Options trading can be very complicated. There are many different things to manage while doing it, and you may struggle to keep track of them all. An easier option for many traders is using a binary options trading platform.
Binary options trading has only two possible outcomes. Either your prediction happens and you get paid a fixed amount or it doesn’t and you get nothing.
If you’re interested in binary options trading, we’ve got you covered. Keep reading to find our review of the top Best Binary Options trading brokers for your forex trading and more.
What are the top best binary options brokers of 2023?
Binary options platforms have different benefits for traders. Below we ranked the best brokers. We based this on their trading platform, deposits, regulation, company reviews, and payouts. Some offer deposit bonuses and higher payouts, and some brokers offer fast deposits and withdrawals.
- Pocket Option – Best Binary Options Trading Platform Overall
- ExpertOption – Best Social Binary Trading Platform
- Nadex – US-Based Binary Brokerage
- Olymp Trade – Best for International Binary Options Traders
- Binary.com – Best Advanced Binary Options Trading Platform
- Quotex: Most Affordable
- IQ Option: Best Financial Instruments
- RaceOption: Best Sign-Up Bonuses
- Binomo – Best Binary Options Tournaments
- CMC Markets: Best Trading Tools
Top 10 Best Binary Options Brokers
1. Pocket Option
Pocket Option is an all-around winner for binary trading with its free demo account, a wide variety of binary options market choices, and low initial deposit requirement.
It is one of the top binary options brokers for several reasons. First, it’s a reliable broker that’s free to start using and has a low minimum trade size and commodity futures trading commission amount. It also lets you trade binary options of many different types and with many binary trading signals.
The one downside to this best binary trading platform is that it isn’t regulated by the Securities and Exchange Commission (SEC) or any other financial industry regulatory authority, which makes them unregulated brokers.
Pocket Option, founded in 2017, and owned by Gembell Limited, is a broker based in the Marshall Islands. Their trading platform has over 100 assets, including stocks, Forex, Cryptocurrencies, Commodities, and indices. The company has a good reputation and is considered safe. Pocket Option offers a demo account, comprehensive education, easy deposits and withdrawals, technical indicators, and trading signals. They serve more than 10 million clients and accept many different deposit methods.
2. Expert Option
Expert Option is a binary options exchange that offers 100+ binary options. They are regulated by the VFSC (Vanuatu Financial Services Commission) and FMRRC (Financial Market Relations Regulation Center). Their trading platform has more than 50,000,000 trading accounts. Great technical analysis tools, 24/7 trading, and an initial deposit bonus make ExpertOptions a great choice. They execute over 30,000,000 deals each month. Their offices are in Saint Vincent and the Grenadines.
ExpertOption offers different account types, depending on the initial deposit. The minimum deposit is $10. Depending on the account type, investors have different functionalities available. Expert Option offers a demo account, social trading, great education, and analysis tools. They have many different tiers of accounts ranging from their Micro account to Exclusive (invitation only). They work with over 20 payment systems, making withdrawals and deposits a breeze.
3. Nadex
Nadex (North American Derivatives Exchange) is one of the most popular binary options trading platforms. One of the big reasons for this is that it is regulated by the Commodity Futures Trading Commission (CFTC). Another one is that it makes trading very simple and easy to understand. This is thanks to a simplified trading format and intuitive platform. Of course, it also has advanced technical analysis tools such as the candlestick chart and a long list of indicators, including moving averages (MA), Bollinger Bands, and Stochastics, among many others.
The platform provides users access to many types of markets, including Forex, stock indices, commodities, and event economic events like the unemployment rate. This is only through a single account. Speaking of the trading account, Nadex has no initial deposit and no maintaining balance. So, the barrier of entry is close to nil. Moreover, users get to enjoy a very low trading fee of $1.00 per contract and another $1.00 for an in-the-money or winning trade as a settlement fee. There is no settlement fee when you finish out-of-the-money. With the feature, users will never ever lose more than they put up for the trade.
Nadex also offers other innovative products unique to the platform. These are Knock-Outs (Touch Bracket™) and Nadex Call Spreads. Both contracts have built-in floors and ceilings. All contracts have defined risks. Users, from the onset, will always know their maximum potential wins and losses.
Lastly, it also has a mobile app, NadexGo, for both Android and iOS users. So, you can trade or monitor your positions even on the go.
4. Olymp Trade
Olymp Trade is a category A broker at the International Financial Commission, founded in 2014. Over 25,000 traders use Olymp Trade every day with around 35,000,000 trades closed per month.
Olymp Trade is a Cyprus-based trading platform founded in 2014 and owned by Olymp Trade Ltd.. OlympTrade is a reliable broker and a member of FinaCom (Financial Commission) with a category A. The license protects positions with deposit insurance and support in case of disputes. Over 25,000 users trade every day. Olymp Trade offers a mobile trading app (Android and iOS), a desktop platform, MT4, and a web-based platform.
Deposits and withdrawals are quick and easy. They offer over 75 assets you can trade. Their website includes an excellent education portal.
Olymp Trade may be the right choice for you if you want to be able to learn about binary options on the same platform that you trade them. The site also has an innovative rewards system that gives you valuable rewards for consistent trading. However, it doesn’t have very many trading instruments.
