Binomo vs IQ Options – comparison of trading platforms


Choosing a reliable trading platform is never effortless. It is essential to understand what features are worth paying attention to, especially for beginners. In thе review, we compared two well-known trading platforms in Saudi Arabia – Binomo and IQ Option. If you want to know more about the pros and cons of these platforms, keep reading.

IQ Option

Let’s start our acquaintance with IQ Option. Thе platform was founded in 2013 and is licensed by CySEС. IQ Option is also regulated by the laws of Cyprus, which is part of the European Economic Area. These are the hallmarks of a trustworthy platform.
iq option vs binomo

➕ Advantages:

  • The IQ Option platform offers free training to its users on a demo account.
  • The minimum deposit is $10, and the opening of any trade starts from $1.
  • IQ Option payment methods include PayPal (vs Binomo) and other well-known payment systems.
  • The platform is regulated by the Cyprus Securities and Exchange Commission; it has got over 15 international awards.
  • The choice of trading assets on IQ Option is quite wide vs Binomo. Standard account holders can use over 70 assets, and VIP account holders – more than 140.
  • The IQ Option app is optimized for Android, iOS and PC (vs the Binomo app, which doesn’t work on Mac or Windows).

➖ Disadvantages:

  • To become a VIP trader, you need to deposit a total of $1900 (vs Binomo, where a VIP account is available after accumulating $1000).
  • IQ Option have a withdrawal fee of $31 for the bank transfers.
  • The platform is present in 30 countries vs Binomo (more than 130 countries).
  • Sometimes IQ Option will charge an extra 2.9% fee for long-term trading of specific assets.

Register on Binomo and get $10000 to your demo account


binomo platform
As for Binomo, it is also a reliable platform in Saudi Arabia Compared to IQ Option, the Binomo platform was launched a year later (in 2014). However, this didn’t affect its fame; users from more than 130 countries trade on The platform has been a member of the Finance Commission (IFC) since 2018, which regulates the quality of services provided to it. Binomo has several international awards and is certified by the independent organization Verify My Trade, which verifies the quality of trades.

➕ Advantages:

  • Binomo operates in over 130 countries worldwide (vs IQ Option working in 30 countries).
  • Immediately after registration, a demo account with $10000 virtual is available to all users. It also contains video tutorials on how to trade on Binomo, which is very helpful for beginners.
  • Binomo is a member of IFC and is certified by Verify My Trade.
  • The platform pleases its users with various bonuses to increase the deposit amount up to 100% or more.
  • Binomo has an automatic verification service (vs IQ Option, where traders can’t verify their identity for a few minutes).
  • There are several types of tournaments on the platform, including “Daily Free”, which is available to everyone.
  • Binomo doesn’t charge withdrawal fees vs IQ Option (remember the fee of 31% for the bank transfer).
  • Traders can always solve any problem through Support via chat or email

➖ Disadvantages:

  • Binomo offers traders fewer assets to trade than IQ Option (70+ vs 140+, respectively). Maximum assets are available to VIP account holders.
  • The platform supports 13 languages, and IQ Option is available in 17 ones.
  • Binomo provides services in over 130 countries; however, it is unavailable in the US and some EU countries.
  • The Binomo app contains a limited set of tools compared to the website, but this doesn’t interfere with trading.

Should you choose Binomo or IQ Option?

binomo vs iq option
It’s hard for us to say which of the two platforms is better – IQ Option or Binomo. They both have advantages and disadvantages. Therefore, the choice is always yours. But whichever platform you choose, be aware of the financial risks. You can lose your investment if your forecast is wrong. So, practice on a demo account, learn to analyze the market, increase your trading skills before investing and trading.