10 best Binary Options Brokers – Comparison & list 2024


See the 10 best Binary Options brokers and their advantages listed below:

  1. Pocket Option – Best brokerage overall for binary traders
  2. Quotex – Free trading signals and high payouts
  3. IQ Option – Best user-friendly interface
  4. Deriv – Best for automated trading
  5. Olymp trade – Best for Indian traders
  6. Expert Option – Excellent social trading features
  7. BinaryCent – Top binary broker for copy trading
  8. RaceOption – Best binary broker for bonuses
  9. Binarium – Best unregulated binary broker
  10. Exnova – Best binary broker for competitive traders
Broker:
Review:
Advantages:
The offer:
Yield: 97%+
12345
5.0/5
  • Accepts international clients
  • High payouts 95%+
  • Professional platform
  • Fast deposits
  • Social Trading
  • Free bonuses

$50

   Visit broker

(Risk warning: Trading is risky)

Yield: 95%+
12345
5.0/5
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
  • Signals

$10

   Visit broker

(Risk warning: Trading is risky)

Yield: Up to 100%
12345
5/5
  • $10 minimum deposit
  • Free demo account
  • High return up to 100% (in case of a correct prediction)
  • The platform is easy to use
  • 24/7 support

$10

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12345
5.0/5
  • Supports automated trading
  • Regulated trading
  • Multiple platforms
  • Different financial products
  • MetaTrader 5
  • High yield 90%+

$10

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12345
5.0/5
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts

$10

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12345
4.8/5
  • Regulated & safe
  • Crypto trading
  • High returns
  • Fast execution
  • Social trading
  • Low minimum deposit of $ 50

$10

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12341
4.0/5
  • Accepts international clients
  • 24/7 support
  • Binary & CFDs
  • High returns
  • Free bonus
  • TradingView charts

$250

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12341
4.0/5
  • High bonus
  • Social trading
  • Accepts international clients
  • Free gifts

$250

   Visit broker

(Risk warning: Trading is risky)

Yield: 80%+
12341
4.0/5
  • $5 minimum deposit
  • Free demo account
  • 100% bonus possible
  • No additional fees

$5

   Visit broker

(Risk warning: Trading is risky)

Yield: 90%+
12341
4/5
  • 250+ assets
  • Free demo account
  • $10 minimum deposit
  • Raw spreads and fees
  • Education section
  • Excellent trading conditions

$10

   Visit broker

(Risk warning: Trading is risky)

Broker:
5.0/5
12345
Yield: 97%+
Advantages:
  • Accepts international clients
  • High payouts 95%+
  • Professional platform
  • Fast deposits
  • Social Trading
  • Free bonuses
The offer:

$50

Visit broker

(Risk warning: Trading is risky)

Broker:
5.0/5
12345
Yield: 95%+
Advantages:
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
  • Signals
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Broker:
5/5
12345
Yield: Up to 100%
Advantages:
  • $10 minimum deposit
  • Free demo account
  • High return up to 100% (in case of a correct prediction)
  • The platform is easy to use
  • 24/7 support
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Broker:
5.0/5
12345
Yield: 90%+
Advantages:
  • Supports automated trading
  • Regulated trading
  • Multiple platforms
  • Different financial products
  • MetaTrader 5
  • High yield 90%+
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Broker:
5.0/5
12345
Yield: 90%+
Advantages:
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Broker:
4.8/5
12345
Yield: 90%+
Advantages:
  • Regulated & safe
  • Crypto trading
  • High returns
  • Fast execution
  • Social trading
  • Low minimum deposit of $ 50
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Broker:
4.0/5
12341
Yield: 90%+
Advantages:
  • Accepts international clients
  • 24/7 support
  • Binary & CFDs
  • High returns
  • Free bonus
  • TradingView charts
The offer:

$250

Visit broker

(Risk warning: Trading is risky)

Broker:
4.0/5
12341
Yield: 90%+
Advantages:
  • High bonus
  • Social trading
  • Accepts international clients
  • Free gifts
The offer:

$250

Visit broker

(Risk warning: Trading is risky)

Broker:
4.0/5
12341
Yield: 80%+
Advantages:
  • $5 minimum deposit
  • Free demo account
  • 100% bonus possible
  • No additional fees
The offer:

$5

Visit broker

(Risk warning: Trading is risky)

Broker:
4/5
12341
Yield: 90%+
Advantages:
  • 250+ assets
  • Free demo account
  • $10 minimum deposit
  • Raw spreads and fees
  • Education section
  • Excellent trading conditions
The offer:

$10

Visit broker

(Risk warning: Trading is risky)

Nowadays, many online binary options brokers are considered a scam and it is hard to find the right platform that is safe. There are many regulated binary options brokers to choose from, but many binary brokers have stopped working due to new regulations and laws.

In this comparison, we will give you a comprehensive overview of which platform is still available, how to choose the best binary options broker, and which broker will give you the most comfortable trading experience and conditions.

Binaryoptions.com uses the highest standards to test brokers and trading platforms. Here is our review methodology and how we test.

See our full comparison video of Binary Options brokers reviews:

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Top 10 Binary Options brokers & trading platforms compared

Choosing a trustworthy binary broker is among the first steps you must take to minimize your losses and ensure the security of your funds. Every brokerage has different minimum deposits, offers different returns, and has a unique set of assets you can trade.

10 best binary options brokers in comparison

Like trading any other financial instrument, trading binary options requires you to sign up with a brokerage. While there is no shortage of brokers, finding one that offers the features you want and charges fees you’re comfortable with can be challenging.

Finding a broker that offers all the features you need shouldn’t be difficult by using our comparison. In the list below, we compared each Binary Options broker in detail. To help you find the right brokerage for your binary options trading needs, we’ve reviewed the top ten brokerages in the industry

1. Pocket Option – Best brokerage overall for binary traders

Pocket Option official website
Pocket Option official website

Pocket Option is the best Binary Options broker in our comparison because it offers a high return, fast execution of binary options trades, multiple investment choices, and is available in a lot of countries. It is a new brokerage that emerged in the industry in 2017. Owned by Gembell Limited, based in the Marshall Islands, the broker is regulated by the IFMRRC

The excellent array of features and the reassurance of proper regulation make it the go-to broker for many binary options traders in the USA.

