Best Binary Options Brokers in Australia in 2024

Binary options trading has gained significant popularity in Australia over the years. With the possibility of high returns and the clarity of the trading process, it’s no wonder many Australians are exploring this investment avenue. However, choosing the right binary options broker is crucial for a successful trading experience.

Discover top binary options brokers tailored to your region. Browse our curated lists by country:

All Brokers | Top Brokers | USA | Canada | UK | Nigeria | India | New Zealand | Germany | Turkey | Spain | France | Ukraine | China | Indonesia | Pakistan | Bangladesh | Russia | Mexico | Japan | Brazil | Philippines | Vietnam | Iran | South Africa | Italy | South Korea | Argentina

The Top List of Binary Options Brokers in Australia

Recently, binary options trading is no longer open to retail traders in Australia. The Australian Securities and Investments Commission (ASIC) barred the trading of binary options to retail clients in May 2018, extending until 2031.

This was done to protect retail traders from the high risks associated with binary options trading. However, only some brokers can fully comply and abide by the rules and strict laws of ASIC that govern the operation of options trading in Australia. Few of these brokers are:

• HighLow
• Quotex.io
• IG Market
• ExpertOption
• Pocket Option
• Ninja Trader

To offer support, I have researched and compiled a list of leading brokers catering to Australia. This guide is designed to help ensure that your binary options trading endeavors in the country are secure and profitable.

HighLow

HighLow is an Australian-based binary options broker that is ASIC-regulated, making it a trustworthy choice for local traders. They offer a simple and intuitive trading interface with high payouts and a low minimum deposit.

HighLow is known for its transparent Tradable assets: 300+pricing and straightforward trading process, making it an excellent option for beginners.

HighLow primarily targeted Australian traders and gained recognition for its user-friendly platform and commitment to transparency. It was regulated by the Australian Securities and Investments Commission (ASIC) and held an Australian Financial Services License (AFSL).

Acquiring an AFSL is a difficult process, as it entails meeting rigorous standards in capital requirements, risk management, staff training, accounting, and audit practices set by the licensing authority.

The HighLow broker’s interface is user-friendly, making it an exemplary option for beginners, and it offers a lot of resources for more experienced traders. They provide a broad selection of currency pairs, making it particularly appealing to those specializing in binary options within the Forex market.

Their offerings include major currency pairs, as well as some cross-currency pairs. However, HighLow offers a limited range of assets outside currencies for traders seeking a more diversified portfolio.

HighLow’s selection of non-currency assets is relatively narrow, comprising only five indexes, namely AUAUS200, HKG33, JPN225, UK100, and US30.

Mobility (Mobile Trading)

• Android: Available ✅
• iOS: Available ✅

HighLow offers the convenience of trading from both iOS and Android phones.

However, despite being licensed through the ASIC and focusing on Australian traders, HighLow accepts clients from around the globe.

Sign Up and Login Process

Highlow offers two trading accounts namely demo and live accounts. Traders use demo accounts to test out strategies and may not need to register on the platform to access it. To earn, you would have to register a live account.

Click on the signup button on their website and fill in the details: Your Names, email address, password, location and phone number.

The next phase is a quick email verification process. you would receive a verification link in the email you registered with, after which with your new username and password, you can log in, access and fund your account. You can verify your account as well.

Verification Process

The verification process at HighLow is essential to adhere to regulatory requirements and ensure the security of traders’ accounts.

Traders were typically required to submit certain documents for verification, including a government-issued ID (such as a passport or driver’s license), proof of address (e.g., utility bill or bank statement), and, in some cases, a copy of the credit card used for deposit.

The process involved uploading these documents to the HighLow platform, and the verification team would review them. The timeframe for verification could differ, but was usually completed within a few business days.

Quotex.io Broker Platform

Quotex.io is a popular trading platform supporting binary and digital options trading. The platform extends its services to traders from different countries and operates with an ASIC License, allowing it to operate with Australian traders.

This broker launched its binary options trading in 2020 and quickly gained recognition for delivering substantial profits to its clients. Quotex.io provides an extended range of trading choices, including binary and digital options.

SignUp and Login Process

As a new user on the platform, select the Sign Up option on the form displayed on the website. Once you enter the required details which are your email, password and select your currency choice, confirm the agreement clause and click sign up. You would get an email. To login, enter the email and password you registered with.

Verification Process

Quotex.io maintains a simple verification approach to safeguard accounts and adhere to regulatory measures.

As part of this process, traders are required to provide identity confirmation documents, which typically include a government-issued ID (like a passport or driver’s license), proof of residence (such as a utility bill or bank statement), and sometimes a photo for facial recognition.

Mobile Trading Platform

• Android: Available ✅
• iOS: Available ✅

Quotex.io offers a mobile trading terminal accessible via mobile device web browsers. This feature enabled traders to access their smartphone and tablet accounts and engage in trading activities.

The platform is mobile-friendly and highly responsive. The firm provides a vast log of tradable assets, streamlined one-click trading, and a range of banking methods for traders’ convenience. It’s available on Android and iOS.

