If you think that Binary Options Brokers are all safe to Trade with think again. Brokers are cheap by the dozen, and do not require much capital to start a brokerage company for Trading Binary Options. Brokers which are not properly funded and have more winning Traders than loosing traders will be the first to stop Winners from withdrawing their profits. Others manipulate their leveraging and pricing, ensuring that Traders get a strike price which is manipulated to their disadvantage.
List of our recommended brokers with full reviews
We have compared best legit brokers and reviewed them so you can get all neccessary information before you sign up to one or few of them.
|BROKER||MIN DEPOSIT||MIN TRADING||REVIEW||PLATFORM DEMO||SHERIFF RATING||REGSITER|
|$250||$24||[full review here]||OPEN ACCOUNT|
|$50-$1000||$10||[full review here]||video||OPEN ACCOUNT|
|$200||$55||[full review here]||video||OPEN ACCOUNT|
|$20||$25||[full review here]||OPEN ACCOUNT|
|$100||$0.10||[full review here]||OPEN ACCOUNT|
|$200||$25||[full review here]||video||OPEN ACCOUNT|
|$200||$25||[full review here]||OPEN ACCOUNT|
|$200||$25||[full review here]||OPEN ACCOUNT|
|$250||$25||[full review here]||video||OPEN ACCOUNT|
|$250||$5||[full review here]||OPEN ACCOUNT|
|$10||$1||[full review here]||video||OPEN ACCOUNT|
|$250||$25||[full review here]||OPEN ACCOUNT|
|$100||$20||[full review here]||video||OPEN ACCOUNT|
|$100||$10||[full review here]||OPEN ACCOUNT|
|$250||$10||[full review here]||OPEN ACCOUNT|
|$300||$20||[full review here]||OPEN ACCOUNT|
So How does a New Trader identify a Binary Options Scam?
- Know what to look out for in order to understand how reliable a broker is.
- Choose a regulated broker. If trading within the EU, ensure that the Broker is regulated. Cysec is one of the regulating bodies in Cyprus where most of the Binary Option Broker firms are based – but there are several other government bodies regulating Binary Options based in Europe. Choose a Trader that is REGULATED. If Trading within the US ensure that you are trading on a platform that is respecting the CFTC regulations.
- Test out the platform. Prior to funding your account, ask whether the Broker will give you a Demo Account. If not, browse around the platform and find out how the platform looks before entering blindly and funding accounts. Spotoption platforms have a uniform look and are easy to trade on. Other web based platforms are also very responsive.
- Check out that your Broker has a reliable customer service. Contact the customer service PRIOR to funding their account and check out how responsive they are – and if you are a native speaker of different languages test this out as well. Good brokers employ native speakers for their Customer Service.
- Do your due diligence properly. Google the Broker extensively before committing. There are plenty of sites to confirm both good and bad Binary Options brokers
- Identify payment channels. This will apply both when funding and when withdrawing. Serious brokers will only pay-out in the same manner which they will receive their deposits. Never trust brokers who ask for the front and back copy of your credit cards – you must always hide your credit card number details bar the last four digits.
- Verify your account: Brokers who do not ask you to verify your personal details with a Government ID and a utility bill on the given address – will certainly use that as an excuse to avoid making payouts.
- Check out their payout rates: Some brokers pay better than others – that also usually depends on the amount of your initial deposit.
- Bonuses: Always ensure to ask what the implications of taking a bonus are. Huge bonuses come with obligations. Make sure you know what your obligations to taking a bonus will be. This is usually volume of trading related.
- Terms and conditions: Do read out the find print. It is best to take time to do this before you are committed.
- Initial Deposit: Never fund your account with more than you can afford to loose. Brokers usually make a quick call as soon as you fund your account. Bogus brokers will invariably try to encourage you to deposit more than the required minimum. Do not fall for this trap.
- Try to Withdraw your first gains. If you have funded a new account and traded in the money – it makes sense to immediately withdraw your winnings in order to check out the validity of your broker and how easy it is to withdraw.
- Social Trading: Join blogs and facebook groups who are already trading and discuss your deposit plans with real traders. You will quickly understand whom to trust or not trust.
Happy trading and remember to trade safely!