We compare Binomo with other platforms and talk about the reliability of the broker. Also in this section, read user reviews of the platform.
Binomo or Olymp trade which is better?
Choosing a brokerage company is an important decision. We offer to compare well-known brokers of High/Low transactions – Olymp Trade and Binomo. Both companies were founded in 2014 and offer a similar set of markets and trading conditions.
1. Licensing
Both brokers do not have licenses from government regulatory agencies, but have received a Category A certificate from The Financial Commission. FinaCom is a well-known independent regulator.
2. Minimum deposit and transaction size
The entry threshold for both providers starts at $10. But the second dealer’s minimum deposit size may vary depending on the region. Both providers offer democratic conditions for starting trading – you can invest only $1 in a transaction.
3. Binary options profitability
The percentage of profitability at Binomo on High/Low options depends on the account type: Standard – 84%, Gold – d about 86%, VIP — up to 90%. Olymp Trade offers the same financial instrument (but calls it a time format) with payouts of up to 92%.
Additionally, Olymp offers a classic Up/Down contract with a yield of up to 100%.
4. Account types
Binomo offers more diverse account types: Free ($0), Standard ($10), Gold ($500), VIP ($1000). Accounts differ in terms of service: yield, withdrawal speed, number of assets.
OlympTrade has only 2 account types — standard (Regular) and extended (VIP). Regular opens when you top up your account with $10, VIP — $2000. VIP clients have access to consultant support, individual training, training resources, and strategies.
5. Demo account
Both providers have free demo accounts, perpetual and replenished. Binomo has a virtual deposit of $1,000, while Olymp Trade has a virtual deposit of $10,000.
6. Assets
Both companies provide access to the following assets:
- Major, minor, and exotic currency pairs;
- Stocks of the largest corporations;
- Energy commodities;
- Market indices;
- Cryptocurrencies.
- Olymp Trade adds only ETFs and OTCs to the list.
7. Trading platforms
Clients of both brokers can work from desktop and mobile devices. This platform can also support all the popular operating systems: including Android, iOS, Windows and Mac. The platform interface is user-friendly and suitable for any skill level.
Comparison of trading platforms
| Indicators | Binomo | Olymp Trade |
| Assets | Over 140 | Over 70 |
| Transaction duration | 30 seconds – 60 minutes | 60 seconds – until the end of the trading day |
| Timeframes | From 5 seconds to 5 minutes | From 15 seconds to 1 month |
| Analysis tools | 14 indicators (MA, MACD, Bollinger Bands, RSI, Alligator). Drawing tools | 9 indicators (Ichimoku cloud, MACD, Parabolic SAR, RSI, Stochastic and others) |
| Additional features | setting up Hot keys | Hotkey settings. Additional chart with 20 indicators and graphical elements. |
Thus, Olymp Trade and Binomo offer a similar market assortment, convenient platforms for all devices, demo accounts.
In terms of payments, the High/Low system is identical. Olymp Trade pays more for a classic option. On the other hand, Binomo has a higher trading speed — 30 seconds.
Which is better Binomo vs Forex?
A binary option allows you to make a profit based on forecasts for the price movement of the underlying asset. That is why this instrument is called “all or nothing”.
If the forecast is correct, the trader makes a profit; if it is incorrect, he makes a loss. Forex is an international currency market where central banks, investment funds and other major players trade.
Ordinary traders work on a separate market, but with interbank quotes. Forex and Binary brokers do not bring transactions to the real market, but provide separate platforms for trading.
The exception is ECN Forex brokers. Binary contracts have a number of advantages over Forex trading:
- a simple system for opening/closing transactions;
- the amount of profit and loss is known before buying an option;
- profitability for this is 100% to 90%, and sometimes 10% of the investment;
- income depends on choosing the right direction of price movement and does not depend on its change in points.
When working with binary options, it is worth considering that the brokerage platform can “draw” charts independently. In this case, it will be very difficult to predict price movements.
In addition, binaries are more risky than forex instruments. The loss with an erroneous forecast is 100%. Therefore, each failed transaction is more expensive than a successful one.
Profit in digital options is accrued even if the price moves by 1 point. On Forex, profit is formed not from the direction, but from the strength of the trend movement of the rate. The further the price has gone from the purchase point, the greater the profit will be.
Thus, on Forex, it is better to make deals during strong trends, on binaries – sideways movement or flat. Forex allows you to set pending transactions and automatically close them under specified conditions. On binaries, transactions are opened and closed only with the participation of the trader.
