10 Best Binary Options Brokers for 2024

Top Binary Trading Platforms:

1

Pocket Option - Best binary broker based on expert and trader reviews

2

QUOTEX - Best trading opportunities for beginners

3

Binarium - Best for active binary options traders

4

Binary.com - Best mobile trading platform

5

CloseOption - Best trading web platform

Traders need to make the right choice of a binary broker without relying merely on their experience in the Forex market, as this will raise the efficiency and convenience of trading. You do not need to collect information on various brokers and their trading conditions anymore. We have done this for you below. Our listing order is based on real feedback from traders, as well as numerous additional factors.

The affirmative incorporation of new technologies into a broker’s operations, the local and global stability of the company, and the trade growth of the brokerage company also influence the popularity of the broker and its position on the ratings list. The information on the ratings list is regularly updated. Traders can instantly access the current position of brokers in the Forex market.

TOP 3 Binary Brokers for 2024

If you want to make a quick decision and not spend a lot of time studying the full ratings list of binary brokers, you can choose with confidence from the three best companies that we have selected for you. They are better than the other brokers in the binary options market based on a combination of parameters. When determining the Top 3 companies, we evaluated the convenience of the terminal, the number of trading instruments, the size of commissions and bonuses, as well as the financial conditions for work. Here are the three winners offering the best conditions in the Forex market:

Complete List of Top Binary Options Brokers for 2024

Experts at the Traders Union regularly analyze existing binary brokers, evaluate their activities against more than 120 unique evaluation criteria and methodologies that are applied equally to every company on the list. Comprehensive and objective comparisons make it possible to create the most objective ratings list of brokers offering binary options.

Position Overall score Broker Min. deposit
Ranking position
9.65
Pocket Option
Overall score: 9.65/10
Min. deposit:

$5

Ranking position
9.02
QUOTEX
Overall score: 9.02/10
Min. deposit:

USD 10

Ranking position
8.39
Binarium
Overall score: 8.39/10
Min. deposit:

EUR 5 / USD 5 

4
Ranking position
7.76
Binary.com
Overall score: 7.76/10
Min. deposit:

USD/EUR/GBP/AUD 5

5
Ranking position
7.13
CloseOption
Overall score: 7.13/10
Min. deposit:

$5

6
Ranking position
6.5
Intrade Bar
Overall score: 6.5/10
Min. deposit:

$10 or 

7
Ranking position
6.36
IQcent
Overall score: 6.36/10
Min. deposit:

20 to 50 USD depending on region

8
Ranking position
6.22
Raceoption
Overall score: 6.22/10
Min. deposit:

10 to 20 USD depending on region

9
Ranking position
6.08
VideForex
Overall score: 6.08/10
Min. deposit:

50 USD

10
Ranking position
5.94
BinBot Pro
Overall score: 5.94/10
Min. deposit:

$250

11
Ranking position
5.8
ExpertOption
Overall score: 5.8/10
Min. deposit:

10 USD

12
Ranking position
5.66
IqOption
Overall score: 5.66/10
Min. deposit:

10 USD

13
Ranking position
5.52
Binarycent
Overall score: 5.52/10
Min. deposit:

250 USD

14
Ranking position
5.1
Daxbase
Overall score: 5.1/10
Min. deposit:

$250

15
Ranking position
4.96
Centobot
Overall score: 4.96/10
Min. deposit:

$250

16
Ranking position
4.82
DaxRobot
Overall score: 4.82/10
Min. deposit:

$250

17
Ranking position
4.68
IQ Mining
Overall score: 4.68/10
Min. deposit:

$50

18
Ranking position
Logo Binomo
5.38
Binomo
Overall score: 5.38/10
Min. deposit:

$10

19
Ranking position
Logo Nadex
5.24
Nadex
Overall score: 5.24/10
Min. deposit:

$250

20
Ranking position
Logo OlympTrade
4.54
OlympTrade
Overall score: 4.54/10
Min. deposit:

$10

Compare and Contrast Two Binary Brokers in the Ratings List

Traders often find several binary companies in the ratings list that best suit their trading goals. In such a situation, to choose the best binary broker, you need to focus on the following criteria:

Age of a binary broker

"Age" of a binary broker.

In our opinion, companies founded only 1-2 years ago are not yet reliable. They don't have enough experience to deal with crises. They have not proven themselves in the market and are not as sensitive to their own reputation as are veteran brokers.
Regulation

Regulation.

