IQ Option vs Binomo the very best comparison 2023

If you are confused about choosing an options broker to trade with, always remember that you compare two or more platforms. In this guide, you will find a comparison between IQ Option vs Binomo. Following are the key features for comparison to look at:

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
Accessibility
Support
Additional features

How long Binomo and IQ Option have been operational

IQ Option was founded in 2014 and Binomo was founded in 2013. Binomo is located in Seychelles on the other hand IQ Option’s headquarters are located in Cyprus but IQ Option also has its office in Seychelles.

Regulatory bodies

Binomo’s owner claims that they’re awaiting licensing by CySEC and this firm is a member of Finacom (the Financial Commission). Binomo is also certified by the CROFR on the other hand IQ Option is fully regulated by CySEC which 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 but it is assumed that the number of real trading accounts is less and the distribution of the visitors to the platform is also worth noting.

IQ Option has its traders from over 240 countries whereas Binomo 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 that come from Latin America, Eastern Europe, South East Asia, and North Africa.

On the other hand, Binomo traders usually come from Eastern Europe and Southeast Asia.

Account types

Binomo contains three accounts, standard, gold, and VIP account. The standard account requires a minimum deposit of $5 that targets beginner traders who want to try out the platform. Investment in this account is as little as $1 per trade. Traders can access most of the assets on offer.

The Binomo Gold account requires a minimum deposit of $500. These gold account holders get access to more assets, weekly cashback of 5%, and a personal manager. The third account is the Binomo VIP account which requires a minimum investment of $1000. On a VIP account traders get access to all assets on offer. In addition to a personal manager, VIPs get access to exclusive features and a weekly cashback of 10%.

On the other hand, IQ Option has two accounts, standard and VIP accounts. The minimum deposit for Standard accounts is $10 and you can trade with as little as $1 per trade. Whereas VIP accounts require a minimum deposit of $1900 or a trading volume of at least $15000 over a 3 month period.

Note that VIP accounts aren’t available to EU citizens. VIP account holders also get a number of additional perks including four high-quality trading eBooks.

There is a demo account offered by both platforms. The IQ Options practice account comes credited with $10000 virtual cash whereas the Binomo demo account comes credited with $1000 virtual cash. You can make recharge on both platforms.

Returns on trades

The offered range in Binomo is from 70% to 87%. The maximum return on trade depends on the account type and the asset being traded whereas IQ Option offers returns of up to 95%.

Payment methods accepted

Binomo accepts various payment methods that include credit/debit cards and e-wallets such as Yandex, Qiwi, and WebMoney. On the other hand, IQ Option accepts more payment methods than Binomo which includes debit/credit cards, Jetton, Skrill, NE teller, WebMoney, and Qiwi. One major thing about IQ Option is that it continuously adds new payment methods to accommodate traders from different regions.

These include debit/credit cards, 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

Both platform takes about 3 days for deposits to reflect on your trading account. This mainly depends on your deposit method.

If we talk about withdrawals then in the case of Binomo it will deduct a 10% fee on your deposit amount if you decide to withdraw without trading a volume equivalent to at least double your deposit amount.

In case if you get a bonus then you must have traded a volume that’s 35 to 40 times the bonus amount then only you will be able to withdraw your bonus. Mainly, withdrawals will take 3 business days to process for Standard account holders. And for VIP and Gold account holders withdrawals will take 4 hours for a VIP account and 24 hours for gold account holders.

In IQ Option withdrawals the minimum withdrawal amount is $10 and will also take between 3 business days and 24 hours depending on your account type.

Accessibility

Both the platforms Binomo and IQ Option can be accessed via mobile apps and web browsers. IQ Option also provides a desktop app for both Windows and MacOS platforms.

Support

Chat and email support are offered by both platforms. 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.

Additional features

There are several chart types and different technical indicators on both platforms. Binomo chart consists of time frames of between 15 minutes and 60 minutes. On the other hand IQ Option chart has time frames of between 2 minutes and several years (depending on the asset you’re trading).

Both the platforms offer tournaments but Binomo offers daily tournaments with free entry that has a prize fund of $300 which makes Binomo stand out. Whereas, 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 without mentioning which markets you can trade. On the other hand, IQ Option offers assets on the weekend. These are Over 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.

Our conclusion

For beginner options traders, both platforms are a good bet. Whereas, IQ Option clearly has the upper hand. Binomo’s operations aren’t that 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.

Good luck!

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