9 Best Binary Trading Apps For Beginners 2024
Best binary trading app for beginners - Pocket Option
Top binary trading apps for beginners:
Pocket Option - best app for social trading
Quotex - best for no trading fees
IQcent - best for mobile trading (Android and iOS apps)
Binary options trading platforms allow you to trade on the price movements of a wide range of assets. These can be stocks, indices, commodities, and currency pairs.
With these mobile binary options trading apps, you can trade wherever you want and whenever you want - at home on your sofa, on the train, or on holiday. Many brokers provide their traders with demo accounts (practice account), so it is possible to practice binary options trading even before you deposit money.
In this review, we have presented nine mobile binary options trading apps for beginners. We will take a look at the features of each app in order to help you choose the best binary trading app.
What are The Best Binary Trading Apps For Beginners?
When choosing the best options trading app, it's important to consider certain features. We have kept the following features in consideration to pick the best binary trading apps for beginners.
How to make money with binary options?Easy to Use
A binary trading app should be easy to use so that you can focus on your trading. The app should be easy to navigate and have a user-friendly interface.
All apps mentioned in this list are straightforward to work with, so you don't have to worry about a learning curve.
Low Minimum Deposit
A good binary options trading app will have a low minimum deposit so that you can get started with minimal investment. Some apps have a low deposit of up to $1.
We've discussed binary trading apps with low minimum orders and deposits since that's the most optimal option for beginners.
Demo Account
A demo account is a great way to practice binary options trading before you actually invest your money.
A demo account is free of charge, and you can test all features of the platform without risking your own capital. All apps in this list provide demo accounts so that new traders can get started with binary options trading easily.
Passive Income Options
Many people use a binary options trading app to earn passive income in the form of short-term investment. Binary options offer a high payout percentage, so they are a great way to make a profit with relatively low risk.
The apps in this list have several passive income options, such as managed accounts, copy trading, and social trading. You can choose the app offering the investment options that fit your needs.
Trading Assets
Trading assets are the assets on which you can trade. Stocks, currencies, commodities, and indices are some of the most popular trading assets.
Most apps also provide more exotic investments like weather events, politics, or sport results. All apps in this list have a great choice of trading assets to help you get the best return on your investment.
How to Learn Binary TradingBest Binary Options Brokers With Low Minimum Deposit
| Broker | Minimum Deposit | Minimum Order | Assets | Promo | Open an Account |
|---|---|---|---|---|---|
$50 |
$1 |
Forex, Indices, Cryptocurrencies, Stocks, Commodities |
50% Bonus For Opening Real Account |
|
|
$10 |
$1 |
Currency pairs, commodities, cryptocurrencies, indices |
30% Deposit Bonus |
|
|
$20 |
$1 |
Сurrency pairs / CFD, Commodities, Options, Crypto, Currencies, Stocks |
100% bonus on account deposit |
|
|
$5 |
$1 |
Forex, commodities, indices, synthetic indices |
- |
|
|
$10 |
$1 |
Commodity pairs, indices, stocks, commodities, currency pairs |
25% welcome bonus |
||
$10 |
$1 |
Stocks, Commodities, Crypto, Options, currency pairs / CFD, Currencies |
- |
|
|
$50 |
$1 |
Commodities, Currencies, Options, Stocks, Crypto, currency pairs / CFD |
For deposits from $50 to $999 a trader receives a 20% bonus, from $1,000 to $2,999 - a bonus of 50%, and for deposits of $3,000 and more a bonus of 100% |
|
|
$10 |
$1 |
Stocks, commodities, ETFs, Forex, cryptocurrencies |
- |
|
|
$10 |
$1 |
Stocks, currency pairs, commodities, cryptocurrencies |
20% bonus on amounts of $30, $50, or $100 |
|
Best Binary Options Trading Apps 2024
Here's a list of the best binary trading apps.
Pocket Option - Best App for Social Trading
Pocket Option platform
If you're looking for the best binary trading app for social trading, Pocket Option takes the win. The platform has several analysis tools, low minimum deposits, and remarkable payouts.
To date, Pocket Option has been used by over 10 million users in more than 95 countries. The app has more than 100 assets, including but not limited to stocks, commodities, Forex, and cryptocurrencies.
Beginners also get a demo account that does not require any kind of registration. You can use this account to trade virtual funds and practice trading. The unique thing about Pocket Option is the social trading feature, which lets you track the trade of other successful traders and follow their pattern for best results.
