7 Best Binary Trading Apps for Beginners in 2024

Name	IQ Option
Min.Deposit	$10
Payout	91%
Passive Income Options	✅
Trade types	Regular  options
Tradable Instruments	Stocks, Forex and Crypto
Bonus	✅
Demo Account	✅
Available Devices	Android iOS
User Rating	⭐⭐⭐⭐⭐

IQ Option remains a leading name in the binary trading app space, offering a wide array of tradable assets, from currencies to stocks and more, combining versatility with user convenience. IQ Option trading app is simple to use, paired with a low minimum deposit limit, from $10, to make it accessible for beginners. The app also offers competitive payouts,  often ranging up to 91% return and provides a demo account for risk-free practice. Passive income options exist, but require further exploration for complete understanding.  IQ Option binary  trading app is available for both Android and iOS devices.

✅Where IQ Option shines:

• Only a $10 minimum deposit required, making binary trading easier for beginners.

• Trading app compatible with iOS & Android.

• Quick and responsive 24/7 multilingual support

• Providing access to IQ Option community.

❌Where IQ Option shorts:  

• €10 inactivity fee after 90 days.

• 90% payout on binary option lower than its competitors.  

Name	Binary.com
Min.Deposit	$5
Payout	90%
Passive Income Options	✅
Trade types	Regular  options
Tradable Instruments	commodities, currencies, stocks, and indices
Bonus	✅
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐⭐

Binary.com stands as a notable player in the binary trading app market, offering range of tradable assets, including commodities, currencies, stocks, and indices. Binary.com trading app is designed with simplicity in mind, offering a user-friendly interface that enhances the overall trading experience. With a low minimum deposit from $5, Binary.com aims to be accessible to a wider audience of novice traders. The platform also highlights competitive payouts, often going up to 90%. A demo account opportunity for risk-free practice is offered, a precious feature for those new to binary trading.  Binary.com offers an affiliate program as a form of passive income. In this program, users can earn income by referring new traders to the platform. The earnings are usually a percentage of the trades or deposits made by the referred clients. Lastly, Binary.com trading app is available across multiple devices, including Android, and iOS devices, allowing great trading flexibility.

✅Where Binary.com shines:

• Demo account with unlimited virtual funds

• 24/7 customer support via live chat, telephone, email or WhatsApp, giving beginners more ressuarnce.

• $5 minimum deposit, making binary trading easier for beginners.

❌Where Binary.com shorts:  

• No bonuses offered

• 90% payout, making it lagging behind its competitors.

Name	Pocket Option
Min.Deposit	$5
Payout	92%
Passive Income Options	✅
Trade types	Regular  options
Tradable Instruments	currency, commodities, stocks
Bonus	✅
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐

Pocket Option is another binary trading app won solid repuation, offering access to over 100 markets covering  commodities, indices, currencies, and stocks. Pocket Option trading app is known for user-friendliness, sporting an intuitively designed interface that simplifies trading for beginners.  The minimum deposit for Pocket Option is $5, making it easily accessible for most traders, especially beginners. As for payouts, they can be remarkably high, with some options offering up to 92%.  The platform also provides a demo account feature, allowing risk-free practice—a boon for beginners. Additionally, there are options for passive incomes, that is affiliate program.  In this program, users can earn income by referring new traders to the platform. With availability on devices like the PC, Android, and iOS, it maximizes flexibility.

✅Where Pocket Option shines:

• Offering exposure to over 100 products, giving beginners more trading choices.

• Traders who deposit $1000+ can qualify for a 2%+ payout boost.

• Simple sign-up process only takes 2 minutes.

• Convenient deposit and withdrawal via 50+ payment options.

• Demo account funded with $50,000 virtual money.

❌Where Pocket Option shorts:  

• Slow withdrawal process, and bonuses expire if withdrawal conditions are not met.

• 92% payout rate lower than some other binary option brokers' offering. 

Name	BinaryCent
Min.Deposit	$250
Payout	95%
Passive Income Options	✅
Trade types	Regular  options
Tradable Instruments	forex, cryptocurrencies, and stocks
Bonus	20%-200% deposit bonus
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐

BinaryCent is a binary options broker providing 24/7 trading exposure on forex, cryptocurrencies, and stocks, with a high leverage ratio up to 1:500, adding more flavors to the trading options. True to its name, BinaryCent encourages traders to start as low as $0.10 per trade while offering substantial payouts reaching up to 95%. Binarycent presents clients with three tiered trading accouns. The entry-level option is the bronze account, which demands an initial deposit of $250. This account grants a 20% bonus, enabling clients to handle larger positions right from  the start. Noteworthy features include 24/7 access to live video chat support, a copy trading tool, guaranteed 1-hour withdrawals, and the provision of a demo account for practice.

