobile and PC.

Cons

• The range of tradable assets offered by its online trading platforms is quite limited.
• You need a lot of education after your initial deposit to figure out the platform.

Commission & Fees

Pocket Option is one of the few commission-free online trading platforms when it comes to binary options trading. Unlike many unregulated brokers, the firm has no hidden charges or any complicated fee structures. You do not have to pay anything to place a trade.

However, be advised that you will incur a withdrawal fee. This is how Pocket option makes its money. So, in essence, when you lose money, you don’t pay fees. There are also various payment methods, most of which are offered by other binary option brokers. A minimum deposit of $50 will be needed too but the minimum trade value is just $1.

#2. Best Trading Platform for Beginners: BinaryCent

BinaryCent is a forex and CFD broker that also has a dedicated section for binary options trades. It is one of the most reliable brokerages out there that offer 100% trust, authenticity, and a proven track record. The fees here are also quite incredible and besides, new users qualify for a 100% deposit bonus once they sign up.

BinaryCent offers a high-end trading platform with fast execution, easy usability, and high responsiveness. It’s the best trading platform you can find. The firm is also one of the most regulated binary trading brokers.

It’s safe and secured by state-of-the-art technology. You also get trading signals, technical analysis tools, educational resources, and everything else you need to perfect your binary trading strategies. You will also enjoy the strong customer support team that works here.

How does it work?

BinaryCent is actually made for beginners. This is why its such a simple platform to use. So, the first thing of course is to sign up. Head over to the main website, key in your details, and open a trading account. The second step is to make your first deposit.

Please note that a minimum deposit of $250 is required by the firm. Once the deposit is in, you are now free to start to use your trading style to make money. Also, there are free demo accounts with various assets to trade. This can help you use the educational resources offered within the binary option trading platforms to truly understand how everything works here.

Pros

• A regulated broker that makes binary trading safe for all users.
• There is a huge variety of assets to trade.
• Copy trading is also included to help you with research.
• The firm also offers extensive educational materials and signals to complement copy trading.
• State of a art platform with an integrated binary bot as well.

Cons

• The broker does not offer low minimum deposits.
• The fees charged are a bit confusing

Commission & Fees

BinaryCent is an integrated brokerage that offers both CFDs, Forex, and binary at the same time. While it is clear how much they charge for CFDs and forex, details about pricing on the binary options are not that straightforward.

The firm does however offer three account types that will determine how much you pay. There is also a withdrawal fee which is standard regardless of the payment methods you have used. But despite this, based on user reviews, BinaryCent still remains a highly affordable brokerage even if a small charge is made for deposits and withdrawals.

#3. Best for Copy Trading: IQCent

IQCent is also another forex and CFD broker that has a binary options trading service for users. One area in which the platform excels is copy trading. It offers a series of innovative tools that allow folks to social trade with ease. This can make it easier for the average beginner to make good returns with binary trades.

Also, IQCent has done well to enhance the overall usability of its trading platform. Everything is very easy to access and you get a wide range of tutorial videos to help you. The customer support is also world-class and besides, there is a robust community of IQCent users out there who can help. Regulated by tier-one bodies like the finance group corp and others, the brokerage is also safe and reliable.

How does it work?

Well, if you are interested in getting started with IQCent, then you will be happy to know that its one of the easiest platforms to use. So, as with many other trading platforms, you will need to set up your account.

IQCent is a global player in binary options and as such, its open to everyone. Please also note that there are several different account types, each with a set of unique features and fees as well. Decide what your trading goals are before you decide which account to pick.

Once your account is set up, you need to set up payment methods to allow you to make deposits and withdrawals. Go ahead after that and make your first deposit. The minimum deposit here is $20. So, if you are looking for low minimum deposits, you are likely to enjoy the services that IQCent offers. With your money inside the trading account, its time to place your first trade.

IQCent allows you to take as little risk as possible. This is the reason why their binary bot and the trading platform allow a minimum trade size of just $0.01. It means that you can trade as many times as you want without the risk of losing a lot of money. Be sure to also take full advantage of the signals and technical research that is offered here each day.

Pros

• Allows you to choose a variety of assets to trade
• You can also flexibly choose when the binary options trade expires
• Well built and easy to use trading platform
• Low minimum deposit of just $20
• You also get several bonuses and welcome rewards once you sign up for an account
• Excellent customer support team as well

Cons

• The regulation is not as robust as we hoped
• The various trading accounts available here can be confusing
• Takes time to learn how the platform works and how to use it

Commission & Fees

IQCent uses a spread-based system to determine fees. Now, these spreads will vary a lot depending on the underlying assets and the volatility and trading conditions in the market. As with many leading binary options brokers, IQCent tries to make the fees as low as possible in line with regulations set by the financial services board.

There are also applicable fees for withdrawal as well but this depends on the withdrawal method you have decided to use. But opening demo accounts is free. Also, all the binary trading signals offered by the firm come free of any charges.