Best Forex Binary Options Brokers & Trading Platforms
Forex binary options brokers offer a straightforward financial instrument that allows traders to win a fixed payout by correctly predicting whether the price of a currency pair will be above or below a set price at a given time. Their all-or-nothing nature has made them popular with online traders.
Our team has tested and compared dozens of binary options trading platforms. To find the best forex binary options brokers, we considered:
The payouts on currency pairs
The minimum deposit
The range of expiry times
The platforms and tools
The broker’s safety record
List of Best Forex Binary Options Brokers in 2023
These are the top 5 forex binary options brokers based on our findings:
- Pocket Option: Best Overall Forex Binary Options Broker
- Quotex: Best Forex Binary Options Trading Platform
- Deriv.com: Best Range Of Binary Options Products
- IQCent: Best Binary Options Broker For Forex Copy Trading
- CloseOption: Best Low Deposit Forex Binary Options Broker
Binary options are a high-risk, speculative trading instrument. Your capital is at risk.
|Expiry Times||5 seconds |
– 4 hours
– 4 hours
– 1 year
|5 seconds |
– 1 month
– 1 month
|Welcome Bonus||50% Deposit Bonus||30% Deposit Bonus||No Bonus||20% – 200% Deposit Bonus||$10 Joining Gift|
Pocket Option: Best Overall Forex Binary Options Broker
Why We Recommend Pocket Option
We recommend Pocket Option because it offers high/low binaries on more than 40 currency pairs with high payouts and a beginner-friendly platform.
New traders can get started with a $50 minimum deposit using a large selection of fee-free and near-instant payment methods.
We explain why Pocket Option is the best forex binary options broker below.
Pros/Cons Of Pocket Option
You can speculate on 40+ currency pairs with high payouts up to 92%
Pocket Option offers more currency pairs than most binary options brokered we evaluated, providing ample opportunities for online traders.
Payouts are also competitive. When we tested Pocket Option, we got a 90% payout on the EUR/USD and a 91% payout on the AUD/USD.
Payouts on stocks, indices and commodities are equally competitive, climbing to 92% on popular assets.
Intuitive web platform with one-click trading
Pocket Option offers a user-friendly trading platform that you can open directly through your browser, with no download required.
We especially enjoy how quick and easy it is to place trades using the widget on the right-hand side of the platform. Simply decide how much you want to invest, over what timeframe, and then click either higher or lower.
You can fund your account with 50+ deposit methods and no fees
Pocket Option stands out for its huge range of payment methods, from debit and credit cards to wire transfers, e-wallets and cryptocurrencies, with more choice than most competitors.
We also rate the smooth deposit process with immediate account funding and zero commission fees. This makes Pocket Option one of the quickest binary options brokers to get started with.
Social investing with straightforward copy trading
Pocket Option offers an easy-to-use copy trading service that allows new traders to mirror the forex positions of seasoned investors.
You can use the broker’s list of top-performing traders to find suitable signal providers and start copying in a few clicks. The in-platform community chat is also useful for discussing trading ideas with peers.
Only short-term binaries up to 4 hours are available
Pocket Option is designed for short-term forex binary options trading, with contract timeframes ranging from 5 seconds to 4 hours.
You can’t trade binaries that last days, weeks or months like you can at some alternatives.
Why Is Pocket Option Better Than The Competition?
Pocket Option offers accessible trading conditions and tools, especially for traders new to forex binary options. The platform is easy to learn with excellent charting, while the $50 minimum deposit is low.
The payouts on forex assets are also higher than most alternatives, while the huge selection of low-cost and fast funding methods can’t be beaten.
Who Should Choose Pocket Option?
Pocket Option is suitable for forex traders of all experience levels. Beginners will rate the low deposit, intuitive platform and social trading. Experienced traders will appreciate the loyalty scheme that rewards active traders with better trading conditions and bonuses.
