Trading platforms are software systems that traders use to open, close, and manage trade positions. Online brokers generally offer online trading platforms either for free or at discounted rates. Traders and investors can use the platform if they maintain a funded trading account and make a specific number of trades every month.
Trading platforms often come with features and trading tools such as newsfeeds, charting tools, real-time quotes, and others. While some platforms offer a wide range of financial markets, some focus on specific markets such as Forex, CFDs, stocks, and others.
Online traders choose their trading platforms based on their goals, experience, knowledge, and trading style. If you are a new trader looking for a great online trading platform, you can consider the following two. Both offer sophisticated online trading platforms that enable you to enter, exit, manage, and monitor your trade positions with ease.
IQ Option – Pros & Cons
IQ Option is a top-rated online trading platform for trading Forex, binary options, CFDs, digital options, and cryptocurrencies. It meets the requirements of beginners, intermediate, as well as advanced traders. The online trading platform is user friendly and easy to navigate, ideal for not only advanced traders, but those who are totally new to trading.
The following are some of the important features of IQ Option:
- IQ Option has won multiple industry awards.
- It allows you to enter, exit, and manage trades on the move via a sophisticated native mobile trading app.
- If you are new to trading, you can opt to receive informative and educational emails from the online broker.
- You can get started on a demo account and move to a live account only after you have grasped the fundamentals of trading.
- IQ Option is home to monthly trading tournaments that give traders the opportunity to win big cash prizes.
- The online broker offers a wide range of trading tools and features such as historical quotes, newsfeed, and calendars, which help traders to make profitable trades.
- IQ Option is one of the best places to learn about trading as it offers a wide range of video tutorials.
IQ Option is far from perfect and may have a drawback or two such as the lack of auto trading. Also, advanced traders may feel that it does not offer adequate financial markets to bet on.
But the truth remains that it is reliable, licensed, and growing at a fast pace. If you make a successful trade at IQ Option, you can enjoy returns of up to 91%. Plus, you can get the best customer support and rest assured that your profits will reach you quickly.
Binomo – Pros & Cons
Binomo.com is another reputed online broker that not only offers an excellent trading platform, but also teaches beginners how to make a profit. Binomo’s motto is to provide small investors an innovative trading platform. The online broker owes its popularity to the fact that it lives up to its motto.
Let us consider some of the features of Binomo.com:
- Beginners can get started on a demo account and move on to live trading after gaining the required knowledge and expertise.
- Experienced investors and traders can choose from three different types of accounts.
- If you wish to trade on the move, you can do so via Binomo’s native mobile trading app.
- You can spice up your online trading experience by claiming bonuses and participating in tournaments and promotions at Binomo.com.
- If you are an advanced trader, you can avail of trading tools such as indicators, strategies, charts, and others.
- com is home to free educational material such as video tutorials and knowledge base.
- The online broker uses the latest digital encryption technology to protect traders’ data.
- The minimum deposit amount is only $350 and you can open a trade position with just $1.
- Binomo is an A Category member of the International Finance Commission.
- VIP account holders can enjoy a variety of benefits such as faster withdrawals, trade profits of up to 87%, special bonus offers, investment insurance, cashback, and much more.
Just like IQ Option, Binomo.com is an online broker with very few drawbacks. It is one of the safest online trading platforms to learn and trade.
Conclusion – How to Choose the Better of the Two
Before choosing a trading platform, you should take into consideration a wide range of factors such as pricing, features, customer support, licensing, and others. You should also consider your own trading style, strategies, goals, and requirements. For example, short-term traders may look for features such as charting tools and level 2 quotes to help them make informed trading decisions.
Pricing is also an important factor to consider. If you are a scalper, you might prefer platforms that charge low fees. At the same time, you must understand that low fees usually come with fewer trading tools and features.
Also, you must understand that some trading platforms are available only if you sign up at a particular broker, while other trading platforms are available at a wide range of online brokers. So make sure that the online broker is reputed before committing to a particular trading platform.
You can rest assured that both the above-mentioned brokers are highly reputed. We suggest getting started on a demo account so that you can test drive the trading platforms before you start with live trading.