IQ Option Vs Binary 2023: Which Is The Ideal Broker For You?
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Let's start with the first question of IQ Option vs Binary: which options trading broker is really best? Well, for this you should answer your personal needs. But nevertheless, Binary.com and IQ Option are both excellent brokers - it only depends on what you prefer.
What Is IQ Option?
IQ Option is one of the most well-known binary options brokers on the market. Their trading platform is not only user-friendly but technologically advanced as well, offering their clients an opportunity to trade various asset classes, including stocks, currencies, indices, and commodities.
Their development team consists of experienced financial experts that are constantly working on creating new products for their clients.
IQ Option has a number of advantages, including:
Demo account; Low minimum deposit; High yield investments; A wide range of assets for trading; Good customer support.
How To Open An IQ Option Account?
Visit the IQ Option website to choose your broker. Register on the website by entering your personal info, country of residency, and email address. Fund your account. The minimum amount for funding an account is $10 via credit card or bank wire transfer, and no deposit is necessary if you want to use the Demo account. Once your account is funded, you can start trading or monitor the markets through their demo platform. In order to withdraw your funds from IQ Option, you have to wait a minimum of 30 days since your first deposit and make at least 3 transactions during that period in order for them not to consider this as a "manipulation" of their system.
How To Withdraw IQ Option Funds?
Click on "My Account" after you log in. Go to "Account Details." You can withdraw USD, EUR, and GBP into your bank account (the minimum amount is $2, and the maximum is $10000). Pay attention! Make sure that you select the right currency depending on your bank account. The withdrawal process takes up to 2 business days.
What Are The Security Measures Of IQ Option?
IQ Option uses the latest firewall and encryption technologies. They keep both personal and financial information of their clients in a secure environment, which is regularly checked by Kaspersky Lab, one of the world's leading IT security companies.
They also provide 2 Factor Authentication to all users who use a MetaTrader 4 trading platform from their mobile device. It is an additional security measure for storing and processing user data, which is especially useful on a mobile device.
Also, they offer SMS notifications in order to receive important notifications on your mobile phone. As you can see, the security measures are up-to-date and advanced.
What Does An IQ Option Platform Look Like?
The trading platform is really easy to use and has several tools that will help you become a professional trader.
You can easily analyze the markets with the different charts, as well as place various types of orders such as Pending Orders (Stop Loss, Take Profit), Limit Orders, and more. It allows you to trade up to 30 instruments which include currencies, indices, and stocks.
Additionally, you can also use the Trading Signals provided by IQ Option, which are based on technical analysis. If you want to develop your own trading strategies, they have an API that will help you access all of their functions through a code. Also, their platform screen is divided into 4 windows that allow easy access to different market information.
Lastly, they offer a free demo account which you can use in order to practice trading without using "real" money. The only drawback is the lack of financial indicators.
What Types Of Assets Are Available For Trading With IQ Option?
IQ Option offers a wide range of assets which includes more than 70 currency pairs, indices, and stocks from the USA and Europe.
The variety of assets gives you an idea of how large their platform is. You have access to everything that you need to trade successfully. Their list of commodities includes gold, silver, and auto trading oil. They have recently added Bitcoin to their list of tradable assets.
They also offer different types of trading instruments, including Short Term Options and Long Term Options, where you can choose between 15 seconds up to several minutes before the option expires. They are looking for new opportunities so expect them to add even more asset classes in the future.
How Is The Customer Service Of IQ Option?
IQ Option offers unlimited free support. You can ask them anything anytime about the platform, your account details, etc. You don't need to wait for support hours (almost 24/7) because they are available on live chat and email any time you need them. They also have educational services to help new customers learn how to trade successfully.
What Is Binary.com?
Binary.com is a provider of online binary options trading. The company was founded in 1999 and had since then expanded its operations to a number of different countries, becoming a prominent player in the market.
Binary.com’s trading platform includes a wide range of assets for trading, including indices, commodities, stocks, and currencies, which can be traded both on the rise and on the fall.
Besides, all Binary.com’s clients get access to live market updates along with special trading tips that can help determine trends in advance.