The broker is also particularly good for short-term binary options traders with turbo contracts that expire after just 5 seconds.
Who Should Avoid Pocket Option?
Forex traders with a longer-term horizon and strategy should avoid Pocket Option, as the longest contracts expire after 4 hours. Deriv.com is a better option here, with binaries that last up to one year.
Quotex: Best Forex Binary Options Trading Platform
Why We Recommend Quotex
We recommend Quotex because it offers an excellent platform with competitive payouts on forex pairs up to 98%, a low starting deposit of $10, and integrated trading signals.
Our team explains the benefits and drawbacks of trading binaries with Quotex below.
Pros/Cons Of Quotex
An easy-to-navigate trading platform designed for beginners
Quotex’s trading platform is the best we tested, with a modern feel, straightforward design, and rich analysis tools.
You can choose an underlying currency pair from the left-hand widget, use the interactive charts in the middle for analysis, and place a trade by simply selecting Up or Down on the right of the terminal.
With 4 charting styles, 14 timeframes and dozens of indicators and drawing objects, it also offers the tools experienced technical traders need.
400+ assets available including 20+ currency pairs
Quotex offers the largest product portfolio out of the binary options brokers we evaluated, providing diversification opportunities.
Although its coverage of the forex market isn’t the best, there are major, minor and exotic pairs, plus hundreds of global stocks, indices, commodities and popular cryptos.
High payouts up to 98% on short-term binaries
Quotex offers very competitive payouts up to 98%, some of the highest we have seen. During testing, the EUR/USD and EUR/JPY were available with a 91% payout.
Slow withdrawal times that take up to 5 days
While Quotex offers a reasonable minimum withdrawal amount of $10, we found the processing times on the slow side. It can take up to 5 working days to receive your profits.
Why Is Quotex Better Than The Competition?
Quotex is better than other binary options brokers because it offers one of the best trading platforms and more underlying assets than most rivals.
Its payouts are also very competitive, reaching 90%+ on popular forex assets.
Who Should Choose Quotex?
New forex binary options traders looking for an easy-to-learn platform should choose Quotex. The in-built trading signals will also appeal to beginners.
The binary options broker will also serve short-term traders with contracts that expire after just 5 seconds.
Who Should Avoid Quotex?
Quotex won’t meet the needs of long-term forex traders as its binary options contracts last 5 seconds to 4 hours. We recommend Deriv.com instead.
It also isn’t the best if you want copy trading, as Quotex does not provide this. IQCent is a better option.
Deriv: Best Range Of Binary Options Products
Why We Recommend Deriv
We recommend Deriv because it is a respected binary options broker with 2.5 million clients, around-the-clock trading opportunities and high payouts up to $50,000.
We explain why Deriv is one of the top binary options brokers below.
Pros/Cons Of Deriv
Variety of digital options products catering to different trading styles
Deriv offers more digital options variations than any other broker we evaluated, providing unique trading opportunities.
As well as traditional high/low binaries, you can trade range options where you decide whether the price of an asset will finish inside or outside of a specified range. There are also touch and no-touch options, where you decide whether the price of an asset will hit or not hit a pre-determined level.
We also rate the variety in contract lengths that last up to 365 days, making Deriv a great fit for long-term traders.
Multipliers up to 30x can be applied to options to magnify profits
Deriv.com is one of the few brokers to offer Multipliers, which can amplify profits while still preventing you from losing more than your initial investment through an automatic stop-out.
Multipliers ranging from 1x to 30x are available in Deriv’s trading platform.
You can start trading forex binaries with a $5 deposit and $1 minimum stake
Deriv is an accessible forex binary options broker with a low starting deposit of just $5. The minimum stake of $1 will also appeal to new traders and those on a budget.
We particularly like that you can easily amend your stake in the platform by toggling the ‘-‘ and ‘+’ buttons or through the entry field.
