Are you thinking about getting into trading but don’t know which online platform to use? There are many platforms like Binomo and Quotex that can help you trade and make money online. They are known for being easy to use. But here’s the catch: one can only be used as an app, and the other can only be used on a website.
So, which one is better – Quotex or Binomo? We’ll compare their main features to help you decide. If you’re curious, keep reading.
Trading Platform Quick Overview
| Basic Features | Quotex | Binomo |
| Minimum Deposit | $10 | $10 |
| Minimum Trade | $1 | $1 |
| Forex Bonus | Welcome bonus 30% when opening a real account | – |
| Minimum Withdrawal Amount | $10, $50 for Bitcoin withdrawals | $10 |
| Assets | 80+ | 60+ |
| Non-Trading Fees | No trading fees and no deposit, withdrawal and account fees | No trading fees, $10 inactivity fee for 30 consecutive days, 10% approx for withdrawal fee |
| Deposit And Withdrawal Methods | Debit cards, credit cards, internet banking, e-wallets, and Cryptocurrencies. | Credit Card, Master Card, Perfect Money, Cashu and Skrill |
| Deposit Bonuses | Yes, 20% to 35%, Use DEALA promo code to get 50% bonus | Yes, 20% to 35% |
| Return On Investment | Up to 98% | Up to 90% |
| Forex Trading | No | No |
| Demo Account | Yes, $10,000 | Yes, $1000 |
| Regulator | IFMRRC | IFC |
| Withdrawal Time | 1-5 business days | 1-3 business days |
What is Quotex?
Comprehensive Quotex Review | Sign up with Quotex for free now!
Quotex is a reliable broker with an easy-to-use website. They let you trade different things like cryptocurrencies, stock market stuff, and goods like gold.
If you use Quotex, you don’t have to put a lot of money in, and you can take your money out without extra charges. They also have a friendly customer service and give you bonuses when you start. You can make a free practice account to learn how to trade with an extra $10,000 for free.
Once you know how to deal with the stock market and stuff, you can make money. Moreover, the website is trustworthy and reliable because it has certifications.
You can trade popular cryptocurrencies with Quotex, and they offer welcome bonuses for new traders.
Pros:
- Own brand online platform with an easy-to-use interface
- $10 minimum deposit and no withdrawal fees
- No trading fees and no deposit, withdrawal or account fees
- 30% deposit bonus
- 98% payouts
- Global access to different languages
- Unlimited trading signals
- Crypto payments
Cons:
- No mobile app, but you can access the platform via your smartphone
- Leveraged trading is not available
What is Binomo?
Binomo is an online trading platform used by people worldwide. It’s certified by the International Financial Commission to protect your money.
You can use Binomo on your Android or iPhone by downloading the app from the app store. You can trade and improve your trading skills from anywhere.
It’s not like regular stock trading. Binomo uses something called FTT, where you predict if an asset’s price will go up or down. If you’re right, you make 90% profit.
Pros:
- Custom-designed platform that works quickly on mobile devices
- Demo account available to all with no restrictions
- Low minimum trade value from $1
- Competitive payouts up to 90%
- Thousands of daily traders
- Low minimum deposit of $10
- Clear tiered account system
- Attractive deposit bonuses ranging from 20% to 35%
Cons:
- Certain European countries and the US market are not permitted to perform any exchanges on Binomo.
Significant Comparison Between Quotex vs. Binomo
Let’s compare Quotex and Binomo to help you understand the key distinctions and similarities between them, making it easier to decide which one suits your trading needs.
1. Minimum Deposit Amount
Quotex and Binomo let you start trading with just $10, which is great if you don’t have a lot of money. This is especially good for beginners who are new to trading.
Because the minimum deposit is so low, both Quotex and Binomo are good choices. You don’t have to put a lot of money at risk when you start trading with them.
2. Minimum Withdrawal Amount
Quotex has specific minimum withdrawal requirements depending on the withdrawal method you choose. For standard withdrawals, the minimum withdrawal amount is set at $10. However, if you prefer to withdraw your funds in Bitcoin, the minimum withdrawal amount is notably higher, standing at $50.
On the other hand, Binomo, another online trading platform, maintains a uniform minimum withdrawal amount of $10, regardless of the withdrawal method. This means that users of Binomo can initiate withdrawals with as little as $10.
3. Trading Fees and Commission
When it comes to online trading platforms like Quotex and Binomo, understanding their fees and commissions is essential for anyone looking to invest their money. These fees can affect your overall profitability, so it’s crucial to know what you might be charged for using these platforms.
Quotex:
- No trading fees: Quotex does not charge any fees for executing trades, which means that you can buy and sell assets without incurring additional costs.
