When you start digging deeper into the world of binary options, you’ll find that there are more brokers out there than you’ll probably visit in a lifetime. Needless to say, most of them aren’t worth a visit, as you can read in our article on binary options brokers. If you want to know which ones aren’t worth your time, you can also visit our broker blacklist (and please, add a broker if you know a bad one).
But because we can’t cover all the good and bad brokers, you can find a short list below of qualities for you to check for yourself if a broker is worth your time. We also have a couple of outstanding brokers mentioned below.
1. Customer service
For your business, but also for all of your questions and complaints, a broker should have its customer service available 24/7. No exceptions. Is the customer service hard to reach? Skip that broker.
There is a clear distinction in the world of binary options between regulated and non-regulated brokers. The latter should be avoided. There is a small grey area however, in which you’ll find brokers that are awaiting regulation. Usually this means that they do comply with all regulations, but the authorities just haven’t finished their paperwork yet.
3. A broad investment range
It’s always nice when you can invest low amounts as a starting trader, but equally nice to know you can invest more once you’ve gained more experience. Not all brokers offer the first, and even less offer the latter.
4. Fast payouts
Have you earned some nice return on your investment? Some brokers make payouts a real hassle. Look for the ones that don’t. Also, make sure you know the consequences for payouts when deciding on whether or not you want a bonus.