It’s hard to choose a broker for online trading in 2021 since there are many competing companies and each of them offers different advantages. But of course, some lines separate these platforms from each other. Some of the online trading platforms step forth with high customer satisfaction rates, some of them draw attention to the abundance of trading assets they offer, and some seem more advantageous with their bonuses. But there is one online trading platform that provides all of these benefits and is one step ahead of the rest. Do you want to figure out which platform is this? Please continue reading our review. We compared in this review Binomo vs IQ Option, and Olympia Trade vs Binomo.
Pros and cons Binomo
First of all, we will start by analyzing the pros and cons of each trading platform.
It is easy to use Binomo even if you are a novice in online trading. Binomo offers for beginner-level traders:
- A demo account funded with $1.000 virtual capital.
- A real trading experience without the risk of losing deposit.
- Free education.
- 7/24 online support.
- Trading strategies for beginners.
- A Glossary of terms and Help Center.
- The minimum cost of a trade from $1.
On Binomo, you can join different tournaments regarding your trading skills level. There are different kinds of tournaments, such as paid, free, and VIP tournaments:
- Free tournaments: These kinds of tournaments were designed for beginner traders who want to master their skills and have more fun while learning how to trade.
- Paid tournaments: Paid tournaments are a great way of stirring up the competition between traders. Entry fees for tournaments are variable – the prize pool changes on Binomo. So, if you want to become a winner of a tournament, you are free to choose which prize pool is appealing to you.
- VIP tournaments: In VIP tournaments, you can compete with the trade-masters to show your trading skills.
Transparent Payment Policy
On Binomo, it depends on how many days a trader can withdraw their funds.
- Standard Account – up to 3 days.
- Gold Account – up to 24 hours.
- VIP Account – up to a couple of hours.
However, in some cases, the withdrawal time can be increased to 3 days or more. It depends on your payment system.
Binomo has a mobile application that is almost as good as the desktop version. Binomo app is officially available on the App Store and Google Play Store. There is also a Binomo apk available for Android users who face troubles while downloading the Binomo app: https://binomo.com/en/promo/android.
- Isn’t available in the US and some parts of Europe.
- To trade with more assets, you need to upgrade your membership account.
- To benefit from bonuses, you have to reach a certain amount of turnover rate.
Pros and Cons IQ Option
- Provides more than 90 assets for trading, and the platform is constantly adding new assets.
- Delivers a report of monthly transaction history for its VIP customers.
- You can trade with a minimum of $1. It’s an advantage for new traders (however, on Binomo, you can also open deals from $1).
- The online trading platform charges clients with a $31 withdrawal fee for the bank transfers.
- It is not available for traders from the US, Japan, Canada, Australia, and some other countries.
- The withdrawal process is slow.
- The required amount to get a VIP account is $1900, which is quite high compared to other platforms (сompared to IQ Option on Binomo, a cumulative VIP account, which is opened with a total deposit of $1000).
Pros and cons Olymp Trade
- Free of charge withdrawals.
- The company provides customer support service not only via email but also via phone number and support forum.
- The company offers more than 170 educational materials.
- Only offers two types of account: Standard and VIP (Olymp Trade vs Binomo: сompared to this trading platform, 4 types of accounts are available for Binomo traders, including a demo for practice).
- It isn’t available for traders from the EU, US, and some other countries.
- The company doesn’t have regulation from a reliable authority such as The Financial Commission.
When we compare trading platforms, Binomo has less cons than the others. It is a customer-friendly, safe, and reliable online broker. Binomo has many awards, such as FE and IAIR, that other trading platforms don’t have. Above all, Binomo is a certified platform and an “A” category member of the Financial Commission. It is an insurance-like certificate for traders. Yet, one shouldn’t have to forget that there is always a risk of losing deposit in trade. But continually improving your trading skills will help mitigate this risk.
In any case, each trading experience is different. Everyone decides for himself which platform to trade on. We’ve just written the pros and cons of each.