Is an offshore licence worthless?

Not worthless, but weaker. It usually means fewer rules on client money and no compensation scheme, so your own checks, especially a test withdrawal, matter more.

Should I take a deposit bonus?

Only after reading the turnover condition. Many bonuses lock your withdrawals until you have traded a multiple of the bonus or deposit, which can push you to overtrade.

How much should my first deposit be?

The smallest amount the broker accepts that still lets you test a real withdrawal. Treat it as the cost of checking the broker, not as trading capital.

How to choose a binary options broker: a 10-point checklist

Why the broker matters more than the strategy

In a binary option the broker sets the payout, supplies the price feed, settles every trade and holds your money. With most other markets an independent exchange does some of that work. Here, one company does all of it. A good strategy cannot help you if the payout is too low or if withdrawals stall, so choosing the broker is the first risk decision you make.

The checklist

#	Check	What a good answer looks like
1	Licence	A named regulator and licence number you can find on the regulator’s own website
2	Legal entity	A company name and registered address that match the licence
3	Your country	The broker accepts clients from your country without you hiding where you live
4	Withdrawals	Written processing times, minimum amounts and fees
5	Payment methods	The same methods work for deposit and withdrawal
6	Verification (KYC)	Clear list of documents, requested before or at first withdrawal
7	Bonus terms	Turnover rules you can read and understand before accepting
8	Payouts	Shown before you open a trade, on the assets and hours you plan to use
9	Demo account	Free, unlimited, same platform as the live account
10	Support	Answers a specific question in writing, not just “contact your manager”

1–2. Licence and legal entity

Do not rely on a logo in the website footer. Copy the licence number, go to the regulator’s website yourself (type the address, do not click the link the broker gives) and search its register. The company name, website domain and status there should match. If the regulator lists the firm as unauthorised, or the number belongs to a different company, stop.

Many brokers that serve clients in Asia, Africa and the Middle East are licensed offshore or not licensed at all. That changes what protection you have if things go wrong: often there is no compensation scheme and no local regulator who will take your complaint. Read your country page to see what applies where you live.

3. Your country

Some brokers technically exclude certain countries in their terms but still let you sign up. If your country is excluded, the broker may refuse a withdrawal later and point to that clause. Check the terms, not just whether the registration form accepts you.

4–6. Withdrawals, payment methods and verification

This is where most complaints start. Look for:

A written processing time for withdrawals, separate from the time your bank or wallet takes.
Fees and minimums: a fixed fee hurts small accounts most.
Same-route rules: many brokers return money to the method you deposited with. If you deposit by card but cannot withdraw to that card in your country, ask what happens before you pay.
Verification: you will normally need ID and proof of address. Complete it early. A broker that asks for new documents every time you request a withdrawal is a warning sign.

7. Bonus terms

A bonus usually comes with a turnover requirement: you must trade a stated multiple of the bonus, or bonus plus deposit, before withdrawing. That can push you to place many trades you would not otherwise take. With a negative expected value per trade, more volume means more expected loss. If you cannot explain the bonus rules in one sentence, decline it.

8. Payouts

The payout decides your break-even win rate: 1 ÷ (1 + payout).

Payout	Break-even win rate
70%	58.82%
80%	55.56%
85%	54.05%
90%	52.63%

The difference between 70% and 90% is more than six percentage points of win rate, which is a lot for any short-term method. Note the payout on the asset and hour you actually trade, because it often changes through the day and is different on OTC assets. Use the break-even calculator for your own numbers.

9–10. Demo and support

A free demo account lets you check the platform before you pay. Then test support: ask a precise question, such as “what is the fee and processing time for a withdrawal to my local e-wallet?”, and see whether you get a precise answer.

Red flags that should end the search

You cannot find the licence on the regulator’s own register.
Someone calls or messages you first and offers to “manage” your account.
You are promised a fixed return or “guaranteed” profits.
You are asked to pay a fee or tax before a withdrawal can be released.
The terms allow the broker to cancel profits at its discretion without clear reasons.
Reviews describe the same pattern: deposits easy, withdrawals blocked.

More detail on these patterns is in binary options scams and red flags.

The test withdrawal

Before you deposit more than a small amount, run one full cycle: deposit the minimum, complete verification, make a few trades or none at all, and withdraw. Write down how long each step took and whether anything unexpected came up. A broker that handles a small withdrawal smoothly is not guaranteed to handle a large one the same way, but one that makes a small withdrawal difficult has already told you what you need to know.

How we look at brokers

Our reviews follow the same steps and are explained on how we test. Whatever broker you choose, deposit only money you can afford to lose: the checklist reduces the chance of a bad broker, not the risk of the trades themselves.