Knowing which broker is better can surely give you an upper hand. You must be aware of the facts that make your broker different from others. When you know the exclusive features of your broker, it can be beneficial in keeping you ahead. Also, when you come to know the drawbacks of your broker, you can switch to a better one. That is how you must grow in your trading journey!
When it comes to binary options trading, Binomo and Deriv are both not new terms. They have been there in this industry for a while. However, if you are someone who is just about to begin trading, you must know which one is better. Here, we will find out which one can serve you better and its reasons. You will also find a brief comparison between these brokers.
|Payment methods||Credit cards, debit cards, electronic wallets||Bank transfer, credit cards, debit cards, Cryptocurrency, electronic wallets|
|Live chat and online support||Yes||Yes|
|Underlying assets||Upto 74||100+|
|Regulation||IFC, CySEC(not confirmed)||Malta (MFSA), Vanuatu (VFSC), Labuan (LFSA), British Virgin Islands (BFSC).|
About the brokers: Deriv vs Binomo
Deriv and Binomo are both established players in the trading industry. So, let us know about them one by one.
It is an online trading services firm based in Malta. It has been serving traders across the globe for over 22 years. It came into existence in 1999 and began operating by 2000. That makes it among the few experienced brokers present out there.
At Deriv, a trader receives the benefit of using numerous features. She gets to trade in various securities. Moreover, she can execute the trades without any worries of risking the funds. That is because Deriv is a safe and regulated online trading platform.
Earlier, Deriv served under the name of Binary.com, having millions of investors across the world as its customers. However, now it serves its clients with various technological innovations under its name ‘Deriv.’ DerivGo, DTrader, DerivX, etc., are among a few of its proprietary offerings.
Deriv offers the users benefits of trading in multiple assets, ranging from currencies to options. It has a clientele that extends from Australia, Thailand, and the United Kingdom to South Africa, India, Germany, Norway, and many more countries.
You can test out the features of Deriv through its demo account and later switch to the real account. It will help you get familiar with all the features, and once you develop confidence, you can start trading for real.
A trader can start trading by investing any amount into her Deriv account. However, that amount must cross the minimum deposit, which is kept nominal. Deriv also offers various payment methods along with withdrawal methods. We can find out more about the payment methods compared to Binomo soon.
It is also a premium trading service provider like Deriv. It is a broker based in St Vincent and Grenadines. It started offering its services in 2014. So, compared to Deriv, Binomo has a relatively less experience in the industry.
However, it is a premium service provider that does not offer hidden costs and additional charges. It is transparent in its earnings. Moreover, it is also regulated, making it a safe broker like Deriv. Binomo also offers proprietary features for its customers, like Deriv. It offers services through its apps and other features.
With Binomo, you can trade in multiple assets. But, it additionally provides 30 plus trading signals and other technical and fundamental analysis tools. Like Deriv, Binomo also requires the trader to deposit a minimum amount before beginning to trade.
Now, let us compare these two brokers by looking at their traits and requirements one by one.
Offering a trading app that is convenient and compact is a must for any trading broker. Nowadays, all the transactions are mainly digital. So, the customers seek an easy-to-go app from their trading brokers. These apps can give them instant access and reduce their hassle.
Therefore, Binomo and Deriv both understand the needs of their customers and do not stay behind each other in this matter. They provide them with their exclusive trading apps. Deriv offers the app DerivGo, which lets the customers trade wherever and whenever they wish. Likewise, Binomo also offers the Binomo app. You can easily find these apps on the app store of Android and iOS by searching their names.
When comparing the apps, we can say that both do not miss any chance to provide reliable service. The apps from Deriv and Binomo are both available on iOS and Android and offer greater convenience. Moreover, they both come with additional tools exclusive to the broker.
Binomo offers various methods to its clients when it comes to payment. You can deposit the funds and withdraw them using the same method. You can choose from credit or debit cards or e-wallets. Binomo allows the use of cards such as maestro, VISA, and MasterCard. Whereas, for the e-wallet method, you can choose from Skrill, Perfect money, Advcash, or even Neteller.
