The best 5 binary options trading accounts in comparison
Table of Contents
As we all know, trading is a risky business. No matter how careful you are, there is still a possibility of incurring a loss. There are also several scam websites or brokers that disguise themselves as reputable companies.
This is why it’s essential to do your research before investing your hard-earned cash. Also, you would want a broker who can offer the assets you wish to trade at the price you want. The trading platform is also significant. If it’s hard to navigate, you will be wasting time looking for a particular tool instead of trading.
Here is a list of the 5 best binary trading accounts available on the market. Although a lot of information is already written here, it’s also a good idea to check out the websites.
See the complete binary options brokers list here:
Binary Options Broker: | Review: | Return on Investment: | Available Markets: | Advantages: | Account: |
|---|---|---|---|---|---|
1. Quotex  | 95%+ | 100 assets+ (Crypto, forex, indices, commodities, stocks) | Live account from $ 10 (Risk warning: Your capital can be at risk) | ||
2. IQ Option  | 94%+ | 400 assets+ (Crypto, forex, indices, commodities, stocks) | + Excellent support + Many indicators + High yield + Multiple payment options | Live account from $ 10 (Risk warning: Your capital can be at risk) | |
3. Pocket Option  | Up to 95%+ | 100 assets+ (Crypto, forex, indices, commodities, stocks) | Live account from $ 50(Risk warning: Your capital can be at risk) | ||
4. Olymp Trade  | Up to 92%+ | 100 assets+ (Crypto, forex, indices, commodities, stocks) | Live account from $10(Risk warning: Your capital can be at risk) | ||
5. Binomo  | Up to 90%+ | 60 assets+ (Crypto, forex, indices, commodities, stocks) | Live account from $10(Risk warning: Your capital can be at risk) |
(5 / 5)
(4.7 / 5)List of the 5 best binary trading accounts
The list of the 5 best binary trading accounts includes:
- Quotex – Our number one binary broker
- IQ Option – One of the most popular binary brokers
- Pocket Option – Excellent broker with good bonus programs
- Olymp Trade – Strong demo account broker
- Binomo – Mobile trading made easy!
1. Quotex – Our number one binary broker
Quotex was launched in 2019 by a team of experienced developers with many years of experience in trading. It is known to be a part of Awesome Ltd, a company located in Seychelles. It is regulated by the IFMRRC or the International Financial Market Relations Regulation Center.
With Quotex’s innovative trading platform, you can trade any of the various binary options offered by this broker. All in all, there are 27 forex pairs, 15 indices, and various commodities. There are also four cryptocurrencies that are available, Litecoin, Ripple, Ethereum, and Bitcoin.
Quitex’s trading platform is web-based, which means you won’t need to download the platform. Alternatively, you will be able to access it from your web browser. The platform is fairly straightforward. It also offers copy trading and advanced charting options.
The form to create an account will ask for your email address, password, and desired currency. Your choices for the currency are USD, EUR, GBP, BTC, and BRL. IDR, MYR, INR, KZT, RUB, THB, UAH, and VND. Alternatively, you can sign in via your Facebook, VK, or Google account.
Just like most brokers, Quotex also offers a free demo account to its probable clients. The demo account comes equipped with $10,000 in virtual funds and access to the web-based platforms and all the available assets. If you are new to binary trading, then a demo account is the best way to learn how to trade this asset.
Once you are ready to trade live, a minimum deposit of $10 is required. Payment methods such as Bitcoin Payments, MasterCard, Visa, Neteller, Perfect Money, Skrill, QIWI, UnionPay, and Webmoney are supported by this particular broker.
It is easy to contact its customer support system. Simply fill up the online form found on the website and hit send. There is also a live chat option on the website where you can chat with knowledgeable representatives to assist you or answer your questions.
The main website supports German, Russian, Italian, Filipino, French, Indonesian, Thai, and many more languages. Its main office can be found in Awesome Limited, Republic of Seychelles, Mahe Island, Victoria City, Francis Rachel Street, Sound & Vision House, 2nd Floor, Office 1.
Benefits of Quotex:
- Regulated by IFMRRC
- Free demo account
- Quotex bonus available
- The Quotex minimum deposit is $10
- 400+ options
- Has its own web-based platform
- No spreads for crypto and forex
- Easy withdrawals on Quotex
- No commission or margin requirements
- Live chat and email support
- Copy-trading and deposit bonuses
(Risk warning: Your capital is at risk)
2. IQ Option – One of the most popular binary brokers
IQ Option is a part of IQ Options Europe Ltd and is based in Cyprus. It was created in 2013, and it has continuously grown since its inception. In 2020, it had a record of more than 48 billion clients from more than 150 countries, with an average trade per day of over 1.3 million.
