When you’re in need of the ultimate broker for trading binary options and CFDs, these are among the top 2 choices you will come around. That is because they both have large client bases and stellar reputations. But you can only choose one, and to do so you will need to compare them in further detail.
IQ Option was created in 2013 to cover the retail needs of Investlab Holdings while being managed by Infofield. Later on, the company would rebrand to IQ Option and get rid of the subsidiary to operate wholly. It is on Investlab’s license number 247/14 from CySEC that IQ Option still operates and is able to sign up clients from 150 countries in the world. 24option is no less popular as they have clients from most of the countries in the world except the US and Japan. For regulation, the parent company Rodeler Limited is licensed by CySEC under license number 207/13. Operations beyond Europe are ran by Richfield Capital that is licensed by the International Financial Services Commission (IFSC) (IFSC/60/440/TS/19).
The ultimate broker in regulation is 24option.
When it comes time to open a live account that needs to be funded, both of these brokers provide many account funding options. IQ Options allows deposits using bank transfer, credit/debit cards (Visa and MasterCard) and payment service providers (Skrill, Neteller, WebMoney, AdvCash). The minimum deposit using all of these methods is $10 or equivalent currency. 24option has a different set of deposit and withdrawal options including wire transfer, credit/debit cards (Visa, MasterCard, Discover) and electronic wallet Skrill, Neteller, WebMoney, Qiwi and several others. Here, the minimum deposit is $250 except for wire transfers with a $1,000 minimum.
The ultimate broker in deposit/withdrawal is 24option.
Initially, both of these brokers primarily offered binary options trading. Today, only IQ Option still offers binary options while 24option completely phased this sector out. Nevertheless, both of them also provide CFDs for assets like Forex pairs, commodities, stocks, indices and cryptocurrencies. However, IQ Option has the addition of ETFs and options (binary and digital).
The ultimate broker in tradeable assets is IQ Option.
Working with IQ Option is very affordable because they have very little in the way of fees. First, making deposits and withdrawals is free for most methods except wire transfer that costs €50. Second, extra charges are only imposed for account maintenance when the account has been idle for 90 days, and even then it costs just €10. The only other charges are overnight and weekend swaps at 0.6% and 3 times more the value of the position. 24option is a bit more expensive with 3.5% commission for deposits and withdrawals by card, $30 for wire transfer and about 3.5% for electronic wallets.
The ultimate broker is IQ Option for having lower fees.
IQ Option only provides their own proprietary software online through web browser or download on desktop and mobile. 24option still have their own software, but it is only available on web browser and download on mobile. Fortunately, they also provide MetaTrader 4 for download on mobile and desktop.
Who is the ultimate broker?
With all the above factors assessed, 24option is the ultimate broker when compared to IQ Option.