Binary options trading have come a long way from only a few operating binary brokers and to over 400 brokers and platforms today. The explosive growth is largely due to the system’s’ profitability which has seen numerous players jump on the bandwagon. As we already revealed, there is a big temptation in being an owner of a platform due to the fact the money is being made from the trader’s losses.
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With more and more new brokers, there’s a lot of competition which is good for everybody as it raises the industry level, and of course many options to choose from.
Best Binary Trading Platforms
When you start out investing in binary options one of the biggest decisions you will need to be making is choosing the right binary options platform. This decision will impact on your trading experience as well as you profits, so you should put a lot of effort into making the decision.
Think of a binary trading platform as an Operating System. There are a couple of popular platforms out there. You access different platforms through the broker you choose. Now while these platforms are different, the feel and appearance is almost the same, just like most operating system.
They also work in a similar way. However, the real difference comes in the functionality offered by each system.
It is Important to mention that the different platform providers are not the owners of the binary brokers, and only selling them the technology (known as white labels) to run the trading platform individually.
Here’s a quick review regarding the different binary trading platform providers you should know about.
SpotOption is by far the largest binary trading platform with more than 160 binary trading brokers using it, approximately 65% from the whole binary options platform industry! This creates a big similarity among the different binary brokers that are using SpotOption platform.
SpotOption became popular because it allows users to quickly rake in a profit without having to contend with a lot of clutter. The platform has a simple user interface that allows users to get a lot done in the smallest amount of time. Some of the key features of this platform include:
-It is a licensed market trader as it collaborates with SpotOption Exchange
-Easily accessed through a mobile application
-Allows users to trade both binary and Forex on the same screen
-Offers over 180 assets for trading
Some of the brokers who use the SpotOption platform include Banc De Binary and GOptions.
Being the second biggest platforms provider, Tradologic have had about 35 brokers, but recently the number dropped a bit. It is a bit similar to SpotOptions, but there are still ofcourse some subtle differences that make it valuable to its users. It is the only platform that lacks an analytic tool however.
The platform offers users features like:
-Allows users to trade signals and change the signal algorithm
-Traders can specify the exact profit they want
-It allows traders to trade binaries on a margin
-The Chart plus feature allows traders to trade on charts alone
TechFinancials is the third biggest platforms provider, with one of the biggest binary brokers using its technology, 24options. Apart from 24option, about 25 more brokers are currently using its technology.
The platform features several enterprise functionalities such as:
-Fixed Strike Options
-A unified platform for both binary and Forex trading
-Pairs up to 25 exotic currencies
-Can be accessed through a mobile application
Osystems Holds the fourth place in the list of platforms provider, yet the newest platform provider, with about 20 active platforms.
TradeSmarter is the smallest binary platform provider, being the smallest platform in the list. It has 15 brokers, but like all the others, it is expected to grow as the industry expands.
Apart from the 5 big platform providers, there are a few binary options brokers that have developed their own trading platform, 2 brokers that are worth mentioning are Anyoption and Stockpair.