Nowadays, it’s easy to access the binary options market due to the countless numbers of binary options brokers that operate in the industry. Traders are now able to buy and sell binary options at any time of the day and at their convenience, as modern trading platforms for both mobile and desktop trading offer far superior trading functionalities than ever before. Although traders have remarkable choices in the binary options market, not all brokers offer a reliable service that is expected from the financial marketplace.
A lack of regulatory oversight and the high-risk nature of binary options has led to a massive rise in the number of financial scams and fraudulent practices. The promise of high returns on investments within a short span of time, helped in evoking an unprecedented interest among both individual and institutional investors. Therefore, it was only natural for unethical companies and unreliable binary options brokers to take advantage of the situation by indulging in illegal activities.
Binary options trading is a legal and legitimate activity that has all the markings of a genuine financial product. It’s vital to team up with a reliable and top-quality broker to get the best out of the market, along with an open attitude to trade the market according to strict technical and fundamental guidelines. Traders must also have discipline in their trading activities, but ultimately, it depends on how well a broker performs under live market conditions. We review binary options brokers by analyzing different parameters and only recommend companies that offer a reliable binary options account package.
Factors Considered for Our Binary Options Broker Reviews
Our reviews of binary trading sites entail an elaborate procedure to evaluate several essential elements that contribute to an overall positive trading experience. Here are some of the most critical aspects that we analyze while reviewing a binary options broker:
Safety – Regulation & Licensing
Safety is one of the foremost considerations for selecting a binary options trading broker. The reliability of a company is determined by the company’s approach towards regulation, licensing, and taking care of the safety of traders’ investments. To prevent financial scams, a majority of the established regulatory agencies require brokers to hold funds in segregated accounts, where they can only be accessed for maintaining traders’ positions in the market. Several regulators, mostly based out of the US, the EU, and some parts of the Asia-Pacific, also subject companies through routine financial audits, along with maintaining financial transparency in all internal and external operations. We usually recommend brokers that are regulated by the top agencies in the market, but we also endorse companies that have a reasonably positive reputation in the market by offering a reliable service. A broker committed to providing a reasonable binary options service will always surpass the competition in terms of trader volume and customer retention.
Bonuses – Promotions & Loyalty Programs
There has been a recent crackdown on promotions such as bonuses and free money, as regulators are not satisfied with the trading conditions that are associated with these bonuses. Regardless, several companies offer hefty bonuses on deposits or while opening an account, and some brokers offer these bonuses without enforcing any stringent trading conditions. Although a bonus is a good way of increasing your equity in the markets, you should not make a bonus your primary criteria while choosing a broker – but it does help if a broker offers free trading credits with negligible downside risk. In our binary options broker reviews, we provide in-depth information on the bonuses and loyalty programs provided by a broker, along with any relevant trading conditions that traders should be aware of before redeeming the bonus.
Deposit Methods – Payment Options & Funds Security
Every trader must be able to deposit funds through a payment option that suits his/her preference. Almost every broker in the market offers multiple payment options, which include e-wallets, credit/debit cards, and bank wire transfers, but there are a few brokers that have very limited payment options. To score well in our binary options broker reviews, brokers must have a highly compatible payment processor that offers not only convenient funding/withdrawal options but also offer secure payment gateways that are free from any form of scam or abuse. It’s also the responsibility of the broker to safeguard all client information and protect all financial transactions through the most advanced encryption technologies. The most reliable brokers go a step further by moving the funds to segregated accounts, which increases the safety of trading capital against broker abuse.
Binary Options Types & Assets
Binary options trading involves betting high or low on different financial markets, which include forex, commodities, stocks, indices, bonds, ETFs, and cryptocurrencies. Brokers normally offer different binary options products that vary from classic and digital binary options to the more exotic and high-risk options such as the ladder, touch, and range options. Aside from the different types of binary options, brokers also offer different expiry times that can be as low as 30 seconds, with some trades lasting a few hours and even days. Traders genuinely have an amazing array of options for trading the markets, which certainly serves as an attractive opportunity for both speculators and investors to hedge their investments against market risks.
Binary options brokers don’t usually follow the standard layout adopted by other industries such as forex and stock trading. Therefore, it’s common for companies to develop proprietary trading interfaces that are primarily accessible through a web browser. Of course, browser-based trading platforms have lesser functionality and features when compared to installable desktop apps, but binary traders are more or less comfortable with a web-based platform that’s easily scalable for multiple devices. Binary options companies also offer exclusive mobile apps for iOS and Android devices, but the future of iOS binary apps is uncertain, due to the recent policy changes brought about by Apple. We review binary options platforms and their different versions, to ensure they offer the best reliability and performance for trading.
Brokers should be dedicated to ensuring maximum customer satisfaction by addressing clients’ problems and concerns in a timely manner. Since the binary options market is live for 24 hours a day and mostly five days a week, it’s the duty of a broker to offer around the clock support through live chat, phone, and email interfaces. We’ve found that a large number of brokers provide an excellent customer service experience, but there are also instances where brokers may not offer a satisfactory customer interaction channel. Our binary options broker reviews give greater priority to a broker’s customer service experience and the overall customer satisfaction levels.
Choosing a Reliable Trading Partner
Brokers are simply an extension of your trading career, as binary options platforms aim to bridge the gap between a trader and the market. Of course, only professional binary options reviews can serve the purpose of evaluating a broker’s true potential, which is why it’s absolutely imperative for traders to read a comprehensive review of a binary trading site before investing.