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.

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 , 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. 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.

At the end of the week the most successful trader wins a cash prize which is then deposited straight into their trading account. It is also a nice way to top up your options trading account.

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First of all you need to select the tournament for you. 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. 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. You then trade on the live account and watch how you are ranking against others in the contest.

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. First of all make sure you choose a licensed broker that is operating under appropriate regulations. 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? 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.

We have researched all of the brokers available and put together our reviews and recommendations based on the facts and our extensive knowledge.

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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. 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.

By selecting the right broker in the first instance your trading experience will be much more successful and enjoyable in the long run. This depends on the broker and the tournament. There are some that offer free entry and some that offer a nominal entry fee.

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For the larger contests you will be expected to pay more but it is all relative. 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.

The trick is to find the tournament that you can comfortably trade in without getting in over your head. Whilst not a common feature of every broker there are reliable and reputable brokers that offer contests and tournaments. Like anything it is important to ensure that you do choose a recommended broker when trading. 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.

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.

At the end of the week the trader with the highest winnings is awarded the prize directly into their account. The financial 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 invest money that you cannot afford to lose. Check out the 1 rated broker of Your capital may be at risk Risk Warning: Name Direction Asset Profit.

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FAQ Are binary options tournaments free to enter? How large are the prizes offered for winning? Do big name brokers offer these contests?

Can new traders enter and compete together? How long does a binary options contest last? Popular FR Brokers Robot Traders No Deposit Best Bonuses Demo Accounts Signal Services Mobile Apps Tournaments Managed Accounts Platform Types VIP Accounts Reviews Brokers ExpertOption Olymp Trade Ayrex IQ Option Finrally Binary.