Binomo vs Mitrade

Binomo vs Mitrade Comparison Table 2024
Binomo Mitrade
3.4
3.5
United States Flag Traders from US not accepted
United States Flag Traders from US not accepted

Binomo is a beginner-friendly binary options broker that offers trading on forex, stocks and indices via high/low binary options on a simple web-based platform with payouts up to 90% and reliable service. The firm was launched in 2012 and is based offshore.

MiTrade is a Australian CFD and forex broker with top-tier regulation from ASIC. The broker offers zero minimum deposit requirement, 24/5 customer support and a sleek proprietary platform. The brand has been recognized with global awards and has gained a client base of over 2.4 million.

Bonus Offer
$50 welcome bonus
Comment by Reviewer
"Traders who enjoy straightforward, fast-paced trading on forex and stocks should check out Binomo's short-term binary options. The intuitive platform and joining requirements make the brand particularly attractive for newer traders." "Based on my extensive tests, I think MiTrade is a good choice for novice investors looking for hundreds of instruments, educational content and an award-winning bespoke trading platform."
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
  • I think the online education courses, real-time market news and expert analysis resources are extensive and will be useful for both beginners and intermediate traders
  • The intuitive trading terminal and mobile app with in-built technical indicators, custom charting and trend analysis are notable advantages for technical traders
  • I appreciate the zero minimum deposit requirement, plus free deposits and withdrawals and no hidden charges - ideal for traders on a budget
  • I'm pleased to see top-tier regulatory oversight from ASIC with negative balance protection and segregated client funds for some clients
  • I found a decent list of international payment methods including POLi, Skrill, Neteller, wire transfer and credit/debit card
  • Responsive customer support is also available 24/5 including live chat and an online contact form
Cons
  • Contract expiry times of 1 minute to 1 hour are very short term for many traders
  • Limited extra features with no copy trading
  • Small selection of tradeable instruments
  • Weak regulatory oversight
  • There is only one choice of platform which I think will put MiTrade at a disadvantage compared to other brands
  • It's disappointing that there are no advanced tools including copy trading and a VPS
  • I'm a little hesitant that global traders will be registering with the offshore entities
Instruments
Fixed Time Trades CFDs, Forex, Stocks
Demo Account
Yes Yes
Minimum Deposit
$10 $0
Trading Platforms
  • Own
  • Own
Payment Methods
Minimum Trade
$1 0.01 Lots
Regulator
ASIC, FSC, CIMA
Margin Trading
No No
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No No
Mobile Apps
iOS and Android iOS & Android
App Review

The Binomo app distinguishes itself by offering a comprehensive toolkit, including a risk-free demo account and over 30 analytical tools for technical analysis, ensuring newcomers and seasoned traders can confidently navigate the markets. Moreover, its diverse asset offerings across various markets, coupled with the opportunity to leverage CFDs provides a range of opportunties, all while having access to 24/7 support.

Android App Rating
4.7
iOS App Rating
4.6
Auto Trading
BinomoBot tracks 12 moving and 5 technical indicators and can be set up in than 3 minutes.
Copy Trading
No No
Social Trading
No No
Trade Signals
Yes No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$30
Islamic Account
No No
Account Currencies
  • USD
  • EUR
  • USD
  • AUD
Stock Exchanges
Commodities
CFD Trading
CFD trading not offered There's a decent range of 500+ CFD products on a proprietary terminal including forex, stocks, shares and commodities with competitive spreads. I appreciated the 24/5 customer support, market insights and sentiment data to help me make informed CFD trading decisions.
Leverage
1:30 (Retail), 1:250 (Pro)
FTSE Spread
3
GBPUSD Spread
1.5
Oil Spread
0.05
Stocks Spread
Variable
Forex Trading
Binomo offers a competitive suit of currencies from majors like EUR/USD to exotics like EUR/MXN. But with contracts spanning 1 minute to 1 hour, the broker is best for short-term forex binary options traders. During my tests, I was pleased to uncover 60+ major, minor and exotic currency pairs, such as EUR/USD, AUD/USD and GBP/JPY with a minimum trade size of 0.01 lots and no commission fees. I also noted no hidden fees and free access to market insights.ith leverage through Mitrade's proprietary web-based trading platform.
GBPUSD Spread
N/A 1.5
EURUSD Spread
N/A 1
EURGBP Spread
N/A 1.2
Assets
19 60
Cryptocurrency
Binomo offers 24/7 fixed time trades on a few major cryptos, including Bitcoin. However this is significantly less than alternatives like Focus Option which offers more than 80 digital tokens. Crypto trading not offered
Spread
N/A
Coins
  • BTC
  • LTC
  • BCH
  • ADA
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
Binary Options
Binomo offers binary options trading around the clock, including the weekends. You can speculate on the short-term price movements of popular markets, from stocks to currencies. Payouts are competitive climbing to 90% and contracts start from just 1 minute. Binary options trading not offered
Payout
90%
Expiry Times
1 minute - 60 minutes
Ladder Options
No No
Boundary Options
Yes No
More Comparisons
Binomo
vs
Mitrade
vs