When it comes to online trading, entering the environment may be confusing and complex, especially if you are a beginner. Do you know how to choose the most suitable platform for you? Do you know which features you have to pay attention to? Probably your answer is “No”.
But do not worry. In this review, we selected two famous online trading platforms and examined them to shed light on the online trading world. We compared Binomo vs IQ Option in this review. If you want to find out more about these trading platforms, continue reading.
Pros and cons of Binomo
Binomo is an online trading platform that is suitable for all traders, both beginners, and skilled traders. Check out the advantages and disadvantages of this platform below.
Pros
- Regulation: Regulation: binomo.com is certified by the International Financial Commission (IFC) and certified for the quality of trades from Verify My Trade.
- Minimum deposit amount: On Binomo, you can only open a real account by depositing $10. If you are a trader from India, the minimum deposit amount is reduced to $5.
- Minimum trading amount: You can invest in the trade is $1.
- Free tutorials: Binomo offers free training to all of its users. Traders have access to the Strategy, Help Center, and Glossary sections that will help to understand how the platform works.
- A Demo account is available: With a demo account, traders can improve their trading skills without risking their deposits. A demo account provides users with $10000 virtual funds for practice. Traders can only use it for training.
- Real accounts: Binomo provides three different types of accounts to satisfy the needs of traders. You can obtain a Standard account with a 10$ deposit. To get a Gold account, you should deposit 500$ in total. Traders who deposit a total of 1000$ deserve a right to obtain a VIP account.
- Weekly cashback: For the Gold and VIP account owners, Binomo offers up to 5% and 10% cashback at the end of a week for unfruitful trades.
- Withdrawal: On Binomo, how many days the withdrawal process takes differs from account to account. Gold account holders’ requests are processed within 24 hours or more while VIP account owners’ withdrawal requests are processed within a few hours. Requests of users with a Standard account are concluded within 3 business days or more. The time period may change due to the payment method.
- No withdrawal fee: While some platforms claim a withdrawal fee, Binomo does not.
- Quick verification: Thanks to the automatic service on Binomo, your identity verification takes a maximum of 10 minutes (vs. IQ Option, where there is no such service).
- Available in 130+ countries:Binomo has been reachable to traders around the world since 2014. Thousands of users visit Binomo every day to trade online.
- Online support: Binomo has a customer support team that is available 24/7 via live chat. Alternatively, you can contact a support specialist by email at support@binomo.com. Also, On most trading platforms, customer support is only available in English. Binomo provides support in over 12 languages.
Cons
- Offered trading assets are limited: Binomo offers a maximum of 70+ assets to trade. It is less vs. IQ Option, where 140+ assets are available for trading as much as possible. On Binomo, you can trade 40+ assets on a Standard account, 60+ in the Gold account, and 70+ in the VIP account.
- Not available in all countries: Although Binomo operates in more than one hundred countries, it does not work in the USA and some EU countries such as the UK.
- Limitations in the Binomo app: The mobile version of the platform has limited functionality (but doesn’t affect trading). Also, demo account users can’t participate in the “Daily free” tournament.
Pros and cons of IQ Option
Pros
- A Demo account is offered: Like Binomo, the IQ Option platform values the comfort of its users and offers them a demo account for training purposes.
- Wide range of trading assets: The selection of trading instruments on IQ Option is quite wide vs. Binomo. Standard account holders can use 70+ assets for trade and 140+ in the VIP account.
- Minimum deposit amount: Users can deposit a minimum of 10$.
- Minimum trading amount: Users can trade with a minimum of 1$.
- Materials for trader’s education: There are free tutorials for beginners and experienced traders to learn about the structure of the platform and how it works.
- Regulation: IQ Option is regulated by the Cyprus Securities and Exchange Commission.
- Chat platform: The platform has a live chat and allows in-app communication. The registered traders can talk through trading markets and strategies.
Cons
- High deposit amount for VIP: The platform offers its clients two types of membership. While the standard account requires a 10$ deposit, those who want to become VIP members must deposit a total of 1900$ on IQ Option (vs. Binomo, where this amount is reduced to 1000$).
- Withdrawal fees: While the Binomo trading platform doesn’t request a withdrawal fee, IQ Option requires a withdrawal fee of 31$ for the bank transfers.
- Extra fees for different trades: In some cases, an additional 2.9% fee is charged for the long-term trading of certain assets.
- Long verification: There is no automatic verification service on the platform, like on Binomo, so it takes longer to verify the identity of the trader and his means of payment.
Conclusion
In this review, we wanted to clarify some aspects of the two platforms and point out the pros and cons of each one. After you read this detailed review, it’s up to you to choose one of them or not. If you decide to start trading online at the end, be sure that you consider all features of the platform you chose for your online trades.
Also, you don’t forget about the risk of losing investments, which is inherent in trading. To avoid them, try to practice more and analyze the market for a correct forecast.
