We evaluate bitcoin binary option brokers on a number of objective pre-defined criteria. We keep the subjectivity to a minimum and use measurable and verifiable facts as much as possible.
Here are the criteria we score brokers on, a definition of 10/10 performance and examples of things that would cause a broker to lose points.
We rate brokers on how robust, easy to use and feature rich their trading platform is. We also consider user experience elements such as;
- Layout and clarity of things like trading history and account settings.
- Site speed.
A 10/10 broker has a rock solid trading platform with no bugs or unexpected behaviour ever. They have a large range of customizable settings and layouts available to help with your trading. We test all of this on desktop and mobile.
Points are lost for things like intrusive casino adds, your preferences not being remembered, disorganized lists of options, confusing trade history or lag.
10/10 is given to whichever bitcoin broker has the highest payout %.
Other brokers lose 1 point for every full % their payout % is below the broker with the highest payout.
We get this data by checking payout % across all different asset pairs, option types and option durations.
For example, at the moment;
FortuneJack has the best payout % of any broker with 180%.
FortuneJack recieve 10/10.
A broker with 175% payout (5 % less than FortuneJack) would receive 5/10 (5 points less than fortuneJack)
Range of options
There are 2 elements in this rating
- The range of asset pairs to trade on.
- The range of different option types and durations.
A 10/10 broker offers trading on everything from currencies to stocks, commodities and indices. Each in the form of hi/low, one touch and boundary options in time frames ranging from 60 seconds to a month.
Brokers lose points for having a small range of assets pairs to trade and a small range of option types and durations.
There are 3 transaction types we look at
- – Is it possible to generate a new address for every deposit?
- – Number of confirmations you have to wait before you can trade.
- – Wait time.
- Player to player transfers.
A 10/10 broker provides deposits, withdrawals and player to player transfers for any amount instantly with 0 confirmation trading available.
brokers lose 1 point
- For every confirmation your deposit needs before you can bet with it.
- For every hour a withdrawal takes.
- If there is no player to player transfer available.
There are 3 elements to this rating
- What channels customer service is available though.
- The speed of replies from customer service.
- The accuracy of replies from customer service.
A 10/10 broker has 24/7 live chat support with operators who are knowledgeable about bitcoin and binary options. Email customer service answers question in less than an hour, with the correct information. Customer service is also offered via social media.
Points are lost by things like slow response time to emails, undertrained staff and only having 1 method of contact available.
Privacy, security and transparency
There are 3 main elements to this rating
- What information is required at sign up? The less the better.
- Is 2 factor authentication available?
- Are funds verifiable on the blockchain?
A 10/10 broker allows fully anonymous accounts without requiring an email address. 2 factor authentication is available and users have some way to verify their balance and/or the broker’s cold storage wallets on the blockchain.
brokers lose a point
- For every piece of information they require on signup.
- If 2 factor authentication is not available.
- If there is no funds verification on the blockchain available.
Combines all of the above elements plus things like feedback we have received from real traders, trustworthiness and positive input to the bitcoin community.