How do you decide which trading platform you’re going to use for trading? It’s an absolute must to do some comparative research first before deciding on your trading platform. After all, the trading platform is where you’ll be doing all of your trades. Aside from all the necessary key features, it’s also nice if your chosen trading platform can have some qualities that will fit your preferences perfectly.
Binomo vs IQ Option
In today’s review, we’ll provide a detailed comparison of Binomo vs IQ Option. These two trading platforms are well-known by many traders, so it’s very understandable if choosing between the two could be difficult for you.
Here are some important considerations that we will take:
- How long has the trading platform been operational?
- Is it regulated?
- How many active traders does it have?
- What are the different account types?
- What are the different types of assets?
- Is it possible to earn a high return on this platform?
- What payment methods are accepted?
- Is it easy to deposit and withdraw money?
- How accessible and user-friendly is it?
- How is the support team?
- Does the platform have any bonus features?
How long has it been operational?
Both Binomo and IQ Option have been operational for over half a decade now, having started in 2014.
Binomo’s headquarters is located at the First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines. IQ Option, meanwhile, has headquarters in Cyprus. It also has an office located in Seychelles.
Winner: the two platforms were established at almost the same time, so it’s a tie.
Is it regulated?
Binomo has been a member of the International Financial Commission (IFC) for over two years now. It also managed to successfully pass an audit from Verify My Trade (VMT), an organization that aims to assess trade execution quality with online brokers.
IQ Option, on the other hand, is fully regulated by CySEC. This means it’s allowed to operate in various European countries in addition to Asia and Latin America.
Winner: The two are both regulated by regulating bodies, but IQ Option has an edge here since it’s also regulated by CySEC.
How many active traders does it have?
Binomo has millions of active traders coming mostly from Southeast Asia and Eastern Europe. The exact number isn’t known, however.
IQ Option, meanwhile, claims to have more than 25 million active traders from various parts of the world, such as Latin America, Eastern Europe, North Africa, and Southeast Asia.
Based on Similarweb though, we can see that the global rank of IQ Option is higher than that of Binomo’s.
Winner: Both platforms are widely used all over the world, but since IQ Option is already fully regulated by CySEC, it’s able to operate in more countries, hence the higher number of users and the higher popularity.
What are the different account types?
There are three different account types on Binomo. The most basic account, Standard account, only requires a minimum deposit of $10. If you want to level up your account type, you’ll need to invest more. Gold accounts start at $500. Gold account holders have more benefits than Standard account holders. For one, Gold account holders have faster withdrawal processing, 5% weekly cashback, and can even get a higher rate of return on their trades. The highest tier is VIP, which can only be achieved by depositing at least $1000 into your account. VIP account holders get a whole variety of benefits and bonuses that are not available to lower tiers, such as 4-hour withdrawal processing, 10% weekly cashback, and a personal manager.
IQ Option has different account types too, but they only offer two. The Standard account can be yours for $10, while the VIP account can be yours for $1900. If you don’t want to invest $1900, you could get the VIP account on IQ Option by maintaining a trading volume of not less than $15,000 over a 3-month period. Also, VIP accounts aren’t available to all EU citizens, even if they reach the requirements. To all non-EU citizens though, being a VIP account holder can open you to perks such as 4 free trading e-Books.
Winner: Both platforms offer different account types, but Binomo has more offerings. Also, it only takes $1000 deposit to become a Binomo VIP, while you’d need almost double that to be an IQ Option VIP. EU citizens also can’t become VIP users of IQ Option.
What are the different types of assets?
Binomo offers 42 different assets at the moment. With Binomo, you can trade Forex financial products, cryptocurrencies, and of course, financial products.
IQ Option doesn’t state a specific number, but according to the site, it offers hundreds of different assets. The list includes CFD financial products, stocks, Forex financial products, commodities, cryptocurrencies, and digital financial products.
Winner: The site may not have an actual number indicated, but it’s obvious that IQ Option allows traders to trade in more assets than Binomo.
Is it possible to earn a high return on this platform?
The rate of return on Binomo depends largely on the account type you have and what specific asset you’re trading. Standard and Gold account holders can’t earn as high as VIP holders, for instance. At most though, Binomo can offer up to 92% return.
IQ Option offers returns of up to 95%, which is just a tad higher than Binomo’s.
Winner: Both platforms offer pretty high returns, but IQ Option wins by 3%.
What payment methods are accepted?
