Which is the best binary options broker? That’s a loaded question, and it’s one that doesn’t have an easy answer. Just because a broker is great for one person doesn’t mean that it will be beneficial to another. Each trader has their own needs, and if you want to find the best broker for you, you need to take your background and strategy into account before making that choice. There are many things that you will need to consider, but the bottom line is, the best broker for you is where you are able to make the most amount of money. Let’s break it down a little bit more and see what the big things that you need to think about before committing.

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Getting to Know the Platform

When you’re first starting out, you will benefit from mostly call and put options. These are the basic two binary options, but there are many other “exotic” options to choose from. Some brokers have more choices than others. There are three big platforms out on the market right now: SpotOption (CherryTrade, Banc de Binary, Porter Finance), Tradologic, and Tech Financials (24Option) ranks in at the number three spot. The platform does matter, as this is the company that backs up all the trades, setting the prices and monitoring the status of the outcome. All three of these platforms are highly reliable. Just ensure that your broker is equally reliable before proceeding.

The platform also helps to determine which types of trades are available. If the platform doesn’t offer one touch trades, the broker can’t choose to offer them, either. Also, some platforms are simpler in nature than others. Look around at several different sites and see which flows the smoothest for your purposes. Also remember that platform determines the rate of return. If one is offering 78 percent on a trade and another is offering 82 percent, the higher return is going to benefit you more. Even an extra 3 or 4 percent per trade can add up to thousands of dollars in profits every year. Brokers do have some say in this, but platform sets the tone for what the broker will choose.

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Finally, signals services, and robots in particular, are often platform dependent. If you are interested in automating your trading, the biggest platform (SpotOption) will have the most amount of opportunities for you, although this is expanding.

Don’t Get Scammed

Look out for scams to protect yourself. You work hard for your money, and there’s no point in putting it into the wrong broker and losing it before you can even use it. Scams exist, but they are really few and far between. What’s more realistic than a straight Ponzi scheme is a broker that will nickel and dime your money away. That includes bonuses that are heavily pushed, yet impossible to attain, lower than standard returns, and otherwise give you no chance to maximize your money making abilities. If the site isn’t giving you chances to earn more, they are hurting you.

You Can Learn a lot from a Demo Account

Demo trading is a great way to test drive a site. At best, it will let you know whether or not the broker’s platform is right for you as most brokers will only let you keep the account open for three days. Most of the sites will require you to make a deposit before giving you access to demo trading, but a handful do not. Even if you do need to make a minimum deposit, there’s nothing that says you must use that money to trade. Once your transactions clear, you are free to withdraw that money.

Three days isn’t enough time to perfect your trading, but it is enough time to get a feel for what the site will have to offer you. It’s also a good way to try the types of trades that you never have considered before. So, while an experienced trader might think they don’t need a demo account, it does allow them to try something that they would never have tried otherwise, and it allows them to do it risk free.

If you want a demo account, contacting the site’s customer support team is the fastest way to gain access to one.

How do you go from looking at a site, to choosing the best binary broker for you? Take 24option for example, look at what you trade and how you trade it. Make sure the broker offers those things at high rates of return. See that they have bonuses that are worthwhile and that you can actually earn them. Also, make sure that the site is reliable and not a potential scam. See how other people have done on those sites by reading reviews and talk about it in trading forums. Finally, if there are any special features that you wish to have, such as a trading robot or demo trading account, ensure that you can use them at your site of choice. Make a list of what you’re looking for, rank it by priority, and then find the broker that meets those needs. It’s that simple to find the best broker.
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