What's The Difference Between IQ Option and Binomo in Thailand?

Posted by Jezzy Ashton on June 27th, 2019

Lots of Thai binary traders turn to online brokers to conduct their trading because of the strength of their platforms and services. When it comes to choosing the right broker, If you do find a Thai broker, just be advised that you stay well clear. Do not invest your money with a broker unless they have approved licensing and regulated. You need to make sure that you choose a legitimate and licensed broker. In this review, we’ll compare IQ Option vs Binomo. The comparison will be based on the key features you should look at. They include the following:

 How long Binomo and IQ Option have been operational

Binomo was founded in 2013 and IQ Option was founded in 2014. Binomo is located in Seychelles. IQ Option, on the other hand, has its headquarters in Cyprus but also has also an office located in Seychelles.

 Account types

Binomo has 3 accounts. Their Standard account requires a minimum deposit of . This targets beginner traders who want to try the platform out. Traders can invest as little as per trade. This account gives traders access to most of the assets on offer. The Binomo Gold account requires a minimum deposit of 0. Check Binomo Thailand for more information.

Gold account holders get access to more assets, weekly cashback of 5% and a personal manager. The Binomo VIP account requires a minimum investment of 00. As a Binomo VIP you’ll get access to all assets on offer. In addition to a personal manager, VIPs get access to exclusive features and a weekly cashback of 10%.

IQ Option, on the other hand, has a Standard account and a VIP account. The minimum deposit for Standard accounts is . You can trade with as little as per trade. VIP accounts require a minimum deposit of 00 or a trading volume of at least 000 over a 3 month period. Check IQ Option Thailand to learn more.

It’s worth noting that VIP accounts aren’t available to EU citizens. VIP account holders also get a number of additional perks including 4 high-quality trading eBooks.

Both platforms also offer demo accounts. The Binomo demo account comes credited with 00 virtual cash while the IQ Option practice account comes credited with 000 virtual cash. Both accounts can be recharged when the balance becomes depleted. In addition, you can always switch between the demo and real accounts.

Deposits and withdrawals

Deposits for both platforms will take minutes to about 3 days to reflect on your trading account. This largely depends on your deposit method.

Withdrawals are a different matter. Binomo will deduct a 10% fee on your deposit amount if you decide to withdraw without trading a volume equivalent to at least double your deposit amount.

If you receive a bonus, you must have traded a volume that’s 35 to 40 times the bonus amount to be able to make a withdrawal. Typically, withdrawals will take 3 business days to process for Standard account holders. However, for Gold and VIP account, withdrawals will take 24 hours and 4 hours to process respectively.

IQ Option withdrawals will also take between 3 business days and 24 hours depending on your account type. The minimum withdrawal amount is .

Conclusion:

Both platforms are a good bet for beginner options traders in Thailand. But before choosing which options broker to trade with, it’s always recommended that you compare among two or more platforms. And always remember to make sure to do your research in trading, learn the platform inside out and never risk more money than you can afford to lose.

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