The minimum investment amount on Pocket Option is $10, while the minimum trade amount is $1. You can earn up to 96% profit on the platform.
Plus, you can choose from more than 50 payment methods and invest in over 100 types of assets. Pocket Option does not charge any commission fee on deposits or withdrawals.
Quotex
One of the best binary trading apps today is Quotex, an exceptionally reputable platform that has earned its distinction through unwavering quality performance. Proudly powered by Awesomo Limited, this success story also attributes to their expert team's hard work and dedication. By offering more than four hundred free analytical tools, potential traders exploring binary options can leverage Quotex with confidence and ease.
With Quotex's transparency advantage, participants can enjoy its cutting-edge technologies that give them genuine access to real-time data, transparent pricing terms, and favourable trading conditions.
Traders are assured of top-notch customer care through a reliable support service available round-the-clock, with excellent handling resolution for their queries or concerns.
This efficient trading platform operates through a process built around four simple steps:
Select an asset that suits your interest or investment goals.
Set limits on wager sizes and decide the best closing times for you.
Make predictions subject to specific timeframes based on external market factors affecting your investments.
Settle trades and receive outcomes upon completion.
IQcent - Best App for Beginners
IQcent is suitable for traders who are ready to trade CFDs and binary options through the broker’s proprietary terminal. IQcent's trading conditions are suitable for both beginners and experienced traders, who can access more than 100 trading instruments through the broker's terminal.
Binary.com - Best App for Basic and Advanced Users
Binary.com platform
Binary.com was founded as Binary Group in 1999. Although it's an American company, it has branches in Malta, Japan, and Malaysia. Since Binary.com has an assortment of market instruments, it's great for all traders, irrespective of their interests and expertise.
Binary.com's mobile app is called Tick Trade App, and it can be downloaded from Apple App Store or Google Play Store. Meanwhile, you can sign up for one of three types of trading accounts:
MT5 account
Virtual account
Standard account
The Virtual account is the demo account on the app that can be used to practice trading. When you sign up, you get $10,000 virtual cash to practice with.
The minimum deposit on Binary.com is $5, while the minimum trade amount is $1. You get up to 91% payouts, while the withdrawals take 24 hours to process. The assets on the platform include indices, synthetic indices, currency pairs, and commodities.
Along with standard payment methods, such as e-wallets and bank transfers, Binary.com also accepts several cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Tether.
Binomo - Best Analysis Tools
Binomo platform
Binomo is a binary options trading app that gets clients from more than 133 countries on its platform. The app has four account types, although the Standard account is best for beginners.
With more than 20 graphical tools, you can analyze your asset's history and trading charts with ease. The assets on the platform include commodity pairs, indices, stocks, commodities, currency pairs, and more.
You can deposit a minimum amount of $10 and start trading with just $1. The demo account gives you $1,000 to hone your trading skills with virtual money. The app accepts multiple payment options, including bank cards, e-wallets, and bank transfers.
Raceoption - Most Simple App for Binary Trading
Raceoption is a Forex and binary broker providing financial services internationally. The company offers optimal trading conditions for buying and selling assets of different groups, and it gives options to make money on binary options and copy transactions of professional traders. Raceoption clients have access to a referral program and bonuses; the broker also regularly conducts trading competitions among all traders. Trading is available around the clock, and the support service is also available at any time of the day.
VideForex - Best for Larger Trades
VideForex is an international broker that allows traders from all over the world to trade on the Forex market. The company provides clients with more than 100 instruments, ways to earn passive income, and three types of accounts that differ in various functions. VideForex indicates that its activities are regulated and the personal data of users is protected.
IQ Option - Most Intuitive Trading Platform
IQ Option platform
IQ Option is one of the best binary trading apps, allowing you to trade multiple financial instruments, such as ETFs, stocks, commodities, cryptocurrencies, and Forex.
The broker accepts traders from more than 213 countries, including South Africa, Malaysia, Pakistan, India, Nigeria, and others. The platform is ideal for beginners since it has many helpful tools, such as stock screeners, market updates, volatility alerts, technical analyses, economic calendars, and multi-chart layouts.
The mobile app allows you to use charting tools, monitor market developments, check your account status, set up push notifications, and execute trades. The minimum deposit amount on the platform is $10, while the minimum trade amount is $1.