You can quickly open an account and start trading any of the 130+ assets that the broker offers. You should also have no problem funding your account as the broker offers several binary options payment methods.

Pocket Option offers high/low options, making it easy for traders of all skill levels to make successful trades and earn high payouts. The brokerage’s payouts vary from binary options trade to binary options trade; however, you can expect 80%-100% payouts on most trades. 

The lowest payout the broker offers is 50%, and the website states that some trades can earn you a 218% payout.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

When you first fund your account, you will receive a deposit bonus of 50%. The more you deposit, the higher the 50% bonus will be. The Pocket Option minimum initial deposit is $50, which is a little higher in comparison to other brokerages. Note that you cannot withdraw from your account before you make a trade.

Most trades use the web browser version of Pocket Option. However, desktop, Android, and iOS applications are available to make binary trading more convenient.

Pocket Option trading and payout

Pocket Option offers additional features such as social trading, tournaments, and achievements. Social trading enables you to study the trading habits of successful traders on the platform and pick up their skills. 

You can also compete with other trades to win prizes. Pocket Option’s tournaments have prizes up to $50,000, and if you win, you can use all of those funds to trade and make more money.

The platform rewards you for reaching certain milestones. Using the platform consistently will give you perks like higher payouts and bonus trading funds to improve your trading experience.

The signals and indicators on the platform make it easier for you to navigate markets and make sensible trades.

Pocket Option is one of the most sought-after binary options brokers, and it’s not hard to see why.

Quick facts about the broker:

Founded in:2017
Minimum deposit:$50
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 97%+
Support:24/7 phone, chat, email
Automated trading:Available by third parties
Mobile app:Available for Android and iOS
➔ Open your free account with Pocket Option now!

(Risk warning: Your capital can be at risk)

2. Quotex – Free trading signals and high payouts

Quotex official website
Quotex official website

Quotex.io is one of the newer brokerages in the industry. While it was founded in 2020, it has managed to gain popularity quickly. The platform’s quick rise to success is owed to all of the powerful features it offers.

The company is a trademark of Seychelles-based Awesomo Ltd, which the IFMRRC regulates. If you’re in the United States, Hong Kong, Canada, or Germany, you will need to fund your binary account using cryptocurrency. However, there are no restrictions against opening an account in these regions if you’re a seller.

Quotex is a reliable broker and offers its users free integrated signals that boast an 87% accuracy. These signals can benefit new traders as they build their analysis skills and try to make money. Seasoned traders also use signals to determine the best binary options trade they can make.

High return on assets of the broker Quotex
➔ Sign up your free account with Quotex now!

(Risk warning: Your capital can be at risk)

Another advantage of using Quotex is that it offers potent copy trading features. As a result, customers can find the best traders on the platform and replicate their portfolios in just one click.

The neatly designed interface displays a list of the top 20 traders, and users can pick one to replicate without any hassle. You will also find market signals and analyst recommendations on the terminal, which can help you to navigate the financial markets with greater ease.

Signals for trading

Besides offering a user-friendly interface, Quotex gives users access to various digital options to trade. The platform offers over 410 options, giving you access to 27 currency pairs, making it one of the more versatile binary options forex brokers.

You can also trade binary options on cryptocurrencies, commodities, and indices on Quotex. Signing up will fetch you a 100% deposit bonus, and you can start trading with as little as $10 in your account. 

Deposit and withdrawals options on Quotex

The demo account is free to use and allows you to place risk free trades. But as you get comfortable with trading on the platform and using the live account, you could potentially make a 95% profit on every winning trade. Of course, the fee varies from trade to trade, but it is typically low.

Since the platform is regulated, you don’t have anything to worry about when it comes to security. You can use Quotex on your computer and also on Android phones by installing the application.

Overall, Quotex is one of the most impressive binary brokers in the industry.

Quick facts about the broker:

Founded in:2020
Minimum deposit:$10
Demo account:Free and unlimited
Maximum payout rate:Up to 95%+
Support:24/7 chat and email
Automated trading:Not allowed
Mobile app:Available for Android (iOS app not available at the moment)
➔ Sign up your free account with Quotex now!

(Risk warning: Your capital can be at risk)

3. IQ Option – Best user-friendly interface

IQ Option official website
IQ Option official website

If you prefer signing up with a brokerage that has established itself as a trustworthy broker, IQ Option may be the right choice for you. The brokerage charges competitive fees and makes trading binary options fast and easy. The return of binary options can be up to 100% per trade, one of the industry’s highest payouts.

The company was founded in 2013, making it one of the industry’s most established top binary option brokers.

IQ Option boasts an award-winning trading platform that comes loaded with several useful trading tools. It has everything from economic calendars and stock screeners to historical quotes and volatility alerts. In addition, the platform is available in 13 languages, making it that much easier to use.

IQ Option platform language

The broker allows binary options trading on a variety of assets. With an IQ Option account, you can trade binaries on forex markets, stocks, commodities, cryptocurrencies, and ETFs. Digital options and indices are also available. 

➔ Sign up your free account with IQ Option now!

(Risk warning: Your capital can be at risk)

Traders can trade on to go by installing the IQ Option app on their phones. It features the same proprietary interface and comes with all of the tools like the browser version of the best binary trading platform.

iq option app
IQ Option mobile and desktop app

One of the best things about IQ Option is its complete transparency with its fees. Except for cryptocurrencies (2.9% commission), you can trade any financial instrument free of charge. If you hold a position overnight, you will need to pay between 0.1% – 0.5% of the position’s value as swap fees.

The broker also charges an inactivity fee if you don’t trade for 90 consecutive days. There is no withdrawal fee for one withdrawal per month. Starting from the second withdrawal, users will be subject to a 2 percent withdrawal fee. 

Excellent customer support and a demo account make it the trading platform of choice for many. If you would like to start trading live, IQ Option only requires a minimum deposit amount of $10.

Quick facts about the broker:

Founded in:2013
Minimum deposit:$10
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 100%+
Support:24/7 phone, chat, email
Automated trading:Algorithmic trading is not available
Mobile app:Available
➔ Sign up your free account with IQ Option now!

