Are you new to online trading and having hard times choosing the best online trading platform? Don’t worry, you’re not the only one. Choosing a reliable platform where you can safely trade can be challenging since. When you search for the best trading website or app you probably come across with these three versions often: Binomo, Olymp Trade and IQ Option. There are slight differences between these three platforms, but they can be essential for you when it comes to choosing the most advantageous and comfortable platform for trading. In this review, we explored all features of the platforms and compared them to each other. Please continue reading to find out more.
IQ Option vs Binomo
Both IQ Option and Binomo were founded around the same years. While IQ Option started operating in 2013, Binomo started operating in 2014. Let’s discover what kind of features they provide and how these trading platforms differ from each other.
IQ Option
The trading platform provides a $10000 funded Demo account, over 140 assets. There are two kinds of accounts for real trade: a Real Account and a VIP Account.
Real Account
- The minimum deposit amount is $10.
- Provides more than 70 assets to trade.
- Withdrawal requests are processed within 24 hours.
- Weekly access to the tournaments.
VIP Account
- Cumulative deposit totaling $ 1900.
- Provides more than 140 assets to trade.
- Withdrawal requests are processed within a few hours.
- Higher profitability rates.
- Access to all kinds of tournaments on the platform.
- up to 3% cashback.
- Personal account manager.
There are also two types of tournaments available for VIP account holders. You can join paid or free tournaments. Paid tournaments have a prize pool up to $50.000.
However, traders highlight the following disadvantages of the IQ Option platform:
- Withdrawal Fee: A fee of $31 for each transfer is charged if you want to use your bank account for the transfers.
- If you want to trade cryptocurrency and open a ‘long position’ you will be charged with a %2.9 fee.
- Verification Fee: IQ Option demands you to verify your identification with the documents within 15 days after you create an account. And, your account balance should be above $5. If the number is below, IQ Option may charge you with a verification fee.
- Account Inactivation Fee:If you haven’t used your account for 90 days in a row your account is charged with a monthly $10.
Binomo
The Binomo trading platform provides a $10000 funded Demo account (virtual amount to practice), over 60 assets. There are three kinds of accounts for real trade:
Standard Account
- The minimum deposit amount is $10.
- Provides more than 40 assets to trade.
- Withdrawal requests are processed within 3 days (sometimes withdrawals may take longer).
- Access to paid or free tournaments (Daily Free).
- Deposit bonuses up to 100%.
Gold Account
- Cumulative deposit totaling $ 500.
- More than 50 assets to trade.
- Withdrawal requests are processed from 24 hours to 3 days and longer (depends on your payment system).
- Access to paid or free tournaments.
- Deposit bonuses up to 150%.
- up to 5% cashback every week (in some cases).
- Insurance and personal account manager.
VIP Account
- Cumulative deposit totaling $ 1000.
- More than 55 assets to trade.
- Withdrawal requests are processed from 4 hours to 3 days and longer (depends on your payment system).
- Access to paid or free tournaments, VIP tournaments.
- Deposit bonuses up to 200%.
- up to 10% cashback every week (in some cases).
- Insurance and possibility of risk-free trades.
- Personal account manager.
Unlike the IQ Option trading platform, Binomo does not charge any withdrawal fees. Account verification or deactivation is also free. Binomo just wants identity verification to be completed to process withdrawal requests.
Olymp Trade vs Binomo
Olymp Trade is the oldest platform among the three. The platform allows you to trade commodities, currency pairs indices, etc. Let’s find out what are the pros and cons of this platform.
Olymp Trade
The trading platform provides a $10.000 virtual funded demo account, over 80 assets to trade. There are two types of accounts available at Olymp Trade for real trading: a Standard Account and a VIP Account.
Standard Account
- The minimum deposit amount is $10.
- Provides more than 80 assets to trade.
- Withdrawal requests are processed within a few days.
- Access to tournaments.
VIP Account
- Cumulative deposit totaling $ 2000.
- More than 80 assets to trade.
- Withdrawal requests are processed within a few hours.
- VIP education through Skype, private webinars, or phone.
- Possibility of risk-free trades.
- Personal account manager.
However, traders will find out the following disadvantages of the trading platform. Olymp Trade is restricted nearly in 100 countries. Opening an account may be a problem. Also, if you haven’t used your account for 180 days in a row your account is charged with a monthly $10.
Conclusion
At the end of our review we have to highlight that everybody has to choose the best platform by themselves. We just wanted to guide you in this process of selecting the right trading platform for yourself. Now, you can compare the platforms and make a good decision. But do not forget that trading involves risk anyway. To reduce this risk, you need to constantly improve your trading skills, use a demo account to test strategies. Trade wisely!
