What are Crypto Binary Options? Top 7 Platforms

When it comes to trading, choosing the right platform is crucial, especially for crypto traders.

Trading in crypto binary options offers simplicity and the potential for high returns, but it’s essential to understand the process and select the best platform.

This blog explores what crypto binary options are and highlights the top 7 platforms to consider for trading.

Crypto binary options simplify trading by turning it into a straightforward yes-or-no decision, helping you predict market behaviour effectively.

With options to buy or sell based on market speculation, and prices ranging from $0 to $100, it’s vital to choose a platform that suits your needs.

Here’s a detailed look at the top platforms to help you get started with crypto binary options trading.

What are Crypto Binary Options?

Crypto binary options are a type of financial derivative specifically applied to the cryptocurrency market. They allow traders to make all-or-nothing bets on the price movement of cryptocurrencies, such as Bitcoin or Ethereum, within a specific timeframe. In simple terms, you can predict whether the price of a cryptocurrency will go up or down. If your prediction is correct, you receive a payout; if it’s wrong, you lose your investment.

These trades are straightforward and typically involve choosing “yes” or “no” to a price condition, making them easy to understand and execute. These options depend on the outcome of a “yes or no” proposition, hence the name “binary.”

Traders receive a payout if the binary option expires in the money and lose if it expires out of the money.

In 2008, the U.S. Securities and Exchange Commission (SEC) approved listing binary options as tradable contracts on exchanges. This move was followed by the Chicago Board Options Exchange and the North American Derivatives Exchange (Nadex), which offered standardized binary options to retail traders.

Despite being available on regulated exchanges, much of the trading in binary options in the U.S. goes through unregulated offshore platforms, leading to many scams and frauds. Binary options are banned in many places worldwide, including Australia, Canada, Europe, the U.K., and elsewhere.

What Factors Do Crypto Binary Options Depend On?

The crypto binary options depend on three major criteria, such as the following:

• Underlying market: This refers to the market in which you will be trading. In this case, it should be crypto.
• Strike price: The strike price is considered to be one of the most important aspects in price level. It plays an important role in determining the price or market conditions in case of crypto binary options.
• Expiry Date: The crypto binary options are available for trading for up to one week. However, the shortest duration for the same is 5 minutes.

Top 7 Platforms for Crypto Binary Options

If you want to secure great returns with minimal investments, crypto binary options can be an excellent option to get started with trading. Here are the top 7 platforms across which you can trade on crypto binary options:

IQ Option

You can start with crypto binary options trading on IQ Option for as low as $10 deposit. Regulated by CySEC, the platform offers a 100% payout ratio. It is quite an easy platform to trade on, especially for beginner traders and experienced ones. The platform has a wide range of features like multi-chart layout, historical analysis and technical tools for trading. There are three types of accounts offered by the platform: demo, live and VIP. 

Pros

• Easy to trade in.
• Different assets available for trading.
• Minimum deposit of $10.
• Demo account available

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VideForex

VideForex offers a payout ratio of up to 98% but is a licensed platform. The platform is available for trading in both phone and website. When you start crypto binary options trading in VideForex, the minimum deposit to make in this platform is $250. One of the best parts of this platform is that it offers copy trading features along with easy payout and deposits. They have a demo account facility available as well. 

Pros

• Available for phone and website.
• Copy trading feature available.
• Various assets to invest upon.
• User-friendly interface.

Nadex

If you’re in search of one of the best crypto binary options platforms to trade in, you can’t go wrong with Nadex. With a wide range of assets like stocks, indices and commodities apart from crypto, Nadex offers a 100 USD per contract payout. Nadex too has a demo account available. However, if you want to trade with real money, you will have to deposit around $250. Nadex is regulated by CFTC. 

Pros

• Easy to get started with trading.
• CFTC regulates the platform.
• Additional educational sources available.
• Transparent trading environment.

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Pocket Options

Pocket Options is a globally renowned platform to get started with crypto options trading. The platform offers the benefit of a minimum investment of $5. When you’re trading on this platform, you wouldn’t have to pay extra money for deposits and withdrawals. Pocket Options offers a steady platform to get started with trading. Copy trading services are available as well for this platform. 

Pros

• Minimum investment of $5.
• Round the clock support.
• Copy trading feature available.
• Six user account choices available.

Expert Option

Since 2014, Expert Option has been one of the best platforms to go to for crypto options trading. They’re available in 48 nations and said to have conduct 30 million transactions per month. They offer an unique mobile trading experience. You can use high/low crypto trading options for trading across cryptocurrencies in case of price fluctuations like Ethereum, Bitcoin and more. 

Pros

• Educational resources available.
• No additional costs for deposit and withdrawal.
• Different cryptocurrencies to trade in.
• Easy to trade across a volatile market.

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OlympTrade

OlympTrade offers the benefit of regulated crypto options trading. The platform has an intuitive UI, which is why it is extremely easy to trade on this platform. They have a license from Vanuatu. However, make sure to look out for the data so that you can capture the trades easily. The trading platform is available for use across MacOS and Android devices. OlympTrade offers $10,000 demo currency. 

Pros

• Provides a demo currency.
• Easy-to-use platform.
• Regulated by renowned and regulatory bodies.
• Conducts safe and easy transactions for trading.

Deriv

Deriv holds a license from some of the renowned bodies like BVI FSC, MFSA and LFSA. Deriv allows you to get started with crypto options trading for as low as $5. They promise to offer a maximum payout ratio of upto 90%. Deriv also provides a demo account that the beginner traders can use for learning. Apart from crypto, you can trade in a wide range of assets like forex, indices and stocks. 

Pros

• Regulated by many credible bodies.
• Different markets to trade in, even synthetic indices.
• Demo account option available.
• Minimum deposit.

Final Thoughts

With so many crypto trading options available, it is extremely important to go through all the information. You may check the terms and conditions of this platform so that you can make an informed decision regarding crypto options trading. Thus, be mindful and choose a platform that aligns with your needs. 

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