- No deposit fees: Quotex also does not charge any fees for depositing funds into your trading account.
- No withdrawal fees: Similarly, there are no fees associated with withdrawing your funds from your Quotex account.
- No account fees: Quotex does not charge any regular account maintenance or subscription fees.
Binomo:
- No trading fees: Like Quotex, Binomo also does not charge any fees for executing trades.
- $10 inactivity fee: Binomo imposes an inactivity fee of $10 if your account remains dormant for 30 consecutive days. Inactivity fees are typically charged to accounts not used for a specified period to encourage active trading.
- 10% approximate withdrawal fee: Binomo has an approximate 10% fee for withdrawals. This means that when you withdraw funds from your Binomo account, you may be subject to a fee that is around 10% of the withdrawal amount. This fee can vary depending on the withdrawal method used and the terms and conditions of the platform.
4. Deposit and withdrawal methods
Deposit and withdrawal methods are essential for online trading platforms like Quotex and Binomo. They determine how traders can fund their accounts to start trading and how they can withdraw their profits.
Quotex:
- Debit and Credit Cards
- Internet Banking
- E-wallets
- Cryptocurrencies
Binomo:
- Credit Card
- Master Card
- PerfectMoney
- Skrill
- Cashu
5. Asset Variety
Quotex and Binomo offer a range of assets for trading, but they differ in terms of asset variety and specialization. Let’s compare the asset variety of these two platforms based on the provided information:
Quotex:
Quotex offers access to an extensive range of assets and markets for digital options trading, encompassing more than 410 options. The asset categories available on Quotex include Stocks, Currencies, Cryptos, Indices, Commodities, etc.
While Quotex provides a wide range of assets, including cryptocurrencies, it’s worth noting that they mention the range of available markets may still be somewhat limited when compared to traditional online brokers.
Binomo:
Binomo offers a diverse range of over 60 tradable assets across various markets. The asset categories available on Binomo include Currency Pairs, Leading Equities, Indices, etc.
Binomo specializes in high/low trading, limiting other contract types’ availability. While it offers a variety of assets, it particularly stands out for its focus on equities, making it a choice for those interested in stock trading within a diverse asset selection.
Comparison:
- Asset Variety: Quotex offers a more extensive range of assets with options in stocks, cryptocurrencies, currencies, indices, and commodities. In contrast, Binomo offers a slightly smaller but still diverse selection focusing on currencies, equities, and indices.
- Specialization: Quotex offers a broader range of contract types, including digital options, while Binomo specializes in high/low trading. Binomo’s emphasis on equities sets it apart in terms of asset specialization.
- Cryptocurrencies: Quotex explicitly mentions the availability of cryptocurrencies, catering to crypto enthusiasts. Binomo’s asset list does not include cryptocurrencies.
6. Demo Account
Both platforms offer demo accounts to help traders gain experience and confidence. Trading in a demo environment may differ from trading with real money.
Quotex:
- Demo Account Balance: Quotex provides a demo account with a virtual balance of $10,000. This allows traders to simulate trading activities with substantial virtual funds.
- Features: The Quotex demo account typically mirrors the features of its live trading platform. Traders can use the virtual funds to trade various assets, including binary options and other financial instruments. It allows traders to practice and test their trading strategies without risking real money.
- Realistic Environment: Quotex aims to create a realistic trading environment in its demo account, which includes real-time price feeds and market conditions. This helps traders get a feel for how trading works on their platform.
- Educational Resources: Some trading platforms, including Quotex, may offer educational resources and tutorials to assist traders in learning how to use their platform effectively and improve their trading skills.
Binomo:
- Demo Account Balance: Binomo typically offers a demo account with a virtual balance of $1,000. This is a lower amount compared to Quotex’s demo account.
- Features: Binomo’s demo account allows traders to practice trading various financial instruments, primarily focusing on binary options. It provides traders a risk-free environment to learn how to use their trading platform and develop trading strategies.
- Realistic Environment: Similar to Quotex, Binomo aims to create a realistic trading environment in its demo account, offering real-time market data and price quotes.
- Educational Materials: Binomo may provide educational materials and resources to help traders understand binary options trading and how to use their platform effectively.
7. Trading Platform Interface
Both Quotex and Binomo offer user-friendly interfaces, but they have some differences. Quotex focuses on simplicity and accessibility, with an emphasis on reducing the learning curve.
Binomo, on the other hand, offers a customizable interface with a strong focus on speed, performance, and organization, providing traders with tools and options for efficient trading.
The choice between the two interfaces may depend on the trader’s preference for customization and trading speed.
8. Regulation and Trustworthiness
When you want to trade online, picking a safe and trustworthy platform is important. This comparison will help you understand how safe Quotex and Binomo are so you can make a smart choice.
