Choosing what broker to work through is a crucial decision. Both Olymp Trade and Binomo are well-known brands, but how do they compare? For this in-depth review, we have looked at their trading conditions, accounts, and services to help you pick the right intermediary.
You can open a demo account with both brokers to compare their platforms.
Comparison of Forex Brokers
Both brokers were established in 2014, and they have been praised by users and experts. Today, the range of markets, conditions, and software are fairly similar. Both companies offer free and unlimited demo trading, tiered account systems, and low deposit thresholds. Here is a closer look at the core services and add-ons of Binomo vs Olymp Trade.
Minimum Deposit and Trade Size
In this regard, the services are identical. You may fund your account with either company for as little as $10. Please note that the minimum deposit threshold for Binomo may be lower depending on your location.
So, how much can you trade at once? Both providers have very democratic conditions. They make live forex accessible to users with any budget. Your trade may be as small as $1 on either trading platform.
Formats and Payouts
The payout rate depends on the type of account. It is true for both companies. With Binomo, the breakdown is the following:
- Standard: up to 84%
- Gold: up to 86%
- VIP: up to 90%
Binomo has only one trading format — High/Low. It means that upon execution, your trade must be lower or higher than its initial value. The competitor also provides this system (Olymp Trade calls it the Time format). Additionally, the company offers the alternative Classic format. The user picks a strike price going downwards or upwards. The payout rates are the following:
- Classic: up to 100%
- Time: up to 92%
Types of Accounts
Binomo has more variety when it comes to accounts. There are basic, intermediate, and advanced options. For instance, unlike Standard, the Gold account includes add-ons: an account manager and investment insurance. For VIP clients, withdrawals are the quickest — processed in 4 hours. Other differences cover the range of accessible markets, the payout rate, and the minimum deposit size:
- $10 for Standard accounts;
- $500 for Gold accounts;
- $1,000 for VIP accounts.
Clients of Olymp Trade have just two options — standard (Regular) and advanced (VIP). Holders may trade live up to $2,000 and $5,000, respectively. VIP members also get assistance from a consultant, personalized training, private educational resources, and strategies. The lowest acceptable deposit is:
- $10 for Regular;
- $2,000 for VIP.
Both brokers allow their clients to practice free of charge, even before they make a minimum deposit. Users unlock the software using a demo account. Olymp Trade gives every newbie a hefty virtual deposit — $10,000, so they can test strategies and learn at no cost.
The demo account from Binomo is similar, but the size of the free deposit is $1,000. It is the only difference, as the system is also fully functional. You may explore all the features of the trading platform. For beginners, this opportunity is invaluable, which is why all trusted brokers provide it.
Trading Platform Comparison
Clients of both brokers may work using desktop or mobile devices; this allows them to switch between systems during the day. All popular OS (Android, iOS, Windows, and Mac) are supported. The interface is user-friendly and suitable for any skill level.
Binomo has faster trades, as the shortest time is only 30 seconds. For the rival, it takes longer — 1 minute. At the same time, there is little difference in terms of markets. Olymp Trade only adds ETFs and OTCs to the mix. With either company, you will access the following instruments:
- Major, Minor, and Exotic currency pairs;
- stocks of the largest corporations;
- energy commodities;
- market indices;
As you can see from our Binomo vs Olymp Trade review, these forex brokers are akin. They offer a similar market range and user-friendly platforms for all devices. A crucial advantage of both is the demo account.
Either company will connect you to the live market once you deposit $10, and the lowest volume is $1 per trade. In terms of payout, the High/Low system is identical. Olymp Trade pays more for the Classic format (non-existent on Binomo). On the other hand, Binomo has a faster trade speed of 30 seconds.
There are basic and advanced accounts, but Binomo has an additional intermediate option (Gold). Standard accounts unlock core services, while add-ons (e.g., help from a personal assistant) require an upgrade. To get the most comprehensive package from Olymp Trade, you need to deposit $2,000 — twice as much as for Binomo VIP. Generally, traders who want to work with large volumes need top-tier services from either broker.
You can leave your feedback about both platforms in the comments below.