Introducing the silver account, where a minimum initial deposit of $1000 unlocks a 50% bonus. This account mirrors all the benefits of the bronze option, plus throws in an online master class and three risk-free trades—meaning, if these trades don't go your way, you get your money back. For those considering the gold account, be prepared to invest a minimum of $3,000. With a substantial 100% bonus, you not only get all the perks of the silver account but also secure access to a personal success manager.  BinaryCent features a user-friendly trading app, mirroring all functionalities of its desktop platform, perfect for traders who wish to manage their portfolio on the go.  

✅Where BinaryCent shines:

•  User-friendly and simple to use trading app, making binary trading easier for beginners

•  Copy trading offered, useful for beginners traders.

•  Trade binary contracts from $0.10 allowing trading opportunities for all budgets

•  20%-200% deposit bonus offered, good for beginners.

❌Where BinaryCent  shorts:  

•  A $250 minimum deposit, slightly higher for beginners traders.

•  Not accepting traders from the United States.  

Name	RaceOption
Min.Deposit	$250
Payout	95%
Passive Income Options	❌
Trade types	Turbo options
Tradable Instruments	Commodties, cryptocurrencies, and stocks
Bonus	20%-100% deposit bonus
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐

Established in 2017, RaceOption is owned and operated by Makerun Corp, headquartered in the Marshall Islands. Beginners can start trading on this platform in three simple steps, earning an additional 95% income within just 60 seconds. RaceOption, making further consideration for account holders, provides an affordable copy trading service as well.  Providing exposure to over 100 products, RaceOption allows clients to speculate in two market classes: fixed-time binary options and CFD trading. Successful binary options trades yield payouts of up to 90%, and additional features like double up and sell out offer investors the flexibility to increase capital in an ongoing trade or exit positions.  Leverages up to 1:500, are also available for CFD trading.  RaceOption trading app is known for its user-friendly interface that simplifies the trading process, which can be particularly ideal for beginners. RaceOption trading app is available on PC, Android, and iOS devices. Moreover, it provides a demo account that allows users to practice trading without any risk.

✅Where BinaryCent shines:

• Providing Beginner-friendly copy trading solutions

• Sign-up bonuses from 20%, giving beginners more trading courage

• High payouts rate up to 95%, giving beginners more trading confidence

❌Where BinaryCent  shorts:  

• $250 minimum deposit higher compared to other binary option brokers.

• No free demo account provided, a big drawback.  

Name	IQcent
Min.Deposit	$50
Payout	98%
Passive Income Options	❌
Trade types	Regular options
Tradable Instruments	Commodities, cryptocurrencies, and stocks
Bonus	20%-200% deposit bonus
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐

IQCent, is an offshore binary options and CFD broker based in the Marshall Islands, offering access to unique account types featuring bonuses like payout boosts, TradeBacks, and complimentary rollovers.  IQCent offers binary options with above-average payouts up to 98%. IQCent trading app, notable for its user-friendly interface, appeals to both beginners and seasoned traders. The app is versatile, compatible with PC, iOS, and Android devices.  IQCent offers a demo account which allows you to practice and develop your skills in a risk-free setting. However, demo accounts can be available only after you have signed up for a live account.   There are four live trading accounts on offer, namely the Bronze account, Silver account, Gold account, and the VIP account, with the minimum deposit from $50, easily accessible for beginners.

✅Where IQCent shines:

• Offers up to 98% payouts on binary options, more competitive than most binary option brokers.

• Offering a copy trading service for hands-off traders.

• An accessible $0.01 minimum stake for new day traders with a small budget.

• 7/24 responsive customer support can address beginners' trading problem quickly.

❌Where IQCent shorts:  

• Basic market analysis and insight, which is not beneficial for beginners.

• An inactivity fee of $10 per month if fail to place one trade within one month. 

Name	Quotex
Min.Deposit	$10
Payout	95%
Passive Income Options	❌
Trade types	Regular options
Tradable Instruments	currencies, commodities, stocks, and crypto
Bonus	30$ welcome bonus
Demo Account	✅
Available Devices	Android and iOS
User Rating	⭐⭐⭐⭐

Quotex is a leading binary options broker since 2019, offering exposure to over 400 binaries covering currencies, commodities, stocks, and crypto. With payouts exceeding 95%, the platform offers the potential for substantial returns. The low $10 minimum deposit makes the Quotex trading app accessible to new traders, and the platform offers generous deposit bonuses. For instance, upon opening a Quotex account with a $100 deposit, traders can enjoy a 30% welcome bonus. Furthermore, Quotex also provide a free demo account. The paper trading mode serves as an excellent tool for understanding how digital options operate and navigating the platform. This demo account, however, has a somewhat limited virtual fund of $10,000.