Overview

Quotex is owned and managed by Awesomo LTD, located at the address: Suite 1, Second Floor, Sound & Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles, ID: 221042.

Awesomе Limited holds membership with IFMRRC (membership number TSRF RU 0395 AA V0161), which serves as an independent third-party dispute resolution service rather than an official regulatory body.

Quotex is a flexible platform for trading digital options, encompassing a vast range of underlying assets, up to more than 400. The platform operates entirely through web browsers, eliminating the need for downloads.

It facilitates trading options on various asset classes, including securities (companies), forex, commodities, and select indices like the S&P 500.

IG Market

IG Markets, also known as IG Group, is a top online broker that supports a wide range of financial products and services to traders and investors worldwide. IG Markets was founded in 1974 and is headquartered in London, United Kingdom.

Regulation

The broker stands out as one of Europe’s most heavily regulated brokers. It operates under the UKGC’s (United Kingdom Gambling Commission) authority and has reference number 2628. Furthermore, it upholds regulatory compliance with several other financial regulators, including the SEC, AMF, BaFin, Consob, FINMA, and ASIC.

IG Markets offers various financial instruments, including Forex, Stocks, Indices, Commodities, Cryptocurrencies, Options, and CFDs.

Mobile App & Trading Platform

• Android: Available ✅
• iOS: Available ✅

IG provides an intuitive platform that grants access to a vast selection of more than 10,000 markets and is available on Android, iOS, and web users. It is accessible via web browsers on desktops and mobile devices, removing the need for software downloads.

It allows for flexible customization, enabling users to arrange columns according to their preferences. Its intuitive market finder facilitates an easy search for preferred assets. It is, however, expensive to fund, starting at a $300 deposit for other deposit methods except bank transfers.

Options Trading on IG

IG provides a duo of binary options, encompassing IG Binaries and Sprint Markets. In IG Binaries, you’ll find options spanning various timeframes, ranging from 5 minutes to 60 minutes, along with daily, weekly, and monthly expirations.

The assets available for trading in IG Binaries encompass indices, currency pairs, commodities, bitcoins, and significant economic indicators. The array of option types within IG Binaries is impressively extensive, rivalling that of top binary options brokers like 24Options.

IG Binary has diverse option types, including standard call/put, ladder, one touch, target, hi-lo, and tunnel. These options are tradable via CFDs or spreads. IG determines option pricing, factoring in expiration time, market volatility, and underlying asset value.

Signup Process

To create an account on IG,select the create account option. You will be prompted to share your location, username, real names and password. Once done, you would have created an account at this stage but there is still other basic information you would have to provide. You can save up your process and continue later.

Verification

It is divided into two forms: proof of identity and proof of address. Proof of Identity requires a Passport, Driving license, and National identity card.

For Address, documents such as utility bills (not including mobile phone bills), Bank statements, Credit card statements, Internet bills, Rent or tenancy agreements, Voter cards, and Inland revenue would be accepted.

ExpertOption

ExpertOption broker is one of the lead option brokers with a range of more than 100 assets made available for binary options traders. With a deposit of as low as 10 AUD, traders can begin their journey to build their financial portfolios.

The goal of ExpertOption is to make trading simple and easy for the traders. To achieve this goal, the platform incorporates features such as a simple, user-friendly interface, up to 15 language translations, and 24/7 customer support service. It is built to be beginner-friendly.

Signup

ExpertOption has an easy signup process. Click on the login button at the top corner of the website. Select the real account option to register a new account. Enter your email address and choose a password.

Then accept the terms and conditions after reviewing the privacy policy before clicking the Open account button. Select the login option to access your dashboard if you have an existing account.

Verification

In fulfillment of the Anti Money Laundering and Know Your Customers requirements, ExpertOption makes the account verification mandatory. In the financial system, brokers need to keep track of any suspicious activity in their customers’ accounts to limit and identify financial crimes.

There are three primary verification stages, including identity verification, the client’s residential address, and email confirmation.

It is generally an easy process with access to customer care to assist you.

Email verification is relatively simple and involves a confirmation mail sent to your email address after signing up on the platform. The mail contains a verification link you must click to verify your email address.

Verification of identity follows an order where you can access your identity and address status from your profile page or dashboard after the identity and address information is filled.

Bank verification requires some documents, including a coloured ID Card or passport and a picture of a bank card. Submit the front side and back side of the items were prompted. You can also complete the process with an e-wallet.

Mobile App

• Android: Available ✅
• iOS: Available ✅

ExpertOption offers its services on mobile devices, including smartphones. It is excellently supported on Android and iOS.

Pocket Option

PocketOption was founded in 2017 and offers binary trading options with various financial instruments. Built with an easy to understand interface, it has over 50 payment options including Visa, bank transfers, e-payment platforms, or cryptocurrency.the platform is easy to navigate and it is equipped with varieties of trading tools to make trading experience better.

It offers charts and other popular indicators including RSI,Moving averages and ADX. PocketOption is one of the best brokers to use for options trading as it is enabled with intuitive features. Traders have access to free trading bots and live trading signals on the platform. It facilitates gamification to improve ROI (Return on Investment).

