It is always a daunting task to find an excellent online platform as the offers for traders are pretty large. Thus, before you choose the platform to trade with, it is recommended to compare the conditions and benefits. In this review article, we will compare IQ Option and Binomo with each other based on their key features.
IQ Option vs Binomo
Both of these platforms, Binomo and IQ Option, offer customizable trading platforms with various analysis tools. Let’s further compare Binomo vs. IQ Option and see what benefits they offer to traders.
Both the trading platforms come with numerous chart types like bars, candles, and lines but IQ also offers a Heikin-Ashi type of chart, and you can change the colours of the charts at your preference.
It’s convenient on both platforms to find the necessary tools and sections with news and educational materials as the interfaces are intuitively clear. IQ Option shows the advantage that they created a program that can be downloaded on your personal computer. It gives you a better design and is faster than the web version.
IQ Option has time frames between 1 minute to several depending on the assets you are trading. On the other hand, Binomo charts have time frames of between 1-5 and 15-60 minutes, depending on the asset.
Guides and educational materials
Binomo and IQ Option, both trading platforms, offer various guides and education material, allowing you to learn everything about the trade. However, on IQ, you can’t watch a video tutorial until you download the app. Binomo offers everyone to watch them on the website.
Besides, both platforms also provide demo accounts for practicing the trade. The IQ Option practice account comes credited with $10.000 virtual funds, whereas the Binomo demo account comes with a $10000 virtual amount. It doesn’t make a big difference because the accounts of both platforms can be recharged when the balance depletes. Besides, you can switch the demo accounts and real accounts anytime.
It is pretty convenient to deposit and withdraw funds from both platforms. Binomo and IQ Option have $10 as their minimum deposit and offer popular payment methods.
On average, when it comes to withdrawal, it takes up to 3 days on Binomo after request depending on the deposit method and up to 15 calendar days on IQ Option. Binomo offers average speedy processing for its VIP clients as early as within 4 hours after the request. This feature of Binomo is unparalleled in case of withdrawal.
Binomo and IQ Option both offer affiliate programs. Binomo pays you a comparatively high percentage of your referral’s deposits, up to 70% of the trader deposits you referred to. On the other hand, IQ Option offers you possible commission earnings of up to 50%.
It is important to have access to the trading platform at any time for the traders. Both Binomo and IQ Option have mobile apps for Android and iOS devices that you can download from Google Play Store and App Store, respectively. That means you can use a mobile phone, tablet, or web version for trading.
Binomo offers 3 different types of accounts besides Demo. The Standard account is the most basic, which requires a minimum deposit of $10. In case you want to level up your account, the total investment required will be more. The Gold account requires a total deposit of $500 and has more benefits such as 5% cashback in a week in some cases, faster withdrawal processing, and higher results on their trades in case of the correct forecast. Then there is a VIP account, which is the highest in the tier and requires $1000 as the total deposit. It offers a personal manager and more benefits like insurance.
IQ Option offers only two account types. The Standard account requires $10 as the minimum deposit, whereas the VIP account requires a minimum deposit of $1900 or a trading volume of $15.000 within a period of 3 months. VIP account holders enjoy the perks of free trading e-books and VIP tournaments.
From the above analysis of Binomo vs. IQ Option, you can see that both online trading platforms have their advantages. IQ Option offers a desktop app, while Binomo states that their affiliate program offers a higher possible income. Still, the platforms have everything a trader needs for learning, practicing, and trading, including analytical tools, tournaments, and support services.
There is always a choice that is up to you, and this review just highlighted what a trader could get from different platforms. You can select the one perfect for you, depending on your needs. Remember that trading is always connected with risks of losing the amount deposited.