A binary broker can operate without a license, but you should not choose such a broker, because it does not report to any governing authority and may well turn out to be a scammer or a financial pyramid. It is recommended to choose a broker with a level 1-4 license from an authorized regulator.
Offices and representative offices

Offices and representative offices

If a binary broker is registered in the British Virgin Islands and has an office there, this is a reason to give it serious consideration. The best binary options brokers, who have been successfully offering their services for a long time will have an extensive network of representative offices.
Trading conditions

Trading conditions.

Each binary broker has its own trading and non-trading commissions. Some use only a couple of dozen assets, others have several hundred assets. The combination of all these parameters determines how comfortable it is to work with a given broker and whether it is right for you.
The quality of customer service

The quality of customer service.

The best binary companies carefully monitor their technical support because the quality and level of service reflects their approach to work and guarantees customer assistance when needed. It is not recommended to choose a broker with slow, incompetent, or non-responsive customer service.
Customer reviews and feedback are very important

Customer reviews and feedback are very important.

However, you should take into account only reviews posted at independent sites such as Traders Union because some brokers write their own reviews on their platforms, so such reviews cannot be deemed trustworthy. Try visiting unrelated and objective sites for more reliable data.
Position in the Traders Union rating

Position in the Traders Union rating.

Many people correctly believe that this criterion is key because experts at the Traders Union evaluate the best binary brokers according to all the above parameters and several dozen other elements. By doing so, we commit to providing you with the most objective and comprehensive ratings of brokers.
The Traders Union ratings list of the best binary brokers is kept current with a monthly update.
Please note
The Traders Union experts have direct access to the statistics of all the binary brokers who are partners with the Union through their participants who register their brokerage accounts with Traders Union. No other platform can analyze and compare these indicators in different companies. That is why the Traders Union rating list has no analogs or competitors in terms of the depth and objectivity of analyzing binary brokers.

Changes to the Positions in the Top 5 List of Binary Options Brokers

How to Analyze Companies in the Rating of the Best Binary Brokers

The rankings table below shows the best binary brokers with the highest indicators for the previous month in descending order. Each broker receives an overall score based on our comprehensive analysis. This score determines the position of a broker on the ratings list. Scores can change over time, as brokers constantly change the working conditions for their traders, and because some binary brokers develop and improve; whereas, others don’t. That is why we update the ratings list each month.

You can get more detailed information about each of the binary brokers from the ratings list by clicking on the Profile and Reviews buttons opposite the company’s logo. Also, you can go to the official website of a broker using the ratings list and register to open a training demo account with a virtual deposit and practice trading. Demo accounts are opened free of charge.

Average Score of the Top 5 Binary Options Brokers

To simplify the process of choosing a binary options broker that will be the best for you, we have made a selection of additional ratings. Below are two customized ratings that include (i) a list of binary brokers that are best suited for novices and (ii) a list of companies based on their respective license type.

Best Binary Brokers for Novice Traders

The best options for novice traders are brokers with a low entry threshold, such as a low minimum deposit and minimum rates. The availability of bonuses is also important because they enable a trader to make the first real bets without risking a substantial investment.

Pocket Option trading conditions are classic for the binary options market. You can trade currency pairs, stocks, commodities, and cryptocurrencies using a web platform, designed with the inherent characteristics of working with options in mind. The minimum initial deposit for all accounts is $5, but hereinafter the balance should be from $100 to $50,000 (depending on the profile). The minimum bit is $1.
QUOTEX offers binary option trading using its own proprietary platform. The minimum deposit is $10. The trading account is opened in US dollars by default, but the clients can change the account currency at any time without paying the conversion fee. Money can be deposited and withdrawn with debit/credit cards, electronic payment systems and cryptocurrencies. The broker does not provide leverage. Demo account with a virtual deposit of USD 10,000 is available.
Here, the minimum deposit is only US$5, and the minimum bet is the smallest among the Top 5, which is US$0.51. There are no bonuses, but there is an extensive selection of training programs for novices. Also, the trading platform that this broker offers is simpler and easier to master.

Best Licensed Binary Brokers

Again, a binary broker needs to have a license. Many companies have been successfully working for 10 years without a license, but traders still try to choose those binary brokers that are properly regulated. Here is a list of the best licensed binary brokers:

Broker
Regulator
IFMRRC
MFSA, FinaCom, VFSC, BVI FSC, Labuan IBFС
FinaCom
CFTC
VFSC

Brokers are obliged to indicate license numbers on their websites. License numbers can be verified at the website of their respective regulator.

