If you’ve been trading online for some time now, then you probably know what Olymp Trade is. It is the best online trading platform especially for those looking for an opportunity to cash in on fixed time trades.
Due to the number of available platforms, it is hard for traders who have been introduced to all of them at once to choose the best trading platform.
But, isn’t that what your preferred “information” platform (JOON) is here for?
In this post, we will be comparing two trading brokerage giants. Olymp Trade and Binomo. We will look at how both platforms handle various aspects that make online trading worthwhile.
But first, let’s introduce each platform independently.
What is Binomo?
Binomo is a binary options broker started in 2014. It is based in Seychelles and owned by Tiburon Corporation Limited.
Since its launch in 2014, Binomo has had one mission: to help binary options traders have access to revolutionary trading services.
It is safe to say that Binomo is a direct competitor of Olymp Trade. And today, we are going to compare them.
Between Binomo and Olymp Trade which platform should you go for?
What is Olymp Trade?
Olymp Trade is a high-tech IT product used by online traders for international online trading.
The website is owned and operated by Inlustris Ltd. Registration No.: 25161 IBC 2018. And it is certified by the International Financial Commission (FinaCom) as a category A member.
Like the Binomo platform, Olymp Trade came into the market in 2014 and has operated seamlessly through the years, adding more user-friendly features to the platform along the way.
For example, you can now trade Forex via the Olymp Trade MT4 platform; you can fund Olymp Trade with Mpesa and you can also get through to the Olymp Trade customer service any day of the week, 24 hours a day.
Minimum deposit and trade size.
Binomo allows a minimum of $10 deposit, of which this can be lower in other countries. Olymp Trade has a minimum deposit of $10 as well.
As for the minimum trade size, Olymp Traded does not accept anything less than a dollar per trade. Binomo happens to have the same rule, $1 minimum per trade.
Trading formats and size of payouts.
In Olymp Trade you have two ways to trade: classic and timed trades.
Let me explain.
With classic trading format, you pick a strike price and decide whether it is up or down (buy or sell) with time frames anything between 1 and 5 minutes. Here, you stand a chance of raking 100% of the winnings.
On the other hand, timed trades use the good old High/Low format and comes with up to 92% payout rate. In order to win, the closing (after the expiry of trade) price has to be higher or lower (depends on the position you had opened) than the value of the asset during the start of the trade.
Binomo, on the other hand, operates a High/Low trading format. Here, the final market price is compared with the opening price.
As for the payout, it actually depends on the type of trading account you are in. For example, standard accounts on Olymp Trade receive up to 84% payout rate, Gold accounts rake a maximum of 86%, while the VIP traders bags up to 90%.
Types of trading accounts.
When you register with Binomo, you will have three account options:
- Standard – enjoy minimum deposit of $10
- Gold – minimum deposit of $500 and access to a variety of assets, priority withdrawals, personal account manager and payout rate of up to 86%
- VIP account – access to over 49 markets, quickest withdrawal request processing (at most 4 hours) and whopping 90% payout rate
On the other hand, Olymp Trade has only 3 types of accounts:
- Stater account status – comes with a minimum deposit of $10 and maximum trade size of $2000
- Advanced account status – You activate when you deposit not less than $500.
- VIP/Expert Account Status – Activate with a minimum deposit of $2000. Has a lucrative payout rate of up to 92%. The trade size stands at $5000 max and you have access to personal trade consultants, personalized trading training, private webinars, customized trading strategies, and much more.
You can access any of the platforms on any device. They both have desktop and mobile trading applications.
As such, you can easily trade on the go on both Binomo and Olymp Trade.
If you want to download Olymp Trade’s apps, use this guide.
Both Olymp Trade and Binomo share some common financial markets.
On Binomo, you can trade:
How about Olymp Trade?
- Metals, etc.
Trading time frames.
Binomo has one of the fastest trading times: 30 seconds. This means that in under 30 seconds, you can make money. And you can also lose money. That is why shorter time frames are not recommended for beginners. You can easily blow out your account without knowing it.
On the flip side, Olymp Trade’s fastest trade in 1 minute. And the maximum is up to you.
Between Olymp Trade and Binomo, which broker is best?
If you are looking for a straightforward platform to trade, then you can try any of the brokers.
Besides, both of them have lowered the entry barrier to a manageable level by offering a lower deposit amount and trading size.
Additionally, if you are looking to invest a larger sum of money, then you are in luck because both Olymp Trade and Binomo have different types of accounts. And each comes with unique features and minimum deposit requirements as well as trade size.
I hope this article helped in understanding the two trading platforms