(Risk warning: Your capital can be at risk)

4. Deriv – Best for automated trading

Deriv binary options broker website
Deriv official website

Regent Markets Group initially founded BetOnMarkets.com in 2000 to facilitate easy online trading. In 2013, the platform was rebranded to Binary.com, which is now a well-known brokerage in the industry.

To express their renewed commitment to making binary options trading as accessible and easy as possible, Regent Markets Group recently rebranded Binary.com to Deriv. Over two decades, the platform has evolved and now offers enhanced features, new trade types, and several added charting applications.

Deriv makes a solid first impression on traders since four different authorities regulate it. The regulatory oversight makes it stand out as a reliable binary option broker.

➔ Sign up your free account with Deriv now!

(Risk warning: Your capital can be at risk)

Deriv assets

You can trade any of the 100+ assets the broker offers, and you can also trade on weekends. Deriv has a minimum deposit of $5 and offers payouts up to 100%. Traders can leverage up to 1:1000 and carry out forex trading and CFD trading besides binary options trading.

The four different trading platforms are offered to allow traders to trade to their strengths and get the trading experience they want. The online trading platforms are:

  • DTrader: It is an easy-to-use web-based platform that offers 50+ assets with a potential payout of over 200%. It is customizable and offers excellent charting capabilities. 
  • DBot: It is an automated bot that does not require coding. You can feed trading strategies to the bot using pre-built ‘blocks’ that you can drag and drop in sequence. The several analytical tools, indicators, and smart logic features help you maximize profits. The bot comes with three built-in strategies and is available for free. 
  • DMT5: The MetaTrader 5 platform gives traders access to over 70 assets and offers a leverage of 1:1000. You can toggle the technical indicators between advanced and professional modes. Furthermore, the excellent indicators allow you to trade without any hassle regardless of your skill level.
  • SmartTrader: It comes loaded with the most functions and options of all of Deriv’s platforms. The interface makes chart analysis and order placement straightforward. The “how to trade” section helps traders learn to use the interface quickly.

If you’re looking for a safe and regulated platform that offers several ways to trade, Deriv is among the best binary option brokers to go for.

Quick facts about the broker:

Founded in:1999
Minimum deposit:$5
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 90%+
Support:24/7 phone, chat, email
Automated trading:Available (DBot)
Mobile app:Available
➔ Sign up your free account with Deriv now!

(Risk warning: Your capital can be at risk)

5. Olymp Trade – Best for Indian Traders

Olymp Trade binary options broker website
Olymp Trade official website

With over 25,000 traders using the platform every day, Olymp Trade is one of the most popular brokerages out there. While it is most popular in South Asia, its headquarters are in St. Vincent and the Grenadines. The brokerage has been operating since 2014 and is regulated by the IFC.

Over its many years in the industry, Olymp Trade has won many awards, a testament to the broker’s focus on ease of use. The clean and organized interface makes it easy to find what you’re looking for.

You can trade from your Mac or Windows computer using the web browser or installing dedicated applications. Olymp Trade also enables trading on the move with its mobile applications.

➔ Sign up your free account with Olymp Trade now!

(Risk warning: Your capital can be at risk)

While there are no account maintenance or custodial fees, you will need to pay a 15% fee for positions on Olymp Trade you hold overnight. In addition, if you do not use your account for 180 consecutive days, you may need to pay a subscription fee depending on your account type. Further, accounts with insufficient funds are automatically closed. 

Olymp Trade payment methods

The broker charges a per-trade fee if you decide to trade currency pairs (forex). The fees vary according to the amount, leverage, and market conditions. More importantly, you must note that the broker offers variable leverage for different types of trades. While the website may display attractive leverages of 1:400, for most popular currency pairs, you will only get a leverage of 1:30.

However, the $10,000 Olymp Trade demo account, trading bonuses, and the 50% deposit bonus more than make up for the platform’s limitations. 

It is one of the best binary options brokers to use if it is available in your country.

Quick facts about the broker:

Founded in:2014
Minimum deposit:$10
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 90%+
Support:24/7 phone, chat, email
Automated trading:Not allowed (robots and automated tools are prohibited)
Mobile app:Available for both Android and iOS
➔ Sign up your free account with Olymp Trade now!

(Risk warning: Your capital can be at risk)

6. Expert Option – Excellent social trading features

Expert Option binary options broker
Expert Option official website

Expert Option boasts an interface that strikes the right balance between ease of use and utility. It is the right platform for novice traders and seasoned binary options traders alike.

The broker has served traders since 2014, and since it is established in Vanuatu, it is regulated by the VFSC. As of 2022, it has over 74 million users who can trade any of the 100+ assets on the platform without any hassle.

Expert Option’s feature-rich platform boasts near-instant execution, and accurate price feeds and enables weekend trading. 

A demo account with $10,000 is available for any trader that visits the website. You do not need to register to use the Expert Option demo trading account – you can use it by visiting https://app.expertoption.com/.

➔ Sign up your free account with Expert Option now!

(Risk warning: Your capital can be at risk)

One of the best things about Expert Option is that it has both mobile and desktop apps. So you can trade binary options conveniently wherever you are using either the binary options apps or the browser version.

The broker now offers a 100% deposit bonus to first-time users. When you invest money, the more you deposit, the more you can trade with a bonus.

Furthermore, the social trading features are likely the platform’s most impressive features. You can trade with your friends and also see what successful traders and investing in.

The several technical analysis tools, four chart types, and many indicators and trendlines help you make sense of price movements and make sensible trades. 

Expert Option social trading

Expert Option offers many trading education resources to help traders of all skill levels learn and grow. You will find everything from video tutorials and online webinars to daily market analysis and updates on Expert Option.

The platform’s excellent feature set makes it extremely popular. However, it is important to note that it does not cater to traders in the USA, Canada, Australia, and many other countries.

Quick facts about the broker:

Founded in:2014
Minimum deposit:$50
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 90%+
Support:24/7 phone, chat, email
Automated trading:Available via third parties
Mobile app:Available for both Android and iOS
➔ Sign up your free account with Expert Option now!

