If you are looking for the best broker to trade with, then like many others, you might also find it difficult to make a choice between IQ Options and Binomo. In this article, we will do an in-depth analysis of IQ Option vs Binomo looking at different features so that you can decide which of these two platforms suits your needs better.
IQ Option vs Binomo
With regard to their establishment, there is not much difference between these two platforms. While Binomo started in 2013, IQ Option came into existence the very next year. The former is located in Kingstown, St. Vincent, and the Grenadines, and the latter is based in Cyprus as well as Seychelles.
Their Regulatory Bodies
Regulatory bodies are one of the most important things that you should consider when making a choice between these two platforms. Binomo is among the members of Finacom (the Financial Commission) and has a certification from CROFR. On the other hand, IQ Option is run by CySEC, and hence they are able to have clients from outside of the country as well. It is for this reason that their traders are all over the world.
Type of Account
In terms of account opening, Binomo has 3 different accounts that can be opened with a minimum deposit of $5. This is a good option for those who are new to this and want to start small. You can also open a Binomo Gold Account with a deposit of $500 and this will allow you to access more assets as well as receive a weekly cashback of 5%. The best option is the Binomo VIP account that can be opened with at least a 1000 dollars. It allows you to access all assets as well as get a weekly cashback of 10%.
On the other hand, IQ Option has only two types of accounts- Standard and VIP. While the standard account can be opened with $10 only, the VIP account cannot be opened for anything less than $1900. The other option is to have a minimum trading volume of $15000 in a period of three months. It should be kept in mind that EU citizens cannot be VIP account holders. The greatest benefit of having a VIP account is that you can avail 4 high-quality trading eBooks as well as many more facilities.
The good thing is that both of these platforms offer you demo accounts and you can try them to see what suits you better. The Binomo demo account is given with a credit of $1000 virtual cash whereas the IQ Option offers 10 times more virtual cash for a trial period. Moreover, people can also recharge these accounts when the need arises.
The difference in the Types of Assets That They Offer
Assets are super important, and you must be aware of what assets you have in your name. At the moment, Binomo is said to be offering at least 70 unique types of assets. IQ Option is even better with its hundreds of assets for people to choose from. These assets include cryptocurrencies and forex.
Returns on Trades
Trading is all about returns and hence it is important to evaluate each of these platforms on the basis of the returns they offer. Binomo is currently offering somewhere around 70% to 87%. However, there are different factors such as account type and asset type that determine or influence the returns you can get. In contrast, IQ Option is offering returns of up to 95% on similar grounds.
Methods of Payment
When choosing a trading platform, you must make sure that you are familiar and comfortable with their method of payment. Currently, Binomo accepts a variety of options for payment such as eWallet, online transfer, credit card as well as Yandex, and Web Money.
In contrast, IQ Option gives its clients additional options such as Jeton and Skrill. They are constantly increasing the number of payment methods to facilitate traders and clients across the world.
Ease of Depositing and Withdrawing Money
This too depends greatly on your account type and the amount you are trying to deposit. Usually, it takes a maximum of three days for the completion of the procedure, but gold account holders get it earlier. In case you decide to withdraw your money, Binomo deducts 10% of your amount if you withdraw before trading a volume that is at least two times more than the amount you deposited.
Ease of Access
In terms of accessibility, you can reach out to both of these platforms easily through online apps as well as browsers. IQ Option is one step ahead in terms of technology as they are providing a desktop app as well that will work on both Windows and macOS platforms.
A good platform must have a helpful support staff and for this reason, both these platforms give you different options to reach out for any help you may need. What gives IQ Option as the edge is its availability through phone calls and social media as well.
The Entry Charges
Both of these platforms arrange different tournaments on a regular basis. In terms of their prize fund, IQ Option tournaments usually have better prize money in comparison with Binomo. Stats show that usually, the IQ Option tournaments can go up to $50000 while Binomo tournaments rarely ever go beyond $20000.
Some More Features
Other than these important things to consider, there are some additional features offered by both platforms. These include different chart types and a wide range of technical indicators. While the Binomo charts usually have time frames between 15 to 60 minutes, the IQ Option charts have time frames that start at 2 minutes and extend up to several years. Like many other features, this also depends on your account and the type of assets you trade.
In this article, you have been introduced to different things you must consider when looking at IQ Option vs Binomo. Your decision depends on your needs as well region. If you are a beginner, then IQ Option might be a better option because of certain additional facilities mentioned above.