In this article, we are going to do a broker comparison of four brokers. Each broker selected represents a digital options trading platform brand, and we would like to show readers and intending traders what they can expect with all the trading platform option brands in the binary options market. As such, this binary options trading brokers review will be done using the following:
- An options broker representing the SpotOption trading brand.
- One representing the Tradologic option trading brand.
- One representing the Tech Financials option trading brand (24option).
- A proprietary binary options broker, using a custom-made option trading platform.
The comparisons will be done under the following headings:
- Trade types
- Type of charts used on the trading platform
- Account opening procedures/requirements
- Ease of use of option trading platforms
- Flexibility of expiry times
- Use of special features
- Bonus offerings
The SpotOption digital options platform, typified by Banc de Binary, has several trade types. However, there are two unique ones. These are the OptionBuilder which allows traders to customize their expiry times according to the natural timing of a clock, setting the exact clock time that the bet is expected to expire, and the Pro Trader, which allows the use of early closure on the trades. This confers an advantage especially when the goal is to capture movements at some specific time in the market.
The Tech Financials binary options platform is represented by 24Option. This broker presents two unique trade types not found on other platforms. These are the High Yield Boundary and the Short Term bets which features the 2-minute and 5-minute trade type.
Tradologic is represented by OptionBit. The trades offered by OptionBit are similar to what is on offer on other platforms. Reviews show that there is no peculiar trade type here.
AnyOption and BOM are examples of binary options brokers that have customized options platforms. They offer unique contracts not seen on any of the other white-label brokers. BOM offers peculiar contracts on all trade types while reviews show that AnyOption has the completely unique Binary 0-100 bet which account holders will find enthralling and exciting at the same time.
Proprietary dealers offer charts which are more interactive than what is obtainable with the other white-label dealers. Technical analysts who deposit with the proprietary brokers may therefore get a better deal when it comes to the proprietary brokers, as their charts allow for a proper review of trades before entries are made. Reviews of charting on BOM also show that there are several chart views which allow users to shuffle from one view to another.
Account Opening Procedures
Let us now review the deposit requirements. The proprietary brokers offer lower account opening capital requirements than the white-label brokers. AnyOption offers a $100 deposit option. With BOM, it is even cheaper; $10 is all a trader needs to deposit in order to open an account on BOM. With OptionBit and 24Option, at least $250 is needed as account opening deposit. Banc de Binary is even more expensive in this regard; $500 is the deposit minimum. Quite pricey wouldn’t you say?
Ease of Use of Trading Platforms
This is where you have to give it to the white-label digital option brokers. The digital option platform interface makes it easy to get info about everything concerning the bet; price info, strikes, investment amounts, payouts, charts, start time of trades and expiry times, all in one dialog box. With BOM, it is a bit more difficult as the trader will need to open a new chart window to analyze the trade. Shuffling between windows is not very comfortable for many traders.
Flexibility of Expiry Times
A review of BOM shows that the only broker that provides the best flexibility when it comes to expiry times. Banc de Binary and other SpotOption brokers have the OptionBuilder contract with its clock-pattern customizable expiry. Other brokers in the Tech Financials group as well as the Tradologic white-label brokers do not allow traders to customize their expiry times.
Funny enough, reviews show that the proprietary brokers do not offer a reasonable bonus to account holders, despite the fact that they offer assets like commodities and forex digital bets. The white-label brokers all offer a bonus as well as other types of bonuses to new users, as well as to those who trade selective bets such as those of commodities. These bonus offers undergo review from time to time.
Now that we have taken a review of the points listed, it is easier for traders to make a choice of which brokerage firm they will go for.
It is not all about differences. All the brokers offer forex bets on their site, which allow those with forex experience to apply this knowledge in the new marketplace. Commodities review sites show players can use any of the brokers mentioned not just for commodities trading, but also for forex digital options.