It’s hard to find a good broker to work with because of some bad apples. Moreover, even if you find a good broker with quality services, they still may not be the most suitable broker for you. The most suitable broker is that who has a great balance in what they offer, and today you will be comparing IQ Option with Binomo.
The first broker, IQ Option, is quite a popular broker for both binary options, Forex and CFDs. The company has a long history of about 6 years since it was created in 2013 and now they claim to have over 40 million registered users in 150 countries. The company has its headquarters in St. Vincent and the Grenadines but has offices in Cyprus, where it is licensed by CySEC with the license number 274/14.
Binomo came soon afterwards and was created in 2014. It is the subsidiary of the company Tiburon Corporation based in Seychelles. Payment and financial services are handled by Serrala Companies, which used to be called Dolphin Corp. For regulation, Binomo is registered with the Financial Commission (FinaCom). This regulatory body serves independently and members join voluntarily. So far, the status of regulation for Binomo with CySEC is still pending. Nevertheless, as a member of FinaCom, clients of Binomo are entitled to compensation up to €20,000. In addition, Binomo is licensed by the Financial Market Relations Regulation Centre (FMRRC) in Russia.
The more suitable broker is IQ Option for they have financial regulation from CySEC.
IQ Option has a number of useful deposit and withdrawal systems in place for when you want to make a deposit. These include bank cards (Visa and Mastercard), wire transfer and payment service providers (Skrill, Neteller, WebMoney and AdvCash). Binomo also provides all of these funding options and then some. These additions include Yandex Money, Qiwi, cryptocurrencies (Bitcoin and Litecoin) and several others.
Clearly, Binomo is the more suitable broker in this category.
Even though IQ Option used to be a binary options broker, they have since moved on to other assets. These are currency pairs and CFDs on ETFs, equities, indices, commodities and even cryptocurrencies. Meanwhile, Binomo only covers binary options, but these are available for various assets such as Forex pairs, commodities and stocks.
The fact that Binomo only offers binary options makes IQ Option a more suitable broker all round.
Binary options brokers make their money only when a trader loses money. This means that IQ Option always makes money from their clients through spreads, but not Binomo. In this way, it’s safe to say Binomo is a cheaper alternative and a suitable broker for someone who wants to reduce costs.
Neither IQ Option nor Binomo offer any of the popular trading platforms you would think. Instead, they all had their own in-house software developed, which allows them to make the platforms as robust as possible. Both of the trading platforms are great and can be downloaded to provide plenty of useful features. However, IQ Option’s platform seems to have more features, an intuitive UI and is more responsive.
For serious traders, the suitable broker is simply IQ Option.
Who’s the more suitable broker?
From the criteria above, Binomo seems to be the better broker, but it remains up to you to choose what matters most – CFDs or binary options.