Any person who has been trading forex for a while is probably is conversant with Olymp Trade. It is a recommendable online trading platform if you wish to make money on fixed time trades. However, do you know that there is yet another broker, Binomo?
In this review, we wish to bring an in-depth comparison between Binomo and Olymp Trade. By the end of the article, you will be in a position to understand the difference between them. Moreover, you can also decide on which is best among the two platforms. But let’s begin by understanding each of them.
Binomo
Binomo runs under Tiburon Corporation Limited and has its headquarters in Seychelles. It is a binary options broker and began its operations in 2014. Its mission is to assist binary options traders in accessing progressive trading services.
Saying that Olymp Trade is a direct competitor of Binomo is not far from the truth. Binomo operates through the regulations of the International Financial Markets Relations Regulations Centre. It is a non-commercial establishment whose formation aimed to help manage services offered by agents, exchange, and other monetary and investment institutions. That is without defined provisions and no requisite responsibilities among stakeholders. Therefore, Binomo fails to ensure its customers’ rights and ability to come up with dispute resolutions.
Olymp Trade India
Olymp Trade India is a top-notch IT product that online traders use for international online trading. The website belongs and runs under Inlustris Ltd. The company holds Registration Number: 25161 IBC 2018. Additionally, it has a certification from the International Financial Commission (FinaCom) as a member of Category A.
Similar to the Binomo Platform, Olymp Trade has been in operation since 2014. Through the years, it has been active in incorporating more user-friendly elements to its platform. For example, it is possible to contact the customer support team any time and day of the week. That was not the case before.
In 2016, Olymp Trade got an official certification from the International Financial Commission (FinaCom). Through the organization, customers have an assurance of their rights. Besides, it leads when it comes to dispute resolution.
If you happen to have any problem with Olymp Trade, you don’t have to contact their support staff. You can directly reach FinaCom. It is a clear indicator that Olymp Trade commits to ensuring transparency in the market.
Comparison of the minimum deposit and trade size
Binomo sets its minimum deposit at $10. It can differ from country to country. Olymp Trade has its minimum deposit at $10 too.
When it comes to the minimum trade size, Binomo won’t accept anything below a dollar per trade. Olymp Trade has a similar rule $1 at minimum per trade.
The trading formats and size of payouts
There are two ways through which you can trade at Olymp Trade. That is through classic or timed trades. You chose a strike price in a classic trading format and decide if it is a buy or sells. The time frame ranges between 1-5 minutes. At that, you have the opportunity to bag 100 percent of the winnings.
On the other hand, time trades involve the use of the High/Low format. It comes with a payout rate of up to 92 percent. For you to win, the closing price needs to be either higher or lower than the asset value when beginning the trade.
Binomo runs a High/Low trading format. The final market price compares to the opening price. The type of trading account determines the payout. For example, in Olymp Trade, standard accounts get up to 84 percent payout rate, Gold accounts earn 86 percent while VIP traders pocket up to 90%.
Types of trading accounts
After registering at Binomo, expect the following account options.
Standard
The minimum deposit is $10
Gold
The minimum deposit is $500. You can access several assets, personal account manager, priority withdrawals, and an 86 percent payout rate.
VIP account
With VIP accounts, you can access more than 49 markets. Besides, the withdrawals are speedy, taking a processing time of around four hours. Besides, there is a whopping payout rate of 90 percent.
There are three types of accounts at Olymp Trade.
Stater account status
It comes with a $10 minimum deposit and a $2000 maximum deposit.
Advanced account status
Activation requires a minimum deposit of $500.
VIP/Expert Account Status
You activate the account with a minimum of $2000 on deposit. The payout rate is lucrative at 92%, whereas the trade size is $5000 at a higher limit.
Moreover, you can access personalized trading training, personal trade consultants, customized trading strategies, and private webinars.
Accessibility
The two platforms are accessible on any device. Both provide a desktop version and mobile app. Therefore, you can trade at Olymp Trade and Binomo regardless of where you are.
Available markets
There are some common financial markets that both Binomo and Olymp Trade shares.
Assets available at Binomo includes
- Currencies
- Indices
- Metals
- Stocks
- Cryptocurrencies
Olymp Trade has the following assets
- Energy
- Indices
- Currencies
- Crypto
- Metals
- ETFs
- Stocks
Trading time-frames
Binomo offers quick trading times of 30 seconds. It means that you can make money in less than 30 seconds. Consequently, you can lose your cash within the time too. That is the reason why beginners shouldn’t go for short times. It is possible to blow an account in a blink. Olymp Trade has a quick trade time of one minute. The maximum depends on you.
Quality of customer service
When you have issues, you have to either make direct calls or use Gmail to contact customer support. You may experience some delays in receiving a response.
Olymp Trade receives praise for its high-quality service. The system has several languages and over 20 support groups. You can reach their support technicians who respond fast and are available 24/7.
Training strategy
Olymp Trade offers free trading lessons from qualified experts. It is an attractive strength in the platform as the courses are critical, teaching on how to carry out market analysis and get trading signals from analytical experts.
Binomo also provides video and lesson options. However, they integrate the videos into the website. You have to be a senior member to get the chance to learn.
Conclusion
You can try either Binomo or Olymp Trade if you are looking for a straightforward trading platform. Besides, the two have a reduced entry hindrance to a manageable level by providing lower trading size and deposit amount. They have different account types, thus suitable if you wish to invest large amounts of money. Each has exceptional features and minimum trading size and deposit.
