Best Binary Options Platforms
When you are starting out with binary options, it is easy to confuse the terms “broker” and “platform,” but they are two different things. Your broker is the company that administers your trades and stores your trading funds. The platform is the actual software which powers the trading capabilities of a given website operated by any particular broker. Most brokers actually only use several different software platforms for binary options trading.
Best Trading Platforms – Underlying Trading Software Powering The Brokers There are three main platforms: SpotOption, TechFinancials, and TradeSmarter. Almost all binary options brokers use one of these three.
- Proprietary software
*Several firms have their own proprietary trading platforms.
What binary trading platform providers do is provide a “white label” solution for approved brokers. This is why many binary options websites look almost identical. They all use the same software / platform and just re-brand it with their own unique graphics, colors and what have you. These brokers all start out with the same interface and the same software, and then re-brand the software and the websites with their own company logos, colors and features. The longer a broker exists, the more distinctive its website will generally appear, since the company will have had more time to augment and change the existing features. The software interface will usually look and function identically however, since it is still the same set of code and features underlying everything else.
Which Broker Uses Which Trading Platform?
Which Binary Option Broker Uses Which Platform
SpotOption is such a popular platform it is practically synonymous with binary options trading. If you have spent any length of time researching binary options brokers, you have almost certainly seen SpotOption again and again. The platform is easy to read at a glance, presenting binary options in a manner which even a beginning trader can instantly understand. Many of our favorite binary options companies use this software. Here are a few:
SpotOption platform powers the following sites
Those are just a small selection of brokers who use the Spot Option platform. We have listed those four specifically because they are all on our highly recommended broker list.
Out of the big three, TradeSmarter appears to be the least common binary options platform, but you will still find a number of brokers which choose to use this software. The platform is flexible, simple to read, and easy to use, and offers a variety of expiry periods, multiple asset views, a number of different types of trading (One Touch, Barrier, etc.), and other useful features. Here are some brokers which use TradeSmarter:
- Market Punter
- Clover Markets
And there are a number more. None of our favorite brokers use this platform, but there is nothing wrong with the platform itself. It is very similar to TechFinancials and SpotOption. We just have yet to find a really promising broker which happens to use the software.
The next most popular binary options platform is TechFinancials. You will run into TechFinancials pretty often while you are researching binary options. TechFinancials looks a little different than the other binary options platforms; you will notice that the format is somewhat more “collapsed.” You will see a lot of options listed on a single page, and when you click on one, you will see the graph and the controls for that option expanded. While the format may not be as easy to read on first glance, you will find it easy to adjust to. You can also see a lot more options at one time, which makes it easier to navigate between them and search for options which interest you. Here are some brokers which use TechFinancials.
These are just a few; there are many more brokers who use this software. 24option is among our highly recommended brokers. Check them and enjoy their ease of use, great customer service, and other excellent features.
Some binary options brokers do not use white label software; instead, they offer traders the use of their own proprietary software. These brokers feel that they can provide better service and more innovative features if they do their own coding. One of our favorite binary options brokers is StockPair (www.stockpair.com). StockPair is an example of a broker which uses proprietary software because none of the white label providers can provide what they need in order to offer customers their full range of services. On StockPair, you can profit from the movement of one stock relative to another, kind of like trading currency pairs. This is a unique type of trading which other binary options brokers do not offer, and which white label software like SpotOption does not currently support. That is why StockPair had to develop their own platform for stock pair trading.
Now you know the major brands of binary options platforms and have a basic understanding of how white label brokers work. After you research enough binary options brokers, you will probably learn how to recognize most of these platforms on sight. If you want to know which platform a particular broker uses, you can sometimes find it listed at the bottom of the page, or you can contact customer service and ask.
To learn more about these brokers, you can see our mini binary options brokers reviews and get the details on where to trade.
Photo Credits, Night Bridge, Bridge