One financial instrument that is becoming more and more popular in the forex trading community is the binary option – a flexible way to make a profit off of short-term market volatility. With most types of binary options, you can receive a fixed price payout for essentially betting for or against a specific outcome for a variety of financial assets including: forex currency pairs, commodities, and stock indices and shares.
The products below help you take advantage of this new and popular possibility. We will provide overviews of each of the five trading platforms below and give you an insight into what may be the best binary options investment platform for you.
Loss protection for 15% of your negative returns
AnyOption allows investors to predict fluctuations in asset prices for 12 currency pairs, with a 15% loss protection. Their featured component is a One-Touch Option, which allows you to gain if the asset closes at a higher price at any point during the week – giving you effectively five expirations and what the company claims as a 200-380% gain in one week if your claim is in the money.
Bonuses: AnyOption offers traders nine cash bonuses, based on the level of the trader’s activity.
Financial Data: AnyOption receives its financial data from Reuters, a credible and world-famous data source for investors and brokerages across the globe.
Banc de Binary (Bbinary.com)
Two trading interfaces: Pro Trader and Fast Trader
Free demo account
Banc de Binary is another website that allows traders to engage in binary options with two different trading interfaces: Fast Trader and Pro Trader. Fast Trader is the simpler of the two, featuring a basic user interface. Pro Trader has more information at a glance for more advanced decisions. They also offer a free demo account that can help beginners learn the ropes of options trading, as well as become acquainted with the platform itself.
Bonuses: Bbinary offers bonuses based on the amount of deposits a user makes. Current offers include products ranging from a Kodak Zi8 Pocket HD Digital Video Camcorder for a $1,000 deposit to a Cartier Men’s Tank Solo Black Leather watch – plus 50% on all bonuses and membership in a VIP program – for a deposit of at least $10,000.
Financial Data: Bbinary is powered by Spot Option, a popular supplier of online options trading platforms, and receives live financial news from FXStreet.com.
Two trading modes: Pro Trader and Fast Trader
TraderXP bills itself as a “secure, simple platform” for binary options trading. The website’s trading user interface is similar to that of Bbinary, in that it offers Pro Trader and Fast Trader modes. This is because TraderXP is powered by the same company as Bbinary. TraderXP also claims to offer 24/7 customer service and an intuitive interface and process.
Bonuses: TraderXP offers a bonus up to 25% on your initial deposit. They also offer seasonal promotions, such as a 50% Thanksgiving bonus on new deposits.
Financial Data: TraderXP is powered by Spot Option, the same provider for Bbinary.com. TraderXP.com also receives financial data from Reuters and Yahoo! Finance.
Three different binary options types
Up to 81% profit
OptionBit is an online options trading platform that promotes its ease-of-use and the variety of binary options types they offer. One key feature is that they claim to offer a 81% payout, which is generally higher than what many of the other competing websites advertise. They have several methods for withdrawing money, although there is no PayPal support and a withdrawal fee.
OptionBit also has three different trading methods: High/Low, Touch, and Range.
Bonuses: OptionBit offers a one-time 30% bonus up to $1500.
Financial Data: OptionBit is powered by Tradologic, a software company which claims to be “the world’s leading binary options trading platform provider, offering innovative solutions to the financial trading industry.”
Three different binary options types
Up to 85% profit
OptionFair.com is an online options trading platform owned by Mika Holdings Inc., a company operated by financial and forex trading professionals. They offer a 85% payout, which is the highest payout among all the binary options trading platforms reviewed. They also offer 10 currency trading pairs for traders and a very intuitive manner of displaying the binary options that are available for purchase.
OptionFair.com also has three different binary options types available for sale : High/Low, One Touch, and Boundary.
Bonuses: OptionFair.com offers a one-time 30% bonus on initial deposits over $100.
Financial Data: N/A
Overall, finding the best online binary options trading platform for you involves checking out each source in detail and looking at the key features each platform offers. How well you like the user interface plays a big part in the final decision, but you should also look to bonuses, financial data sources, and other factors which make you feel comfortable with placing your investment in the hands of the broker you choose.
Keep in mind that binary options are created, backed and sold only by the broker that provides them. There is currently no such thing as an open binary options exchange online where traders buy and sell binary options to and from one another. This means that it’s extra important to do your homework on the broker you intend to use to be certain your investment is secure.
The five binary options platforms should give you a great start on finding the perfect trading platform for your forex options career.