Top Binary Options Brokers Reviewed in 2023

Binary Options Brokers

Trading binary options has been popular in the US ever since 2008 when the SEC approved the trading of such options in the United States. Since then, many brokers have claimed to be the best. Before you hire just any broker, I will teach you what to look for before you do so. There are so many elements to being a good broker, so study carefully what I have to say.


Broker Comparison Criteria

A broker lets you use a trading platform that belongs to him. This platform is “the middleman” between you and the exchange. Knowing this, you should always compare brokers based only on the services they offer you; nothing more, nothing less. Along with that, there are other criteria you must check to make an informed decision:

  • Trade everything

    Some brokers allow you to trade everything, while others limit your trading options. So, your options will be limited if you choose the wrong broker. Brokers offer many types of trading; boundary, ladder, touch, pairs, and more.

  • Compare the other factors

    Different brokers have different trading costs, bonuses, environments, and payouts. Compare all these before you choose your broker.

  • Not provide flexible expirations

    Some shady traders do NOT provide flexible expirations. Instead, they will get you stuck in deals with long expiration dates. Beware!

  • Minimum deposit

    Look at the minimum deposit brokers allow. It can range from five dollars to two hundred and fifty dollars.

  • Demo account

    Check if the broker offers a demo account facility for testing.

  • Customer support

    Make sure your broker has customer support. Some don’t have any while others have 24-hour instant support.

  • Brokers regulation

    Check if the brokers are regulated. If they are, research the regulatory authority.

The best scenario is this – you get a secure trading platform, numerous bonuses, and a 90% payout rate. You also want to be sure your broker is flexible on trade expirations.

How Do Brokers Make Money?

How Do Brokers Make Money?

As I said, the broker and his trading platform represent the middleman. So, how do brokers make money? Firstly, they get a margin of an OTC (over-the-counter) trade by simply being a counterparty. That margin is significant mainly because both sides are hedged. The broker does have protection in case he doesn’t get enough margin. Secondly, they make money from being the middleman. They charge a commission for matching buyers and sellers. The commission is an amount inside the transaction. The tighter spread in buy and sell prices makes your trading cheaper.

Should You Use Multiple Brokers?

There are so many brokers in the market, and they all have different features.

  • Some brokers are only good at short-term trades

    Some brokers are only good at short-term trades, while others excel at boundary trades. In this case, you would want two accounts to benefit from both types of trade.

  • Open lots of demo accounts

    You might open lots of demo accounts with different brokers to get experience. People do this to train before they get into real trading.

  • Help you protect yourself

    Having accounts with multiple brokers is the same as having your eggs in different baskets. If you lose money with one, any profits earned with others go some way to reducing that loss.

  • Opening accounts with multiple traders

    You would get various sign-up bonuses from opening accounts with multiple brokers. In other words, large deposits earn you rewards. So, if you are depositing large amounts to get a bonus, having multiple accounts may not be for you.

Exchange VS Over-The-Counter Brokers

Exchange Brokers
OTC Brokers
They are middlemen
They are counterparty, not brokers.
They connect buyers and sellers.
They are counterparty to open trade positions.
They get paid if you win or lose.
The brokers don’t win until a trade wins.
Reduced risks make trader returns higher
Higher risks lead to lower payouts

How To Choose The Correct Trading Platform

You need to assess a lot of factors before choosing a broker. Some of them are listed below.

  • Financial assets

    Choose based on the financial instruments you want to trade. Some brokers may not offer the one you are interested in trading.

  • Fee from the payouts

    Brokers will take a commission from your payout. Usually, this is around 10-15 percent. So, make sure you choose a favorable commission rate to maximize your profits.

  • Minimum deposits criteria

    Brokers sometimes ask for excessive minimum deposits. Look for one that requires a reasonable minimum.

  • Demo accounts facility

    Ensure that the broker’s trading platform offers demo accounts. Such an account is a testing facility for you to practice trading.

  • Respective laws

    Lots of countries regulate their brokers, so make sure the broker you choose is up to standard. The last thing you want is legal complications.

  • Various payment options

    Brokers offer many different payout options. Be sure those options are secure and you are comfortable with them.

  • Instant withdrawals of payouts

    We live in an ‘instant’ world, so make sure the broker you choose offers instant payouts. It will be so much better for you in the long run.