As long as it concerns trading conditions, there is nothing that could prevent you from exploring opportunities of binary options trading at this broker - they accept traders from any country, and they allow transactions to be made in any currency of the world.
Just like IQ Option, Binary.com uses a unique platform that includes many different kinds of assets for trading, along with all kinds of charts and graphs. It also offers its clients free access to live market updates.
How To Open A Binary.com Account?
Visit the Binary.com website and select your country of residence. Register on their site by filling out all personal information. You can also register through Facebook or Google+. Once you are logged in, click on "Open an account" to deposit funds into your new account. Select one of the available funding methods (Credit Card, Bank Wire Transfer, Skrill, etc.) and follow the instructions. Now you are ready to trade!
How To Withdraw Binary.com Funds?
Go to "My Account" after you log in. From the drop-down menu, select "Withdraw." Enter the amount you want to withdraw and choose your withdrawal method (Credit Card, Bank Wire Transfer, NETELLER). Pay attention! Make sure that you select the right currency depending on your bank account. After logging in to your bank account, the withdrawal will be processed within 2-5 business days.
What Are The Security Measures Of Binary.com?
Binary.com is using SSL 256-bit encryption for their entire website, which means that all information sent from your computer will be encrypted. They also have 128-bit encryption for all internal data transfers.
In case you forget your password, the process is automatic, and no one can access your account. In order to reset it, go to the "My Account" section on their website and select the button "Forgot Password." You will receive an email containing a new password.
What does the Binary.com platform look like?
Binary.com has an advanced web-based platform that provides its users with a wide range of financial instruments. You can trade in Indices, Commodities, and Forex pairs.
The charts are very clear, and they look professional, which is especially useful for analysis. It includes different types of orders, including Pending Orders (Limit and Stop), Market, and One-Cancels- the-Other (OCO).
The screen is divided into 4 sections that are accessible at the bottom of the screen. The first section shows the history of your transactions, another one allows you to place or change orders, the third window displays the current market data, and the last tab is for news.
What types of assets are available for trading with Binary.com?
Binary.com offers over 120 financial instruments to trade, mainly in the Foreign Exchange market, where you can trade in 80 different currency pairs. They also offer stocks, indices, and commodities but not as many as IQ Option does.
They have recently added Bitcoin cash, so more assets are on the way.
Binary com offers 4 types of accounts that have different minimum deposits and profit percentages.
You will also find here some new financial instruments that you cannot find elsewhere, such as Ladder Options or Pairs Trading. These options are not very common in binary options trading, but they exist on Binary.com.
It also offers different types of trading orders, including Pending Orders (Stop Loss, Take Profit), One-Cancels-the-Other (OCO), and Limit Orders that will help you manage your trades.
How Is The Customer Service Of Binary.com?
Binary also offers some great services, including a protection system that will lock your deposited funds in case you forget your password or if your account gets hacked.
You can find here lots of educational materials and different types of trading tutorials with real market examples, so it's easy for beginners to start.
However, Binary.com doesn't offer live chat as IQ Option does, and the support is only available via email and by phone during working hours (9:00 to 18:00 GMT). It means that if you need urgent support outside of these hours, you would not be able to contact them easily. This can result in losing money or missing opportunities.
Let’s Take A Quick Look At Our Comparison Chart Between IQ Option vs. Binary.com.
Minimum Deposit:
A minimum deposit is the lowest sum of money that a trader has to invest in order to open an account. This sum can be reduced by trading in demo mode, but it doesn’t allow you to withdraw any profits.
IQOption has a minimum deposit of $10; Binary.com has a minimum deposit of $5;
Years In Business:
The longer the time a binary options broker has been on the market, the better it is. When reviewing each option, we take this factor into account.
IQ Option has been around since 2013; Binary.com has been around since 1999 - they are one of the oldest brokers out there!
Assets:
A wide range of assets for trading is crucial, and we always take it into account when reviewing each broker.
IQ Option provides you with an opportunity to trade in more than 70 different assets; Binary.com offers its clients a chance to trade in 150 different assets.