You can expect to earn up to 95% in profits. Being a beginner, you can use the demo account to learn about the basics before you get started with real money. The mobile app is available on macOS, Windows, Android, and iOS.
ExpertOption - Best for Real-Time Asset Tracking
Expert option platform
What makes ExpertOption the best binary options trading app for beginners is the presence of the graph in the middle of the home page of the app. The graph shows you the price of your asset in real-time, allowing you to hover your finger over it to check the previous price of the asset.
Additionally, ExpertOption enables you to split the chart layouts in case you want to see two markets at once. You can trade a wide range of assets, including stocks, currency pairs, commodities, and cryptocurrencies.
Although ExpertOption has six different account types, the Micro Account is the best for beginners since it requires a minimum deposit of $10. The account also gives you access to educational material.
The minimum trade on the app can be just $1, while you can earn up to 95% in payouts. The app is available on macOS, Windows, iPhone, Android, and the web. ExpertOption accepts over 20 payment methods, including MasterCard, Visa, Skrill, and Neteller.
Read binary options success storiesWhy Should I Use Mobile Trading Apps?
There are many benefits of using mobile trading apps.
Some of them are discussed below:
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Convenient: If you are on the move all the time, trading on a mobile app works best for you. Traders who are always rushing to different airports or clients can trade at any given time with these apps. One of the most important things is that you don't have to be in front of your computer screen to open or close a trade.
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Secure: Most mobile trading apps have high security features that protect your money and information. They also use two-factor authentication, which makes it difficult for anyone to hack into your account.
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Customizable: The best thing about mobile trading apps is that you can customize them to suit your needs. You can change the layout according to your preference, use multiple devices at a time, and set alerts that will let you know when prices are going up or down.
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Live Market Data: Mobile trading apps give you access to real-time market data. You can keep track of your stocks and securities no matter where you are with these apps.
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Push Notifications: You can set notifications to get alerts on your phone or tablet. The apps will let you know when the market is open, prices change, or there are any important updates about your stocks.
How to Choose a BinaryTrading Broker?
When you're looking for the best binary trading app, you should consider the following factors.
These:
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Safety: The app should be safe. You can check their website for any scams or complaints made by the users.
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Support: The app should have a good support service in case you face any problems while using it.
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Regulation: It's important to ensure that the broker is a legal one and complies with all regulations in force.
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Bonus Offers: If you like to trade with bonuses, then you should check the offers made by different brokers.
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Deposit and Withdrawal Methods: The broker should offer a variety of deposit and withdrawal methods so that you can easily transfer money in and out of your account.
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Offers for Beginners: The app should have features for beginners, such as a learning center, demo accounts, and more.
How do Beginners Trade Binary?
When new to trading, binary options may seem overwhelming; however, with the assistance of user-friendly apps, they can be made simpler. Follow these five straightforward steps as a beginner in binary trading:
Step 1: Know the Market Trends
It is essential to recognise the marketplace tendencies before making any trading choices. Research and analysis of the market can assist in identifying the entire benefits of trading. Utilising a binary options trading app that offers market information and evaluation can be effective for beginners.
Step 2: Select a Strike Price
Once the marketplace trend is recognised, it is essential to select a strike fee. The strike fee is the charge for a trader to purchase or sell an asset. It is usually recommended that novices select a strike fee near the current marketplace charge.
Step 3: Choose the Direction of the Trade
After deciding on the strike rate, the next step is to pick out the direction of the trade. A trader can choose between a call option, which predicts the rate will upward push, or a put option, which predicts the rate will fall.
Step 4: Decide on the Investment Amount
Deciding on the investment amount is essential in binary options trading. It is suggested that novices start with a small investment amount until they become more acquainted with the marketplace. Most binary trading apps allow buyers to invest as little as $1.
Step 5: Monitor the Trade
Every trader knows that keeping meticulous tabs on placed trades is a must-do task. Fortunately for new traders, reliable binary trading apps are available that make monitoring very convenient and efficient. Success in this field largely depends on being able to set competent stop-loss decisions as well as profit-taking positions simultaneously, without fail.
Newcomers who follow these essential five steps while leveraging trusted platforms will attain success when dealing with binary options transactions.
Is Binary Option Good for Beginners?
While some see binary options as an easy way for beginners to enter financial markets, others argue that the all-or-nothing nature of binaries makes them too risky for most retail investors. So is binary option actually a good choice for beginners?