  • Trading apps

    We are all busy and can’t always use our laptops for trading. Make sure the platform you choose has an iOS and Android app.

The Financial Market Regulatory Bodies

There are a lot of restrictions on financial markets. The regulatory bodies from other countries make these rules. They regulate the brokers and help protect us as traders. They can legally provide help if you have a dispute with a trader. Some of the regulatory bodies are:

  • ASIC

    Australian Securities & Investments Commission (ASIC) in Australia

  • CFTC

    Commodity Futures Trading Commission (CFTC) in the United States

  • FCA

    Financial Conduct Authority (FCA) in the UK

  • CySec

    Cyprus Securities and Exchange Commission (CySEC) in the EU

  • FSB

    Financial Services Board (FSB) in South Africa

I would recommend getting a regulated broker. They are more reliable and they can ensure your protection.

How to Identify the Most Reliable Broker

You should ensure the broker does what it says it will and has good reviews. A lot of brokers are scammers and take your money. When you find a reliable one, use them. These factors can help you identify a reliable broker:

  • A Regulatory Authority

    A Regulatory Authority

  • Free Demo Account

    Free Demo Account

  • Funds Security

    Funds Security

  • Reasonable Minimum Deposit

    Reasonable Minimum Deposit

  • No Hidden Fees

    No Hidden Fees

  • 24/7 Support

    24/7 Support

  • Fair Payouts

    Fair Payouts

  • Faster withdrawals

    Faster Withdrawals

Binary Options Brokers Compared

Now that you know what makes a good broker, we will compare the top ones for you. You will see the details and features of each broker in this list.

Top Binary Options Brokers Reviewed in 2023

  • 1
    Pocket Option

    Gembell Limited manages the Pocket Option broker. It started its operations in 2017 and has its registration in the Marshall Islands.

    • Tradable assets – Pocket provides more than 100 tradable assets. These include currency pairs, cryptocurrency, raw materials, and binary options.
    • Max Payouts – This broker offers a 95% payout.
    • Demo Accounts – Pocket offers demo accounts for new traders. These accounts have $10,000 in virtual funds with which learn to trade.
    • Country Restrictions – Pocket does not accept users from Israel, EEA countries, the USA, and Japan. Don’t ask me why.
    • Deposits – You can start with as little as $50. Start small and work your way up.
    • Withdrawals – Pocket offers super-easy withdrawals. You can take out your money through bank transfer, crypto, plastic cards, and e-wallets. You can withdraw funds as low as $10.
    • Leverage – It gives you reasonable trading leverage. This variable leverage ranges from 1:1 to 1:1,000.
    • Trading Apps – Pocket has mobile apps for both iOS and Android. You can easily trade from your phone.
    • Broker Regulation – Gembell Limited manages Pocket’s regulations. Pocket has registered with the International Financial Market Relations Regulation Center (IFMRRC).
    • Trading Platform – You can trade through multiple endpoints in Pocket. The most used include the website, the Telegram Bot, the Mobile Apps, and Meta Trader 5. Meta Trader 5 can perform many advanced functions related to trading. Plus, the platform offers two-factor authentication and an SSL certificate. These ensure security and safety.
    • Bonuses – Pocket offers a significant 100% deposit bonus with a caveat. Your trading has to profit 50x to withdraw the bonus.
    • Advantages – These are the main advantages:
      • Its trading platform is safe and secure and provides versatile facilities for traders

        The platform is safe and secure

      • It offers trading in 100+ financial assets

        Many assets to trade (100+)

      • It provides a demo account facility

        Demo account allowed

      • It offers deposit bonuses to encourage new traders

        Deposit bonuses for new traders

      • It ensures a 24/7 professional support system

        24/7 support year-round

      • It does not charge any fees for deposits and withdrawals

        Zero deposit and withdrawal fees

    Start trading Read review
  • 2
    IQ Option

    IQ is an older and more experienced broker. This company started in 2012.

