Contests And Tournaments.
The same as a poker tournament, a binary options tournament is entered into by participants to beat all of the other players and walk away with a cash prize. The contests run for varying lengths of time and can be a great way to test how good you are against some of the best traders in the game.
For those of you who don't want to be tied to a tournament for an extended period, some offer one-hour tournaments as opposed to those that last a week. There are big cash prizes to be won, and they don't all cost a fortune to enter. Many are free to enter or have a low entry fee.
As tournaments are relatively new to the binary options arena, having become popular in 2014, you will need to look around and find the best ones to enter. Alternatively, you can leave that to us, as usual, we have done the hard work for you and can recommend the best available right here in our shortlist.
Top Rated Options Sites.
#1 - Pocket Option: Best Overall.
Editors Summary.
Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.
#2 - Binarycent: Best Free Demo.
Editors Summary.
Binarycent, while a relatively new broker, tick all of the boxes when it comes to trading. They are competitive and offer all of the things that you would expect. Benefits include an excellent mobile trading platform, welcome and deposit bonuses and a good support system. There are phone numbers available in many languages, alternatively, you can send a message with your details, and someone will get back to you.
#3 - Raceoption: Best Mobile App.
Editors Summary.
It is clear to see that Raceoption mean business and that their all-around offering to traders is making them a serious competitor in the binary options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to experience a lot of growth, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Choosing a Tournament.
Entering tournaments and contests carry just as much risk, if not more, as trading itself and caution should be taken when investing your money in binary options trading. Now you can't eradicate the risk, but there are measures that you can employ to ensure that you have a greater chance of success.
Use a Licensed Broker.
Selecting a broker that is licensed and regulated will ensure that they are operating under appropriate guidelines. Choose a trustworthy company when undertaking any investing whether it's into a contest or general options trading. You don't want to end up choosing a broker that doesn't play by the rules and losing your money before you start.
Recognise Your Ability.
You need to consider how good a trader you are. You may think you are terrific but how well do you know those that you are going to be playing? The chances are you don't, and while you may choose your broker well, you can't select your opponents. Don't go in too high too early with a false sense of security.
Know Your Own Limits.
Consider that even when you are winning the low stake tournaments, that those who are investing more substantial sums do so because they can either afford to or because they are frequently winning. Although tournaments have only been around for a few years, there are those with plenty of experience under their belt that make a living from this.
Try a Demo Contest First.
A demo contest is an excellent introduction to the world of competitions and offers the chance to win free money. Yes, while you are competing with virtual cash, the rewards are real cash! You get some valuable binary options trading experience, and you have a chance to win one of many cash prizes.
Once you have competed in a few demos or lower risk tournaments, then you might want to consider looking for more significant challenges but be cautious and incrementally increase so that you can learn from any mistakes you might make as you go.
Why Use Tournaments.
Trader Broker Asset Profit.
Not unlike a poker tournament, binary options tournaments are becoming increasingly popular. In short, you choose a broker, pick the tournament you wish to participate in and enter to bid against others who are also competing for the cash prize or prizes that are on offer.
Winnings may be a one-off prize or a pool of funds with several cash prizes available. The higher the stake, the bigger the returns and there are tournaments just like big money Vegas poker tournaments where the more experienced traders like to compete. Of course the more significant the tournament, the bigger the prize. As with all types of binary options trading, it is important to enter these tournaments with all of the facts available to you and the knowledge that, just like trading itself, you could lose your money.
Some brokers automatically enter you into weekly trading contests; the criteria is that anyone trading with a minimum deposit of so much and a trading volume of x amount qualifies. At the end of the week, the most successful trader wins a cash prize which is then deposited straight into their trading account. While traders don't select to enter this contest it is an excellent way to see how you are ranking against other traders should you wish to get into tournaments further down the line. It is also an incredibly good way to top up your options trading account.
How to Enter a Contest.
It is relatively straight forward to enter a binary options tournament that you are selecting to register as opposed to automatic entry to a broker's weekly contest. First of all, you need to choose the tournament for you. You may want to start with a small entry or a free entry tournament which usually have prize funds of around $100. Beginning in a measured way gives you a chance to see how you fare against other traders and whether it is for you before you start committing to more substantial investments.
There are all sorts of tournaments available ranging from low prizes to some pretty serious cash sums. A good example of a tournament is one where there is a selection of prizes which could amount to a total prize fund of 1,000 dollars. In this example it is divided into the following portions:
1st place - $500 2nd place - $200 3rd place - $100 4th place - $50 5th - 10th place - $25 each.
As long as there are sufficient funds in your account (even if you are opening a new one), anyone can participate. Once you have decided to join the tournament, you need to click the "join tournament" button. You then trade on the live account and watch how you are ranking against others in the contest. Be aware that you cannot enter a tournament with a demo account or if you don't have sufficient funds.
Tournaments are relatively new to the binary options arena, having become popular in 2014.
Selecting a Reliable Broker.
If you haven't yet chosen your broker or you want to choose a new broker that offers tournaments because yours doesn't, then you have come to the right place. We have researched all of the brokers available and put together our reviews and recommendations based on the facts and our extensive knowledge. Our team are all experienced traders who know what they are looking for when it comes to a good broker, so each one is vetted and investigated before we put our name to it.
We use factors including a brokers regulatory and licensing status to select tournaments for you. We also look at ease of use of the platform both on desktop and mobile, how excellent their customer service is and their offerings concerning incentives and bonuses. We then make our recommendations to you based on a good foundation and confidence that we only offer the best.
The best brokers we recommend all have varying strengths, and there isn't a one size fits all. We strongly recommend deciding what is important to you when before researching your broker so that you can select criteria that suits your needs and make an educated decision. It may be that you want a straightforward trading experience or that you aren't so worried about that, but you prefer an excellent bonus or reward structure. By selecting the right broker in the first instance, your trading experience will be much more successful and enjoyable in the long run.