Binomo accepts plenty of payment methods for your convenience. This includes debit/credit card, JCB, Neteller, Perfect Money, Webmoney, BTC/LTC, Advcash, and Payeer.
IQ Option also accepts several payment methods, like debit/credit card, Skrill, Jeton, WebMoney, Neteller, and Perfect Money. The platform also continuously adds more payment methods to accommodate more traders living in various parts of the world.
Winner: Both platforms have plenty of payment methods available, so it’s a tie.
Is it easy to deposit and withdraw money?
It’s very easy to deposit and withdraw money from both platforms. Deposits for both platforms take up to 3 days depending on the deposit method. They also have similar speeds for withdrawal processing, though Binomo does offer faster processing for VIP clients.
The biggest downside to Binomo is that it deducts a 10% fee from your funds if you try to withdraw money without reaching at least twice your deposit amount. For instance, let’s say you deposited $100 last time. Your current money is $150, and you want to withdraw $80. Before you can process the withdrawal request, you’ll have to pay 10% of $100, your last deposit amount, because your money hasn’t reached $200 yet before you tried to withdraw.
There is no such rule for IQ Option, although it does charge around a 2% fee per withdrawal, something that Binomo doesn’t have.
As for withdrawal processing, although the speeds are typically similar for both platforms, Binomo does offer a slightly faster option than IQ Option. Standard account holders for both platforms get 3 days for withdrawal processing, but that’s as far as the similarities go. VIP account holders on IQ Option get withdrawals processed in 24 hours, something even Gold account holders on Binomo can get. Meanwhile, VIP account holders on Binomo can get their withdrawals process in just 4 hours.
Winner: Both platforms are pretty similar in this aspect, but Binomo‘s 4-hour withdrawal processing for VIP account holders remains unparalleled.
How accessible and user-friendly is it?
Binomo and IQ Option can both be accessed on different platforms. They’re both accessible via web and mobile browsers. They also both have mobile apps. That said, IQ Option also has desktop apps for Windows and MacOS, something Binomo doesn’t have.
Winner: Binomo doesn’t have desktop apps, but IQ Option does.
How is the support team?
It’s easy to contact support for both platforms since they both have chat and email support.
As for phone support, however, IQ Option is a bit better in this aspect. Binomo only offers phone support to two countries, namely Indonesia and Vietnam. IQ Option, on the other hand, offers different numbers, including a phone number for UK residents.
Winner: Both platforms offer chat, email, and phone support, but IQ Option covers more areas.
Does the platform have any bonus features?
The biggest bonus feature that both these platforms offer is the demo account. Binomo’s demo account comes with $1000 virtual cash. IQ Option’s virtual account comes with $10,000 virtual cash, but the actual amount doesn’t really matter because both platforms can replenish the virtual cash anyway. Switching between the demo and real accounts for both platforms is also very easy.
Both Binomo and IQ Option also have different chart types and technical analysis tools available to help traders trade more efficiently. On Binomo, traders can set their charts from 15 minutes to 60 minutes. On IQ Option, traders can set their charts from 2 minutes to a few years, depending on the asset.
Both platforms also offer tournaments to augment traders’ regular earnings. Entering tournaments are free for both. Binomo stands out in this aspect before it has daily tournaments that offer a prize fund of $300, unlike IQ Option which doesn’t have any.
That said, IQ Option does have a much larger prize pool for the tournaments. Binomo’s tournaments rarely exceed a $20,000 prize pool, while IQ Option’s tournaments can reach more than $50,000.
Lastly, both platforms allow trading 24/7. IQ Option’s weekend markets, however, are known to attract fees due to their Over the Counter (OTC) nature.
Winner: They both offer several bonus features. Some will like IQ financial products’ bonus features better, while others will prefer Binomo’s. Since these are all just bonuses, it all boils down to what your preferences are. A tie.
Binomo vs IQ Option: Conclusion
Actually, both Binomo and IQ Option are decent trading platforms suitable for any trader, beginner or otherwise.
Both platforms are established at roughly the same time, they both have plenty of payment methods, and they also offer a lot of bonus features.
If you’re looking for a platform that offers 3% higher returns, has a desktop app, has more tradable assets, and offers phone support in your area, IQ Option is a good option (ha!) for you.
Meanwhile, if you want a platform that has a lower threshold for VIP accounts, holds daily tournaments, and processes withdrawal requests in less than 4 hours, then Binomo is also a suitable choice for you.
Have you tried trading with either trading platform? What are your thoughts? Feel free to share them with us in the comments below!
Good luck with your trading journey!