Minimum Trade:
The minimum amount that one can trade is usually $1. Do keep in mind that the lower the minimum trade, the better for small-time traders!
IQ Option has a minimum trade of $0.001 lots. Binary.com has a minimum trade of $1.
Regulator:
A regulated broker provides you with your money-back guarantee, which is crucial if you want to enjoy trading. Binary.com is regulated by MGA (Malta Gaming Authority), which is one of the strictest regulators. Also, it is regulated by SC (Seychelles Commission).
IQ Option is licensed and regulated by CySEC (Cyprus Securities and Exchange Commission), which means it follows the rules of this regulatory body.
Interface:
The trading interface must be user-friendly so that you can easily access various assets, charts, graphs, etc. IQ Option provides you with a proprietary trading platform. Binary.com provides you with a web-based interface that is easy to navigate through and also offers an app for iOS and Android.
Margin Trading:
Margin trading is an opportunity to invest more money than you have used leverage. This can help you increase your profits, but at the same time, it also increases your risk. IQ Option allows margin trading, but Binary.com does not offer this opportunity.
Meta Trader 4/5:
Meta trader 4 is a leading trading platform that provides you with an opportunity for remote desktop connection. IQ Option does not use this system; Binary.com uses Binary Option Webtrader, which allows traders to trade anywhere and anytime as long as they have access to the Internet.
Trade Signals:
Trade signals are provided by a third party, and they offer an opportunity for traders to increase their profits. However, there is a risk of losing money if the trader doesn’t use this information properly. IQ Option does offer Trade Signals, but Binary.com does not.
Islamic accounts:
Islamic traders are more particular about the companies they trade with, and this is why we always take this factor into account when rating each broker.
IQ Option offers an Islamic Account that allows investors to abstain from trading on Mondays and Thursdays because of day-time fasting during Ramadan, binary option which lasts for 30 days. Binary.com does not offer an Islamic Account.
User Interface:
When reviewing each broker, we take into account the user interface as well as its ease of use and navigability. IQ Option provides a proprietary web-based trading platform with an app for iOS and Android. Binary.com offers a web-based version of its platform, which is also available as an app for iOS and Android.
Funding Methods:
The more funding methods a broker offers, the better it is for you because you have a variety of choices. IQ Option provides 7 different funding options: Credit/Debit cards, Skrill, Neteller, Qiwi Wallet, Wire Transfer, and WebMoney. Binary.com provides Banking security via Yandex WebMoney and Bank wire.
Customer Service:
Customer service plays an important role when selecting the right broker. If your queries are not answered in time, it can lead to devastating results.
Binary.com offers its clients flexible hours; however, IQ Option does not offer customer support outside their working hours.
Both brokers have 24/7 live chat, which is a great advantage. On the other hand, IQ Option offers email support that is decentralized from their main website.
Binary.com provides telephonic support as well as a FAQ section, for quick answers to most questions, with the provision of contacting them via telephone in case of more complex problems.
Auto-Trading Software:
Auto-Trading Software is a great benefit for all traders since it makes the whole trading process much easier. IQ Option offers an Auto-Trade feature that can be quite useful to new traders.
Binary.com does not offer an automatic trading feature at this moment, but they are planning to launch this platform very soon.
Education:
Unlike IQ Option, Binary.com provides a free learning center with webinars and educational videos. If you want to be successful in trading, education is more than necessary, and you will not find this feature on the majority of the platforms we have reviewed thus far.
IQ Option does offer tools such as an economic calendar, fundamental analysis, and technical indicators, but Binary.com offers its clients a wide variety of educational materials on its website.
Profitability:
What makes a broker stand out from the crowd is its profitability. In this regard, IQ Option offers one of the best conditions in the industry, with an average payout of 92-95% which means that you can get up to $92-$95 for every $100 you invest.
Even though Binary.com has an 82% payout rate, they are regularly offering special deals and promotions, which makes them even more attractive.
Trading Platform:
IQ Option offers a proprietary web-based trading platform with an app for iOS and Android, while Binary.com provides a web-based version of their platform, which is also available as an app for iOS and Android.