(Risk warning: Your capital can be at risk)

7. BinaryCent – Top broker for copy trading

Binarycent binary options broker website
Binarycent official website

BinaryCent has established itself as a trustworthy brokerage in its four years in the industry. The brokerage is owned by Finance Group Corp and managed by Cent Projects Ltd. It was founded in Vanuatu in 2017, and besides offering binary options trading, BinaryCent also enables forex and CFD trading

The broker’s payouts typically range from 60% to 80%; however, you can get paid up to 95% of the position’s value. Expiry times can be as short as 60 seconds, and you can place a trade with as little as 10 cents.

In addition to stocks, commodities, and forex pairs, BinaryCent also allows trading binary options on cryptocurrencies. Depending on your trading style, you can choose to trade assets with turbo, intraday, or long-term strategies.

➔ Sign up your free account with Binarycent now!

(Risk warning: Your capital can be at risk)

You can use either the browser platform or the mobile application to trade using BinaryCent. You can download the mobile application from the Google Play Store or the Apple App Store. It is important to note that you will need to enter your mobile number to use the mobile app.

The broker has three account levels: bronze, silver, and gold. These accounts have Binarycent minimum deposit requirements of $250, $1000, and $3000, respectively. 

Binarycent-trading-accounts
Binarycent account types

Higher-tiered accounts offer several perks, like free trading masterclasses, live chat features, and a free account manager. BinaryCent also offers deposit bonuses of 20%, 50%, and 100%, according to your account tier.

But perhaps the best thing about BinaryCent is its copy-trading features. The brokerage makes it easy for traders to replicate the success of other traders. 

Many novice traders use BinaryCent’s copy trading features to increase their trade size and increase their chances of making money.

The exciting trading contests, demo account access, and excellent deposit bonuses make BinaryCent one of our top picks.

Quick facts about the broker:

Founded in:2016
Minimum deposit:$250
Demo account:✔ (available, unlimited) – After $250 minimum deposit or for free with the promo code ‘BOFREE’
Maximum payout rate:Up to 90%+
Support:24/7 phone, chat, email
Automated trading:Available via third parties
Mobile app:Available
➔ Sign up your free account with Binarycent now!

(Risk warning: Your capital can be at risk)

8. RaceOption – Best brokerage for bonuses

RaceOption binary options website
Raceoption official website

Headquartered in London, RaceOption was founded in 2014 and attracted traders from across the globe with its user-friendly interface and numerous perks.

The trading platform is simplistic; however, every tool you may need is laid out in front of you for easy access. While straightforward, the interface makes trading easier, it does not show in-depth statistics and offers several potent analysis tools like other binary options platforms. Therefore, if you’re a seasoned trader looking for a feature-loaded platform, RaceOption may not be right for you.

The broker offers three account types: bronze, silver, and gold. If you deposit $250 on RaceOption, you get access to the bronze tier account. You will need to deposit $1000, and $3000 to get access to the silver and gold-tiered accounts, respectively.

➔ Sign up your free account with RaceOption now!

(Risk warning: Your capital can be at risk)

Each tier offers some perks – the higher your tier, the better the deposit bonus, and the more features you’ll unlock. Features such as trading masterclasses, account managers, and integrated technical analysis unlock at higher tiers only.

RaceOption can offer a large number of assets due to limited regulatory oversight by the Finance Group Corp.

Raceoption contests

You can trade over 150 assets with RaceOption, and since the platform offers five different trade types, you won’t be limited by the platform when designing a trading strategy. 

Payouts range between 60% and 90%, and every new user receives a deposit bonus according to their account tier. These features, coupled with the mobile trading app, demo account, and several withdrawal and deposit options, make RaceOption the right broker for new traders.

Quick facts about the broker:

Founded in:2019
Minimum deposit:$250
Demo account:✔ (only available after the first deposit) OR get a completely free demo account by entering the special promo code ‘BOFREE’
Maximum payout rate:Up to 90%+
Support:24/7 phone, chat, email
Automated trading:Available via third parties
Mobile app:Available
➔ Sign up your free account with RaceOption now!

(Risk warning: Your capital can be at risk)

9. Binarium – Best unregulated binary broker

Binarium binary options broker website
Biniarium official website

Cyprus-based Binarium has been serving traders from across the globe since 2012. While any authority does not regulate the platform, it has an active user base and is considered a safe and reliable platform.

Opening an account doesn’t take long, and the browser platform has an easy-to-use interface. In addition, the support team works around the clock to ensure every trader gets the help they need at the earliest.

➔ Sign up your free account with Binarium now!

(Risk warning: Your capital can be at risk)

When it comes to user security, the brokerage makes no compromises. The strict privacy policy, 3D secure system, and SSL-certified payment methods make it a trustworthy platform.

To start trading, you must deposit a minimum of $5 on Binarium or create a demo account free of charge. The brokerage offers 33 trading assets, and the selection includes currencies, cryptocurrencies, stock indices, and commodities.

Binarium bonuses

Binarium allows you to trade seven days a week and offers a 100% deposit bonus. You can earn up to 90% payouts on the platform. Furthermore, once your account gets verified, you will be able to withdraw your funds in an hour. 

You can trade with Binarium using a web browser or a mobile application.

Quick facts about the broker:

Founded in:2012
Minimum deposit:$10
Demo account:✔ (available, unlimited)
Maximum payout rate:Up to 80%+
Support:24/7 phone, chat, email
Automated trading:Not available (No algorithmic trading)
Mobile app:Available
➔ Sign up your free account with Binarium now!

(Risk warning: Your capital can be at risk)

10. Exnova – Best broker for competitive traders

Exnova Binary Broker website
Exnova official website

Competing against other traders can be an excellent way to learn trading techniques and understand how markets work. If you’re looking for a platform that allows you to apply yourself in this way, Exnova is the best broker to sign up with. Users can join trading contests for free with this broker.

It was established by Seychelles-based Digital Smart LLC in 2022 and has garnered a user base of over 500,000 traders worldwide. Being one of the most popular brokerages in South Asia, Brazil, and Turkey, the platform facilitates over 30 million trades every week.