Methodology Used to Create the Binary Rating by Traders Union

The Traders Union experts' approach to the analysis of binary brokers is unique because our specialists evaluate not only nominal indicators such as the age of the company and its trading conditions, but we also include a selection of the reviews about brokers that we have collected over 10 years. Also, hundreds of thousands of our member-traders regularly trade with various brokers and provide us with the statistics of their trades. Besides, they are constantly chatting on the forums, giving experts first-hand information. Our methodology is a universal analytical matrix that takes into account various aspects of a binary broker's work. That allows us to achieve the highest level of objectivity when evaluating companies.

Table with the categories of criteria for evaluating binary brokers

Criteria
Elements in each criterion
Financial
40
Reliability
31
Security
27
Trading conditions
18
Customer service
10

How to Succeed in Binary Options Trading

If you want to succeed in binary options trading, you need more than just luck. A calculated approach ensures that you minimize risks and maximize profits. Let's dive into some actionable tips to help you along the way.

Choose a reputable broker

Not all brokers are created equal. Stick with one that has a strong track record and transparent fee structures. Ensure they're regulated by financial authorities. Your success starts with a trustworthy platform.

Create a trading plan

Trading without a plan is like driving without a GPS—you'll get lost. Decide on your objectives, risk tolerance, and trading strategies ahead of time. Stick to your plan, and don't let emotions drive your decisions.

Use technical and fundamental analysis

Both technical and fundamental analyses serve as invaluable tools for binary options trading. Technical analysis focuses on charts and indicators, whereas fundamental analysis looks at economic factors like company performance. Use both to make informed decisions.

Manage your risks

Never invest money you can't afford to lose. Diversify your trades to spread the risk and stick to the "2% rule," which means not putting more than 2% of your capital on a single trade. Risk management can make or break your trading career.

Monitor your emotional state

Your emotional well-being plays a critical role in trading success. Emotional decisions often lead to poor choices and losses. Always assess your emotional state before making a trade. If you're feeling anxious, stressed, or overly confident, it might be best to step away and trade another day. Emotional discipline complements your trading plan and risk management, fortifying your decision-making process.

Monitor market news

Staying updated with market trends, news, and changes is crucial. Economic events or company news can drastically impact asset prices. Keep an eye on this information to adapt your trading strategies accordingly.

How Binary Options Work

Binary options trading is a straightforward but speculative form of investment. In a binary options trade, you're essentially betting on the price movement of an asset within a fixed period. You'll select an asset, like a stock, currency pair, or commodity, then choose a "call" option if you believe the asset's price will rise, or a "put" option if you expect it to fall. You also set an expiration time for the trade, which can range from seconds to hours.

Once you place the trade, two outcomes are possible. If your prediction is correct, when the option expires, you win a predetermined payout, often around 70-90% of your investment. If you're wrong, you lose the entire amount you invested in that trade. There's no middle ground; it's a win-or-lose scenario, which is why the term "binary" is used.

Key factors influence the success of your trades. These include the asset's current price, the strike price (the price level your asset must reach for the trade to become profitable), and the time left until the option's expiration.

Time decay also plays a crucial role. As the expiration time approaches, the price of the option can change dramatically, even with a small move in the asset's price. This volatility is what makes binary options high-risk but also high-reward.

Expert’s Opinion | Traders Union

For those starting in the binary options trading arena, Traders Union's insights into the top brokers are invaluable. Binary options trading offers a unique opportunity for traders to profit from price movements in various asset classes with minimal capital outlay and time commitment. However, the key to success lies in choosing a reliable broker that provides the right platform and tools to help you maximize your returns.

As a beginner, it's crucial to start with a broker that caters to novices, offering a user-friendly platform and educational resources. Pocket Option, QUOTEX, and IQcent are highlighted as top choices for their ease of use and supportive features. Before diving into live trading, practice with a demo account to familiarize yourself with the market dynamics and test your strategies without risking real money.

Remember, binary options trading can be profitable, but it requires knowledge, strategy, and a cautious approach due to its inherent risks. Choose your broker wisely, educate yourself continuously, and trade responsibly.

Latest Reviews of the Binary Brokers on the Top 10 Ratings List

Logo QUOTEX

QUOTEX

zirogame0

18.03.2024

Comment

A melhor plataforma em termos de facilidade de saque, depósito e negociação. Trabalho com isso há muito tempo e acho que é a melhor plataforma de negociação na minha opinião.

Logo Raceoption

Raceoption

YasmineS

17.03.2024

Comment

Raceoption is different from other large and well-known companies. Its level is higher due to strict regulation and location, which eliminates possible doubts about its reliability. In this regard, Raceoption can be the undisputed leader. If you have significant funds and don't want to rely entirely on one broker, Raceoption is the best choice in my opinion.

