A Binary Options Broker is the one that provides a binary options platform to people who would want to do binary options trading even in the comfort of their own homes. However, since binary options trading may be complicated to some and that one platform may differ from another, there are already multiple binary options broker reviews available online. These binary options broker reviews guide many people in choosing the best binary options brokers they would use for their binary options trading. These reviews include the reliability, ease of use, and payment system of the platforms of these binary options brokers.
Top Rated Binary Options Brokers
How to Select the Best Binary Options Brokers?
Choosing the best binary options brokers may not be that easy since there are already multiple great options that are available in the market right now. These brokers can be easily found just by searching on the Internet. Each binary options broker has its own selling point that may be a great advantage over the others, so it is really hard to know which broker is the best. To clear things up, there is still no “best” currently that completely overpowers others since one may be stronger against another in one specific aspect but may be weaker in another different aspect. However, we listed 4 basic things that every binary options trader should consider when choosing the best binary options brokers:
Would you risk your money to a service that has a bad reputation? Well, the obvious answer is no. This is also applicable to binary options brokers. Since binary options trading involves money and investments, good reliability of the binary options broker is a must. This reliability should be well-backed up by great reviews from their past and current clients since these people are the first-hand sources of how great or how poor a certain service is.
The platform is the main asset of a binary options broker. This is the primary conveyor whether a client will go for a broker’s service or not. Of course, if the platform is too complicated to use or has a lot of missing features, it would already be a big minus to the clients. Who would even want to use software or app that you don’t even know how to use?
Attractive Bonus System
Since most binary options brokers have already perfected their platforms, the next common feature that most binary options trader consider is how great the bonus system of a broker is. The bonuses occur frequently for most binary options brokers which really attract many traders. Everyone would want to have their investments doubled even without doing anything yet, right?
Additional Great Features
When good reliability, easy-to-use platform, and attractive bonus system are all the same in various binary options brokers, other additional features are the things that give more advantage than the others which put them at the top of the list. These additional great features include funding and payment methods, payout rates, binary options, number of assets, and many others that can really attract clients to use their systems.
How To Compare the Best Binary Options Broker?
When you already have a list of the best binary options brokers that you have reviewed and get all of the categories discussed previously, the next thing you should do is to, of course, compare them with each other. This is the best thing you can do to narrow down your options and get the best binary options broker for your trading needs. Here are 6 main categories that you can consider when comparing a binary options broker with another one:
Scope of the Binary Options Broker
Scope in this sense is the availability of the binary options broker’s services to residents of different countries around the globe. Some brokers do not allow residents of certain countries to use their services due to policy reasons. Usually, residents of United States of America and Canada are the most common people whom most brokers don’t allow.
Another thing that you should take in mind when comparing is the number of assets that a binary options broker has. This is because some brokers offer more assets than others while some have lesser than the others. This is very important when you want to have more assets that you can work with.
One very important thing you should keep in mind when comparing brokers is the pay-out rate. Just like when looking for a job, it is vital that you consider the compensation rate. This is very true with binary options trading, too. Of course, you would choose the one with more pay-out when you won one trade.
Minimum Deposit Amount
The minimum deposit amount should also be considered when comparing binary options brokers. If you are a beginner or a person who would just like to try binary options trading, knowing the minimum deposit amount for you to start using a platform is very important.
Minimum and Maximum Trading Account
Like the minimum deposit amount, knowing the minimum and maximum trading amount is important when choosing the best binary options broker for you. There are binary options brokers that only require $10 per trading transactions while others require more. So, it depends on you on where you want to stand in this topic.
Customer Support Availability
Lastly, availability of customer support is another great thing to consider when comparing brokers. Others have more flexible and more reliable customer support than others. The best in this area sometimes wins the competition among brokers.
Who Regulates Brokers?
Since binary options trading involves money and investments while only requiring people to connect to just the Internet, this kind of trading needs to have regulators. These regulators make sure that fair-use is always observed between the binary options broker and its clients. Through this, brokers and traders who fail to adhere to financial rules and policies will be reliable to any damage and loss due to their unfair practices and dishonest activities. Below are 4 of the well-known regulators of binary options brokers around the globe:
- CySec – The Cyprus Securities and Exchange Commission
- FCA – Financial Conduct Authority
- CFTC – Commodity Futures Trading Commission
- MGA – Malta Gaming Authority
The Bottom Line
In conclusion, extensively knowing each binary options broker is extremely important. It not only avoids future complications but also get the most out of your investments. Since the Internet is the your most powerful searching tool for this matter, you might want to maximize it when looking for the best brokers that suite your needs when trading. You might want to get through all possible binary options broker reviews that you can find online and carefully weigh all positive and negative reviews for the binary options brokers that you are eyeing on. Through this, you will see how working with those brokers would be like since most of the reviews come from past and current users of the broker’s platform, and there is no better review than hearing someone who experienced using it. In relation to this, the categories that were discussed previously serve as a great guide to narrowing down your options since there are already various brokers today, and most of them have definitely great things to offer, making them as great options, too. Overall, these things just tell us that we all have to be extra careful when choosing, especially in binary options trading where money is involved and the Internet as the main medium of communication.