Binomo is one of the most secure and leading binary options brokers you can sign up with. Besides making trading easy, the proprietary trading platform encrypts all user data using SSL. 

➔ Sign up your free account with Exnova now!

(Risk warning: Your capital can be at risk)

The interface has more than 20 graphical tools, enables the use of hotkeys, and also has an economic calendar that facilitates informed trades. The company offers many account levels, each with unique requirements and perks.

Some of the platform’s less impressive features include a demo account with $10,000 in virtual funds and a comparatively limited underlying asset offering.

However, the low minimum deposit and regular platform tournaments more than make up for the platform’s limitations.

Entry fee for tournaments ranges from free to $30, and winners can earn anywhere between $300 to $40,000. Traders with Gold and VIP accounts get additional perks when they win tournaments.

The weekend trading features, up to 90% payouts, and responsive customer support make it hard not to recommend Exnova.

Quick facts about the broker:

Founded in:2022
Minimum deposit:$10
Demo account:✔ (A free practice trading account is available)
Maximum payout rate:Up to 90%+
Support:24×7 customer support via chat and email
Automated trading:Not available
Mobile app:Available
➔ Sign up your free account with Exnova now!

(Risk warning: Your capital can be at risk)


Now that you’ve seen the best binary options brokers, let’s go into detail and look at some of the necessary information you should know before deciding to trade binary options with a broker.

→ We’ll start with the basics, explaining what a broker is and how they make their money. Furthermore, we’ll look at how we evaluate brokers and compare different types of brokers because, as you may know, there are huge differences. Finally, you’ll learn which brokers allow the use of binary trading robots, plus some helpful tips and tricks.

Are you ready? Let’s start with the basics.

What is a Binary Options broker?

What is a binary options broker

A binary options broker is a service provider that offers traders the opportunity to trade binary options. In essence, the broker acts as a bridge between the trader and the market. They facilitate the placement of orders and typically generate revenue through platform fees, commonly known as spreads and commissions, which can vary in amount.

In addition, brokers provide traders with a wealth of indicators and analytical tools to aid their trading efforts. Some brokers emphasize extensive educational resources or a vibrant community, while others may focus on unique benefits such as advanced trading algorithms or high-frequency trading capabilities.

How we evaluate a trusted Binary Options broker:

Given that every broker claims to offer an exceptional trading experience, independent reviews become crucial. That’s why we have established certain criteria to help you understand how we evaluate binary options brokers.

Now that you’re acquainted with the industry’s best brokers, picking one from the bunch can be challenging. 

As mentioned earlier, there is no such thing as a perfect brokerage. However, if you know what you need from a brokerage, finding the best binary options broker that meets your needs shouldn’t be much of a hassle.

Here are the factors you should consider when choosing a brokerage to trade with. Not only do we have all the editorial guidelines in place when we evaluate trustworthy binary options brokers, but we also have an entire in-depth review methodology to evaluate a trustworthy binary options broker.

1. Regulation

The most critical aspect of a top binary option brokerage is whether it is regulated or not. A regulated brokerage is far more reliable than one that isn’t regulated. Oversight ensures that the right parties hold the money and provides protocol in the event of a dispute. 

For example, in the United States Of America, Binary Options trading brokers are approved by the Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC).

Binary-Options-regulation-example
Official regulations and licenses are very important

The best brokers for binary options may be regulated under many different bodies, including:

While most reputable brokerages are regulated by just one authority, some brokerages choose to be regulated by several bodies. 

Regulatory oversight by more than one authority is becoming increasingly common, especially in the EU, since the binary options markets are now under increased scrutiny.

Ensuring that your brokerage is overseen by at least one authority is the right way to go. 

But it’s important to remember that if a brokerage is not regulated, it isn’t necessarily fraudulent. Regulation often restricts brokerages from offering more underlying assets. For this reason, some reputable brokerages choose to remain unregulated. Moreover, see our list of regulated Binary Options brokers.

Which trading broker is regulated by the SEC for Binary Options?

There are only 2 binary brokers that are regulated by the SEC for Binary Options: It is Nadex and CX Markets. US citizens can use these brokers to trade Binary Options safely.

Is Binary trading legal in the USA?

Yes, Binary Options trading is legal in the USA and approved by the CFTC and SEC regulatory authorities. In the USA, the financial instrument was invented and regulated first. However, if you are a US citizen, you are only allowed to trade with US regulator brokers for Binary Options.

Is Binary trading legal in Europe?

Binary Options trading is legal in Europe but only available for professional traders. In 2018, the European regulator stopped brokers from selling Binary Options to retail investors. By law, it is not illegal, but you need to be a professional trader for the financial instrument in Europe.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

2. The Binary Options platform availability

Nowadays, it is especially important for a private trader to have a flexible trading platform. This means that the platform should also be usable from the road. With our recommended platforms, you can access your portfolio at any time, 24/7 a week. Download the binary app for your mobile device.

The advantage is that you only need to access the platform and control your account once. The trading platform is available for browser (web), mobile device and computer download. In general, downloading the platform to a PC is recommended as the developers claim it runs more smoothly.

Platform-download-for-devices
The platform is available for any device – Downloads
  • One access for each device
  • Use the computer, browser or a mobile device
  • Receive alerts and messages
  • Management of the account 24/7

The installation of Binary Options trading platforms and software is very easy and requires little know-how. Download the binary platform in your browser or Appstore with just one click. The manufacturer also always informs you about the latest updates. From our experience, the platforms are often updated and improved.

Make sure that all functions of the computer version are also available in the mobile version. Most brokers offer these features.

3. Bonuses for binary options trading

Brokers offer sign-up bonuses to attract more clients that trade binary options. Most often, the bonus is in the form of a deposit match. One-off payments and risk-free trades are some other popular bonuses. Remember that all of these are subject to terms and conditions.

It is worth taking the time to read the terms and conditions before deciding to sign up. If the bonus is one of the bigger reasons for you to sign up, being disqualified from receiving the bonus makes it lose its attraction.

Pocket-Option-bonus-1
Bonuses

Furthermore, using the bonus effectively can be a lot more difficult than it may seem. Most brokers do not allow you to withdraw the bonus after making signing up. It can only be used when making certain orders. 