On the contrary, Deriv also allows the use of standard methods such as online bank transfers and credit or debit cards. However, Deriv stays ahead in offering additional methods as well.
It offers an additional payment option through Fasapay in the e-wallet method. Moreover, you can also choose to pay with crypto wallets with Deriv.
It accepts all the prevalent cryptos, including Bitcoin, Ethereum, Litecoin, USDcoin, etc. So there is an option to deposit and withdraw your funds in the form of an asset like crypto. It comes in addition to all the traditional forms.
Deriv also offers a unique method called the Fiat-on ramp method. It is a payment service that lets you offer Fiat money in exchange for crypto.
Deriv offers payments through its indigenous DP2P service as well. It is a hassle-free method exclusively for Deriv traders. They can access it through even the local currencies. It is a fast and secure peer-to-peer deposit and withdrawal service. So, when we compare the payment methods, Deriv stays ahead of Binomo. It offers a more diverse withdrawal and deposit portfolio.
Deriv and Binomo both charge a minimum amount for a deposit. Once you deposit the minimum amount, you can start trading with any amount of your choice. The minimum amount of both brokers are nominal. Deriv offers different amounts depending on the methods chosen. It can range from $0 up to $15.
With the crypto wallet method, there is no minimum deposit. The card methods require a $10 minimum. At the same time, the e-wallet and online banking methods can require you to deposit anywhere from $5 to $15. Binomo, on the other hand, requires the trader to deposit $5(350 rupees) as the minimum deposit amount.
A trading robot is an amazing tool that lets you trade in an automated manner. It can support your moves with its pre-built algorithmic functions. Many brokers offer their clients this feature, and Deriv is among them. It offers the facility to create your own trading robot with its Dbot feature.
However, Binomo does not offer a trading robot to its customers. But, you must note that independent developers build Binomobots compatible with Binomo accounts. If you wish to take the risk, you can use them. However, they might turn out to be a scam. On the contrary, Deriv stays ahead of Binomo in offering a reliable official trading robot feature.
There are two types of meta trader software, MT4, and MT5. both are Forex trading platforms developed by MetaQuotes Software. Since 2005, it has been licensed to foreign exchange brokers. So, many of them offer it to their clients.
MT4/5 mainly focuses on trading Forex. It can be beneficial in analyzing financial markets using Expert Advisors. Moreover, trading signals and mobile trading are two fundamental parts that enhance your Forex trading experience. It also allows the traders to implement strategies of various complexities. A trader can avail of the instant execution facility, utilize stop orders, trade from a chart, etc.
Deriv and Binomo both lack in offering the MT4 platform to their clients. But, Deriv does offer MT5 through its platform. That keeps it ahead of Binomo in this respect.
Deriv and Binomo are both regulated brokers. We can compare the two brokers based on the number of regulatory agencies that regulate them.
Binomo falls mainly under the jurisdiction of IFC. However, it is also pursuing an additional certification from CySEC. At the same time, Deriv is regulated by various agencies already. It includes the regulations by Malta (MFSA), Vanuatu (VFSC), Labuan (LFSA), British Virgin Islands (BFSC). Therefore, we can emulate that the regulatory status of Deriv is much more reliable than Binomo.
Deriv and Binomo are both among the top service providers. They offer their own perks and benefits. However, when we compare the two to decide which one is better, we can say that Deriv has the upper hand. In many of the parameters, Binomo and Deriv both give tough competition to each other.
They have similar payment systems, fewer deposit amounts, etc. Both of them even offer trading apps. However, the above analysis shows that Deriv adds many extra features. It offers additional payment methods and meta trading facilities. It also offers the trading bot feature.
Moreover, Deriv also stays ahead in the number of regulations. Therefore, all such features make Deriv a relatively better choice. However, that does not mean Binomo is anywhere less in offering reliable trading services.