IQ Option is a CIF or a Cypriot Investment Firm with a license number 247/14 and is regulated by the CySEC or the Cyprus Securities Exchange Commission. The CIF permits this broker to offer its services within the EEA. But for clients outside of the EEA, IQ Option Ltd offers its services. It is based in Seychelles and is regulated by the FSA or Financial Services Authority.
There are over 68 options to trade with this broker. Included here are Facebook, Snapchat, Nike, USD/ZAR, USD/INR, Amazon, and many more. A full list can be found on the broker’s website. All these can be traded with a minimum investment of $1 and zero fees.
Unlike most brokers, IQ Option utilizes its own trading platform. This can be accessed on both desktop and mobile devices. There is a wide selection of trading tools as well as multiple features that will assist you when trading with IQ Option.
The mobile trading platform can be downloaded via the Apple App Store and Google Play Store. It comes with all the features found on the desktop version but offers a more mobile-friendly interface so you can easily navigate through it on your phone.
Creating an account only requires you to input your email or phone number and password. You can also sign up using Google or Facebook. The same process is also used when creating a demo account. IQ Option funds the demo account with $10,000 in virtual cash. If you run out of virtual funds, you can easily contact them to replenish your account.
The minimum deposit on IQ Option is only $10, and you can add funds using Alipay, MoneyGram, Perfect Money, credit card, Skrill, Vietcombank Transfer, wire transfer, and Yandex Money. These methods can also be used to withdraw funds from your account.
Customer support is available 24/7 via email, telephone, or live chat. The website supports numerous languages, including English, Russian, German, Dutch, Polish, Turkish, Malay, and many more. IQ Options does not accept traders from the United States, Switzerland, the United Kingdom, Portugal, Spain, Romania, Italy, Netherlands, Germany, Canada, the Russian Federation, Sweden, Denmark, France, Belgium, Israel, Japan, and Turkey.
Benefits of IQ Option:
- Regulated by CySEC and FSA
- Free demo account with $10,000 in virtual funds
- The minimum deposit is $10
- 68 options
- Has its own web-based platform and mobile app
- Low spreads and fees on IQ Option with a payout reaching 900%
- No commission for options trading
- 24/7 multilingual live chat, phone, and email support
- Chance to win up to $100,000 when you join competitions
(Risk warning: Your capital can be at risk.)
3. Pocket Option – Excellent broker with good bonus programs
This broker is registered In the Marshall Islands and was created in 2017. It is relatively new to the trading scene, but it already has more than 100,000 registered clients from over 90 regions and countries. Its average trading income per month is upwards of $800,000, and its trading turnover is more than $500,000,000
Pocket Option is regulated by the IFMRRC of the International Financial Market Relations Regulation Center with a license number TSRF RU 0395 AA Vv0158. You can easily view important documents such as the responsibility disclosure, Privacy Policy, and many more on its website.
There are 100+ tradeable assets with Pocket Options. You can see a full list on the website. Included in the list are forex, commodities, stocks, and cryptocurrencies. You can trade these assets on its proprietary trading platform that can be accessed through any web browser on mobile and desktop devices.
The trading platform supports 22 languages. These are English, Russian, Portuguese, Spanish, Italian, Polish, Indonesian, French, Thai, German, Vietnamese, Arabic, Malay, Chinese, Turkish, Japanese, Korean, Persian, Bosnian, Romanian, Croatian, Hindi, and Greek.
If you are only starting out and you want to get to know the platform a little more before you start trading with your hard-earned cash, you can practice on a demo account. This comes with a virtual amount of $10,000, and you can trade any of the available assets. Additionally, there are multiple educational materials found on the website.
Signing up for a live account only takes a couple of minutes. Your email and password are required when creating an account. Alternatively, you can sign up using your Facebook or Google account. A minimum deposit of $50 is also required, and you can add this amount using VLoad, Bitcoin, Perfect Money, Advcash, and many more. These methods also double as withdrawal methods.
If you have additional queries or have trouble navigating your way through the platform, you can contact their customer support system through telephone or live chat. You can also send them an email with your question or concern. You can also send them a message via Facebook or Twitter.