This can affect your trading style significantly and sometimes causes traders to trade beyond their budget, forgoing their money management system for binary trading.

If the bonus does not suit you, it is best to look at some of the other brokers.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

4. Minimum deposit and minimum trade

A low minimum deposit makes it easier for you to get started with binary trading. In addition, smaller deposits keep risk to a minimum. Binary brokerages that offer a minimum deposit of under $50 are a reasonable choice. However, some brokers have a $100+ minimum deposit.

Binary-Options-broker-payment-methods
Payment methods

Inspect the withdrawal and deposit payment methods 

There are generally deposit and withdrawal limits for binary options brokers. If you withdraw or deposit a portion of the limit below what is set, this will be considered a withdrawal. Ensure you know the Broker’s deposit and withdrawal limits before making your final decision.

Check whether the problems can be managed if they are. A brokerage firm with a limit you’re comfortable with will be the best option if you don’t already have one. The process of depositing and withdrawing money should furthermore be straightforward. 

Some popular payment methods for Binary Options deposits are:

It is also important to check the minimum trade size and amount. These can vary dramatically from broker to broker. The best binary options trading platforms typically have a minimum trade size of between $1 and $50. Ideally, you want the minimum trade size to be $25 or less.

A higher minimum trade size may not be a dealbreaker to some traders, but it can be a dealbreaker to many others. 

If you’re a beginner and are just starting to learn or want to try out new binary trading instruments or strategies, using a practice or demo account will reduce your risk to zero.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

5. Payout percentage

Another significant consideration is the payout percentage the brokerage offers. However, comparing payouts between brokers is more complicated than it seems. 

Payouts change based on several factors, such as the underlying asset and expiry time. Payouts also change from broker to broker as they manage their own risk. So, even if you sign up with the brokerage offering the best payout on paper, you may find another broker offering a better payout later.

High payout rates on different assets

Therefore, signing up with brokers based on the payout they offer isn’t the right way to go. 

All you can do is visit the broker’s website, check their payouts and expiry times, and narrow down your options to the best binary option trading platform that offers good payouts. In general, exchanged-traded brokers like Nadex (North American Derivatives Exchange) offer better payouts than over-the-counter brokers. 

Bear in mind that you are free to switch back and forth between brokers as you please. If one broker doesn’t meet your expectations, you can delete your account and move to another brokerage.

You could also make multiple accounts with different brokerages and open trades with the brokerage that offers the best payout for that trade.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

6. Ease of use:

If you’re new to binary options trading, a simple interface will make it easier for you to understand price movement, place orders, and make money. Several brokers aim to make trading binaries as simple as possible for new traders.

In contrast, if you’re a seasoned trader, you may be looking for a platform that offers advanced analysis tools. 

Most brokerages offer free demo accounts, and using the binary demo account to get a feel for the platform will ensure you have a hassle-free trading experience later down the line.

You can use a free demo account to test the platforms by yourself! 

7. Support and service for binary trader

As a trader, you need good support and service. Most brokers show experience and knowledge in Binary Options. The Binary Options Brokers in this review give you the best and fastest support. According to that, they sometimes give traders a good education with webinars, videos, or strategies. For beginners, it is important to learn theoretically about the Binary Options market. It is a risky financial product.

You can learn the basics and advanced trading knowledge in webinars with experts. Most brokers first show you the basics like the functions of candlesticks and the use of technical indicators. Usually, a binary options trading platform offers more than 30 different indicators. Sometimes it is hard to find a good working strategy with them. In addition, they give you some advanced knowledge and information to rule the markets. Most brokers offer you a better education if your initial deposit amount is higher (see account types).

Binary-Options-account-types
Binary Options account types

Another option of service is account types. For big traders with high deposits and high trading volume, some brokers offer different account types. As a trader, you can get great advantages. They offer you higher yields, better support, a bonus, or a cashback program. This is a way to get more profit in trading. For example, the broker offers you a higher asset profit of 5%. That can be very helpful.

The companies in this review offer you:

  • Chat support
  • Telephone support
  • Email support
  • Education centers
  • Webinars, videos, strategies
  • Account types
  • Account managers

8. Free and unlimited demo accounts are necessary for every trader

The broker should provide you with a free demo account. This is an account with virtual money. It is made to practice the financial product and to test the binary options trading platform. You can trade Binary Options without any risk with this virtual money. It is completely free to use. Also, experienced traders can develop new strategies or improve their trading skills. Advanced traders or beginners try to trade new underlying assets with Binary Options for the best success with this account.

Binary Options demo account

On the other hand, sometimes the broker gives its traders trading tips for analysis or binary options strategies. The binary demo account is perfect for practicing that new knowledge. Trading is very complex and often it is not easy to find the right way. This is the main reason for using a demo account. Most traders gain experience first before they invest money. From my own experience, it is possible to get a high profit by trading in the right direction.

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

How to sign up with a Binary Options broker

In the following steps, we will explain to you how to sign up and register your Binary Options trading account. These steps are similar for each broker and can be done in a few seconds by you.

Step 1 – Sign up with your email address

Binary Options broker sign up
Sign up with your email address or Facebook/Google

To create an account, the broker requests only a few details from you. You can start with your email address or a social media profile like Google, LinkedIn or Facebook. By registering via Email, you have to add a secure password.

Step 2 – Confirm your email address

The next step is to confirm your email address. After registering, the broker directly sends an Email to its new customer.

Step 3 – Verify your data

Binary Options broker verification
Verify your data

Now, you should fill out your profile data: This includes your first name, last name, phone, and date of birth. This data is required for the verification that comes later. On most brokers, you can start without a verification, but when you start to withdraw profits, the Binary Options broker requests a full verification from you.

What verification is required to sign up with an online binary options broker?

The following verification is required:

  • First name
  • Last name
  • Date of birth
  • ID document

By submitting an ID document, the broker will check your personal data and confirm it with your profile. You should always add the right data to your account; otherwise, you can have problems with the verification and withdrawals.