Quotex is regulated by the International Financial Market Relations Regulation Center (IFMRRC) under license number TSRF RU 0395 AA V0161.
But, it’s important to know that the IFMRRC is not like regular financial regulators. They are an independent international group. This means Quotex doesn’t have to follow specific rules from any one country.
On the other hand, Binomo has been regulated by the International Financial Commission (IFC) since May 2018. They get a Category ‘A’ rating, which is the highest level of compliance. This rating means that when you create an account, your money is protected up to €20,000.
10. Mobile Trading
Trading on mobile devices has surged in popularity. Both Quotex and Binomo have embraced this trend by providing a fully accessible platform optimized for smartphones.
Quotex:
Quotex provides a single mobile application that can be downloaded from both Google Play and the Apple App Store. Additionally, their web-based platform is accessible through any web browser, including those on mobile devices.
Clients can effortlessly track the markets and execute trades with just a few taps. The Quotex mobile app includes a suite of interactive charts, indicators, and drawing tools, all complemented by a comprehensive selection of over 400 underlying assets.
Binomo:
The Binomo mobile app is also compatible with both Android and iOS devices, including tablets. Traders can stay informed through push notifications, which provide updates on everything from their ongoing trades to upcoming market events.
Unlike some brokers offering limited functionality in their mobile apps, Binomo’s app is feature-rich and allows users to perform all the actions on their desktop platform. In fact, you can even trade exclusively on your smartphone, eliminating the need for a desktop computer.
Trading Bonus and Conditions
Quotex and Binomo offer enticing bonuses and trading conditions to attract traders seeking opportunities in financial markets. These bonuses can significantly impact your trading experience, but they come with their own set of rules and conditions that must be understood and considered.
Quotex:
Trading with Quotex offers the potential for significant earnings when accurately predicting volatile market movements. This binary option platform also provides enticing bonuses. Let’s delve into the key trading conditions offered by Quotex:
- Minimum deposit requirement: $10.
- Lowest trade amount: $1.
- Maximum trade amount: $1,000.
- Potential yield: Up to 95%.
Additionally, Quotex offers tiered deposit bonuses based on the amount deposited in USD, as illustrated in the table below:
- 20% bonus for deposits of $50 or more
- 25% bonus for deposits of $100 or more
- 30% bonus for deposits of $150 or more
- 35% bonus for deposits of $300 or more.
Binomo:
This trading platform has some special rewards for traders. One of the best ones is the first deposit bonus. It lets you start trading without risking your own money. But before you use it, make sure to understand the rules.
Here’s an example:
Imagine you put $5,000 into your trading account and decide to use 1% of that money for each trade. That means each trade is $50. If you get a 100% bonus, your account balance becomes $10,000.
You can trade by spending $100 on each trade and still keep the 1% rule. The bonus gives you more chances to make money.
However, the bonus comes with certain rules. For instance, you might have to make a certain number of trades before you can take out your money.
Country Restrictions
Both Quotex and Binomo have country restrictions in place to comply with local regulations and legal requirements.
Quotex has restrictions in place for several specific countries, including the USA, Canada, Indonesia, Hong Kong, EEA countries, and Russia, as well as an age restriction.
Binomo, on the other hand, restricts users from the USA, Canada, and the European Union, but it has a broader language support system, indicating a focus on a wider international audience.
Users should always check the platform’s terms and conditions to ensure they can use it in their respective countries.
Conclusion: Which Trading Platform is Better For You?
The choice between Quotex and Binomo ultimately depends on your specific trading preferences and requirements. Both platforms have their own strengths and weaknesses, and the decision should be based on your individual needs and priorities.
Quotex offers several advantages, including a user-friendly website, a low minimum deposit, and no trading fees. Their demo account with a substantial virtual balance is a great tool for beginners to practice and learn. Additionally, Quotex provides a wide range of assets, including cryptocurrencies, and is regulated by the IFMRRC.
On the other hand, Binomo excels in mobile trading, offering a fully optimized mobile app for traders on the go. They provide diverse assets, particularly on currencies and equities, and offer competitive payouts. Binomo’s first deposit bonus can be attractive for those looking to maximize their trading potential.
Ultimately, your decision should consider factors such as your preferred trading style, asset preferences, and the importance of mobile trading. Additionally, it’s essential to thoroughly understand and comply with the terms and conditions, including bonus rules and country restrictions, for whichever platform you choose.
If you want to give Quotex a try, check out our guide about how to download the Quotex Trading App for your PC. Use our Quotex promo code to get a 50% bonus discount. It’s a limited-time offer. Don’t miss out!