How we rate the brokers?
We have scanned over 150 binary options brands in the market and were able to determine the industry standards for each of the parameters below:
Minimum Deposit - Score: 5
Currently around 43% of the brokers in the market require a minimum deposit of $200 which is the average. We take into consideration if the minimum deposit requirement is close to what most brokers are imposing.
Design and Layout - Score: 5
Most binary brokers use the same website template so we try to determine if there were some improvements done to the overall design. We evaluate if the layout and the selected theme enhances the trading experience.
Banking Methods - Score: 5
The majority of the brokers today support credit cards and wire transfer. In addition we verify if the broker is able to support more payment options for transferring funds to the account.
Minimum Trade - Score: 5
32% of brokers in the market today require a $25 minimum trade size which means that this amount is the standard. We compare if the broker’s minimum trade size is near this average amount.
Available Assets - Score: 5
The average number of total assets in the market is 76. We equate the variety of tradable assets to find out if there is a good opportunity to make profits with the selected broker.
Trading Platform - Score: 10
Most of the binary brands today are powered by SpotOption or the improved Spot 2.0 with a market share of 23% and 12% respectively. This is followed by Tech Financials with a share of 23%. We validate if the broker is using a trusted, stable and reliable trading platform provider.
Quotes - Score: 10
Quote accuracy is very important and shouldn’t have long delays especially when markets are quickly moving. We test if the market data that is provided by the platform is at par with other platforms that are capable of providing real-time quotes.
Payout Rate - Score: 10
Currently the standard payout rate is 85% which is offered by around 33% of the total brokers in the market. We check if this is close to what the broker can offer.
Withdrawal Processing Time - Score: 10
21% of the brokers today process withdrawals within an average of 10 days. We compare if this is also the time it takes for the broker to manage withdrawal requests.
Customer Service - Score: 10
Many traders want to trade with an honest and trustworthy broker and the best way to know this is by evaluating their customer support. We test to find out how reliable their staff is to determine if they are able to deliver what most traders are looking for in terms of support quality.
Regulation - Score: 10
urrently there are around 59% of unregulated brokers in the market. We verify if the broker has been able to acquire the license to operate legally from a financial regulator or at least have applied for regulation.
Brand Reputationn - Score: 15
A reputable broker needs to have a good standing in the industry. Aside from the regulatory status we also verify their track record in the binary options trading community. A comprehensive research is done to find out if the majority of their clients are happy or not with the services that they provide.
Total Score: 100