    • Tradable Assets – This is a multi-asset trading firm. You can trade digital options, binary options, CFDs, ETFs, forex, and stocks. In total, IQ Option has more than 500 tradable assets.
    • Max. Payouts – IQ also has an excellent maximum payout of 95%.
    • Demo Accounts – You get a free demo account with $10,000 in virtual funds. If you run out of this, you can easily refill it. The goal is to learn how to trade.
    • Country Restrictions – The following countries are restricted: Australia, the USA, Canada, Belgium, Turkey, Japan, Israel, Iran, Syria, Russia, and Sudan. Sorry!
    • Deposits – You get a $10 minimum deposit with a regular trading account. If you have a VIP account, your minimum would be $3,000. I would recommend the lower option for beginners.
    • Withdrawals – You can withdraw as little as $2 anytime. Keep in mind that the upper daily withdrawal limit is $1M. You can withdraw money by almost any means, including QiWi, Visa, Mastercard, Maestro, Neteller, Skrill, WebMoney, bank transfer, Western Union, and MoneyGram. The withdrawal will only take up to a day.
    • Leverage – The leverage maximum for European traders is 1:30. Contrast this to the forex maximum trading leverage of 1:1,000.
    • Trading Apps – IQ has an app for both iOS and Android to enable trading. You even get the entire set of trading tools from this free app.
    • Broker Regulation – IQ has been solely regulated by Europe’s CySEC.
    • Trading Platform – IQ, like most software, gets updated quite often. So not only does this provide a better trading experience, but also it suits all the trader’s growing needs.
    • Bonuses – Unlike other brokers, IQ does not give extras. Their regulators have passed a new law against it.
    • Advantages – Top advantages include:
      • Regulated under FINACOM

        CySEC regulated

      • Demo account facility

        Free demo account

      • Lots of technical indicators. Advanced universal platform

        500+ trading instruments

      • 24/7 support in multiple languages

        24/7 fast support

      • It offers minimum deposits and insurance for transactions.

        $10 minimum deposit; $1 minimum trade

      • Different option types

        A trustworthy and reliable option

    Start trading Read review
  • 3

    Cypriot Financial Holding owns and manages Quotex. Cypriot holds a certificate authorized by the Center for Regulation of Relations in Financial Markets (CRRF). The company itself resides in Seychelles. Quotex offers advanced trading indicators and plenty of trading assets.

    • Tradable Assets – Right now, Quotex Offers 25+ currency pairs, plus cryptos including Bitcoin and Ripple. You could also trade commodities like gold, silver, and oil.
    • Max. Payouts – Quotex offers a generous 97% payout rate. This is one of the best rates you can get.
    • Demo Accounts – You get a free demo trade account with 10,000 units to test trade. You could also trade currency pairs.
    • Deposits – You can start as low as $10 with your trading. You could deposit through Bitcoin or use e-payments like Perfect Money, Yandex Money, and many more.
    • Withdrawals – You can withdraw by the same method you used to deposit the money, or you could transfer it to your e-wallet or bank account. The beauty of withdrawing is that it only takes up to an hour.
    • Advantages – Some of the top features are:
    • Secure and safe. No data leaks

      Secure and safe. No data leaks

    • Lots of technical indicators. Advanced universal platform

      Lots of technical indicators. Advanced universal platform

    • Easy to use. Quick and fast

      Easy to use. Quick and fast

    • 24/7 support in multiple languages

      24/7 support with multiple languages

    Start trading Read review
  • 4

    Race Projects Ltd. owns the Raceoption platform.

    • Tradable Assets – Raceoption has many instruments, like currency pairs, crypto, shares, and stock indices.
    • Max. Payouts – 80% is the average payout.
    • Demo Accounts – All new traders get a free demo account.
    • Deposits – The minimum deposit depends on the trading account – Bronze ($250), Silver ($1,000-$2,000) or Gold ($3,000).
    • Withdrawals – One-hour fast withdrawal to any top payment provider.
    • Trading Apps – Raceoption has iOS and Android apps.
    • Broker Regulation – Raceoption apparently has no regulators.
    • Trading Platform – An easy-access trading platform, complete with technical and economic analysis.
    • Bonuses – You will get a 20-100% bonus on your trading account.
    • Advantages – Raceoption’s benefits:
    • High-speed withdrawal request processing.

      High-speed withdrawals

    • Different payment methods for replenishment

      Many withdrawal methods

    • 24/7 customer support service

      24/7 customer support

    Start trading Read review
  • 5

    Binarium was founded in 2012 as the best platform for multilingual traders.

