How we rank Brokers at BinaryRanking?

How we rank

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.

Reliability

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.

Reliability

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.

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.

Average

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.