Lately, I have been looking for the best trading platform to trade with. In the online environment, there are many ways for a new trader, so it may be confusing for some of us. That’s why I decided to look for the platforms, try features and decide which ones are the best for online trading. In the end, I’ve come across three online platforms in South Africa, and I think that they are the best. In this review, I compared Binomo vs IQ Option, Olymp Trade vs Binomo and IQ Option vs Olymp Trade. I think it will help you to find which platform is the right fit for you. Continue reading to find out more about online brokers.
Olymp Trade
Let’s start by checking Olymp Trade’s history, pros and cons. Olymp Trade was established back in 2014 and has been continuing its operations since then. The site has about 25 million registered user accounts.
Pros
- Trading periods can be set starting from 1 minute to twenty-four hours.
- Before you deposit money for a trade, you can see how much profit you will get if your prediction is correct.
- The platform does not charge you with a withdrawal fee.
- The company is a part of the International Financial Commission, so your trades are safe.
- Olymp Trade provides free educational materials, webinars, and blog posts.
- You can reach out to the customer service via phone.
- All withdrawal requests are processed within twenty-four hours.
- It has mobile applications running both on iOS and Android devices.
Cons
- Olymp Trade charges you to open nightlong positions.
- You have to deposit $2000 to open a VIP account on this trading platform and this is too much when compared to other platforms.
- Olymp Trade continues its operations only in 30 countries. You may not be able to open an account if you are not in one of those countries.
- There are limited membership options: you can choose either a Standard or VIP account.
Binomo
Binomo company was also established in 2014 and has been active since then. More than 800k traders visit binomo.com everyday.
Pros
- Binomo offers three different types of membership for its users: Standard, Gold and VIP.
- The minimum amount to open a real account is $10 (for a Standard account) and the total amount is $1000 (for a VIP account).
- You don’t pay any withdrawal fees.
- You can even trade at the weekends on Binomo.
- On VIP accounts your withdrawal requests will be processed within a few hours.
- Offers 24/7 online customer support.
- The Binomo website has a user-friendly interface.
- The company offers strategies for different level traders.
- Also, Binomo provides an app for Android and iOS users. You can download the app from Google Play or App Store. An APK version is also available for Android users at the link: https://binomo.com/en/promo/android.
Cons
- The maximum expiration time for trading positions is only 1 hour.
- The Binomo platform offers less assets compared to the others: +40 for Standard accounts, +50 for Gold accounts and +60 for VIP accounts.
- If you have a Standard account, you have to wait up to 3 days or longer for your withdrawal request to be processed (depends on your payment system).
- The online trading platform is not available for US traders.
- Customer support is available only via email or online chat.
IQ Option
This is the oldest company among the three. It was founded in 2013 and in time, it reached out to +40.000.000 users, in total.
Pros
- The platform is the richest in terms of the assets. On a Standard account you can trade over 70 assets. If you have a VIP account, you can trade over 140 assets.
- VIP customers get monthly reports regarding their trades.
- The company provides an Islamic account for conservative traders.
- This platform provides a wide selection of cryptocurrencies as trading assets.
- Users can deposit their accounts through 20 different types of payment methods.
- You can trade some assets even on the weekends.
Cons
- VIP membership fee is expensive: $1900.
- Offers only two types of accounts for the users.
- There is a money withdrawal fee for the bank transfer which is $31 for each withdrawal request.
- “Long position” traders are charged with an extra fee.
- After a 90 days long inactivation a user is charged with a $10 inactivation fee.
Conclusion
I only tried to guide novice traders in this online trading journey. Now, you have to decide which platform is the best for you. Don’t forget about the risk of losing a part of your deposit, no matter whichever platform you decide to choose as your broker.