    • Tradable assets – Binarium has many asset types like indexes, shares, binary options, and currency pairs.
    • Max Payouts – You get a payout of up to 93%.
    • Demo Accounts – New traders get a free demo account.
    • Deposits/Withdrawals – The minimum deposit is $5, but the withdrawal depends on the deposit amount.
      Account TypeDeposit AmountWithdrawal
      Start$5-99One $200 request a day or $1000 per month
      Standard$100-499.99Two $500 requests a day or $2500 per month
      Business$500-1,999.99Five $1,000 requests per day or $20,000 per month
      Premium$2,000-4,999.99Five $5.000 requests per day or $50,000 per month
      VIP$ 5,000+Unlimited $15,000 requests per day or $100,000 a month
    • Broker Regulation – Binarium is regulated by CySEC and CRRF.
    • Trading Platform – This trading platform brings you enhanced niche features for the best trading.
    • Bonuses – You will get a trade back as a trading bonus. The amount is 5% and 10% in Standard and Business accounts.
    • Advantages – The best advantages are:
      • A unique trading platform

        Enhanced trading platform

      • Available training materials

        Learning and training material

      • Several financial assets for trading

        Great trading assets

      • It offers minimum deposits and insurance for transactions.

        Minimum deposit and transaction insurance

    Start trading Read review
  • 6
    Expert Option

    Expert has been registered in the United Kingdom since 2015.

    • Tradable Assets – Expert Gives you 100+ assets to trade.
    • Max. Payouts – You will get a 90% payout in your trading.
    • Demo Accounts – New traders get a free test trading account.
    • Country Restrictions – Expert is not allowed in these countries: Switzerland, Israel, Australia, New Zealand, European Economic Zone, Japan, Puerto Rico, Sudan, North Korea, Canada, and the USA.
    • Deposits – You can start with a deposit of $10. You can then add $50 to replenish the account. Expert allows you to deposit with 20+ payment methods including Neteller, Perfect Money, and FastPay.
    • Withdrawals – Expert offers a minimum withdrawal of $50. Withdrawals take two days and require documentary identification.
    • Trading Apps – Expert has apps for literally all devices. These include Windows, Mac, iOS, and Android.
    • Broker Regulation – Vanuatu Financial Services Commission (VFSC) regulates this company.
    • Trading Platform – The platform’s name is ExpertOption. This platform is similar to those of IQ Option and Olymp Trade.
    • Bonuses – Deposit bonuses can reach 50%, but that depends a lot on the type of user account.
    • Advantages – The main benefits are:
    • Demo account facility

      Free demo account

    • Technical tools for extensive analysis

      Analysis tools

    • Russian Federation certified broker

      Russian Federation certified

    • Minimum deposit

      Minimum deposit: $10

    The downside to Expert is the limited trading options.

    Start trading Read review
  • 7

    Binomo, being very client-focused, is a popular choice. Binomo was founded in 2014 and has numerous trading tools. These tools make for winning trades and quality investments.

    • Tradable Assets – Binomo will give you more than 70 trading assets. These include currencies, asset pairs, stock indices, and commodities.
    • Max. Payouts – Binomo offers a mediocre payout max. at 87%.
    • Demo Accounts – This broker provides a test trading facility for those learning to trade. This facility has $1,000 of virtual money that you can refill at any time.
    • Deposits – There are three different account types with minimum deposits. The standard account has a minimum deposit of only $10. If you want to go higher, you could choose the Gold or VIP type. The Gold has a minimum of $500, and the VIP has a minimum of $1,000.
    • Withdrawals – The withdrawal time is dependent upon the account type you choose: Standard (3 days), Gold (24 hours), and VIP (4 hours). You can withdraw to many companies, including Alpha Click, WebMoney, Neteller, QiWi, Yandex Money, ePayments, and Promsvyazbank.
    • Trading Apps – Binomo gives you options to trade on your phone and tablet. Apps include support for iOS and Android.
    • Broker Regulation – Binomo is regulated by the Center for Regulation of Relations in Financial Markets (CRRF).
    • Trading Platform – Binomo has a trading platform named SpotOption. This platform works great for trading and investing by beginners or experienced traders.
    • Bonuses – Binomo can give you up to 110% in bonuses but this depends on your account type. A Standard account gives a bonus for each separate deposit. If you have a Gold or VIP account, you get up to a 100% bonus.
    • Advantages – Below are the primary advantages:
    • Trading instruments

      More than 70 assets to trade

    • Different option types

      Different trade options: Binary, Pair, Long Term, Touch, and 60 Seconds

    • Deposit bonuses

      Up to 110% deposit bonus

    • It provides a demo account facility

      Free demo trading account

    • Trading platform

      SpotOption platform: Easy to use, client-friendly

    Start trading Read review
  • 8

    Smartex International owns Olymp Trade. It is based in Russia and started the platform in 2014.