5. Binary.com
Binary.com is a well-known broker founded in 1999 and recommended to both beginner and advanced traders. Choose from 100+ instruments paired with award winning-technology. Their services are not available to investors in the United States or Canada.
This online binary options and CFD platform is owned by Regents Market Group and operates under Binary Group ltd. They offer both binary and CFD trading. Binary.com is known in the industry and has over 1 million registered investors. Regulations under which they operate include BVIFSC (British Virgin Islands Financial Services Commission), MFSA (Malta Financial Services Authority), VFSC (Vanuatu Financial Services Commission), and LOFSA (Labuan Financial Services Authority). Binary.com has offices in Malaysia, Malta, Paraguay, and Dubai.
One of the best features is their execution speed. This allows you to execute your trades and analyze your portfolio in seconds.
Return rates at Binary.com can go over 100% on up/down positions and over 1000% on touch/no-touch and high/low trades. They have over 100 CFDs, and their tradeable assets include commodities, indices, cryptocurrencies, forex, metals, and forex.
6. Quotex
Quotex is a binary options broker, founded in 2019, that offers market signals on its bespoke web platform. Our review explains how to start trading with Quotex, including deposits and withdrawal fees, customer support and welcome bonuses. Sign up and start investing today.
Quotex is a brand name of Awesomo Ltd, a company based in the Seychelles. The firm seeks to combine powerful tools with straightforward digital options products. As such, it offers a convenient user interface, trading signals, indicators and fast processing speeds.
Selecting an asset displays its live price chart, and traders can view the data in multiple graphs in timeframes from five seconds to a day. The web platform has nine indicators that can be refined according to preference. 15 drawing tools are also available to help inform projections. To keep the display clean, users can hide the indicator name or additional details without losing their mark-up on charts.
The platform interface also displays a leaderboard with the top 20 earners for that day. In addition, the platform includes unlimited market signals, which are analysts’ recommendations about an asset, price direction, and duration, that users may choose to act on, offering a more manual form of copy trading.
7. IQ Option
“This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.”
IQ Option was established in 2014 and had since then received favorable reviews on the internet. It uses in-house software for trading. The maximum returns are 95% (in case of correct prediction). However, traders in Afghanistan, Albania, American Samoa, Australia, Belarus, Canada, Comoros, Crimea, Cuba, Democratic Republic of the Congo, Donetsk and Luhansk People’s Republics, Eritrea, Ethiopia, Guam, Haiti, Iran, Israel, Japan, Libya, Mali, Myanmar, North Korea, Palestine, Republic of Abkhazia, Republic of South Ossetia, Russia, South Sudan, Sudan, Syria, Transnistria, Ukraine, the United Kingdom, the USA, Vatican, and the U.S. Virgin Islands are not accepted. IQ Option LLC is well-known for reliable broker services.
It provides a wide array of web-based and mobile features that help make binary trading transparent, reliable, and more efficient. For instance, it offers a speed trading service with up to 5-minute increments and hourly binary options in 15-minute increments. It also offers trading expiration periods of up to a month. Moreover, its Digital Options service allows users to trade gold in over 500 assets.
8. RaceOption
Raceoption is a binary options broker with a robust copy trading platform, perfect for beginner investors. Short withdrawal processing, flexible trading hours, multiple deposits, and withdrawal options. It offers a 20%-100% initial deposit bonus. These are a few of the things that make this platform great.
RaceOption is based in the United Kingdom, established in 2014. Their platform offers stocks, currencies, commodities, and indices. There are 100+ trading assets available. Users can trade on both mobile and desktop 24/7. The minimum trade size is $1, and the minimum deposit is $250. Race Option guarantees 1-hour withdrawal processing, 24/7 customer support, and copy trading.
They offer deposit bonuses, but you must meet specific terms. RaceOption, similar to IQ Option, hosts trading contests (or tournaments) where investors can win up to $20,000. Depending on the size of your initial deposit, you can open a bronze, silver, or gold account. Each account type comes with different benefits.
9. Binomo
Binomo is registered in St.Vincent and the Grenadines. They offers binary options, Forex, Cryptocurrency, and CFDs. They are a category “A” member of the IFC (International Financial Commission). This ensures their transparency, quality of service, and a neutral dispute resolution by an organization if needed. Clients have deposit insurance of $20,000.
Traders can open a standard or VIP account, which comes with extra benefits. Traders that deposit $1,000 upgrade to the VIP account. Binomo doesn’t offer as many assets as other brokers. The standard account offers 14 markets and payouts up to 85%. VIP accounts offer 42 markets, a maximum payout of 90%, 10% cashback, a personal manager, deposit bonuses, and fast withdrawals.
You can also open a demo account with $1,000 virtual money and try out the platform.
You can sign up for a $1,000 demo account but has limited assets available.
10. CMC Markets
UK-based CMC Markets has been a forex broker since 1989 but only went into binary options in 2015. Still, that’s a long history of trust and reliable operations compared to most binary options brokers. On top of that, it is regulated in the UK.
Today, it trades in indices, commodities, shares, treasuries, and forex, but US clients are not yet accepted. There is no minimum deposit, and there are no bonuses, too. Returns also vary depending on the product.
Meantime, the platform is customizable and includes charting tools, pattern recognition functionality, various screen layouts, and multiple timeframes. The system is accessible from Android and iOS devices. Support is UK-based and consists of live chat, email, phone, and fax.