Binomo has a reliable reputation in many countries around the world. IQ Option also is one of the most popular trading platforms on the Internet. They both have pros and cons which we will tell you about in this article.
Binomo was launched in 2014 and is subject to the laws of St Vincent and the Grenadines, where its head office is located. The company is also regulated by the International Finance Commission. The independent organization Verify My Trade checks 5 000 trades on the platform every month that ensure its quality.
- The platform operates in over 130 countries.
- It has received prestigious awards such as FE and IAIR.
- Quick signing up by email, Google or Facebook account.
- A demo account for practice is available both for beginners and pro.
- The minimum deposit is 10$ (but 5$ for India).
- The trade entry threshold is only 1$.
- There are 4 types of accounts on binomo.com, which depend on the total amount of deposits (vs IQ Option that has only 3 types).
- There are more than 70 assets for trading (depending on the type of your account).
- Binomo provides several kinds of bonuses that allow you to increase the deposit amount up to 100% or more.
- With the convenient mobile app you can trade anywhere, anytime. You can download it via a direct link from the official site Binomo, Google Play or App Store.
- Fixed time trades (FTT) allow you to get up to 90% of trade amount in a short time (from 1 to 60 minutes) if your forecast is correct.
- There are several types of tournaments, including the “Daily Free” available to all users, etc.
- Depositing and withdrawing funds, you can see the approximate time of its receipt.
- Binomo doesn’t take commission for withdrawing (vs IQ Option where a Bank Transfer fee of 31$ is charged).
- The Binomo website is available in 12 languages (vs IQ Option which is available 17 languages)
- A Demo account on Binomo contains only a virtual 1000$ (vs IQ Option with 10.000$). But it’s automatically replenished an unlimited number of times.
- To get access to all the assets on the platform, you need to increase your account status to VIP.
- The functionality of the app is slightly limited compared to the website, but this fact doesn’t interfere with normal trading in any way.
- “Daily Free” isn’t available in the app.
About IQ Option
The platform was founded in 2013 and is governed by the laws of Cyprus, which is part of the European Economic Area. IQ Option is also licensed by CySEC and has the recognition of many international organisations.
- The minimum deposit is only 10$. And the trade entry threshold is 1$.
- The minimum withdrawal amount from IQ Option is only 2$ (vs Binomo with 10$).
- Participation in the Investor Compensation Fund, that protects clients if the platform fails to meet its financial obligations.
- Separate storage: investments of users are separated from own funds of the company.
- The platform has got over 15 prestigious awards.
- The IQ Option app is optimized not only for Android and iOS, but also for Windows and Mac (vs Binomo, which application doesn’t work on PC).
- In 2018, the company launched its own Charitable Foundation to help people in the poorest countries of Africa. The platform also collaborates with other African foundations.
- IQ Option works with PayPal (vs Binomo).
- IQ Option operates in 30 countries around the world (vs Binomo working in over 130 countries).
- There is a fee for withdrawing funds.
- IQ Option hasn’t automatic verification vs Binomo where trade can approve their identity in several minutes.
- To become a VIP client of IQ Option you should deposit 1900$ in total (vs Binomo where you can get a VIP account after accumulating a total 1000$).
It’s difficult to say which is better between IQ Option and Binomo because they both have a lot of advantages. Each trader should make his own choice.
But whichever platform you choose, be aware of the risk of losing your funds if your forecats isn’t correct. Learn to analyze the market, test different strategies and practice on a demo account before investing and trading anywhere.