The first steps for your Binary Options success:

  1. Learn the Binary Options basics. Information for trading Binary is available on the broker platform or on the internet. For questions, there are certain forums available.
  2. Develop a successful strategy. Most brokers will help you to find a way to trade successfully.
  3. Use the Demo account. It is an account with virtual money. So you trade without risking the markets.

You should ask yourself these questions:

  • What do I want to achieve with the trading of Binary Options?
  • How much do I want to invest?
  • Where, and on which market do I want to trade?
  • How do I react to losses?
  • What are the chances of winning?

Available countries for traders

Binary Options are not allowed in every country in the world. In addition, some countries forbid trade to use foreign brokers. Most brokers accept international traders, but there are restrictions for forbidden countries. You can not generalize it because the broker decides which customer he accepts.

Nowadays, Binary Options as a trading instrument become more and more popular. They are a simple and efficient financial product. It is possible to generate a high payout in a short time horizon. Asia and Africa are growing very fast and people like the function of these trading instruments. The brokers in this review try to improve their service in this region of the world because the demand is very high. They improve their customer support with different languages and other services.

The fastest-growing countries:

➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

Binary Options broker scams: Pay attention where you sign up!

Binary Options broker scams warning icon

On the internet, you might randomly find some websites of scammers or bad brokerages. The government organizations of the USA, Canada, Europe, and Australia already published informational articles about fraudulent and scam brokers. You can check our full risk warning with further information here and the binary options broker blacklist!

Here are some tips for checking a brokers website before signing up:

  • Do not trust anyone who promises guaranteed profits
  • Check the website for an official company address
  • Check the broker’s regulation authority
  • Check the broker’s track record – For how long does this company exist?
  • Gather information on review websites like https://www.binaryoptions.com/

You need to learn how to defend yourself against binary scammers. They mostly target beginners in trading. On this website, we already gave you a lot of tips on how you can check a binary broker before signing up. Furthermore, read our Binary Broker Blacklist here!

What is the best Binary Options Broker with the highest payouts?

A high payout on a Binary Options broker results in more profits and a higher chance of earning money. The formula here is simple: The higher the payout, the fewer winning trades you will need to make an overall profit.

See the list of the 3 best binary options brokers with the highest payouts:

  1. IQ Option – Up to 100% + – Extremely high yields and earnings possible
  2. Pocket Option – Up to 97% + Trusted by thousands of traders worldwide
  3. Quotex – Up to 95% + Top broker with high payouts

(Note: All payouts depend on the underlying asset and market conditions. It can change and fluctuate.) As you see, IQ Option offers the highest payout, up to 100%, but is not the place 1 in our overall comparison. This is why Pocket Option offers way more additional features for trading binary options.

See the full YouTube video about high-payout Binary Options brokers:

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What are the reasons why traders lose on a Binary Options broker?

The most common reasons why traders lose money by trading Binary Options on a broker are:

Reason of losing money:Explanation
1. Lack of knowledgeBeginners often tend to enter the Binary Options market without any knowledge or plan. The result is that they do not know what they are doing. By not understanding the trading platform and not having a proper strategy, traders quickly lose all their money.
2. Unreliable Binary Options brokersThe second reason for losing money is unreliable platforms that try to cheat customers. So be careful when choosing a broker. Use our review method to find the best one.
3. No money managementTo be successful with a binary trading platform you need a trading strategy. Profitable traders create a set of rules for when to trade and when not to trade. Without a strategy, your results are based on luck and you can quickly lose all your money.
4. Emotional tradingAvoid emotional trading at all costs as it can lead to decisions that are bad for your wallet! Always do good technical analysis and focus on the data rather than your emotions.
5. No strict trading strategyA trading strategy is needed to be successful in binary trading. Profitable traders create a set of rules when they do and do not trade. Without a strategy, your results are based on luck and you can quickly lose all your money.

Exchange vs. OTC (over the counter) Binary Options brokers

Now we would like to go into more detail about the differences between exchange and OTC brokers.

Exchange brokers

Exchange brokers act more like traditional middlemen. Their primary role is to connect a seller of an asset with a potential buyer, in return for a commission. Market dynamics, such as supply and demand, dictate prices. If there are more sellers than buyers, the price tends to fall. Conversely, if there are more buyers than sellers, the price tends to rise.

Such brokers remain neutral about the outcome of the trade. They don’t bear any risk in the trade unless it involves credit and earn their commission regardless of the outcome of the trade. With the broker’s risk minimised, successful traders often see higher returns. Commissions, which are relatively small compared to the size of the trade, don’t significantly affect the payout.

OTC (Over the Counter) brokers

In contrast, OTC brokers are common, but they don’t fit the traditional definition of a broker. They act as the counterparty to a trade. This means that when a trader opens a position, the broker stands to make or lose money, depending on the outcome of the trade. The broker’s profits are only guaranteed if another trader makes an exact opposite trade. Given the increased risk, these brokers typically offer a reduced payout to offset some of the risks.

The difference between exchange brokers and OTC brokers

As a result, payouts from an OTC broker are generally lower than those from an exchange broker. Some brokers have introduced mechanisms to further mitigate the risks. The simplicity of binary options remains with OTC brokers. They’ve also started to offer features such as ‘cash out’ values for options, allowing traders to close positions earlier and set stop losses. Over time, as these features become standard, the gap between OTC and exchange brokers may narrow.

For now, many traders may find it beneficial to trade on an exchange, but should familiarise themselves with the differences, possibly using a demo account.

Binary Options broker fees and commissions:

Binary Options broker fees and commissions icon

Besides knowing the difference between exchange brokers and OTC brokers, it is important for you to understand fees and commissions, as these are the costs you pay to a broker. As you may know, the lower the fees you have to pay, the higher the profit margins you can make in binary trading if you make the right prediction. In general, broker fees consist of trading commissions, which are either fixed or variable. Spreads, which are the difference between the buy and sell prices, are charged per trade and vary from broker to broker. This makes it all the more important to shop around to avoid paying excessive fees.

We have analysed the fees and commissions of the brokers featured here and weighted them accordingly. The fees of the binary broker Pocket Option are comparatively low, making this broker a good entry point into binary trading for many.

