Do you only have $500 to spare? If you do have a tight budget to stick to, but you still want to make some extra money, binary options might just be the answer to your dilemma. You can start trading with only $500 and stand a chance to win a lot of money if you play your cards right and place your trades wisely. If you didn’t know already, binary options trading is a form of trading in which you predict whether the value of an asset, currency or commodity will rise or fall in a period of time that you set. This time can range from 30 seconds to a month.
If, at the end of this time, your prediction comes true, you win back your initial investment and a return of up to 95% at some brokers. Since it can cost as little as $1 to start a trade at a binary options broker, you could very well place 500 trades with the money that you already have. If you are ready to embark on the journey of a lifetime, here are some great brokers that you can open accounts with for $500 or less!
1. AnyOption
AnyOption is a binary options broker based in Cyprus. It is licensed by the CySEC financial body, and has been in the business since 2008. The minimum deposit here is only $250, which is great for you. Each trade only costs a minimum of $25 to place as well. There are many different types of trades that can be placed on the AnyOption platform, along with a bunch of different account types as well. You can even get access to a range of educational material that will familiarize you with the platform and how to trade binary options properly!
2. Finpari
Finpari is one of the best rated binary options brokers out there. It was started in the year 2014, and is based in the UK. It makes use of the lovely SpotOption trading platform, which is one of the best for beginners. The minimum deposit amount at Finpari is only $250, which makes it perfect for you to start trading with. Each trade will cost you a minimum of $1 to place, and you can change your currency as you please too. You get up to 20% as a welcome bonus, and access to educational training courses and videos.
3. Stockpair
Stockpair is a Cyprus based broker that has been in the game for 6 years now, since 2010. It makes use of its very own Stockpair trading platform, which is one of the best for new entrants to the binary trading scene. The minimum deposit here is just $250, and each trade will only cost you a minimum of $20 to place. It is licensed by the reputed CySEC licensing authority in Cyprus. This makes it unable to accept traders from the US, but this is a small tradeoff for high security. You can enjoy returns of up to 85% when you invest in binary trades with this broker.
Of course, $500 is enough to open a level 2 account with some brokers. The most reputed out there are those licensed by bodies like CySEC. Make sure you check out the reviews, both by professionals and by other traders, of different brokers to make sure that your choice isn’t a scam. The money you have right now is more than enough to start trading. The industry average minimum deposit is a low $250, which means that you have double that already. Make sure you take advantage of bonuses when and if you can too!