Only 14 currency pairs are available
While not a dealbreaker for us, Deriv offers fewer forex assets than other binary options brokers we tested. Only 14 currency pairs are available, significantly less than the 40+ offered by Pocket Option.
Why Is Deriv Better Than The Competition?
Deriv stands out from the competition with its wide range of digital options products, which will appeal to different trading styles.
It is also one of the few platforms to offer long-term options that last up to one year, plus multipliers to magnify profits.
Who Should Choose Deriv?
Traders looking for options products beyond standard high/low binaries should choose Deriv – it offers more variety than any other binary options broker.
Traders with a longer-term strategy should also consider Deriv, as you can trade binaries that won’t expire for one year.
Who Should Avoid Deriv?
Traders looking for a large selection of currency pairs should avoid Deriv – it offers fewer forex assets than every other binary options broker in our list.
IQCent: Best Binary Options Broker For Forex Copy Trading
Why We Recommend IQCent
We recommend IQCent because it offers user-friendly copy trading, high payouts up to 98% and a very low minimum stake of $0.01.
Our team explains why IQCent ranks as one of the best forex binary options brokers below.
Pros/Cons Of IQCent
You can copy binary options trades in one click
IQCent offers a straightforward forex copy trading tool built into the web platform. You can review the broker’s top traders, including their returns, decide how much you want to stake and then start replicating their positions in one click.
I also like that you can copy multiple strategy providers simultaneously with the flexibility to decide how much you want to invest in each.
Very high payouts up to 98% on major currency pairs
IQCent offers some of the best payouts on forex binary options that we have seen.
We can get payouts of 97% and 98% on major pairs, including the EUR/USD and USD/GBP. Payouts on other assets, including cryptos, are also higher than many alternatives.
Geared towards multiple strategies with expiries ranging from 5 seconds to 1 month
IQCent is one of the few binary options brokers to cater to both short and long-term trading strategies.
As well as turbo options that span between 5 seconds to 30 minutes, you can open intraday options, that can be set to every hour throughout the day, plus longer-term options that can last daily through to 1 month.
Very low minimum stake of $0.01
IQCent offers the lowest minimum stake of all the forex binary options brokers we have reviewed. With just $0.01 needed, traders can test multiple strategies and setups with less capital.
IQCent requires a $250 minimum deposit
IQCent has a higher minimum deposit than any other binary options brokers on our list.
You need $250 to get started, which is significantly more than the $5 starting payment you need with Deriv.com or CloseOption.
High entry barrier for enhanced trading conditions
To unlock the best binary options trading conditions, including a +0.03% payout boost, 2% deposit bonuses, and instant withdrawal times, you need to deposit $50,000.
This is a serious investment that will be out of reach for many aspiring currency traders.
Why Is IQCent Better Than The Competition?
IQCent offers one of the easiest-to-use copy trading platforms with straightforward performance metrics and an intuitive interface.
It also offers a wider range of expiry times than most binary options brokers, who typically specialize in short-term forex binaries. With IQCent, binary options contracts can last from 5 seconds through to 1 month.
Who Should Choose IQCent?
IQCent will serve investors interested in binary options copy trading, either to learn from more experienced forex traders or because they want a hands-off approach to online trading.
It will also appeal to traders looking for the highest payouts and deposit bonuses willing to make a large initial investment of $50,000+.
Who Should Avoid IQCent?
The $10 monthly inactivity fee means it isn’t the best binary options broker for casual forex traders.
CloseOption: Best Low Deposit Forex Binary Options Broker
Why We Recommend CloseOption
We recommend CloseOption because it offers a low starting deposit, multiple payment methods, weekly trading contests, plus 24/7 customer support.
You can trade binaries on over 30 fiat and digital currencies with payouts up to 95% and 15 contract lengths, spanning 30 seconds to 1 month.
We explain why CloseOption is one of the top binary options brokers below.
