Binomo and IQ Option have become familiar platforms to traders today. Both platforms provide the necessary services that any beginner or experienced trader could need. Hence, either IQ Option vs Binomo could provide unique features that the other may not have. Therefore, here is an overview of what you would encounter when you become a user of any of them.
What to look for when choosing a trading platform?
Both platforms do their best to teach users how to trade: analyze the market, use strategies, build charts to get additional income. Here are some factors you should always be wary of when choosing which platform best suits your conditions:
- the legal status of the platform;
- functionality;
- systems with fund deposits and withdrawals;
- support service.
However, be it external factors or your skills, you must understand that you take responsibility for your trade actions.
Binomo vs IQ Option
Now that you know what criteria you should be aware of and consider, here are the pros and cons of Binomo vs IQ Option and vice versa.
Pros and Cons of Binomo
Binomo is a certified online trading platform with millions of users and more than 900k active traders every day. They have continually grown since the company was first established in 2014.
Pros
Certified Trading Platform
Binomo is a Verify My Trade (VMT) certified platform which is what you should probably look for when checking the safety of a platform. VMT is an independent auditor who monthly checks trades made on Binomo (more than 5000) and issues a certificate of their quality.
In addition, Binomo was recognised as the best start-up platform by the FE Awards in 2015, awarded the IAIR for financial and economic achievements, and named Platform Of The Year in 2016.
A Demo Account
A demo account is a training service to provide simulation on how to trade in real-time charts. There are tutorials on basic training techniques as well as videos to help you learn more about Binomo’s works. Strategies are provided within the side menu bar which you could visit and review anytime.
Your demo account is like a real account but with virtual funds. You cannot withdraw funds from a demo account.
Account Variety
Binomo provides four account types as opposed to IQ Option where you can only find two. It is easier to budget, organize, and decide on your trading techniques with different account types. Different benefits are incorporated within different accounts such as the number of assets, bonuses, time for withdrawals, and other trading benefits:
- Free – free of charge, demo account, non-withdrawable.
- Standard – a minimum deposit of $10, access to paid tournaments, profitability up to 85%, deposit bonus up to 100%.
- Gold – a total deposit of $500 made throughout the time, access to paid tournaments, profitability up to 90%, deposit bonus up to 150%, and cashback up to 5% in case of an unproductive week.
- VIP – a total deposit of $1000 made throughout the time, access to paid tournaments, profitability up to 85%, deposit bonus up to 200%, cashback up to 10% in case of an unproductive week, risk-free trades, a personal manager, insurance.
Also, VIP clients can join the Prestige Club, which provides even more benefits for trading on Binomo.
Note! If you want to learn more about the benefits of account types, you can go to the “Statuses” tab and explore all variants.
Support Service
You can directly go to the Help Center where articles are provided for any questions you might have about how the platform works. You can also email support@binomo.com if you have unanswered questions or submit them via the Cody chatbot on the platform.
Cons
Application Availability
The Binomo app is available for Apple and Android users. Unfortunately, the application is not available on Windows or Mac (vs IQ Option), but users can still utilize Binomo using a browser with PCs.
Also, the functionality of the platform is somewhat limited compared to the web version of Binomo, but this does not affect trading.
One Time Currency
Once you have set up the currency type in your Binomo account, it is not possible to change it into another currency anymore. If you want to change the currency, you will need to close the old account and open a new one using a different mail.
Availability on the globe
Binomo is not available in European countries and the USA (vs. IQ Option) but the platform works in more than 130 other countries.
Pros and Cons IQ Option
IQ Option is a renowned trading platform founded in 2013 that has been improving year after year.
Pros
Certified Trading Platform
IQ Option is licensed by CySEC; it monitors financial service companies to ensure they comply with the laws and regulations of the Republic of Cyprus and the European Union. The platform has 4 international awards, including Best Mobile Trading Platform by IFM (2015) and Award of Excellence by the voting committee as the best in the Financial category (2017).
A Demo Account
Like Binomo, IQ Option has its very own practice program as well in the form of a demo account. Similar functions and training are provided but have it on features: the time frames in IQ Option would automatically change when not adjusted, for example.
Account Variety
IQ Option only has two account types in general, but the Standard account could also access about 350 assets (vs. Binomo, where the maximum available is just over 70 assets). You should submit a special request to move to a professional level since such a transition involves more significant financial risks.
Stop Loss Order
IQ Option has a feature where you could set up the “Stop Loss” you are willing to take. Therefore, if your status is nearing that maximum loss, trade would close. Aside from this feature, there is also “Take Profit”, where users can set up their “maximum profit” and when that profit is reached, they would close.
Cons
Availability on the globe
IQ Option is only available in 30 countries and limited to Europe, vs Binomo available in 130 countries.
Additional Fees
With IQ Option, it is not possible to withdraw your funds without paying a fee of $31 (or currency equivalent) via bank transfer vs. Binomo which does not require a withdrawal fee.
There are also cases where clients of selected countries are subjected to 2% withdrawal fees upon their second withdrawal every calendar month. However, you can contact IQ Option’s support team if you have questions regarding this or learn more on the website.
Also, IQ Option imposes fees mainly for maintenance and financial instruments.
General
With all those pros and cons of Binomo vs. IQ Option, it is now your decision to choose the platform. Remember that these platforms can only offer you as much assistance as they can and open as many opportunities for you to grow as a trader and enhance your skill in forecasting. However, the decisions would be on you and they are not liable for the risks you might encounter although you will be warned about those.
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