Switch Markets vs Binomo

Switch Markets or Binomo – which is better for UK traders 2024? Compare Switch Markets and Binomo in this detailed breakdown of their platforms, features and fees.

Switch Markets vs Binomo Comparison Table 2024
Switch Markets Binomo
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3.3
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3.4
Switch Markets is ranked #97 among CFD brokers. Binomo is ranked #11 among binary options brokers.
Review
Review
Switch Markets is a multi-asset CFD brokerage, regulated by ASIC and SVGFSA. The new brand offers trading on the MT4 platform and leverage up to 1:500. The broker boasts over 180 instruments, with some additional tools including copy trading services and free VPS hosting.
Binomo has closed or no longer accepts UK clients.
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.
Pros
  • Switch Markets offers access to a decent range trading tools including a market sentiment heatmap, an economic calendar and a VPS. I particularly appreciate the diverse range of forex calculators
  • I found 14 accessible deposit options and 5 base currencies. The impressive average processing times of 1 minute and 2 seconds should also appeal to active traders
  • I am impressed by the complimentary access to the HowToTrade education resources, community chatroom and market analysis for just a $100 deposit
  • Traders can access copy trading solutions via the MetaTrader Trading Signals tools and duplicate positions of experienced traders in real-time
  • I think the $50 minimum initial deposit for both account types is very competitive compared to some other brands
  • 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
Cons
  • I'm a little concerned that the global entity is regulated offshore by the SVGFSA, a low-tier watchdog with very limited financial protection for clients
  • Spreads are not the most competitive for Standard account holders in my opinion, averaging 1.5 pips on EUR/USD
  • 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
FCA Regulated
No

List of FCA Regulated Brokers

No
Instruments
CFDs, Forex, Stocks, Cryptos, Commodities Fixed Time Trades
Demo Account
Yes Yes
Minimum Deposit
$50 $10
Payment Methods
Minimum Trade
$1 $1
Regulator
ASIC
Mobile Apps
iOS & Android iOS and Android
Trading App

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.
iOS App Rating
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4.6
Android App Rating
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4.7
Margin Trading
Yes No
MetaTrader 4
Yes No
MetaTrader 5
No No
cTrader
No No
AlgoTrader
No No
OmniTrader
No No
TradingView
No No
Autochartist
No No
eSignal
No No
Trading Central
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
Yes No
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes No
Auto Trading
Yes - Equinix BinomoBot tracks 12 moving and 5 technical indicators and can be set up in than 3 minutes.
Copy Trading
Yes No
Copy Trading Platform
Switch Markets offers copy trading services with low fees via the MetaTrader 4 terminal.
Social Trading
Yes No
Trade Signals
MT4 Yes
VPS Hosting
Yes 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
Yes No
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • NZD
  • CHF
  • SGD
  • USD
  • EUR
Commodities
  • Gold
  • Silver
  • Oil
  • Natural Gas
  • Gold
  • Oil
  • Silver
CFD
Switch Markets offers 180+ CFD instruments with 1:500 leverage and fast order execution speeds of <76 ms. I find commissions are also fairly competitive, coming in at $7 per round turn for Pro account holders.
Leverage
1:500
FTSE Spread
1.2
GBPUSD Spread<
0.5
Oil Spread
2.0
Stocks Spread
Variable
Forex
I think the range of 60+ major, minor and exotic currency pairs is fairly competitive, especially with spreads from 0 pips in the Pro account. Experienced traders can also access high leverage up to 1:500 in the popular MT4 platform. 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.
Assets
60+ 19
GBPUSD Spread
0.5 N/A
EURUSD Spread
0.1 N/A
EURGBP Spread
0.6 N/A
Cryptocurrency
There's only 6 crypto CFDs available at Switch Markets, though I was pleased to see leverage of 1:3 available. I like that you can also benefit from BTC, ETH, XRP, USDT and USDTRC20 deposit options. 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.
Spread
Variable N/A
Coins
  • BTC
  • ETH
  • LTC
  • XRP
  • 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.
Payout
90%
Expiration Times
1 minute - 60 minutes
Boundary Options
No Yes
Ladder Options
No No
Switch Markets Binomo
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