When putting together our list of the best binary options brokers we had to first decide how will we evaluate brokers.
We set several basic criteria that we are looking at when judging a broker.
This is really the most important thing about any broker. If you cannot withdraw your money, nothing else matters and you cannot trade binary options. A good broker will proceed withdrawals fast. It can take a few days but you always have to get your money.
When your broker starts to delay your withdrawals, it is always a bad sign. Dishonest brokers will often present all sort of excuses for not processing your withdrawal. This should really serve as a warning and when your broker starts to make problems with your withdrawal, take your money and stop trading with him. Even when the money is on your trading account, it is your money.
The second most dangerous thing when trading binary options is price manipulation. Some brokers will add hidden spreads to price, some will directly change the price to make you lose trades. When that happens, you can try to solve it with your broker, but if it continues, take your money and run away from him. For this purpose it is good to check the price feed with another broker so you have a comparison. There can be small differences in price between different brokers, but they would be more or less constant. If the price is being manipulated, you will see sudden changes when you are trading.
Trading platform stability
Another thing that can make your trading life difficult is the trading platform. If it is not stable, if it has frequent downtimes or other problems, it will have a negative impact on your trading results. From time to time every broker has problems with its platform, but it mustn’t happen too often.
Finally your binary options broker has to always be here to support you and answer your questions. If it is difficult to join your account manager, if he is not responding to your emails, then it can be a warning that something is wrong. You can ask your broker for another manager and it can be a solution. If it doesn’t help and you feel left behind, it is better to change your broker.
So these are the main criteria based on which we test and evaluate brokers. Those who are in our list of the best binary options brokers comply.