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Key benefits of using a demo account:
We explore some these benefits in more detail below.
Practice trading binary options with a free binary options demo account.
I think you’ll agree with me when I say: It’s so difficult to find top binary options trading platform.
The industry is full of hundreds of unregulated binary options brokers.
I really dislike searching for a new broker, it takes me days to decide.
Luckily for me, I have never been scammed by a binary broker, I think mainly because I went about it the right way.
This is one thing and maybe the only thing I got right from the start of my trading journey.
I talk about this in detail when I discuss binary options scams.
A lot of friends/traders recommended brokers to me, but I never joined based on their recommendations.
I did my own detailed research every time before joining another binary options platform.
This is quite straight forward if you live in Europe and maybe parts of Asia.
But it’s less straight forward if you live in the US or Canada. But do not worry if you are a US or Canadian binary options trader.
I’ve got some options for you.
Ok, so, these are the things I look out for.
Regulated binary options brokers
I never open an account with an unregulated binary options broker, no matter what.
Being regulated means the company has a level of accountability and your capital to a certain amount is safe.
FCA (United Kingdom), ASIC (Australia) and CFTC (USA) are amongst the toughest regulators in the world.
My first option would be to sign up with a binary broker that is regulated with these regulators.
If I don’t find one that meets my criteria in other areas, I will settle for a CYSEC regulated broker.
CYSEC is the regulatory body over seeing most binary options companies in Cyprus.
This is a must, do not ever signup with a broker that isn’t regulated. Exceptions are for US binary options trading. But I’ve got something for you later on.
Why you may ask….
.. well, because I have seen lots of friends not being able to withdraw their profits, they get their accounts blocked and the broker doesn’t bother to communicate.
I have seen this happen over and over again. Please and please, do not take this risk.
Do they trade forex as well as forex binary options?
If your broker has cfds and fx trading on their platform, then it is likely that you are in good hands.
Because this means they have a bit of liquidity from commissions earned from cfds and fx.
As you know, binary options is traded in house which means that you place trades against other traders.
If you win a trade, the losses from other traders are used to pay you.
I ignore binary options broker reviews
Yep, you heard right.
I ignore any review online.
Because 99% of those sites write good reviews so that you can click on the binary options broker link, go to the site, sign up and deposit money.
You deposit money, they get a big commission.
If you really want an honest opinion, search for some forums that individuals actually talk about their experiences with these binary brokers.
Check out binary options edge, you will get a great deal of help there and can also ask questions.
Expiry time, assets available and payout
Depending on what strategy you decide to trade with, this might be important.
Some brokers do not have fixed time expiry,,,
…like 2.45, 2.30, 2.15 etc and only have 5mins, 10mins, 30mins etc. expiry times.
I personally go for brokers that have both just in case, this will come in handy especially if you are following binary options live signals.
The broker also needs to have the assets you trade, check to make sure before signing up.
The payout is important, depending on your expiry time, the payout can be anywhere from 70% to 90% on some brokers.
Ideally, you would want the highest payouts.
We should be able to withdraw our profits whenever we want and quickly as well.
Depending on your method of deposit, your withdrawal can take anything from a few hours to a few days.
You do not want to sign up to a broker that the withdrawal process takes more than 5-7 days to be honest.
Although the only time I’ve ever needed to talk to customer service was when I wanted to find out about my withdrawal request.
You need your questions answered quickly and not 2 days after sending. Does the broker have chat and phone support?
Did you try and use these?
Was there a fast response?
Honestly, to me, this might be the least important.
Binary Options Bonuses
Bonuses are designed to keep you from withdrawing your profits.
There is always a clause attached to this or part of their terms and conditions as to when you can withdraw.
Usually, you would have to do a transaction volume of about 40 times your bonus amount.
So, if you were given a bonus of £100, you need to place trades with a transaction volume of £4000.
Now, I have collected a bonus before, but that was because I was certain of achieving that volume.
But I highly kick against taking a bonus and I always say, never ever take a bonus. Keep it simple.
Drum roll please….
Below are binary options brokers that I have used in the past or I am using presently that come highly recommended by me.
Recommended Binary Options Trading platforms
I haven’t forgotten my US binary options traders.
Recommended US binary options brokers
Reason why I recommend these is because the site itself is regulated by xxxxx state gambling xxxxxx
I have used betonline briefly as well, the withdrawal is a bit lengthy though. Apart from that, all good.
Let me know if you have any country specific needs and I will be happy to do some digging around to find you a binary broker to use.
Open a demo account bla bla bl ato test bla bla bla.
Please note: US citizens are prohibited of trading with EU regulated (CySec, FSA) brokers.
Be advised: Trading with a non regulated broker carries risk!
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