Binary Option Brokers
Picking one out of the many binary option brokers available should be one of your primary tasks regardless of being a new or experienced trader. For those of you that don’t already know me, my name is Brian and welcome to my binary option broker reviews page. Here, you’ll find all of the reviews on binary option brokers that I’ve written based on my personal experience. These reviews are unique to my site, Financial Trading Journal and that should be obvious when you read them because you can compare the tone of voice between the reviews and my blog posts/videos.
I only write broker reviews after making at least 100+ trades on their trading platforms. This is just a personal threshold that I set for myself. I think it’s more fair to assess them this way after I’ve had exposure with their platform unlike most of the other binary option broker review sites. Most of them simply provide “broker overviews” rather than “broker reviews“. Meaning they simply list out the features of a broker and rate them without even using the broker.
My reviews tend to be very specific to the broker in question because I have a specific list of factors (scroll down to the bottom) to consider when I write broker reviews. With that said, I hope my reviews will help you choose a broker out of the many binary option brokers on the market.
|Overall Rating = 9.75/10 – Originally Reviewed on June 25th, 2012 Read More|
|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|
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
|Haven't used them yet, so I haven't had a chance to review them. But I will say that Stock Pair has a very unique trading platform. They offer stock pair trading along with binary options. The only difference is their expiry times aren't fixed like most brokers, they offer rolling expiry times. e.g., 5 minutes from now, or 15, etc.|
|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 Binary Option 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.
“If it’s not broken, don’t fix it.”
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.