✅Where Quotex shines:

• The $10 starting deposit and $1 minimum stake make Quotex accessible to beginners.

• Daily signals are useful for finding opportunities, especially for newer traders.

• Demo accounts for beginners to experience real trading without any risk.

❌Where Quotex  shorts:

• No copy trading, which could support new traders looking to learn from experienced investors.

• Lower virtual funds in demo account compared with other binary option brokers. 

Trading binary options can be challenging at the very beginning, However, beginners can feel assured after following the organized steps below:

To begin with, open a demo account with a regulated broker to practice trading risk-free. Take time to figure out how binary options work, including key concepts like strike price, expiration time, payout ratios, and margin requirements.

Second, learn technical and fundamental analysis skills to identify opportune market conditions for entering trades. For example, utilize indicators like moving averages and price action patterns to spot momentum shifts. Stay up-to-date on events like earnings reports that may impact asset prices.

Third, develop a structured trading plan detailing optimal position sizes for your account balance, entry and exit methods, risk management techniques, and other rules. Execute a few practice trades in the demo account following your plan.

Then, once consistently profitable in practice trading, start live trading small position sizes in the real money account. Maintain sound risk practices like using stop losses and only allocate 1-5% of capital per trade.

Lastly, keep recording all market observations, analyzing wins/losses, and refining your edge over time. With an analytical approach and adherence to solid trading principles for entries and exits, beginners can steadily build up binary options competency.

Yes, binary options can be traded safely by retail investors. The defined, capped downside per trade makes binaries appealing for beginners compared to other markets. However, profitability is contingent on accurate directional forecasting of asset price movements. Regulatory requirements imposed on licensed brokers also help enforce transparent trading conditions. That said, binaries should not be approached without appropriate risk management given their all-or-nothing payout structure. Traders should utilize small position sizes, instant order execution, and integrated stop-losses to minimize capital loss per trade. Keeping trading frequency low and avoiding emotional decisions are also pivotal.

Yes, it is possible for beginners to make money through binary options trading apps, but it requires developing a patient, disciplined approach. Binary trading can seem deceptively easy, but making money requires knowledge, experience, and risk management skills. While attractive for their capped downside and defined payout structure, binaries rely heavily on directional accuracy. New traders should not expect to achieve quick gains. With a focus on making effective strategies, embodying patience, and arming themselves with solid education about binary options,  beginners can slowly build up proficiency and make money then.

It is common industry practice for reputable binary options trading apps to provide demo accounts for new traders. These demo accounts come equipped with virtual funds, enabling users to simulate real market conditions and practice different trading strategies without financial risk.  Demo trading, though, cannot fully replicate the emotional factors involved when real money is on the line. Still, leveraging demo accounts remains a prudent way for novice traders to build competency and confidence before putting capital at risk.

Binary options can provide a good starting point for beginner traders to gain experience. Specifically, advantages of binary option trading like limited downside risk, small capital requirements, easy access,  and short duration trades are well-suited to help beginners learn the ropes. Binary option trading, on the other hand, can be high risk and comes with challenges. It requires adequate research, and understanding of the markets and is not something to be entered into lightly. Therefore, this is where beginners need to be conscious.

• Be sure to use a regulated broker: Ensure the binary trading app is licensed and regulated by well-reputable regulators. Use only reputable platforms that follow strict regulatory standards.

•  Read user reviews: Read authentic user reviews and ratings, and check the reliability and transparency of the trading app.

•  Be wary of bonuses: Some fraudulent platforms may use bonuses to attract and lock in traders. These may come with unreasonable conditions, making withdrawals difficult.

•  Employ a secure internet connection: Always ensure that your internet connection is secure when making transactions.

•  Avoid apps that make unrealistic promises: If a trading app promises “guaranteed profits” or “risk-free trading”, it's likely a scam. Binary trading involves risks, and no firm profits can be guaranteed.

•  Be skeptical of cold calls or unsolicited offers: Scammers often use these techniques to trap investors.

•  Use a demo account: A demo account lets you practice trading without risking real money and helps you understand the app's functionality better.

•  Continual self-education: Keep yourself updated with the latest market trends and learn as much as possible about binary options trading.

•  Contact customer support: If you have doubts or issues with the app, reach out to their customer support promptly.