There are a lot of brokers that accept traders from the USA. Many of them should probably be avoided. I’ve listed my few favorite US friendly binary option brokers below. They have the fast binary options I like, but more importantly a reputation I trust. Is it legal? Yeah, but the brokers we deal with are still offshore. So what’s the simple answer to this question? Click here to find out if trading is gambling.
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Steps to Finding a Good Broker in the USA
There are two main types of binary options brokers and exchanges available. There are the fully CFTC regulated exchanges like Nadex (www.nadex.com) that are fully regulated and behave as the more traditional style of exchange where your contracts are bought and sold via the exchange between you and other traders. If you want contract based BO’s then Nadex may be your cup of tea but be warned it is quite complex and not the same trading as binary options are as we know and love/hate them.
This type of binary options that we love/hate are the OTC binary options brokers that work differently. They are the market maker themselves and run things through a risk management program. The OTC brokers are generally the ones that we are betting on today in 2016 because it’s fast, fun, easy and can be profitable.
- Check if a relevant broker accepts customers in the USA.
- Check whether that broker has a positive reputation. Be picky, there are plenty to choose from so do not fall for some flashy bonus banner ad.
- Look over the features on the website and see whether they suit you.
- Find out policies regarding fee structures, minimum deposits and withdrawals.
- Determine whether the site is transparent and easy to use.
- See what kinds of educational resources and trading tools are available.
- Test customer service directly.
- Look up the company’s reputation and read third party reviews online.
- One good way to get started is to look at our recommended binary options brokers, some of which accept customers in the USA.
Of course, if you want to just know what is a good usa binary option broker today in 2016 then we like Marketsworld. Reputable, accept US clients, have 60 second binaries, have a full demo account available and offer a wide variety of trade sizes.
Which Binary Options Brokers Accept US Traders?
A lot of binary options brokers are leery of accepting customers from the US. Indeed, many legit trading websites won’t take USA customers at all. This can lead traders to wonder whether binary options trading is legal in the US. Concerns about the legality of trading in the US also can stem from the fact that binary options trading could be considered a form of gambling, and gambling has always been a gray area in the US. Then there’s the fact that there are already a lot of restrictions governing other types of trading in America.
Visit this page for reviews of our small selection of trust-worthy binary options brokers.
MarketsWorld. This broker takes USA traders and has some really cool features. They offer a free demo account to anyone who wants one. You don’t even have to make a deposit to practice trading on their site with virtual currency. They are also regulated by the Isle of Man Gambling Commission.
BinaryMate – US friendly spot option broker offering $1 min trades and a $250 initial deposit. Trade 30 and 60 second options here on the SpotOption platform.
There are a number of other binary options brokers that accept USA customers, but these are by far the best ones we have found. Whether you are looking for a regulated binary option broker like Nadex or you are looking for a quality broker to do business with. Many of the other brokers we have seen which advertise for customers in America are a bit dubious, possibly because they are new, or more likely because they really are not very good or trustworthy. If you have any further questions about the legality of trading in your region, you can consult an attorney. There are lots of binary options traders in the US, though, and joining an online community of traders may also help you to answer some of your questions.
Please know that this is not legal advice—I am not a lawyer. If you want legal advice, I recommend you consult with a local attorney who specializes in this area. But from a trader’s perspective, there is nothing illegal about trading binary options. The reason that so many binary options website behave as if there is has to do with the complexity of regulations governing options trading—or rather the lack of regulation regarding it. Navigating regulatory waters is a challenge. The fact that binary options are barely regulated worldwide at this point actually makes things more difficult and not less. Since indeed the US does have confusing laws regarding both gambling and trading and even more so trading fx pairs, a lot of websites just do not want to deal with the US yet.
Are there any officially regulated binary options websites in the US? There are several ways to trade regulated binary options. In 2007-2008, the Options Clearing Corporation and the Securities and Exchange Commission started to approve the listing of binary options. You can trade them through the American Stock Exchange (Amex), the Chicago Board Options Exchange (CBOE) and the North American Derivatives Exchange (Nadex).
There are a ton of other binary options websites now, most of which are based in foreign countries, particularly in Cyprus. Cyprus is working hard to create laws that will specifically regulate binary options trading and brokerage, so companies which are interested in seeking that kind of regulation will likely find it there first. Some of the other binary options websites are regulated in a sense, but not under laws which were created to regulate binary options. These websites may operate as gambling services, private banks or Forex brokers, and are regulated under laws which are applicable to those operations. Doing it that way is a kind of “next best thing.”
You will also notice that there are websites which will accept you as a customer if you are from the United States, but they will only permit you to trade certain assets, usually stocks and indices. They will generally forbid you from trading currencies or commodities. It should be noted that there is nothing illegal about you trading either. It is simply another regulatory area which the websites do not want to deal with.
So as far as legality goes, the main thing which should concern you is whether a binary broker you are thinking of trading with is following local laws governing financial transactions. Since at this point you are not going to find a lot of brokers which can actually claim truthfully to be regulated as binary options brokers, you will want to look for other forms of regulation such as regulation as a FX dealer, gambling service or private bank. There are other things to look for in a binary options broker as well, though, like good customer service, transparent operations, and useful resources and features.
Find Binary Options Warnings at http://www.fastbinaryoptions.com/5-binary-options-warnings/ before you get on the trading wagon.