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What is a binary options contest or tournament you ask? Well in the same nature as a poker tournament, a binary options tournament is entered by participants with the goal of beating all of the other players and walking away with a cash prize. The contests are run daily, weekly, monthly and for varying lengths of times.
For those of you who don’t want to be tied to a tournament for a long period of time there are those who offer one hour tournaments as opposed to those that last a week. There are big cash prizes to be won but they don’t all cost a fortune to enter. There are actually many that are free to enter or have a low entry fee. Obviously the prizes are lower but they are great for those who just want to dabble.
As tournaments are fairly new to the binary options arena, having become popular in 2014, you will need to look around and find those that are on offer. Alternatively you can leave that to us, as usual we have done the hard work for you and can recommend the best available.
In this expert guide to binary options tournaments and contests we examine:
- What a binary options tournament is and how you can enter one today
- The full requirements for taking part and being successful in a tournament
- Where to find a binary broker that runs safe and legit trading contests
Our Top Recommended Brokers Updated: September 2017
What is a Tournament
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.
Now prizes 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 serious traders like to play. Of course the bigger 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 actually hold weekly trading contests that don’t need to be entered, the criteria is that anyone trading with a minimum deposit of so much and a trading volume of x amount is automatically entered. At the end of the week the most successful trader wins a cash prize which is then deposited straight into their trading account. Whilst traders don’t select to enter this contest it is a good way to see how you are ranking against other traders should you wish to get into tournaments further down the line. It is also a nice way to top up your options trading account.
How to Enter a Contest
It is fairly straight forward to enter a binary options tournament that you are selecting to enter as opposed to an automatic entry to a broker’s weekly contest. First of all you need to select the tournament for you. You may want to start off with a small entry or a free entry tournament which usually have prize funds of around $100. This will give you a chance to see how you fair against other traders and whether it is for you before you start committing to larger 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 are a selection of prizes which could amount to a total prize fund of $1,000 dollars. In this case it may be split into the following:
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 simply 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.
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Choose a Tournament Wisely
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 completely but there are measures that you can take to ensure that you have a greater chance of success.
First of all make sure you choose a licensed broker that is operating under appropriate regulations. You don’t want to end up choosing a broker that doesn’t play by the rules and losing your money before you start.
Next you need to consider how good a trader you actually are. You may think you are really good but how well do you know those that you are going to be playing against? The chances are you don’t and whilst you may choose your broker well, you can’t choose your opponents. Don’t go in too high too early with a false sense of security. Start off with a low entry or a free tournament and start winning those before you increase the stakes.
Consider that even when you are winning the low stake tournaments that those who are investing larger sums do so because they can either afford to or because they are used to 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.
Once you have competed in a few low risk tournaments then consider looking for bigger challenges but increase slowly so that you can learn from any mistakes you might make as you go.
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.
Our tournament selection is based on a number of factors including a brokers regulation and licensing. We also look at ease of use of the platform both on desktop and mobile, how good their customer service is and what their incentives and bonuses are like. We then make our recommendations to you based on a good foundation and a 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 researching your broker so that your decision can be based on the criteria that suits you. It may be that you want a straightforward trading experience or that you aren’t so worried about that but you prefer a good 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.
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Are binary options tournaments free to enter?
This depends on the broker and the tournament. There are some that offer free entry and some that offer a nominal entry fee. For the larger contests you will be expected to pay more but it is all relative. The free entry tournaments are great for those who want to experience a tournament and discover how you do against other traders in the same arena but caution should be exercised when entering the bigger tournaments especially if you don’t have much or any experience.
How large are the prizes offered for winning?
This all depends on the size of the binary tournament. There are cash prizes ranging from a few dollars up to thousands. It all depends on the size and level of tournament. There are those that offer a first prize of $20,000 and there are those that offer a $1,000 cash pool that is split between the top ten participants. The trick is to find the tournament that you can comfortably trade in without getting in over your head.
Do big name brokers offer these contests?
Yes. Whilst not a common feature of every broker there are reliable and reputable brokers that offer contests and tournaments. America’s largest broker actually holds a “World Championship Binary Options Tournament”. Some brokers offer weekly contests that can be entered by default just by a trader’s history. Like anything it is important to ensure that you do choose a recommended broker when trading.
Can new traders enter and compete together?
Yes, new traders can enter binary tournaments even if you have never traded on the site before. As long as you have sufficient funds in your account you will be able to enter the tournament. For those who haven’t entered a tournament before and that are new to trading there are free contests to try out before you start entering tournaments with more experienced traders.
How long does a binary options contest last?
This all depends on the contest. Brokers tend to offer many different types of contests. There are flash contests that last an hour and there are daily, weekly and even monthly contests. Some brokers actually offer a regular weekly contest that doesn’t need to be entered, it is simply available to anyone with a set amount in their account or a set turnover. At the end of the week the trader with the highest winnings is awarded the prize directly into their account.