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TOP FOREX BROKERS REVIEW

THE INTERNET'S MOST COMPREHENSIVE LIST OF ONLINE FOREX BROKERS AND FOREX REVIEWS. 

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 1, 2024 by TOP FOREX BROKERS REVIEW

The Best Binary Options Brokers 2024

Binary options might sound like some complicated things to trade, but they aren't. So, let's dive in and get to know what this means and then tell you who the best binary options brokers are. That way, you will get into the market armed with the knowledge of what to trade and how to trade.

As we have stressed many times in previous reviews and informatics, the best forex brokers are a big part of what makes a trader successful. To have a great broker in your corner is to ensure that you get access to the best of everything.

So, what are binary options?

Binary - Options Explained

best binary options brokers Binary options are a type of financial exotic option that has a fixed payout in which you get to predict the results from two possible outcomes. If your prediction is correct, you get the payout. If your prediction is not accurate, you lose your stake.

The reason why we call it binary actually comes from this simple concept. There can only be two ways it ends. You win, or you lose. So that's two options, hence the word binary.

Traditional options are different. They have an expiration range that can last two years or a week. Binary options, on the other hand, have an expiration range that lasts from a few days to less than a minute.

Because of the variations in the expiration range, we get the calculations for profits you could potentially earn. When trading binary options, a trader will pay a percentage of the premium at risk, if the terms of the contract are fulfilled.

So, you get the predetermined profit, which is fixed, and no matter how much the market moves, that is the profit you will get. They are an all-or-nothing option.

Best Forex Brokers List 2024

RANK VISIT
BROKER
REGULATION

We only list licensed brokers that comply with the requirements of prominent regulatory agencies.

MIN
DEPOSIT

The minimum amount you need to deposit in order to start trading.

DEPOSIT
BONUS
RATING MAX
LEVERAGE

Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.

PAYMENT
SYSTEM
SUPPORT START
TRADING
1
ASIC, CySEC, FSP
$100
No Bonus
1:500

Telephone: +44 28 2544 7780

image
Pros
  • Excellent education tools
  • Low forex fees
  • Fast account opening
  • Easy funding methods
Cons
  • No bonuses
Platforms & Devices
2
FSA, FMA
$0
No Bonus
1:500

Telephone:

image
Pros
  • 9 base currencies
  • 24/7 technical service
  • Direct market access
  • VPS, FIX API, copy trading
  • Superior trading conditions
Cons
  • No negative balance protection
  • Withdrawal fees
Platforms & Devices
3
ASIC, FCA, CySEC, SCB
$100
No Bonus
1:500

Telephone:

image
Pros
  • Fully digital account opening
  • Low forex fees
  • Research tools
  • Free Education Resources
Cons
  • No bonuses
Platforms & Devices
4
CySEC, FSCA
$25
50% Deposit Bonus
1:500

Telephone:

image
Pros
  • Ultra-low spreads
  • Quick withdrawals and deposits
  • 24/7 online support
  • Negative balance protection
Cons
  • Mobile copy trading services available only for Android

Platforms & Devices
5
FCA, CySEC, FSCA, SCB
$100
No Bonus
1:100

Telephone: +44 (0) 203 151 5550

image
Pros
  • Excellent customer service
  • Free deposit and withdrawal
  • Negative balance protection
  • Wide range of platform
Cons
  • Inactivity fee
  • High Trading Fees for some CFDs
Platforms & Devices
6
AFSL
$100
No Bonus
1:500

Telephone:

image
Pros
  • All base currencies
  • 24/7 technical service
  • Direct market access
  • Superior trading conditions
Cons
  • No negative balance protection
Platforms & Devices
7
ASIC, CySEC, FSA, SCB
$200
No Bonus
1:500

Telephone: +248 467 19 76

image
Pros
  • Low forex fees
  • Fast order execution
  • Analytical training materials
  • 90+ instruments
Cons
  • Slow live chat support
  • Non-EU traders don’t get investor protection
Platforms & Devices
8
ASIC, CySEC
$1
100%
1:3000

Telephone: +35 7251 23212

image
Pros
  • No withdrawal fee
  • Low stock and stock index CFD fees
  • Negative balance protection
  • No inactivity fee
Cons
  • Average forex CFD fees
  • No PAMM accounts
Platforms & Devices
9
ASIC, CySEC, FSC
$5
Up to $10,500
1:1000