Benefits of the Pocket Option
- Regulated by IFMRRC
- Free demo account on Pocket Option with $10,000 in virtual funds
- The minimum deposit on Pocket Option is $50
- 100+ assets
- Has its own web-based platform and mobile app
- No commission
- Multilingual live chat, phone, and email support
- Deposit bonus on Pocket Option
(Risk warning: Your capital is at risk)
4. Olymp Trade – Strong demo account broker
Established in 2014, Olymp Trade boasts of providing excellent service to its clients for six continuous years. Now, they have over 25,000 registered clients from around the globe. It has a collection of multiple prestigious awards, including Best Options Broker in 2017 and Best Trading Platform in 2016.
It is regulated and monitored by FinaCom or the Financial Commission, and its platform is certified by the Verify My Trade examination. This broker also partners with humanitarian organizations to provide charity missions for those in need.
There are multiple tradeable assets on this platform, including stocks, metals, cryptocurrencies, indices, forex, and commodities. A full list of the assets can be found on Olymp Trade’s website or trading platform.
The web-based trading platform is available on desktop and mobile devices. It also has a dedicated desktop application available for both Mac and Windows operating systems and a mobile app available for Android and iOS.
The platform and website support English, Indonesian, Hindi, Vietnamese, Russian, Thai, Portuguese, Arabic, French, Chinese, Korean, Japanese, Malay, and Spanish. It is user-friendly and can be customized via color and graph type.
You can promptly create an account with only your email and password. You will need to choose which currency you want your trades to be executed in. You can choose either USD or EUR. Alternatively, you can sign up using your Apple ID, Facebook, or Google account.
Signing up also allows you to trade on the platform using a demo account. It will be pre-loaded with a virtual balance of $10,000, which you can use to familiarize yourself with the platform and how to trade a particular asset class.
A minimum deposit of $10 is required, and you can fund your account with either Skrill or Yandex Money. You can use promo codes to get up to 50% off your initial deposit. You can withdraw your funds via your bank account. The processing time usually takes between one to three business days.
If you encounter any problems or have additional questions, you can send them an email or give them a call. Customer support on Olymp Trade is available 24/7, and there is even a live chat system on the website and Olymp Trade trading platform.
Traders from Australia, Canada, the United States, Austria, Japan, Bulgaria, Belgium, Thailand, Cyprus, Denmark, Finland, Germany, France, Italy, Ireland, Israel, Latvia, Netherlands, Lithuania, New Zealand, Norway, Poland, Portugal, Slovakia, Romania, El Salvador, Switzerland, Spain, Sweden, the United Kingdom, and the Russian Federation can not use Olymp Trade.
Benefits of the Pocket Option
- Regulated by FinaCom
- Free demo account on Olymp Trade with a virtual fund of $10,000
- The minimum deposit is $10
- Multiple tradeable assets
- Has its own web-based platform and Olymp Trade mobile app
- No commission
- Live chat, phone, and email support
- Promo codes with a 50% bonus
(Risk warning: Your capital is at risk)
5. Binomo – Mobile trading made easy!
Binomo was made in 2014 for short-term traders to profit from the volatility that the market brings. Even though they’ve only been in the game for a few years, they currently support more than 800,000 traders daily in more than 130 countries.
They are a member of The Financial Commission, which protects customers’ interests as well as provides additional regulation and reputation to all brokers affiliated with them. Their clients can be assured that Binomo will be transparent about all the trades entered into their system.
Aside from that, Binomo is seeking more ways to become more credible and reliable for its clients by applying for further licensing. Additionally, Binomo is certified and rated under Category A by the International Finance Corporation, an organization that reviews environmental and social risks on investment platforms.
They have developed their service to provide up to 73 assets for their VIP clients. These assets include the most popular currencies, equities, and some of the most traded indices.
Binomo provides clients with a proprietary platform that is practical and simple to use. The platform was built to provide efficiency when trading binary options, and it is also available on Android and iOS devices. Versatility is needed when trading on the go, and they deliver.
To sign up, you need to input your email and password. Interested clients also have the option to link their Google or Facebook accounts for an easier time signing up.
Afterward, clients are given multiple choices about which currency they want their funds to be in. This could be your local currency, the dollar, or the euro.
Binomo offers a demo account for existing and new clients to practice trading with binary options. Unlike other platforms that limit the use of their demo accounts, Binomo showcases all of its features so that clients can fully experience trading under normal conditions. This broker provides $1,000 in demo account funds regardless of your account type and deposit amount.
To start live trading with Binomo, clients need to have $500 in their accounts. Then, they can make trades for as low as $50.
