How to find a suitable binary options broker

binary options broker selectionOnce you have familiarized yourself with the basics of binary options and some trading strategies, inevitably the question comes up, at which broker it is best to actually start trading. Since binary options are traded directly over-the-counter (OTC) with binary options brokers that act as market makers, the choice of a suitable broker is of particular importance. At binary options broker selection, several factors should be considered, which will be described below.

Minimum deposit and minimum amount per trade

The minimum deposits required by binary options brokers differ sometimes considerably, as well as the minimum amounts that must be invested in a single trade. Account openings typically start from a deposit of about $100. The minimum trading amount is only a few US-Dollars with some brokers. However, on average traders have to invest at least $10 to $25 per trade. For a meaningful assessment of their own trading performance, traders should possibly rely on a huge number of trades. Therfore, the relation of total account size to minimum trading amount matters. Logically, the higher the ratio of account size to minimum trading amount, the more flexible the trader is, which is also important for effective risk management.

Trading modes and number of tradeable assets

Binary options brokers fundamentally differ from each other according to the binary options software in operation. The selection of tradable assets, the functionality and usability of the trading platform as well as the supported trading modes and risk management functionalities are usually determinded by the featured software provider to a great extent. However, traders will find virtually all major currency pairs, stocks, indexes and commodities available for trading at any broker. If you want to trade binary options on a particular exotic currency pair or trade options on your favourite stock, you should convince yourself beforehand on the website of the broker that the asset is available. Virtually all brokers publish an asset index on their website.

Trading education and customer service

Despite the fact that interested traders should find all the important information to trade binary options on, also the binary options brokers themeselves support their customers with trading resources. Depending on the broker this may include free e-books, webinars or market analysis. These services can be of great use especially for beginning traders. With binary options broker selection, traders should always take into account the timeliness and clarity of information on the website of the preferred broker as well as the responsiveness of customer service. These are basics which are easy to check during the account opening process.

Bonus offers and VIP programs

The large number of different binary options brokers has led to many brokers advertising attractive bonus offers for new customers. Whilst one should conduct broker selection based on qualitative criteria primarily, it is nonetheless worth paying attention to bonus promotions. The bonus or the pay-out of the bonus money is usually constrained by turnover conditions with which you should make yourself familiar beforehand to avoid unpleasant surprises. For existing customers, some brokers offer VIP programs, so that traders may benefit from exclusive bonuses or improved returns , when the corresponding trading volumes are met.

Make use of our extensive broker comparison

Our broker comparison supports you in choosing a suitable binary options broker. Simply sort the comparison chart on our homepage according to your desired criterion and benefit from our extensive broker reviews to make an informed binary options broker selection. Our experts inform about all the details concerning trading platform, trading modes and customer service, as well as account opening bonus offers of the most important brokers in the industry.