How we rank Brokers at BinaryRanking?
A honest and reliable ranking system fueled by your opinions and votes.
Since the advent of binary options, there is a constant increase in the amount of new brokers in the industry. Simultaneously, the amount of traders thirsty for reliable brokers have increased.
BinaryRanking comes with its proprietary ranking system to help traders make the best of their trading journey. Our ranking system together with real reviews, the votes cast by traders like you and our 5 main evaluation criteria, ensure that we remain neutral and unbiased in our approach.
One word came several times while defining our unique formula - Reliability and it sums up all the expectations that traders have towards their brokers.
Read more on how we rank the brokers in the industry or find one that suits you now.
Our simplified formula
Reliability is what most traders are looking for in a broker. We identified several key questions which should be asked by the traders. Here are some of the most frequent ones.
- To what extent can I trust my broker?
- Will they support me during the tough times?
- How is the experience of previous traders with my broker?
- Is my broker legal and regulated?
To answer these questions we derived our proprietary ranking system.
Our 5 main criteria
We conducted an in depth research to know what traders are mostly looking for in a broker. Out of our analysis, we were able to identify 5 main criteria which are determinant to the choice of a broker.
We then asked traders to rate their experience according to these fundamental criteria on a scale of 1 to 10.
As a result we calculated an average score for each of the metrics for the first part of our algorithm. For instance, we calculated the average score for withdrawal from a sample of 5 voters for a specific broker X.
We did the same for all the other metrics. This represents the first part of our evaluation system.
We then assigned each metric average score to their respective weightage in our algorithm.
These weightage have been decided based on the importance of the criteria in a trader’s usual journey and by taking into consideration the results of the top search from a binary option trader.
Withdrawal represents one of the major interest of any trader. Money in a trader’s trading account is the result of the hard work and perseverance behind. As such, we asked traders to vote on whether or not they are satisfied with the withdrawal process of their respective broker.
Everyday new traders are joining the binary options industry. Hence, they have a thirst for knowledge. We would like to remind traders that trading binary options is not a mere gambling over the internet but requires good learning and focus to be successful. Hence, we asked traders about how they found their learning experience.
Investment represents the very first part of a trader’s trading journey. It is essential for traders to provide the smoothest investment methods to its traders while taking into consideration the safety aspect of it.
Providing support to traders is essential as it helps them to find relevant solutions to their trading issues while ensuring they are having an effective trading experience. Support comes in different ways and channels. Here we asked traders how they found the support system of their respective broker and whether they did get a solution to their queries.
Bonuses act as a boost in a traders’ account. As such, they enable to trade more and have higher returns. But, these are often associated to specific actions. We asked traders to rate the bonuses offered by their broker and how did they find the procedures associated to it?
Assuming that we are using the data below, we assigned each of the metrics average score to their corresponding weightage in our formula to then calculate the Reliability Score.
What we do with these results
Once we have our final result, we can say to what extent a broker is reliable and rank them on our Top Brokers Leaderboard as per their overall score.
Are you satisfied with your broker’s rank or do want us to recommend other brokers in the industry.