by Have you been interested in trading lately? If so, then you must have heard about the most talked-about trading platforms in South Africa, Binomo and IQ Option. It can be challenging to catch the benefits of both platforms’ work and what they could offer, but doing so will help you strategically choose what platform is best for you. Here is a quick overview of the Binomo vs IQ Option to help you with that decision.
Binomo
Binomo is an online trading platform that provides trading services to both beginner and experienced traders using high technologies and intellectual training.
Register on Binomo
and get $10.000 to your demo account
Pros
A demo account
A demo account is very helpful for starters. It is basically a training simulation on how you could trade in your real account. You could practice trading on real-time charts without losing anything but gain experience from trying new trading techniques and improving your skills.
Note! It is not possible to withdraw the funds you will make in your demo account since they are not real (virtual funds). This is just to help you envision a strategic way of trading.
Certified trading platform
Binomo is Verify My Trade (VMT) certified, IAR (2016) and FE (2015) awarded, and a member of the International Financial Commission in category “A” since 2018. Therefore, you wouldn’t need to worry about the security of this platform. If you want to make sure, you can read about the regulation here https://binomo.com/information/regulatio.
A pool of generous offers
Binomo offers a pool of activities to grow, such as tournaments, promotions, bonuses, and also provides a strategy guide for beginners and experienced traders. Therefore, you can always find a way to grow your funds.
Budget-friendly
The minimum deposit on Binomo is only $10, and you can immediately start trading with $1. The minimum withdrawal amount is also $10. However, there are withdrawal limits to be considered: $3,000 per day, $10,000 per week, $40,000 per month. Payment systems may also have limits, so this information should be considered when sending a withdrawal request. Binomo does not charge any fee for withdrawing (vs IQ Option, which charges $31 for wire transfer).
Values communication
Binomo provides online support where you can email or message them about your concerns and questions. You can reach them via email at support@binomo.com or their social media listed on the site.
Cons
Limited to most countries only
Binomo is available in more than 130 countries across the globe; however, there are still few countries around the EU, US, and Asia where the platform is not yet available.
The Binomo app only works on mobile devices
Binomo App has limited functionality; however, that does not interfere with trading.
You can also download Binomo APK (Android users only) from the official site. None of such services (the Binomo app and APK) are available on Mac or Windows (vs IQ Option). On the other hand, the Binomo platform can also be used through a browser.
Exclusive account offers
The number of assets is constantly changing; however, the type of account you have takes a significant role. For instance, in Binomo, you would usually have 30+ in a standard account but 70+ in a VIP account.
IQ Option
IQ Option is an ever-evolving online trading platform that allows you to trade currency pairs, commodities, OTCs and other assets.
Pros
Free practice account
A practice account is provided for traders to exercise and learn more about the market with real-time charts. However, as mentioned with the previous platform, the additional income – gained in your demo account cannot be withdrawn as they are solely for knowledge purposes only.
Accessible payments
IQ Option provides varied payment ways. You could use your cards, but If there are problems in paying with your card, IQ Option also accepts e-wallets like Neteller, Skrill, and Paypal.
Stop-loss order
When trading with IQ Option, you can choose the “maximum loss” you are willing to take. With this function, the trade would automatically close if it almost reached the amount you specified. This is to limit your loss.
Awarded Software
If you are concerned about the security when using IQ Option, they are actually licensed by FSA (Seychelles Financial Services Authority). They have over 14 awards, including Best Mobile Trading Platform by IFM (2015) and Award of Excellence by the Voting Committee (2017).
More assets
There are two types of accounts to use from this platform, Standard and VIP. The good thing about IQ Option is that you can access over 350 assets with both account types vs Binomo, where only more than 70 assets are available only for VIP clients. However, an additional 3% income is gained with VIP accounts as well as other exclusive features that are not present with the standard.
Cons
Withdraw fees
IQ Option requires a withdrawal fee of 31%, vs Binomo, which is free of charge.
Verification
There are a few minute delays on identity verification after the transaction on IQ Option, vs Binomo, where they have an instant verification right away.
Available countries
IQ Option is only available to countries outside EEU. Therefore, they do not provide services to any country in the European Union.
Register on Binomo
and get $10.000 to your demo account
Conclusion
Both trading platforms have their valuable services and limitations. It is now up to you to weigh the odds and conclude the “more” helpful trading platform that suits your liking. In addition, do not forget the risks you could face through your investment. These platforms can teach you how to do forecast the market and strategize your growth, but they are not liable for the risks you could experience along the way. You can learn more about the two discussed platforms on their official websites.