    • Tradable Assets – Olymp offers many assets like stocks, indices, currencies, commodities, and currency pairs.
    • Max. Payouts – Olymp offers a decent payout rate of 90%.
    • Demo Accounts – Olymp gives you a free test account to learn to trade. This account has $10,000 in virtual funds.
    • Deposits – You can make a deposit as low as $10. Also, Olymp only carries one type of trading account.
    • Withdrawals – You can withdraw as little as $10. It takes up to 5 days to complete a withdrawal.
    • Trading Apps – Olymp offers apps for Android and iOS.
    • Broker Regulation – CRRF and Finacom (The Financial Commission) regulate Olymp.
    • Trading Platform – Olymp Trade. This platform is conveniently adaptable to all screen resolutions.
    • Bonuses – New traders with Olymp receive a 100% trading bonus.
    • Advantages – The main ones are:
    • Adaptation to different screen resolutions

      Olymp Trade is a convenient trading platform

    • Its welcome bonuses are up to 100%.

      100% sign-up trade bonus

    • Regulated under FINACOM


    • It provides a demo account facility

      Demo Accounts allowed

    • The broker keeps the deposits with the European bank

      Broker keeps funds in a European Bank

    Demerits – There are two disadvantages to Olymp:

      1. Only 13 trading assets. You can only trade a single asset at a time.
      2. You can only get a demo account after you register.
    Start trading Read review
  • 9

    Finrally focuses on data protection. It is international and use enhanced technology. Features:

    BonusUp to 100%
    Trading PlatformSpot 2.0
    Min Deposit$250
    Min. Trade Price$10
    Start trading Read review
  • 10

    Cent Project Ltd. owns Binarycent. Features:

    InstrumentsBinary options and crypto
    Min Deposit$250
    Min. Trade Price$0.01
    Start trading Read review
  • 11

    Binbot features:

    Min. Trade Price$1
    InstrumentsCurrency pairs, binary options,


    Min Deposit$250
    Start trading Read review
  • 12

    Nadex belongs to the IG Group in London and has the following features:

    Trading PlatformNadex
    InstrumentsStock Indices, currency pairs and Crypto
    Min Deposit$250
    Start trading Read review
  • 13
    Binarycent - Centobot

    This broker has a robotic trading system. They launched in 2017. Features:

    Min. Trade Price$0.10
    Trading PlatformAutomatic robot trading Binarycent – Centobot
    Min Deposit$250
    Start trading Read review
  • 14

    Spectre allows traders to open purses on resources and contracts to regulate transactions. Features:

    Min. Trade Price$1
    InstrumentsBinary options, shares, commodities,

    currency pairs and crypto

    Min Deposit$1
    PayoutsYes (100%)
    Start trading Read review
  • 15

    This broker is browser-based, which makes it very easy to use. Features:

    RegulationFINRA and SIPC
    Trading PlatformETNA white label program

    metals, raw materials,

    equities, and options

    Min Deposit$500
    Start trading Read review
  • 16
    London Capital Group

    LCG has its shares on the London Stock Exchange. It has 20 years of experience and is trusted. Features:

    RegulationCySEC and FCA
    Min. Trade Price$0.01
    Trading PlatformMT4 and LCG Trader
    InstrumentsCurrency pairs, indices,

    bonds, ETFs, CFD

    Min Deposit$100
    Start trading Read review
  • 17
    Ally Invest

    Ally started in 2016. Features:

    RegulationFINRA and SIPC
    Min. Trade Price$0.01
    Trading PlatformMT4 and Ally Invest Forex
    InstrumentsFutures, currency pairs,

    indices, stocks

    Min Deposit$1
    Start trading Read review
  • 18
    TD Ameritrade

    This broker has 40 years of experience in this industry. Features:

