In this article, we will discuss the key drawbacks of trading with Binomo compared to other brokers. We will then explore the five best alternative brokers and the key reasons why they may be a better option for you. Additionally, we will provide a brief review of each broker, highlighting essential facts you need to remember.
Here are the 5 Best Alternatives to Binomo:
- Expert Option
- Deriv
- IQ Option
- Pocket Option
- Olymp Trade
- Regulated & Safe
- Crypto Trading
- High Returns
- Fast Execution
- Social Trading
- Low Minimum Deposit of $ 50
- Supports Automated Trading
- Regulated Broker
- Multiple Platforms
- Fast Personal Support
- MetaTrader 5
- High yield 90%+
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
- Professional Platform
- Free Demo Account
- $10 Minimum Deposit
- Webinars and Education
- High Payouts
- Regulated & Safe
- Crypto Trading
- High Returns
- Fast Execution
- Social Trading
- Low Minimum Deposit of $ 50
- Supports Automated Trading
- Regulated Broker
- Multiple Platforms
- Fast Personal Support
- MetaTrader 5
- High yield 90%+
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
- Professional Platform
- Free Demo Account
- $10 Minimum Deposit
- Webinars and Education
- High Payouts
The 5 Best Alternatives to Binomo: A Detailed Look with Review
If you are looking for an alternative to Binomo, we believe these five brokers can be your best options:
1. Expert Option
Background | Expert Option was founded in 2014 in Saint Vincent and the Grenadines, a small island in the Caribbean. |
Minimum Deposit | $10 (US dollar) or its equivalent in your local currency |
Minimum Trade Amount | You can trade as low as $1 per asset |
Minimum Withdrawal | You need at least $10 per withdrawal transaction |
Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks, indices, and ETFs), and commodities. |
Short Review
Based on our experience using the broker, we like its trading platform, which has a sophisticated user interface (UI) and continuous (second-by-second) price movement in real-time. Furthermore, it has an extensive set of educational materials perfect for beginners. Nevertheless, Expert Option does not have the same advanced trading features as its peers.
Who is it for?
Expert Option is great for total beginners in trading as its platform is simple and intuitive while providing a comprehensive set of educational materials.
(Risk warning: Trading involves risks)
2. Deriv
Background | Deriv was founded in 1999 in Saint Vincent and the Grenadines, a small island in the Caribbean. It has been operating for 25 years. |
Minimum Deposit | $5 (US dollar) or its equivalent in your local currency. |
Minimum Trade Amount | You can trade as low as $0.35 on their synthetic indices. Although, the minimum for other individual assets is $1. |
Minimum Withdrawal | You need at least $5 per withdrawal transaction for e-wallet and bank wire transfers and $10 for credit and debit cards. |
Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks, indices, and ETFs), and commodities. Deriv also offers “synthetic indices” that simulate real-world market movements and are available 24/7. |
Short Review
Based on our experience using the broker, we like its trading platform, which has a minimalistic user interface with real-time continuous (second-by-second) price movement. Furthermore, Deriv has one of the most comprehensive sets of educational materials for all levels, and it has its own website, Deriv Academy: Derive Academy. Furthermore, Deriv offers one of the most extensive suites of advanced trading tools on its various trading platforms.
Who is it for?
We believe that intermediate to advanced traders will best take advantage of Deriv’s vast array of offerings.
(Risk warning: Trading involves risks)
3. IQ Option
Background | IQ Option was founded in 2013 in Saint Vincent and the Grenadines. |
Minimum Deposit | $10 (US dollar) or its equivalent in your local currency |
Minimum Trade Amount | You can trade as low as $1 per asset |
Minimum Withdrawal | You only need at least $2 per withdrawal transaction |
Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks, indices, and ETFs), and commodities. |
Short Review
Based on our experience using the broker, its trading platform, while creative, can be overwhelming for beginners, with numerous things going on at once. Its educational materials are also lacking in depth compared to those of its peers. Nevertheless, we like this broker because of its extensive technical indicator suite with over 50 indicators.
Who is this for?
We recommend IQ Option for experienced traders who use technical indicators extensively in their trade analysis. This broker offers access to various technical indicators not offered by its peers.
(Risk warning: Trading involves risks)
4. Pocket Option
Background | Pocket Option was founded in 2017 and registered in Saint Lucia and Saint Vincent and the Grenadines |
Minimum Deposit | $5 (US dollar) or its equivalent in your local currency |
Minimum Trade Amount | You can trade as low as $1 per asset |
Minimum Withdrawal | You need at least $10 per withdrawal transaction |
Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks and indices), and commodities. |
Short Review
Based on our experience using the broker, we like its user interface, which is relatively intuitive and easy to understand and use for beginners. Furthermore, it also offers a suite of technical indicators and easy-to-use drawing tools. Yet, we do not like the scarce educational resources the broker offers.
Who is this for?
We believe that Pocket Option can be used effectively by experienced users who love to perform technical analysis. While it positions itself as a beginner-friendly broker, we think that other, more beginner-oriented brokers on the list are better, considering that they offer more comprehensive educational materials.
(Risk warning: Trading involves risks)
5. Olymp Trade
Background | Olymp Trade was founded in 2014 and registered in the Saint Vincent and the Grenadines |
Minimum Deposit | $10 (US dollar) or its equivalent in your local currency |
Minimum Trade Amount | You can trade as low as $1 per asset |
Minimum Withdrawal | You need at least $10 per withdrawal transaction |
Assets | The asset classes available for trading include crypto, forex pairs, equities (stocks, ETFs, and indices), and commodities. |
Short Review
Olymp Trade is one of our favorites. First, it has a simple, minimalistic, yet highly intuitive trading platform that highlights price action. In addition, it offers easy-to-access educational materials and trading tutorials for beginners with clear progression levels. Lastly, it has a wide array of technical indicators and other trading tools that are easily accessible and easy to use.
Who is this for?
Due to its well-thought-of design, comprehensive educational materials, and extensive trading tools, we are comfortable recommending Olymp Trade for traders of all levels (beginners, experienced, and advanced).
(Risk warning: Trading involves risks)
Drawbacks of Binomo
- Less Available Assets: Compared to other brokers on the list, Binomo offers far 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: Many Binomo users have also reported negative experiences with the broker’s customer support response or lack of it.
- Lower Ceiling for Experienced and Advanced Traders: Because of its simpler platform, many experienced and advanced traders may find Binomo’s offerings limiting (lower ceiling for trading growth) compared to Deriv’s for example.
- Less Track Record: Binomo has only been operating for about ten years (compared to, for example, Deriv’s 25 years). Binomo is also only regulated by one regulating body, the International Financial Commission (IFC).