Pros/Cons Of CloseOption
Accessible payment options with a low $5 minimum deposit
CloseOption is one of the easiest forex binary options brokers to start trading with thanks to its wide selection of fast and zero-cost payment methods. The brand offers popular e-wallets like PayPal, cryptocurrencies, plus credit/debit cards.
The $5 minimum deposit also makes the brand accessible to novice investors.
Weekly trading competitions with cash prizes up to $3,000
CloseOption stands out for its weekly trading tournaments with cash bonuses. 20 winners take home up to $3,000 each week.
Contest accounts are credited with virtual funds, making them a great place to test new strategies and compete with peers in a risk-free environment.
Responsive customer support is available 24/7
CloseOption is one of the few forex binary options brokers to offer 24/7 customer support. This will appeal to users trading over the weekend and new clients who need support getting started.
We also got very fast response times when we tested the chat support. We sent queries on weekdays and the weekend, and got helpful responses within 5 minutes.
Limited analysis tools available on the web platform
CloseOption has one of the most basic trading platforms that we have used.
While the interface has a modern look and feel, it has just 4 charting timeframes and 6 drawing tools, meaning it isn’t the strongest for technical analysis.
Narrow product portfolio with 30+ assets
CloseOption offers a limited range of underlying assets, encompassing around 30 fiat currencies and cryptocurrencies.
There are no stocks or commodities, asset classes that you can find at most alternatives, including Pocket Option.
Why Is CloseOption Better Than The Competition?
CloseOption offers a very low starting deposit and smooth account funding. The sign-up process also takes just a few minutes and with around-the-clock support, getting started is straightforward.
The weekly trading contests with cash prizes are also a nice bonus that will appeal to skilled traders.
Who Should Choose CloseOption?
Beginners looking to start trading forex binaries with a small initial investment will be well served by CloseOption.
Experienced traders who want to compete in a weekly tournament to hone their skills and take home a slice of the $3,000 prize pot should also consider CloseOption.
Who Should Avoid CloseOption?
Traders looking for the best charting and analysis tools should avoid CloseOption. Pocket Option is a better fit.
We also don’t recommend CloseOption if you want to trade binaries on assets that aren’t forex or cryptocurrencies. There are no stocks or commodities.
What To Look For In A Forex Binary Options Broker
To compile a list of the best forex binary options brokers, our team looked at several factors:
Accessible Trading Conditions
The top binary options brokers have a low minimum deposit, typically between $0 and $250. They also offer a low minimum trade size of around $1. This means investors new to forex binary options trading can get started with a relatively small outlay.
When we evaluate binary options brokers, we also check for any deposit fees, inactivity penalties or other charges. Only firms with low costs and no hidden fees make our list of recommended forex binary options brokers.
High Payout Rates
Top-rated binary brokers offer high payouts on currency pairs, typically 90%+. With that said, we know payouts can vary depending on the asset and market conditions, so we look at the minimum, maximum and average payouts to understand how competitive their rates truly are.
Our team also investigate whether there are ways to get better payouts. We know some forex binary options brokers operate a tiered account structure, for example, with higher payouts for active traders who deposit large amounts.
Reliable Trading Tools
The top binary options brokers offer reliable trading platforms that are accessible through popular web browsers and mobile apps. Key considerations for us are how easy the platform is to use and the suite of charting and analysis tools.
We try the platform of each forex binary options broker that we evaluate, either through a demo account or a real money profile. This allows us to find the best trading tools for beginners through to experienced traders.
The binary options industry has had problems with scams, so it is important you choose a trustworthy broker.
We always test the forex binary options brokers we recommend to confirm they are legitimate. Our team also researches the company’s track record, looking for withdrawal problems, user complaints and safety issues.
Are Forex Binary Options Brokers Regulated?
Most binary options brokers are registered offshore and operate with limited regulatory oversight. This is because binary options have been banned by many regulators due to concerns about scams and fraud.
As a result, it is important to choose a trustworthy binary options broker to protect your trading profits.