Pocket Option is regulated by the International Financial Market Relations Regulation Center (IFMRRC). Traders can also try out their strategies with the demo account before going live on their real funded accounts.

Mobility

• Android: Available ✅
• iOS: Available ✅

The platform has a mobile application which is compatible with the Android and ioS Softwares. The app allows traders to do essentially everything that they can do on desktops.asides from viewing multiple chart screens due to screen restrictions.

Sign up process

Once you are on the PocketOption platform, simply click on the login button. If you already have an account with Pocket Option, simply enter your email and password and click sign in. to create an account select Registration. Provided the details required which are email address and password.

Once you sign up, you would receive a confirmation link in your email. Confirm your account by clicking on the link. You have your account.

Verification

After you have created an account, you would be directed to your real account where you can fund and begin to trade. In order to withdraw, you have to complete the verification process. Simply select Profile on your dashboard and begin your verification process. First provide your personal details such as Name, phone number and Date of birth.

Secondly, verify your residential address by providing documents like bank statements or utility bills. Next is Document Verification which involves uploading a photo of you holding your identity proof such as your Election Card or a Passport.

After these steps, Pocket Option would verify and confirm the submitted documents. This usually takes four to five business days.

Ninja Trader

Ninja Trader is a popular binary options trading platform with remarkable and resourceful trading tools to optimize the traders’ experience. It has been offering its brokerage services in derivatives and foreign exchange markets since 2003.

In addition to its comprehensible terminal, it provides a fast quote updating system and commendable customer support. NinjaTrader is regulated by the NFA and the CFTC. The software has charting and analytical tools to assist traders during technical analysis.

It also provides quality educational resources and host training for traders to improve and enjoy better trading experience. It also offers educational content, training, and community involvement through its affiliate program.

According to Traders Union, Ninja Trader is a reliable broker controlled by US regulators, so the company is rightfully included in the Traders Union Forex broker rating. 

However, there is a high cost due to trading conditions on the platform. Also, the broker spread may be less minimal, especially for beginners.

Signup and Login process

Ninja Trader offers you the options of opening an account with your email, google and apple account. Once you enter your email address, you would be asked to confirm your email with a link sent to your address. Create your username and password which you can use to log in to your account.

Verification

Like most trading platforms, Ninja Trader has a mandatory KYC requirement for their traders. Its intuitive interface makes it easier to navigate, and competent 24/7 customer service is there to guide you.

Mobility

• Android: Available ✅
• iOS: Available ✅

The platform released its mobile trading app, compatible with smartphone software, Android, and ioS for easy and secure account management. In addition to its intuitive design, it is equipped with high performance. Traders can have access to their accounts and engage in trading activities.

Regulatory Framework in Australia

Before diving into the best binary options brokers, it is fundamental to understand the regulatory setting in Australia. The Australian Securities and Investments Commission (ASIC) is the country’s primary regulatory body governing financial services and markets.

ASIC guarantees that binary options brokers operating within Australia adhere strictly to regulations to protect traders’ interests. Currently, Binary options trading is not available for retail clients in Australia as ASIC banned it earlier this year.

Essential Things to Know About Binary Options in Australia

Binary options trading in Australia has undergone significant regulatory changes in recent years. Here is a summary of important information about binary options trading in Australia:

Regulatory Changes

The Australian Securities and Investments Commission (ASIC) implemented a ban on the sale and marketing of binary options to retail clients in May 2018. This was done to protect retail traders from the high risks associated with binary options trading.

As a result, many binary options brokers ceased offering their services to Australian retail traders.

Ban on Binary Options

The ASIC ban means that Australian retail traders can no longer access binary options trading platforms. This restriction applies to all binary options, including high/low options, one-touch options, and more.

Professional and Wholesale Traders

While binary options are off-limits for retail clients, some available and experienced wholesale traders still satisfy specific eligibility criteria. Professional traders have higher capital requirements and need to meet specific qualifications.

Alternative Trading Options

Retail traders in Australia interested in financial trading may consider alternative options such as forex trading, stock trading, commodity trading, and CFD (Contracts for Difference) trading. ASIC regulates these trading activities and remains available for Australian retail traders.

Investor Protection

The regulatory changes were enforced to safeguard retail traders from the risks and potential losses associated with binary options trading. ASIC has taken measures to enhance investor protection and market integrity.

Regulations and the accessibility of financial products can vary over time, so it is necessary to confirm the current status of binary options trading in Australia by conducting further research and consultation with relevant authorities or seeking guidance from a financial advisor.

Conclusion

Australian financial markets may face uncertainties due to the regulatory setbacks it is currently facing. ASIC hopes to mitigate the losses of traders, but there is no hiding the effect the restriction has on the markets.

Regardless, using ASIC-licensed or offshore brokers creates a gray line for the traders to continue their business and investment, even though this remains highly risky. To be safe, do proper research before settling for any broker. Evaluate their history, legality, and license before working with any of them. Good luck in your trading ventures.