In this detailed comparison, we will delve into the key similarities and differences between Expert Option vs. Binomo, including their trading conditions, platform, and customer service. Additionally, we will also discuss the pros and cons of choosing one over the other to ultimately determine which broker is better for you.
Facts, Similarities, and Differences Table
Criteria | Expert Option | Binomo |
1. Background | Expert Option was founded in 2014 in Saint Vincent and the Grenadines, a small island in the Caribbean. | Interestingly, Binomo was also founded in 2014 in Saint Vincent and the Grenadines. |
2. Regulation | Expert Option is regulated by “The Financial Commission,” a neutral and independent dispute resolution organization specializing in financial markets. | Binomo is also regulated by “The Financial Commission.” Moreover, it has been a category “A” member — the highest membership category. |
3. Minimum Deposit | $10 (US dollar) or its equivalent in your local currency | $10 (US dollar) or its equivalent in your local currency |
4. Minimum Trade Amount | You can trade as low as $1 per asset. | You can also trade as low as $1 per asset. |
5. Minimum Withdrawal | You need at least $10 per withdrawal transaction | You also need at least $10 per withdrawal transaction |
6. Return / Payout Ratio | The payout ratio ranges from 30% to 90%, depending on the asset | Similar to Expert Option, the payout ratio also ranges from 30% to 90% depending on the asset |
7. Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks, indices, and ETFs), and commodities. | The asset classes available for trading include crypto, forex pairs, equities (stocks, indices, and ETFs), and commodities. |
8. Trading Platform | Sophisticated user interface with real-time continuous (second by second) price movement. | Simpler in terms of layout, with more of an “old school” user interface and static price changes. |
9. OTC Trading | Expert Option offers OTC assets that can be traded during off-market hours. | Binomo also offers OTC assets that can be traded during off-market hours. |
10. Customer Support Channels | Expert Option offers customer support via Email, Chat, Phone, Contact Form, and Social Media. | Binomo also offers customer support via Email, Chat, Phone, Contact Form, and Social Media. |
11. Educational Materials | With an extensive set of educational materials for beginners. | While offering basic tutorials and strategies, Binomo lacks the same extensive educational materials. |
12. Advanced Trading Tools | Expert Option does not have the same advanced trading features as Binomo. | Binomo offers a broader set of technical indicators and advanced technical analysis tools. |
(Risk warning: Your capital can be at risk)
Expert Option vs. Binomo: Pros and Cons
Based on our independent analysis of each broker as well as the common feedback from users, here are some notable pros and cons of Expert Option and Binomo:
Expert Option
- Highly Interactive User-Friendly: Expert Option has one of the most interactive UIs in the industry. Its real-time trading platform visually moves seamlessly every second.
- Extensive Educational Resources: Expert Option has a comprehensive set of educational materials for traders, tailored particularly for beginners.
- Variety of Assets: Expert Option provides a wide range of asset classes and individual assets available for trading.
- Platform Outages: Some users have reported experiencing occasional outages (glitches and lags) on the trading platform during trading hours.
- Customer Support Issues: Some users express dismay over delays and general inefficiencies of Expert Option’s customer support.
- Withdrawal Issues: Some users have reported delays beyond the stated duration of different withdrawal methods available.
(Risk warning: Your capital can be at risk)
Binomo
- Technical Analysis Tools: Compared to Expert Option, Binomo offers more technical indicators and a broader set of advanced technical analysis tools.
- More Experienced to Advanced Trader Oriented: Despite its beginner tools and resources, Binomo’s trading platform is more intuitive for seasoned traders looking to maximize the broker’s offerings.
- Customer Support Language: Binomo offers multilingual support in various locations, giving non-native English speakers a better platform to voice their concerns.
- Less Available Assets: Compared to Expert Option, Binomo offers fewer individual assets on available asset classes to trade.
- Less Comprehensive Educational Materials: While offering basic tutorials and strategies, it lacks extensive educational materials that can help beginners understand more complex trading concepts and strategies.
- Customer Support Issues: Like Expert Option, some Binomo users have also reported negative experiences with the broker’s customer support.
(Risk warning: Your capital can be at risk)
Trading Conditions
Trading on Expert Option and Binomo is similar in many regards. However, when compared head-on, Expert Option’s offerings are generally more geared toward inexperienced and beginner traders. This stems from fewer advanced trading resources and technical indicators available. Conversely, while Binomo can still be considered “beginner-friendly,” it offers more extensive advanced trading features as well as more technical analysis tools.
Platform
Expert Option has a more sophisticated user interface (UI) with continuous (second-by-second) price movement in real-time. On the other hand, Binomo has a simpler UI, more of an “old school” interface, and static price changes. Nevertheless, Binomo’s less erratic UI makes it easier to analyze an asset and set multiple technical indicators.
Customer Support
Both Expert Option and Binomo offer customer support via Email, Chat, Phone, Contact Form, and Social Media. Nevertheless, based on reviews and user testimonials, Expert Option’s customer support is generally more responsive and available than Binomo, which has a more inconsistent experience from its user base.
Conclusion
Considering all of these, the two brokers are relatively similar. Nevertheless, if you are a total beginner or have zero experience trading, Expert Option’s beginner-oriented offerings are relatively better (i.e., more comprehensive). Meanwhile, if you have trading experience (whether in options or in other assets), Binomo’s more extensive advanced trading resources and technical analysis tools may be more advantageous.
(Risk warning: Your capital can be at risk)
Most Asked Questions:
What are the minimum deposits for Binomo and Expert Option?
The minimum deposit to start live trading for both Binomo and Expert Options is $10 or their equivalent in your local currency.
What is the minimum withdrawal amount for Binomo and Expert Option?
Both Binomo and Expert Option require a minimum withdrawal of $10 or their equivalent per transaction.
Do Binomo and Expert Option have an Over-the-Counter (OTC) facility?
Yes, both Binomo and Expert Options offer OTC assets that can be traded during off-market hours.
Are Binomo and Expert Option regulated?
Yes, both Binomo and Expert Option are regulated by “The Financial Commission,” a neutral, self-regulatory, and independent dispute resolution organization specializing in financial markets.
Which broker is better for beginners?
Both brokers are considered “beginner-friendly” in their own regard. However, Expert Option’s offerings are comparatively more geared toward inexperienced and beginner traders. This is coupled with its extensive educational resources, which have comprehensive educational materials tailored particularly for new traders.