    RegulationNFA*, FINRA, and SIPC
    Min. Trade Price$1
    Bonus60 days free maintenance

    $ 600 for advertising

    Trading PlatformTrade Architect, Web Platform and Thinkorswim
    InstrumentsCurrency pairs, indices,

    bonds, ETFs

    Min Deposit$50
    Start trading Read review
  • 19
    Interactive brokers

    This brokerage was started in the ‘70s. Features:

    RegulationUS SEC, NYSE, FINRA, SIPC, CFTC.
    Min. Trade Price$1
    Trading PlatformTWS, iBot, IBKR Mobile, IBKR API
    InstrumentsCurrency pairs, indices,

    Bonds, CFDs,futures,stocks, etc.

    Min Deposit$2000
    Start trading Read review
  • 20

    E-Trade has been going since 1996 with efficient hardware. Features:

    RegulationFINRA, SIPC
    Min. Trade Price$0.01
    Trading PlatformE*Trade Pro, E*Trade FX,, Market Trader and OptionsHouse
    InstrumentsCurrency pairs, indices,

    bonds,ETFs,futures,stocks, etc.

    Min Deposit$500
    Start trading Read review
  • 21

    This broker originates in Russia but claims to be registered in the UK.

    • Max Payouts – offers 84% payouts.
    • Demo Accounts – Free demo testing account.
    • Deposits – Minimum deposit of $10 through most top payment methods.
    • Withdrawals – Withdrawals have a significant 8% fee.
    • Broker Regulation – At the moment, there is no regulator.
    • Trading Platform – Intrade lacks the advanced tools of some brokers.
    • Advantages/Disadvantages – Main ones are listed below:
      Low deposits and small tradesLight to no regulation
      Tons of payment methodsPayouts are not high
      Free demo accountHight withdrawal fees
    Start trading Read review
  • 22

    This broker started in 2016. Features:

    Min. Trade Price$1
    InstrumentsFinancial assets,

    exotic cryptocurrencies

    Replenishment/Withdrawal methodsOKPay,

    Payeer, Yandex

    Min Deposit$1
    Start trading Read review
  • 23
    Charles Schwab

    This broker started in 1971. Features:

    RegulationSIPC and FDIC*
    Min. Trade Price$50
    Trading PlatformStreetSmart Edge
    InstrumentsBinary Options, CFDs,

    stocks, Recious metals

    Min Deposit$1000

    * Federal Deposit Insurance Corporation

    Start trading Read review
  • 24
    Saxo bank

    Saxo is a well-known bank from Denmark. Features:

    RegulationDanish Financial Supervision Authority
    Min. Trade Price$0.01
    Trading PlatformSaxoTraderGO and SaxoTraderPRO
    InstrumentsCurrency pairs, indices,

    bonds, CFDs, etc.

    Min Deposit$10,000
    Start trading Read review
  • 25

    OptionClub started in 2013. Features:

    RegulationNetherlands Authority for the Financial Markets (AFM)
    Min. Trade Price$1
    InstrumentsCurrency pairs, indices,

    stocks, raw materials,

    binary options, etc.

    Min Deposit$50
    Start trading Read review
  • 26
    Close Option

    This broker is based in Georgia. Features:

    RegulationNot regulated
    Trading PlatformCloseOption
    InstrumentsForex, binary options,

    cryptocurrencies, etc.

    Min Deposit$5
    Start trading Read review
  • 27

    EasyOption will make you money from binary and crypto. Features:

    Wallet ReplenishmentPossible through an imToken multichain-wallet, MetaMask, and MyEtherWallet.
    Start trading Read review
  • 28

    This broker was the first to give binary services in Kyrgyzstan. Features:

    Min. Trade Price$0.07
    InstrumentsCryptocurrencies, stocks, indices.
    Min Deposit$0.07
    Start trading Read review
  • 29

    Blockoptions uses the EtherZero blockchain for exchange and practical work. Features:

    Trading PlatformDecentralized Platform

    The financial guarantor is a cryptomonet EtherZero. The change in resource value within a specific time interval can give the trader a decent payoff.

    Start trading Read review

*General Risk Warning: Your capital might be at risk


Do your research on the best broker for your personal scenario. First, make sure you know all the requirements, caveats, and features of each one you consider. Then, after you have evaluated everything, choose the one you think fits you well.