Logo IQcent

IQcent

geloysa

17.03.2024

Comment

I am very pleased that the IQcent platform provides tight spreads. Although spread expansions do occur, they are mainly due to news releases. Slippage is rare here and occurs only in moments of very high volatility. IQcent is very convenient. The approach to displaying trade parameters is very impressive. This is a good platform for me.

Logo IQcent

IQcent

sujeewa

13.03.2024

Comment

Everyone has to be guided a lot of scammers are out there taking money from innocent traders. I was a victim to this scam crypto broker the made me loss my hard earn funds. I reported to dorisashley71 at gmail com and she was able to fight back for my funds now I have my funds fully recovered. You can as well write to their support team +351 968 942 567

Logo Binarium

Binarium

kinglegend

13.03.2024

Comment

Everyone has to be guided a lot of scammers are out there taking money from innocent traders. I was a victim to this scam crypto broker the made me loss my hard earn funds. I reported to dorisashley71 at gmail com and she was able to fight back for my funds now I have my funds fully recovered. You can as well write to their support team +351 968 942 567

Logo Pocket Option

Pocket Option

fernando69

12.03.2024

Comment

Broker Pocket Option is the best broker I've ever worked with. To start trading, you only need $10, and the trading conditions are good. After opening an account, I deposited $350. The company's manager helped me develop a strategy that I still use today, and it brings me a regular income. Withdrawals work fine. That's why I recommend Pocket Option for binary options trading.

Logo QUOTEX

QUOTEX

Angga

12.03.2024

Comment

I agree with those who say that QUOTEX is a decent binary broker. The company has been on the market for quite some time. They offer the use of a decent platform where non-market quotes are very rare. Also, I haven't noticed any platform manipulations with QUOTEX. On the broker's website, you can find good analytical materials. But I prefer to trade more based on my own system.

Logo Pocket Option

Pocket Option

successayon

11.03.2024

Comment

Pocket Option is a very trusted site. I have been working on this site for the past two years. I have never been disappointed with their service. Their support service is very good and fast. I deposit 50 dollars last month and withdraw 1 month after that. Money comes to me very quickly

Logo QUOTEX

QUOTEX

nazmulhossainpersonal1

05.03.2024

Comment

Vary nice app for trading and this app user friendly

Logo IQcent

IQcent

somnath

05.03.2024

Comment

Surprisingly, I am quite satisfied with my collaboration with IQcent broker. I am currently reading a lot of negative reviews about this company and I am surprised. Over the two years of cooperation, I have encountered various situations. But the idea that IQcent broker manipulates trades? I have never experienced anything like that. Plus, the company withdraws money to various payment systems. The main thing is to pass identity and account verification on the payment system.

Top 5 Most Discussed Binary Brokers

This table lists the five most-discussed binary brokers that are being reviewed and included in traders’ comments in the thematic sections at the Traders Union forum.

Please note
Note that a discussion about a broker is not a sign of high or low positions. However, this may be a reason to pay attention to the company to find out why it is being discussed so much. Perhaps, it abruptly stopped fulfilling its obligations to traders or, conversely, introduced new unique conditions. Here are the Top 5 most discussed binary brokers:
Broker
Number
of comments
Pocket Option
147
QUOTEX
118
Binarium
56
Binary.com
48
CloseOption
43

You can also provide a review of any binary broker you have worked with. To do this, go to the page with the profile of a given broker in our ratings list and click on Reviews.

FAQs

Faq 1

How to choose a binary broker from the Top 3?

All the leaders on the ratings list are the best brokers for the current month based on a comprehensive comparison. However, each has its own commissions, number of assets, type of trading terminal, etc. You should compare them carefully and decide which one will be best for you, based on your personal goals and needs.

Faq 2

Where to read reviews about binary brokers?

Each binary broker on our ratings list has a personal page containing its profile. You can study the information about this company on their respective pages, including its latest reviews. You can also write your own review there.

Faq 3

How to open an account with a binary broker through Traders Union?

To do this, you first need to register at the Traders Union website. After that, at the website of your chosen broker click on the link for the Traders Union website. After you create your account with your broker, enter its number in your personal account at the Traders Union website in the Accounts section. Done!

Faq 4

Why register with a broker through Traders Union?

Traders Union provides its members with financial bonuses: for example, it returns a part of the spread and arranges contests between novice traders on virtual accounts with real prizes.

Faq 5

What is a binary broker?

A binary broker is an officially registered company that specializes in providing traders with the ability to trade in collated options, such as currency pairs, commodities, stocks, or indices. A binary broker offers a trader an electronic trading terminal, quotes, additional options, and charges a commission on successful transactions.