Explain Different Types Of Orders?
If you're a beginner, traditional trading can be quite confusing and risky. This is where Binary options come into play, offering a simple and straightforward solution: You speculate on whether the price of an asset will rise or fall within a specific time frame.
All you have to do is guess if the price of an underlying asset will go up or down. If you are right, you win the prize. If not, your money is lost.
They offer several types of orders, including Pending Orders (Limit and Stop), Market, and OCO orders which will help you manage your trades in different situations.
Limit Order:
This Lets you set the price at which you are willing to buy or sell a financial asset. For example, you can place a Limit Order to sell EUR/USD with the price of 1.1500, and you will sell it at this price or better.
Stop Loss:
This allows you, traders, to limit their losses on a position, enabling them to lock in some of the profits already earned or cut their losses if a trade moves against them by setting a price limit.
For example, if you decided to go long (buy) on the EUR/USD at 1.1500 and the price went down, your Stop Loss would automatically sell your position if the price drops to 1.1450 or lower so that you won't lose all of your invested money.
One-Cancels-the-Other (OCO):
This unique feature allows you to set two pending orders for the same currency pair, with the condition that if one order is executed fully or partially, the other will be canceled.
For example, If you think that GBP/USD will go up and you want to take advantage of this movement, you can set the One-Cancels-the-Other order with the Take Profit price at 1.3000 and Stop Loss price at 1.2000.
This way, your order will be executed only if the market reaches one of these prices, depending on which direction it moves after that - your loss or profit.
Market Order:
This order executes at the current market price and is not subject to cancellation. For example, if you place a Market Order to buy EUR/USD, it will be executed at the market price or the price you set in some cases.
What Is A Broker?
A broker is a third party that connects the trader to the stock exchange. These companies are also called market makers, and they take the other side of your trades when you want to open or close a position.
Which Broker Is Better?
Binary.com doesn't have as many trading tools as IQ Option does, so it's clear that the answer is IQ Option because their platform offers lots of different types of indicators to help you manage your trades more efficiently.
IQ Option also allows you to use a free demo account so that you can practice different trading strategies without risking losing money.
If you are looking for a broker with great customer service, then go for IQ Option because Binary.com doesn't offer live chat, which is the most important feature in options brokers nowadays, especially for beginners who need urgent support outside of working hours.
Factors That Need To Be Considered Before Choosing The Ideal Broker:
Account Types:
Some brokers offer only one account type, while others offer several. It is important to know how much capital you are willing to risk before making a deposit.
Types Of Instruments Available:
The more types of financial instruments the broker supports, the better it will be for your trading experience. However, some investors might not need all these instruments and want to limit their trading activity to certain assets.
Minimum And Maximum Leverage:
When you invest in binary options, the broker sets the size of the trade you can open. The higher amounts allow for greater profitability, but they also increase the risk. Some brokers offer several levels of support, so it will be easier to choose one that matches your trading requirements.
Supported Assets:
You can find these by browsing through the broker's website or simply checking the list of assets on the trading platform where you plan to invest. If some assets are missing, it might be an indication that they are not supported.
No Deposit Bonus:
Some brokers offer new customers a "gratis" amount of money to start trading.
Demo Account:
A demo account is a good way to become familiar with the broker's trading platform and assess your personal strengths and weaknesses before investing real money.
Customer Support:
Fast customer support is an excellent feature of any brokerage company. If you need help, these companies should provide fast response times, day or night (or any time of the week).
Social Trading:
This is a relatively new feature that allows investors to copy trades from other people who are considered professionals. The social trading platform might allow copying trades directly or choosing certain traders instead.
Conclusion:
Both brokers offer superior trading platforms, but Binary.com offers more investment opportunities. IQ Option supports 60 cryptocurrencies, which can be traded against USD and EUR, while Binary.com offers about 400 financial instruments (including the most popular cryptos).
It is also worth mentioning that Binary.com has a better refund policy than IQ Option: for this broker, you can refund your deposit within 60 days if you are not satisfied with the services. So, it is up to your needs.
Michael Restiano.
I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.