Telephone: +501 223-6696

image
Pros
  • Low withdrawal fees
  • Great educational tools
  • Wide range of leverage
  • Multilingual customer support
Cons
  • Non-EU traders don’t get investor protection
Platforms & Devices
10
ASIC, FCA
$0
No Bonus
1:500

Telephone: +61 2 9965 5830

image
Pros
  • Automatic insurance coverage
  • Low entry threshold
  • Fully digital account opening
  • Low forex fees
Cons
  • Limited research tools
  • Only forex and CFD trading
Platforms & Devices

The Best Things About Binary Options

You might be wondering; what is so good about the binary options? Well, let’s look at some of the advantages of trading them.

Binary options can be traded with a relatively small amount of capital, making them an ideal way for new investors to get started in the markets. Also, binary options provide an opportunity to earn high returns in a short period of time.

All Markets Are Tradable You can trade on the underlying markets in any major asset classes, including metals, forex, stock indices, commodities, and CFDs.

Durations Range

You can take a short-term or long-term position and make the best for your projected outcome. The duration range is anywhere from 10 seconds to a year, in some cases.

All Market Conditions Are Eligible

When making predictions, you can bet on instruments going up or down, touch or no-touch, in or out, and just about every binary outcome you can think of.

Huge Payouts

Your initial stake is what you will lose and not more. You will not lose money that you did not put at stake. Your prediction could be for a payout that earns you $5,000 or $50,000, and you will get it if you win. If you lose, you only lose what you staked.

How You Make Money on Binary Options

To make it simple to understand the payouts and how they are made when you are engaged in binary options trading, we need details. So, let’s look at a scenario.

Let's say that you have $100, and you look at the EUR/USD pair and predict that the price will rise. Looking at your trading platform, you see that the payout is 79% on an option contract with a 60-minute duration, with a 1:3000 target.

So, you decide to buy a call/up option and put up the $100 premium for the risk. Two things will happen:

  1. The expiry price goes above the target price, which means you are in-the-money, and you gain $100 x 79%, which is $79. So, that's $100 + $79, which gives you $179. You have gained $179 on your account.
  2. The expiry price is equal to the target or below it, which means you are out-of-the-money. The outcome here is that you lose your stake and your account is down $100.

As you can see, the risk is limited only to the premium you paid on this option. There is no need to use stops or fear that you could lose more than you risk.

NOTE: You should know that there are some details about payouts, which makes brokers different. Some calculate it the simple way, and some have extra steps. Always check to ensure that you know what the payout will be like before you start trading.

Now that we have the explanation let's get into the details of which are the best binary options brokers.

 

IQ Option

IQ OptionIQ Options is one of the world’s leading brokers. They have a great proprietary mobile platform, which they advertise quite often. As with any broker, you will need to be disciplined when trading so that you do not invest money you cannot afford to lose. Let’s dive in and talk about IQ Option in-depth. Minimum Deposit: $10. Payout: 91% (credited to your account when trades go well for you).

For their clients to access markets and do trading, IQ Option made their trading platform. The platform has great features that traders would appreciate and want to have. From the interface to the navigation, it is easy to tell that they modeled it after the more popular platforms used by spot forex traders and brokers.

They have tools like stop-loss and take-profit level settings, among other useful features you will want to have. For their risk management provisions, IQ Option added a feature called ‘Position top-up,’ which allows traders to keep their positions open beyond the stop loss levels set.

Their trading buttons and strike-price features are easy to use. The intuitive design ensures that you do not have to struggle with how you navigate the app. They have price graphs and charts to help you understand where you are and what is happening.

The layout is such that you can make additional configurations and customizations to your liking. You can move the graphs and other tools around so that they are arranged in a way that works for you. The platform is available for PC or Max and on android and iOS devices as well.

At the moment, they do not have a MetaTrader integration. Apart from the modern and sleek interface, the platform allows you to change how you view the charts, using four layouts. They include; line, bar, area, and candlestick. You can choose the timescale for the bar and candlestick charts from over 18 different time intervals. You can use multiple graphs at the same time if that's what you want.

With their later updates, they added many technical analysis features for you to use. These include about 20 different indicators. With such impeccable charting, it is easy to see why IQ Option is one of the best options when trading binary options.

After you download the app, on PC or Mac and Android or iOS, you can just open it up and see what they offer to get the most out of it.

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