While the bulk of this blog is devoted to showing you how, when and why to trade. Reasoning, thought process etc in regards to the trading binary options. The next thing on the agenda now that you’ve familiarized yourself with the trading methods is “Where do I trade?” In this section, I will be provide my own personal experience with the various Binary Options Brokers that I’ve used in the past. A simple google search of binary options broker will probably show about 10-30 different brokers, but you don’t know which one is good or bad. I’ll hopefully provide you with some insight here .
Most “broker review sites” are often paid to give positive feedback despite they’ve never used the platform before, prior to me writing a review, I must have traded a minimum of 50 trades with the broker. This will give me sufficient time spent and trades made to judge the platforms properly.
|9.75/10||Overall Rating = 9.75/10 – Originally Reviewed on June 25th, 2012 Read More|
|10/10||Overall Rating = 10/10 – Originally Reviewed on Mar 9th, 2011 (Revised on June 25th, 2012 – Update on Withdrawal rating since I tried out their Money Booker withdrawal) Read More|
|9.6/10||Overall Rating = 9.6/10 – Originally Reviewed on Oct 1st, 2011 (Revised on June 25th, 2012 – Update on Withdrawal rating since I tried out their Bank Wire withdrawal) Read More|
You can get a free demo account by clicking on the banner on the left, sign up then talk to their live chat and quote the code ‘Trade500’.
|6.8/10||Overall Rating = 6.8/10 – Originally Reviewed on Feb 1st, 2011 (Revised on Jan 5th, 2012 to reflect that no brokers accept PayPal, so all brokers automatically get 10/10 for deposits) Read More|
Why Are There So Many Brokers?
The last time I checked (September 2012), there were over 150+ different binary option brokers on the market. You’re probably wondering how did I come up with this figure because when you searched on Google yourself, you probably only found 30-50 of them. I don’t blame you because you probably have less experience with binary options than me. I started trading binary options in October 2010 so I’ve been exposed to the world of binary options for quite some time now.
In order to come up with the 150+ figure for the number of binary option brokers in the market. The first thing that you should know is there are 3 primary binary option platform providers. They comprise of SpotOption (the biggest), TradoLogic and TechFinancials. These 3 companies offer white label solutions for binary option brokers. That’s why, when you visit binary options broker sites, they all have a similar look and feel to them. In terms of the bare bone platform, there’s nothing different between the binary option brokers. The difference depends on the individual binary option broker and that’s where my binary option broker reviews come in handy.
Here’s a list of varying factors between binary option brokers:
- Asset choice (semi-important factor depending on your trading strategy)
- Customer Support (this is a factor for every business)
- Payment processor (both for deposits and withdrawal)
- Server speed (this is a big factor in my reviews)
These factors differ between binary option brokers because:
- They allow you to trade certain assets based on their risk assessment
- Customer support is based on the staff they hire
- Payment processor is based on who they use
- Server speed is based on how much they spend and on what type of servers.
These 4 factors are the basis of my binary option broker reviews because as I’ve mentioned, they vary between the brokers but also because I think they’re crucial factors to consider as well.
There’s a reason why I only reviewed 4 brokers within two years of trading binary options. What incentive do I have, to try out new brokers if I’m already happy with my current brokers? Trying out new things is always a chore especially when there’s nothing wrong with your current state of affairs. It’s human nature to dislike change unless there’s no choice.
Something I’ve noticed with new traders, is their willingness to try out new brokers. If you’re inexperienced, why would you want to be the pioneer and try out a new broker? You don’t know anything about them, they could end up being a scam or shady broker. When you’re new, the best way to learn is to listen to a veteran. Don’t try to be a hero and try out a broker that no one else uses. Leave that job to the veteran traders with experience, let them figure out the binary option scams.