With Binomo, you get added benefits the more you fund your account. Upon depositing $1,000 and reaching VIP status, you get fast access to withdrawals, invitations to VIP-only tournaments, maximum deposit bonuses, added profitability, 10% cashback, portfolio insurance, a personal manager, and risk-free trades.
The website supports 12 different languages that, include English, Indonesian, Portuguese, Vietnamese, Spanish, Turkish, Chinese, Hindi, Ukrainian, Thai, Kazakh, and Arabic.
This broker accepts clients from around the world, but their services do not support clients that are residents or citizens of Thailand, the USA, Malaysia, Belgium, Croatia, Denmark, Finland, Greece, Ireland, Italy, Latvia, Luxembourg, the Netherlands, North Korea, Canada, Australia, Austria, Bulgaria, Czech Republic, Estonia, France, Hungary, Italy, Lithuania, Malta, Poland, and Portugal.
Benefits of Binomo
- Regulated by IFC and is a member of The Financial Commission
- Free Binomo demo account
- Low minimum trade amount
- Multiple benefits for VIP-tier accounts
- Binomo withdrawals
- Proprietary trading platform
- More than 70 tradable assets
- No commission or fees on Binomo
(Risk warning: Your capital is at risk)
What is a binary trading account?
A Binary Options trading account, as the name suggests, allows you to trade binary options with your selected broker or exchange. Keep in mind that Binary Options are different from traditional real options contracts, wherein the former puts traders against brokers, while real options contracts will let investors interact directly with the market and other traders.
With binary options, you can profit from betting whether a certain asset will reach a certain price. At the end of the trade, you will either get a huge sum relative to your initial investment or lose your invested amount.
The cost of the option you’ll purchase, and the potential profit are based on a few factors, including price volatility and fluctuation, its expiry date, and market sentiment. What makes options different from regular investments such as stocks and forex is that options are usually cheaper than its counterpart, but the risks are higher.
To profit from this tradeoff, the trader should have a high hit rate and should practice proper risk management. The biggest risk that binary options have is that most brokers that offer this service don’t allow exiting a trade early and thus making each binary options trade an all-or-nothing action.
Since binary options brokers don’t charge any fees, you will be competing directly with the broker, and you will be profiting from correct trades while they collect money from your losing trades. One of the best things about binary options is that liquidity will never be a problem since no asset is owned throughout any trades with binary options.
Although most of these brokers are regulated, they do provide accurate payouts as long as you have a profitable trade. Aside from that, only a few that offer binary options are regulated, which adds risks to traders. There are some legit and regulated brokers from the USA, but they offer binary options a bit differently.
How to open a binary trading account
Opening a binary trading account only requires basic information like your email and password. You can even link your Google or Facebook account to make the process easier and quicker. The registration form varies depending on the broker, but it is 100% free to create an account.
Step 1 – Verification process
Most brokers only need to verify your email when you create an account. When withdrawing, proof of identity and proof of address may be required to complete the process. This is to ensure that your funds are safe and only you can withdraw them.
Step 2 – Practice on an online binary demo account
Demo accounts are used to test out a trading platform and its features. Think of it as a free trial of the broker’s platform. It comes with virtual funds, and you have access to all the features, tools, and assets available.
It can also be used as a training ground for beginners. Professionals or well-seasoned traders can also test out strategies or hone their skills by using the free demo account. Usually, a demo account will automatically be opened when you open a live account. This makes the process easier, so you can test it out as soon as possible.
Step 3 – Start trading!
Once you have practiced trading on the binary demo account, you should feel confident enough to start trading on a real account. Keep in mind to use some of the best binary trading strategies to have better chances of winning.
(Risk warning: Your capital is at risk)
Deposits and withdrawals
The deposit methods often double as withdrawal methods as well. Most brokers don’t have deposit fees but make sure to double-check for any withdrawal fees. Deposits are instant, but withdrawals can take one to seven business days, depending on the withdrawal methods you use.
Fees for a binary trading account
There are no fees to open a binary trading account. Some brokers charge a commission, and some fees come in the form of spreads. Keep an eye out for these when trading. Make sure to read the terms and conditions to avoid any future problems.
Conclusion: High return on investment is possible with the best binary options trading accounts!
No matter how great a broker is, trading still comes with risk. You must do your own research and only invest what you can. But you can rest assured that all the brokers on this list are reputable and can be trusted.
(Risk warning: Your capital is at risk)
Last Updated on February 17, 2023 by Andre Witzel
