Best Binary Options Brokers 2024

The best binary options brokers for UK traders offer competitive payouts, wide market access, plus a secure investing environment. But with a long list of scam providers operating today, finding a trusted binary broker can prove challenging. To help you get started, we have ranked and compared the top binary options brokers in this updated review for 2024.

What is a Binary Options Broker?

Online binary options brokers facilitate the purchase and sale of binary options through a desktop platform and/or mobile app. Brokerages set contract conditions, including payouts, and provide clients with tools to analyse markets and make informed investment decisions.

Speculators earn money with binary options through a simple yes/no proposition: will the price of X asset rise or fall by Y date? If they bet correctly, they receive a pre-determined payout. If their prediction is wrong, they lose their initial stake.

Binary options brokers usually make money from the difference in what they pay out in winning trades versus what they collect from losing bets.

The Financial Conduct Authority (FCA) banned the marketing and sale of binary options by UK brokers, however, investors can still open accounts with offshore providers, for example, those based in Australia.

Brokers normally play an important role as middlemen who help investors access traditional markets, such as forex, stocks, and commodities. But this is not always the case with binary options, in which the investor enters a contract directly with the broker. Since the brokerage acts as the counter-party to the trade, it is particularly important for investors to research and find the right provider for their needs.

Pocket Option Broker

How to Compare Binary Options Brokers

Choosing the best binary options broker in the UK largely depends on each trader’s needs – there is a lot of competition and variation in what different platforms offer. Traders should think carefully about what factors are most important to them, then make a list for comparison of the top 5 or 10 binary options brokers based on their requirements.

Besides looking for a genuine, trustworthy broker, many traders will choose the platform with the highest payouts. But there are other factors to consider, from minimum deposit requirements and demo account access to fast withdrawals, no deposit bonuses and Halal trading conditions. The most important factor in one client’s decision may be the size of the minimum stake required to open a position. Other traders may be on the lookout for brokers that accept Bitcoin payments or other cryptocurrency.

Below we have compiled a list of the key considerations to take into account when choosing a new binary options broker…

Regulated Brokers

The first step to finding a binary options broker is to ensure they are reputable, open and trustworthy. One important indicator of reliable brokers is regulation. After increasing legislative interest, the FCA will not directly regulate brokers who trade binary options, but firms that offer other derivatives such as contracts for difference (CFD) may be FCA-regulated.

Fortunately, there are several leading binary options brands that are registered in other jurisdictions, accept British clients, and are subject to regulatory oversight from their local financial watchdog.

A number of European retail brokers are regulated by the Cypriot financial authority, the CySEC. Alternatively, some websites are registered with the ASIC in Australia. There is also a list of regulated binary options brokers that operate in Malta and the Isle of Man under gaming permits.

Note, some unregulated brokers can still be trusted if they meet the criteria outlined below.

Payouts

One of the most important things to consider when choosing a binary options broker is the return, since your potential earnings from each trade will be affected by the way the broker makes their money.

Often, the trader enters into an over-the-counter contract with the binary options broker, where the brokerage acts as a counterparty, rather than a middleman. In this case, the broker stands to make the money the trader stakes on losing bets, but they may also take a percentage of winning bets. This percentage will be expressed as a “return” on the option.

For example, if a trader successfully stakes £100 on a binary option with a broker who offers an 85% return, they will receive their stake back plus a payout of £85. In the event their bet is unsuccessful, they would lose their £100 stake.

Some brokers match buyers and sellers of binary options on exchanges or other platforms in a way that is much closer to the traditional middleman role. In this case, the broker will make their money and yield by charging a commission or spread. Check quotes and valuations on a provider’s website before registering for a live account.

Types of Binary Options

Another crucial point when choosing a binary options broker and planning your volume strategy is deciding what type of contract you want to trade and on what market. There are several popular binary options products available on different underlying assets, from forex and stocks to cryptos like Bitcoin.

One of the most popular contract options is a one-touch binary option. This pays the option holder a premium if the underlying asset hits a target price at any point before the option expires – in other words, there only needs to be “one touch” of the strike price for a trader to earn a payout.

Boundary options, where traders speculate whether an asset’s price will finish in a predetermined range are also popular. So too are ladder options, where a broker offers staggered payouts at different price levels, or rungs.

Also important is the length of the contract. Your binary options broker may offer expiry times ranging from 30 or 60 seconds up to one week, a month, or even a year. Fast-paced day traders will look for shorter expiries while longer-term investors will prefer contracts with extended expiry times.

Note, that some binary options brokers offer features like rollover, which allows investors to add a percentage to their stake to keep their option running for longer and increase the payout of a successful bet. Brokers with rollovers can be useful for investors who want to capitalise when they identify a trend in an asset and believe it will continue for longer.

Platforms & Tools

Many of the best binary options brokers today are using MetaTrader 4 (MT4) platform, and some also feature MetaTrader 5 (MT5) integrations. These top-rated platforms offers a number of useful features, from extensive drawing and graphing tools to VIP signals and automated investing capabilities. Many reputable brokers use this as their main investing interface.

Traders can access a wealth of information on MT4 and MT5 online, including guides on what value these platforms offer and how to login and customise terminals.

Some brands also offer straightforward browser-based solutions. These can be a good option for beginners who don’t need extensive market data and advanced technical analysis tools. A free demo account is a great way to trial a broker’s software before registering for a live account.

Quotex Broker

Mobile Apps

Does the online broker offer a free mobile app? Traders today often want to manage their positions and monitor the markets from their mobile or tablet device. The best providers offer free downloadable applications on iOS and Android devices.

Tip: Check ratings in the respective app store to avoid apps that crash or frequently have bugs.

Demo Accounts

Some binary options brokers offer demo accounts, which allow investors to make paper trades without putting any real money on the table. These are an ideal, risk-free way for beginners to try out binary options and for more experienced traders to develop strategies or systems.

A free demo account is also an excellent way to test drive a potential broker before opening a real-money account.

Deposits & Withdrawals

Another important consideration is how you will fund your binary options activities. The best binary options brokers support a selection of traditional and emerging payment methods, from Visa, Mastercard and PayPal to Skrill, Neteller, M-Pesa, wire transfers and credit cards. A growing number of platforms are also accepting cryptocurrency payments like Bitcoin.

It is also worth checking for any fees and limits. The best providers offer fee-free, instant deposits. Withdrawals tend to take longer and may need to be the same as the deposit solution.

Finally, are there any minimum and maximum payment limits? The best binary options brokers for beginners will let users get started with a $10 minimum deposit.

Trusted Brands

With binary options home to some of the worst scams, hacks and fake providers, it is important to sign up with a trustworthy broker. See our list of the best binary options trading brokers for the safest brands. You can also check ratings on a provider’s website, though these should be taken with a pinch of salt. Alternatively, check out reviews on other sites and social media forums.

A responsive customer support team can often be a sign of a trustworthy broker. The top brands offer 24/7 support via live chat, email and social media. Videforex even runs a video support service. Avoid binary options brokers with a non-responsive customer service team as they may be unable to help with any questions or issues.

Also be wary of firms that offer no deposit welcome bonuses and lucrative sign-up offers. Always check terms and conditions as some deals can be used to lure in newbies and come with unfair or misleading withdrawal stipulations and rules.

Bottom Line on Choosing Binary Options Brokers

Binary options are a popular financial product with beginners and experienced investors. Their straightforward nature makes it easy to speculate on forex, stocks, commodities and cryptocurrencies.

But choosing between the long list of binary options brokers can feel daunting. Use our guide to find the most trusted and reliable binary brokers. Alternatively, choose from one of our recommended and certified providers.

FAQ