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Choosing the right broker is the most important decision you make in your trading career. With the right broker, you set yourself up for a profitable, long-lasting trading career, but with wrong brokers, you will find it almost impossible to trade successfully.
While choosing the right broker is important, it is also difficult. Especially new traders find it nearly impossible to know what to look for in a broker and to separate the good brokers from the bad one. There are so many claims of great returns and so many clever advertised bonuses that it has become increasingly difficult to understand what matters when choosing a broker.
The growing popularity of binary options has also led to another development that complicates matters. Some shady providers have entered the market and try to capitalize of the success binary options have had over the last years. Traders often find it difficult to identify those brokers, thereby risking to invest their money into a shady service that will destroy their trading career.
To help you make a good decision, we have reviewed brokers for you. In our list, you find detailed tests for every important broker and links to everything you need – from sign up forms to customer service. Read our tests, and you are set up for a successful trading career.
All binary options brokers on our list have been tested by the FBO network. They are the best of the best in the business and can all help you to have a good career. We recommend you read the reviews and pick the broker that suits your personality and trading goals best. While all brokers will work for you, some brokers will work better than others, and, with so much money on the line, you want to make sure to make a good decision.
Another important point to understand is that, if you search long enough, you will find a bad opinion about every broker. Just like even the best products on Amazon have bad reviews, mostly by people who simply were incapable of handling them, even the best brokers get negative reviews by disgruntled traders. Most of these traders simply failed to understand the nature of binary options and are now venting their frustration about their own mistakes.
Our point is: Do not overthink things. Pick a broker you feel comfortable with from our list, and get going. You do not make the best possible decision, a good decision will do.
On our site, you will hardly ever find a negative review. This is intentional. It is our site policy to help eliminate untrustworthy brokers from the market. If we find an untrustworthy broker, we do not put them in the list.
We refuse to bring attention to people that are trying to rob others, and even a single link to their website could increase their Google ranking, thereby aiding them in finding more innocent victims. We would much rather see those illegal offers fade away.
Our recommendation is to stick to the brokers that we have vetted and reviewed. With our considerable experience and knowledge of the market, you can rest assured that no shady operators will make it past our scrutiny.
But even among the brokers on our list there are big differences. Not with regards to reliability or honesty, but the many other aspects that differentiate one broker from another. Read on to learn more about how binary brokers differ, and how you can identify the one that is best suited for your needs.
There is a wide selection of trustworthy and well regarded binary brokers. You will find links to several of the best ones here on the site.
Whereas you can trust all of them, not that many will be right for you. This is because brokers can be aimed at certain market segments. You need to find a broker that fits for you.
The two big factors to keep in mind here are as follows:
A lot of brokers offer great deals for beginners. They can let you open an account with a small initial deposit, and allow you to complete trades for very small minimum investments. They might also offer learning centers that will enable you to acquire the knowledge you need to succeed in this business easily and quickly. Clearly, if you are new to binary options trading, you should find a broker that is geared towards beginners. We do not advise you to make a large initial deposit with a broker if you are not experienced. You need to make sure that you master the basics before it is wise to make sizeable investments.
On the other hand, if you are an experienced trader with major funds to invest, there’s little to be gained by joining a broker that doesn’t give you the service you require. Here we are talking about things like personal account managers, a limitless bonus and the chance to invest several thousand dollars per trade. Make sure to choose a broker for the big boys if you are one.
An important thing to keep in mind here is that the same broker can sometimes offer different account types that are made especially for different kinds of traders. This means that certain big brokers have a service offering that will suite just about anyone.
In addition to finding a broker that fits with your level of experience, and your budget, there are many other things that you need to make sure of.
Some of the most urgently important considerations to keep in mind are as follows:
The assets on offer are important. If you follow a certain asset or, more likely, a group of assets, then you need to be able to trade in them. Always make sure to only consider brokers that offer “your” assets.
The same goes for range of binary options. Do you like to trade on short time frames or long? Do you prefer traditional up/down options, or more advanced types like boundary options or touch options? Make sure your broker delivers your preferences.
Customer support is always nice to have when you need it. All the brokers we link to offer solid customer support. But there are differences. For example some are available on more platforms (phone, chat, email, etc.) than the rest, and some offer more languages than others. Choose one that fits with your needs.
A demo account is only relevant for beginners, and can really be a great way to give your trading career a comfortable, risk-free start. A good bonus can provide you with large amounts of free trading funds. Obviously, this can be of great benefit to anyone!
If you intend to use a binary robot, you have to make sure that it is compatible with your broker. Some robots, such as the market-leading BinaryOptionRobot, require you to open an account with a broker through the robot. Therefore you should not join a broker until you have first opened your robot account.