Benefits of using multiple Binary Options brokerages

Benefits of using multiple binary options brokers

As you have just learned, the fee structures and offers differ significantly from broker to broker, which results in various benefits of using multiple binary options brokers.

  • While one broker charges relatively high fees for a certain asset, another broker may offer the same asset for trading at more favorable conditions. Especially if you trade several instruments, it is advisable to compare the fees of the multiple brokers again and again.
  • Secondly, risk management also plays an important role. By using several binary options brokers, the risk is spread over several platforms. For example, if one platform shuts off, you do not risk your entire money and can protect yourself accordingly.
  • Also, different brokers have access to different areas of knowledge. So if you want to become a binary trader and acquire a broad knowledge, it is generally advisable to have an account with several brokers in order to take advantage of the learning opportunities and thus deepen your knowledge.

Should you use multiple Binary Options brokers?

For the reasons mentioned above, it may make sense to choose several top binary options brokers. Ultimately, however, it should be said that it is easy to get bogged down if you have several accounts and there is a risk of losing track of them. Trading should also not be overly complicated – we advise you to choose 1-3 of the best brokers to have an account with. It is best to choose brokers that are regulated. For example, Pocket Option is regulated by the IFMRRC, offers excellent conditions, and is therefore a good choice if you are looking for a trustworthy binary options broker.

On which broker can I use a Binary Options robot?

In the world of binary options trading, automation has become a much sought-after feature. Many traders are looking for ways to automate their trading strategies in order to maximize efficiency and profitability. One of the ways to achieve this is through the use of binary options robots. These are software programs designed to automatically execute trades based on pre-defined criteria without trader intervention. While many brokers offer various trading tools and platforms, not all offer the option of using automated trading robots.

Let’s look at two brokers that offer this feature:

Deriv – Automated trading with DBot

The official landing page of the Deriv DBot

Deriv is a clear recommendation for anyone looking for a good binary options broker that allows automated trading. This binary options broker has a platform called DBot that enables traders to create their own automated trading robots. They do this by using a drag-and-drop strategy builder that is built into their platform. The advantages of using this robot are immense. It lets you create your own strategies without having to write any code. DBot is web-based and runs 24/7, even when your computer is turned off.

➔ Trade automated on Deriv

(Risk warning: Your capital can be at risk)

Pocket Option – Various trading robots available through third parties

The M2 trading robot for Pocket Option

An excellent platform that does not have its own trading robot but does allow the use of trading robots is Pocket Option. Here, traders can find several third-party tools to use. Unlike with Deriv, you are not tied to a tool like DBot, but can choose which bot to use. The market offers a variety of tools, not all of which are reputable, which is why many question whether Pocket Option robots are scams or not.

The short answer is that not all robots are scams, but you have to pay enormous attention. This makes it all the more important to find the right robot for Pocket Option.

Once you have found a good Pocket Option robot, you can automate your trading and focus on the strategic side of trading, such as money management or pursuing risk management strategies. Of course, the robot’s parameters must be set correctly, which you should always pay attention to.

➔ Trade automated on Pocket Option

(Risk warning: Your capital can be at risk)

Conclusion: The best Binary Options broker is Pocket Option!

Concluding definitively that a certain brokerage is the best one you can sign up with is not easy. Some users like a simple layout, while others prefer having all the data on their screen. In other words, it’s a question of personal taste.

Pocket Option is in our comparison the best choice for traders! The binary options trading platform is unique and offers a lot of functions for analysis and trading strategies. Deposits and withdrawals are working very fast without any fees. Moreover, you can use a free Pocket Option demo account or start with only $ 10! Compared to other Binary Options brokers, Pocket Option has the highest return on investment!

Nevertheless, trading platforms can vary in terms of quality. Platforms that have a simple layout can be more or less easy to use in comparison. 

In general, trusted binary options brokers that offer both Binary Options and CFDs have a more feature-loaded platform. 

This post highlights all of the pros and cons of the top brokerages in the industry. Your next step should be narrowing down brokerages and selecting the one that suits you best. Our choice is definitely Pocket Option, as you saw in our comparison!

See the top binary options brokers list here: (check out all reviews)

  1. Pocket Option
  2. Quotex
  3. IQ Option
  4. Deriv
  5. Expert Option
  6. Olymp Trade
  7. Binarycent
  8. RaceOption
  9. Binarium
  10. Exnova
➔ Sign up your free account with the winner Pocket Option!

(Risk warning: Your capital can be at risk)

Frequently Asked Questions:

Where can I do binary trading? Where to trade binary options?

You can trade binary options by signing up with the binary options best brokers that allow trading without restrictions. You can find the right brokerage by going through our guide above and reading the binary options broker reviews. The best binary option broker is presented to you on this website.

Which binary options broker is best?

Good binary trading platforms offer unique perks and have unique downsides. Further, traders have different needs, and what may be best for one trader may not work for another trader.
To find the best binary options broker, note the features you cannot go without, and find a brokerage that offers every feature you want. From our comparison, Quotex is the best binary broker because it offers a high yield, a lot of assets, and a user-friendly platform.

How do you know if a binary options broker is legit?

The best way to know if a broker is legit is to ensure it’s regulated. Regulatory oversight ensures that your money goes into the right hands, decreasing the risk of fraud. 
If a brokerage is not regulated, it does not indicate that it is not legitimate. Many reputed brokerages avoid regulation so they can offer more assets to traders.

Which broker has binary options?

Not every broker offers binary options – some offer just forex pairs while others offer CFDs. When looking for a broker for trading binary options, go through the assets it offers and ensure it allows binary options trading.

What is considered a high Binary Options broker payout?

The range of Binary Options payouts is between 50 – 100%. A high Binary Options payout can be considered above 90%. Not all brokers are offering these conditions.

What is the best company to get your money back from a scamming Binary Options broker?

There is no best company to get your money back; these companies are often a scam themselves, so be careful! We advise you to do recharges by your bank or payment provider to get your money refunded.

How do Binary Options Brokers make money?

Binary options brokers usually make their money with spreads and commissions. Platform fees are charged whenever a trade is executed. Some also finance themselves through monthly subscriptions or other offers, such as advanced learning resources for a fee.