On the pro side, binary options are simple to understand and execute. You are essentially betting on whether an underlying asset, like a stock, currency pair or commodity, will be above or below a specified price level at expiration. This binary outcome makes it easy to see your profit or loss upfront without complex calculations. Binary platforms also provide easy access to trading with user-friendly apps, low minimum deposits and simplified order execution.
However, high risk is the major downside of binaries. You could lose your whole investment on one wrong trade. The short expiration times, often measured in minutes or hours, also increase unpredictability. Volatility from news events and sudden price swings can quickly flip a binary option from in the money to out of the money before expiration. Furthermore, the all-or-nothing payout structure limits upside potential. Even if the underlying asset price moves as you predicted, any payout over 100% is impossible.
Overall, binary options are a speculative instrument best reserved for experienced traders. While the barriers to entry are low, the potential for large losses makes binaries a rough challenge for most beginners.
Can I be A Millionaire with Binary Options?
While it's theoretically possible to make significant profits trading binary options, becoming a millionaire solely through binary trading is extremely unlikely, especially for beginners. Binary options are highly speculative, short-term bets on price movements that carry a substantial risk of losing your entire investment on a single trade.
To have any chance at consistent profitability, binary options trading requires extensive knowledge, experience, and emotional discipline. You need to have a solid understanding of the markets and assets you are trading, be able to implement and stick to a well-defined trading strategy, and have robust risk and money management practices in place. Even then, you should still have realistic profit expectations – aiming to generate steady, modest returns over time rather than "get rich quick."
Those touting binary options trading as an easy path to fast millions for beginners are likely scammers preying on novice traders. In reality, because of the high-risk, unpredictable "all-or-nothing" nature of binary options, most beginners are likely to lose money, potentially even wiping out their entire trading account in short order if they don't approach binary trading extremely cautiously.
Binary Trading Alternatives
Let's discuss some alternatives to binary trading.
Expert Opinion
The first thing novice traders need to know is that binary options are essentially high-risk bets, guessing whether an asset’s price moves up or down within a set time frame. Guess right, and you win a fixed payout. Guess wrong and you lose your entire investment. Binary trading apps promise quick profits with simple choices: «Will the price go up or down?»
Binary trading apps often tout their ease and accessibility, but the risks tend to be downplayed. The apps can’t get around the fact that it’s essentially gambling, and the odds are often stacked against you. And the simplicity is deceptive as losses can mount quickly, depleting your capital before you can learn the ropes.
If you’re a beginner and still want to forge ahead with trading binary options, take every precaution and educate yourself, using reputable resources. Start small, with minimal investment and consider it a learning experience.
Remember, if something sounds too good to be true, it probably is.
FAQs
Is Forex or binary better?
Both Forex and binary trading have their merits, but they cater to different trading styles. Forex offers more complex trading options, while binary trading provides simplicity and defined risk. Traders should choose based on their trading preferences and risk tolerance.
Which platform is best for binary trading?
The best platform for binary trading depends on individual preferences and needs. Look for platforms that are well-regulated, offer a user-friendly interface, comprehensive educational resources, and a range of assets to trade. Research and compare different platforms to find one that suits your goals.
Is Binary Trading Illegal?
Binary options trading is legal in the United States.
Can I trade binary at night?
Yes, binary trading offers flexibility, allowing traders to engage in trading at various times, including nighttime. However, trading during specific market sessions may yield better results due to higher market activity. It's essential to consider market hours and choose the optimal trading times.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Options trading
Options trading is a financial derivative strategy that involves the buying and selling of options contracts, which give traders the right (but not the obligation) to buy or sell an underlying asset at a specified price, known as the strike price, before or on a predetermined expiration date. There are two main types of options: call options, which allow the holder to buy the underlying asset, and put options, which allow the holder to sell the underlying asset.
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Binary options trading
Binary options trading is a financial trading method where traders speculate on the price movement of various assets, such as stocks, currencies, or commodities, by predicting whether the price will rise or fall within a specified time frame, often as short as a few minutes. Unlike traditional trading, binary options have only two possible outcomes: a fixed payout if the trader's prediction is correct or a loss of the invested amount if the prediction is wrong.
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Social trading
Social trading is a form of online trading that allows individual traders to observe and replicate the trading strategies of more experienced and successful traders. It combines elements of social networking and financial trading, enabling traders to connect, share, and follow each other's trades on trading platforms.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).