Binomo – is it a scam or not?
Binomo is a legitimate trading platform that provides brokerage and dealer services in 133 countries around the world. The platform is not a scam, as it has been operating since 2014. Dolphin Corp can managed the Binomo – this is an offshore unregulated company from Saint Vincent and the Grenadines.
- The address of Dolphin Corp is: 1st floor, First St. Vincent Bank Ltd building, James Street, Kingstown, Saint Vincent and the Grenadines.
- The payment agent is Pollack Trade LTD, registered at: Georgiy Sava Rakovski Street, 96, Sredets Region, Sofia Municipality, Sofia 1000, Republic of Bulgaria.
The most perfect thing is that the broker is certified by the International Financial Commission (IFC). IFC promises traders compensation for losses of up to $ 20,000 in the event of a dispute with the brokerage firm.
The Commission is not a government regulator. such as CySEC or FCA. Therefore, the IFC does not provide any legal guarantees in terms of protecting the interests of ordinary traders.
It is obvious that Binomo is not a scam, since a fraudulent company would not cooperate with the IFC, a well-known supervisory authority, although not a state one. But the lack of international licenses for the company does not increase trust in it.
In 2019, CySEC issued a warning to Binomo.com that the platform “does not belong to an organization authorized to provide investment services …”. The Brazilian CVM (Securities Commission) and the Spanish CNMV issued similar warnings.
Attention! In the absence of state regulation, it makes sense to start working with minimal investments.When you can test the platform, then you can increase the amount of investment.
Before working with the binary options platform, you should familiarize yourself with the contracts and other documents. The Binomo agreement contains a number of controversial points.
According to paragraph 5.13 of the Client Agreement, if the client deposits “money into their account, but later decides to withdraw funds in whole or in part, and their trading turnover does not exceed the 2nd deposit amount, the withdrawal fee will be 10% of the account balance or the last deposit.”
In other words, if the user deposited $100, increased the deposit to $300 in a month, then they will be able to withdraw only $100.
Binomo Reviews
Binomo is an online broker with simple registration, a low entry threshold from $10, a wide range of assets for options and CFDs. The platform itself is functional, but at the same time understandable, so it attracts novice traders.
Trading is conducted 24/7. There are both positive and negative opinions about Binomo on the Internet, and the latter are especially numerous.
Most of the reviews are written by English-speaking users, but there are comments from traders from Ukraine, Kazakhstan and the CIS countries.
In their reviews, customers note the following advantages of the binary options dealer:
- easy registration and opening of a demo account by email;
- attractive return rates – up to 80-90%;
- accurate quotes – the terminal is updated every 1.7 milliseconds;
- a demo account with unlimited replenishment and free training materials;
- deposit and withdrawal of funds without commission to a card, e-wallets and other payment systems;
- high-quality round-the-clock customer support service in online chat and through other means of communication.
The platform is suitable for traders of any experience and skill level. To track events on the market, analytical materials and an economic calendar are provided.
Many beginners go to this broker, as it offers generous bonuses and promotions to increase the deposit. It should be noted that among user reviews there is a certain amount of negativity. Most complaints are related to the loss of deposits, slippage, and delays in withdrawals.
In the comments and on forums, clients often point out the following negative aspects of the platform:
- low information content of the site;
- complicated and lengthy verification procedure;
- limited number of trading instruments and assets;
- long withdrawal of funds – 3-5 days;
- lack of investment programs;
- lack of signals, social trading, ban on the use of bots and advisors.
The benefits of bonuses are overshadowed by strict conditions, for example, working off a turnover 30-40 times greater than the amount of bonus funds, etc. Otherwise, complaints do not go beyond the critical level.
Thus, Binomo is a good option for novice traders. Experienced users may not be interested in a limited set of assets, tools for analysis and forecasting.
It is worth considering that the broker is included in the IFC category A, but does not have licenses from state financial regulators.
Conclusion: Binomo vs. Olymp Trade – Which is Better?
Binomo and Olymp Trade offer competitive features for binary options trading, catering to both beginner and experienced traders. Both platforms have low entry thresholds, demo accounts, and user-friendly interfaces, but they differ in account types, profitability rates, and available trading tools. Binomo excels in speed and account diversity, while Olymp Trade offers higher payout potential and broader asset coverage. However, the absence of regulation by state authorities raises concerns for both platforms, highlighting the importance of cautious investment and thorough research. Start small, explore features, and weigh your options before committing.
