Which online trading platform is better and in what: IQ Option vs Olymp Trade vs Binomo?
To this end, we will compare them in all the parameters that are important for traders.
So, you have learned from some sources about online trading and brokers IQ Option, Olymp Trade and Binomo, let’s start with the main parameters of the broker and then move on to the trading conditions and features.
Which broker is better in terms of reliability and reviews?
The most important thing is that when choosing between IQ Option or Olymp Trade or Binomo is that they are all reliable.
Binomo and Olymp Trade are regulated by the Financial Commission, which is a low-trust, non-governmental regulator. IQ Option Ltd is unregulated, and IQ Option Europe Ltd is regulated by CySEC. However, brokers who provide binary options* cannot obtain a license from the government regulator. In fact, they are all high-risk. But IQ Option Europe Ltd is the only one of these brokers that provides services in the EEA and is licensed by a reliable regulator.
Each of them withdraws funds to traders, and also does not interfere in trading. They have real quotes and a fairly fast rate of opening positions without delays (less than 1 second) on a normal Internet.
They all also have their custom-made trading platforms and started working at almost the same time (2013 and 2014).
It is difficult to find resources with reliable reviews about brokers, sometimes reviews are simply deleted, and even more often they can be left by competitors. And therefore, you can definitely find reviews on each of these trading platforms like “this is a scam,” “does not withdraw money,” and so on. When people like something, they are less likely to write a review about it unless they are asked or willing to write it.
Therefore, according to the reviews, it is difficult to say which of them is better – IQ Option or Olymp Trade or Binomo.
But there are several metrics that can replace reviews.
*Binary options are prohibited in EEA
Popularity of brokers
Look at the dynamics of the popularity of brokers in Google for 5 years.
It should be borne in mind that IQ Option started work a year earlier. As shown above, people are more likely to search for IQ Option (misspelled queries do not change overall stats), in second place is Olymp Trade, in third place is Binomo.
In addition, you can pay attention to the number of followers on Facebook. IQ Option is also leading here, then Olymp Trade is not far behind, and Binomo has much less subscribers.
IQ Option vs Olymp Trade vs Binomo – trading conditions
| IQ Option | Olymp Trade | Binomo | |
|---|---|---|---|
| Year of foundation | 2013 | 2014 | 2014 |
| Regulation | CySEC (IQ Option Europe Ltd) | FinaCom | FinaCom |
| Trading instruments | CFDs, digital and binary options* | CFDs, Fixed Time Trades | Binary options |
| Profitability of BO / FTT | 80%-92%** | 80%-92%** | 70%-90%** |
| Providing a free demo account | 10 000 $ (Replenished) | 10 000 $ (Replenished) | 1000 $ (Replenished) |
| Minimum trade | 1 $ | 1 $ | 1 $ |
| Minimum deposit | 10 $ | 10 $ | 10 $ |
| Deposit and withdrawal methods | 20+ One withdrawal is free every calendar month, with the next withdrawal a fee of 2% is charged. | 15+ No fees | 15+ No fees |
| Number of assets | 330+ | 170+ | 60+ |
| Potential expiration time of a BO | 1m – End of the month | 1m – 23h | 30s – 1h |
| The number of trading assets for BO | 60+ | 85+ | 60+ |
| Number of trading indicators | 100 | 25 | 15 |
| Bonuses | Up to 100% | Up to 200% | |
| Privilege / status system | |||
| Platform versions | Web, app for PC, iOS and Android | Web, app for PC, iOS and Android | Web, app for iOS and Android |
*Binary options are prohibited in EEA
**Amount to be credited to the account for a successful trade
Is Binomo the worst vs IQOption and OlympTrade?
As you can see from the table, if you compare IQ Option vs Olymp Trade vs Binomo, then they have a lot in common.
However, Binomo has many worse conditions, it offers much fewer trading tools and indicators. It doesn’t have a PC app, and the phone app is much worse than the web version. In addition, all the privileges of the trading platform are provided only with VIP status (deposit from $1000), and technical support is worse than that of other brokers.
So why are traders still choosing with Binomo? There are at least 2 reasons.
- Binomo offers the largest bonuses (more than 200% with promo code!) that can be converted into real money and withdrawn (IQ Option has no bonuses, and Olympus does not convert the bonus into real money). But be careful – for this you need to make a trade turnover 35-40 times the size of the bonus, until that moment you will not be able to withdraw money. There are also frequent tournaments and 10% cashback every week for VIP traders.
- Active advertising of the trading platform. Begginer traders, for many queries, can see Binomo ads at the top position of Google search, and because of this they choose it.
IQ Option or Olymp Trade, which is better?
Both brokers have excellent tech support and have received many awards.
Firstly, let’s take a look at the advantages of IQ Option.
- More selection of trading instruments (CFD, Forex, ETF, digital and binary options) and trading indicators (100).
- More choice of binary options* expiration time.
- IQ Option operates in more countries.
- All functions of the IQ Option platform are available immediately after registration, and for Olymp Trade only upon reaching statuses.
*Binary options are prohibited in EEA
And now about the advantages of Olymp Trade.
- More choice of assets for Fixed Time Trades (85+).
- There is a bonus of up to 100% (read the terms carefully).
- When you get the expert status (deposit from 2000 $ or gaining experience for transactions and tasks), then you have access to trading conditions that are not offered by IQ Option.
As you can see, IQ Option and Olymp Trade have advantages over each other. In general, each of them is great for trading, but IQ Option immediately offers its best trading conditions, and the full potential of the Olymp Trade platform opens when you get an expert status.
*Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
