When it comes to capital affairs, you want to take your accountant’s statements on faith, don’t you? Similarly, you want to trust your trading platform in the online trading world. When there are lots of variants, it might be hard to choose the platform that is most advantageous for you and you can rely on. So, we decided to go for the best three online trading platforms and experience them to be able to write a comparison review for those, who are irresolute and don’t know yet which platform they should choose. Continue to read to find out the benefits and disadvantages between Binomo vs IQ Option, Olymp Trade vs IQ Option and Binomo vs Olymp Trade.
About IQ Option
- A demo account: It provides a full trading experience. It is funded with $1000 virtual funds. You can try several assets.
- Real account: You can get a membership with a $10 deposit. On this account, you can try +70 assets for trading. Your withdrawal requests are processed within 24 hours.
- VIP account: You can get a membership with a total deposit of $1900. On this account, you can try +140 assets for trading and it is a great selection when compared to other platforms. Your withdrawal requests are processed within a few hours. You have access to all tournaments on the platform. There is also a personal manager for every VIP member and 3% cashback provided for unfruitful trades.
- IQ Option only offers two kinds of accounts to trade: “Real Account” and “VIP” account. The minimum deposit for the real account is $10; for VIP accounts a total deposit of $1900, which is high when compared to other online platforms. It may seem as a nice offer but they apparently didn’t think of medium-level traders who may want to trade with bigger amounts than $10 and don’t want to wait until $ 1900 is accumulated.
- Withdrawal fee for bank transfers: If you want to use your bank account for withdrawal, you need to pay a $31 transfer fee each time.
- Inactive account fee: Your account shouldn’t be inactive for more than 90 days. Otherwise, you will be charged with $10 every following month.
About Olymp Trade
- A demo account: It offers a full trading experience to the new users. It is funded with $10.000 virtual funds for practice.
- Inactive account fee: Unlike IQ Option, you aren’t charged with inactivation fee only after 90 days. Olymp Trade starts to charge after 180 days of inactivation.
- Educational materials: This trading platform provides its users with webinars and analyst support. It also shares several blog posts about the latest trading trends.
- Offers only short-term trading: On Olymp Trade, the minimum time period that you can choose is 60 seconds and the maximum is 3 hours. So, it doesn’t let you do a long-term trade.
- VIP account features: It offers only +80 assets to trade even if you have a VIP account. Plus, the required total deposit amount for VIP membership is $2000; this is the highest amount among the three platforms that we are comparing.
- Access from only 30 countries: While other platforms operate in +100 countries, Olymp Trade’s scope of operation is narrow.
- A demo account: It provides a full trading experience. It is funded with $1000 virtual amount. You can trade 20+ assets.
- Three types of real accounts: Standard is available only after $10 deposit; Gold and VIP – cumulative deposit of $500 and $1000 respectively. Binomo requests the lowest deposit amount for the VIP membership among these three platforms.
- Standard account: Withdrawal requests are processed from a few minutes to 3 days or more (depends on your account type and payment system).
- Gold account: Most of the trading platforms don’t have this type of account, which can be useful for medium-level traders. This account offers 5% weekly cashback in some cases and personal manager. Withdrawals usually occur within 24 hours. It might take longer depending on payment method.
- VIP account: You have access to all tournaments on the platform. There is a personal manager for VIP members. The weekly cashback amount is 10% in some cases and this is the highest cashback amount compared to the other two platforms. VIP members are also provided with risk-free trades.
- You don’t pay a withdrawal fee on Binomo. The only exception is a $10 fee if you deposited funds, did not make transactions, and then decided to withdraw them.
- You don’t pay a verification fee.
- Offers less assets: When it is compared to the other platforms, Binomo’s asset range is low. +40 for Standard accounts; +50 for Gold and +60 for VIP.
We only shed light with our review on your way to decide which trading platform is the best for you. Don’t forget that at the end, it is only you who will make the final decision. Consider all sides and decide which platform for trade. Also be aware of the risks associated with trading. Without sufficient experience and knowledge, you risk losing your funds. So trade wisely!