Before choosing which options broker to trade with, it's always recommended that you compare among two or more platforms. In this review, we'll compare IQ Option vs Binomo. The comparison will be based on the key features you should look at. They include the following:
- How long the broker has been operational
- The regulatory body monitoring the broker's activities
- Active traders
- Account types offered
- Types of assets offered
- Returns on trades (options)
- Payment methods accepted
- Deposits and withdrawals
- Additional features
- 1 How long Binomo and IQ Option have been operational
- 2 Regulatory bodies
- 3 Number of active accounts on the platforms
- 4 Account types
- 5 Types of assets offered
- 6 Returns on trades
- 7 Payment methods accepted
- 8 Deposits and withdrawals
- 9 Accessibility
- 10 Support
- 11 Additional features
- 12 The entry is free.
- 13 Binomo business model
- 14 Our conclusion
How long Binomo and IQ Option have been operational
Binomo was founded in 2013 and IQ Option was founded in 2014. Binomo is located at the First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
IQ Option, on the other hand, has its headquarters in Cyprus but also has also an office located in Seychelles.
Binomo is a member of Finacom (the Financial Commission). The platform owners claim that they're awaiting licensing by CySEC. Binomo is also certified by the CROFR. IQ Option, on the other hand, is fully regulated by CySEC. This allows them to offer their services to citizens from some European countries as well as other regions including Asia and Latin America.
Number of active accounts on the platforms
IQ Option claims to have over 25 million active members. However, we assume that the number of real trading accounts to be less than this. The distribution of the platform's visitors is also worth noting.
IQ Option has attracted traders from over 240 different countries. Binomo, on the other hand, does not state how many users they have on their site.
Using the images below, IQ Option is ranked higher than Binomo based on Alexa.
IQ Option traders are well distributed coming from Latin America, Eastern Europe, South East Asia and North Africa.
Binomo traders usually come from Eastern Europe and Southeast Asia.
Binomo has 3 accounts. Their Standard account requires a minimum deposit of $5. This targets beginner traders who want to try the platform out. Traders can invest as little as $1 per trade. This account gives traders access to most of the assets on offer. The Binomo Gold account requires a minimum deposit of $500.
Gold account holders get access to more assets, weekly cashback of 5% and a personal manager. The Binomo VIP account requires a minimum investment of $1000. As a Binomo VIP you'll get access to all assets on offer. In addition to a personal manager, VIPs get access to exclusive features and weekly cashback of 10%.
IQ Option on the other hand has a Standard account and a VIP account. The minimum deposit for Standard accounts is $10. You can trade with as little as $1 per trade. VIP accounts require a minimum deposit of $1900 or a trading volume of at least $15000 over a 3 month period.
It's worth noting that VIP accounts aren't available to EU citizens. VIP account holders also get a number of additional perks including 4 high quality trading eBooks.
Both platforms also offer demo accounts. The Binomo demo account comes credited with $1000 virtual cash while the IQ Option practice account comes credited with $10000 virtual cash. Both accounts can be recharged when the balance becomes depleted. In addition, you can always switch between the demo and real accounts.
Types of assets offered
Currently, Binomo has over 70 different assets. The platform doesn't explicitly explain which assets exactly. However, given that they state that they are classic high – low we can assume that the platform mainly focuses on options.
Returns on trades
Binomo offers returns ranging from 70% to 87%. The maximum return on a trade depends on the account type and the asset being traded. IQ Option on the other hand offers returns of up to 95%.
Payment methods accepted
Binomo accepts different payment methods which include credit/debit card and eWallets such as Yandex, Qiwi and WebMoney. IQ Option accepts more payment methods.
These include debit/credit card, Jeton, Skrill, Neteller, WebMoney and Qiwi. One interesting thing about IQ Option is that the platform is continuously adding new payment methods to accommodate traders from different regions.
Deposits and withdrawals
Deposits for both platforms will take minutes to about 3 days to reflect on your trading account. This largely depends on your deposit method.
If you receive a bonus, you must have traded a volume that's 35 to 40 times the bonus amount to be able to make a withdrawal. Typically, withdrawals will take 3 business days to process for Standard account holders. However, for Gold and VIP account, withdrawals will take 24 hours and 4 hours to process respectively.
IQ Option withdrawals will also take between 3 business days and 24 hours depending on your account type. The minimum withdrawal amount is $10.
Both Binomo and IQ Option can be accessed via mobile apps and web browser. IQ Option also provides a desktop app for both Windows and MacOS platforms.
Both platforms offer chat and email support. IQ Option also offers phone support through different numbers including a UK phone number. Both are also available on social media platforms such as Facebook.
Both platforms come inclusive of several chart types and different technical indicators. The Binomo charts have time frames of between 15 minutes and 60 minutes. The IQ Option chart on the other hand has time frames of between 2 minutes and several years (depending on the asset you're trading).
Both platforms offer tournaments. One thing that makes Binomo stand out is their daily tournaments that has a prize fund of $300.
The entry is free.
IQ Option tournaments have higher prize funds that can be higher than $50000. The Binomo tournaments prize fund doesn't usually exceed $20000.
Binomo claims to offer traders an opportunity to trade 7 days a week. However, they don't clearly explain which markets you can trade. IQ Option on the other hand also offers assets on the weekend. These are Over the Counter (OTC) markets which are known to attract fees.
Binomo business model
Binomo offers bonuses for both new and active traders. These bonuses can be as high as 100% the deposit amount.
Most of these bonuses are awarded for referring new traders to the platform. As mentioned before, withdrawing bonus money is only allowed if you have a trading volume that's 35 to 40 times the bonus amount. This means that Binomo is operating with a multi-level marketing business model.
Both platforms are a good bet for beginner options traders. However, IQ Option clearly has the upper hand. Binomo's operations are shrouded with secrecy and their business model isn't appealing to any trader who wants to make money and withdraw profits without a fuss.
Which of the two brokers have you traded with? Kindly share your views in the comments section below.
You can find all the information about IQ Option here ->> IQ Option Review 2020 – The Lazy Traders ‘s Guide to Know Everything
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