You cannot trade binary options without the appropriate platform. That is the heart of every single trade and you should never deal with that carelessly. That means: you should not just choose any old broker and expect that you will be happy with that. That is not the way it works! You really have to think about that very well and you should above all, get someone to help you to find the broker for you that suits you best. This will not always be easy, because actually, you are the only one who knows what you like. Therefore, it is difficult to find a generally applicable answer like “this is the best broker for binary options”.
However, the journey is the destination and even if you do not find the perfect broker from the very beginning, you should at least try it. I will help you and I can tell you that you will definitely not have plenty of choice. Why? Simply because there are only very few good brokers. Even though their number is constantly growing and hundreds of them already are at the market – only very few of them are really good. So, you can already put the idea right out of your mind that you will immediately find the right broker for you after quickly browsing through the Internet. This is no supermarket and you are neither shopping at Amazon.
How can I find the best broker?
First of all, it is important to know yourself. Are you rather a beginner or an advanced trader? A beginner is someone who has already heard of binary options but who has never or hardly traded with them. By the way, up to now, we were only talking about small amounts of money (less than 500 Euros). An advanced trader is someone who is trading with a lot more money and who has already traded with hundreds of binary options. In this case, what counts for you, is to save money while trading and get the maximum out of it.
The best broker for beginners
You can say what you want, but as a beginner, you are basically always unable to cope with the situation. Sure, as a beginner you would love to already bet a lot of money but you always fall flat on your face. Famous sayings like “no one is born a master” are, unfortunately, absolutely taking the biscuit. Why should things be different with regard to binary options? Sure, trading them is super easy and actually everybody can do that, but this does not necessarily mean that you can start at a moment’s notice. Many beginners consider themselves professionals and think about making a lot of money with binary options in the future. But this is just so far from reality!
A broker for beginners should meet the following requirements:
- the software must be super easy to handle – sort of “don’t make me think”
- the minimum deposit and the minimum option amount must be low
- the customer support must answer traders fast and must be patient with them
- the broker needs a licence for serious trading
A broker you should absolutely name in this context is a broker which is very popular in Germany: BDSwiss. This is by far the largest broker in Germany. But now, let’s take a look at all the aspects one after another:
the SpotOption platform is famous for being very beginner-friendly. It is very easy to handle and clearly arranged. It is rather unlikely that you get confused here.
the minimum deposit is 100 Euros and the minimum option amount is not more than 5 Euros – This is really not much!
it is licenced in Cyprus (Europe) which means security is guaranteed. By the way, the broker has been part of this branch for such a long time that it is very very very unlikely that you will have problems with this broker. And with regard to the customer support: just take a look at the website itself:
In the bottom right corner, you can see the live chat which you can contact immediately if you want to. In only 58 seconds, it is possible for you to open an account (I tested it myself!). In the Education Center, you can find everything you need to know about the topic. The customer support is practically available 24/7 via email, live chat or phone. What more could you ask for?
Broker for advanced and professional traders
Those of you who really invest larger amounts with binary options, should especially consider one thing: The payout should be good. Just imagine you have a return of 10,000 Euros and with a certain broker you get 5 % less than with another one. Then you lose about 500 Euros on average! As you see, I am not talking about peanuts and it really pays off to at least think about that.
But that does not mean either that you should only take the “cheapest” broker because thus, you would limit your own opportunities. The overall package must be right for you. If you attach great importance to a fast responding and reliable customer support, then, you should maybe give up a few % of your payout.
I personally think that 24Option is the best broker. Due to the minimum deposit and minimum option amount, the broker actually only suits semi advanced traders. But if you trade a lot, you can acquire the status of a VIP trader. In this case, you get your personal consultant and the payout of the options improves automatically. However, you should somehow “become friends” with the black-golden platform.