Are there any differences between incendiary grenades and molotovs?

In CS:GO, two new grenades were introduced: the incendiary and the molotov.

One thing however is, I'm confused at what the difference between these two is. Incendiary, when exploding, leaves a field of fire (also for CT), making it hard for enemies to pass. Molotov (for T) seems to do the exact same thing.

Is there something I'm missing here? Is there a key difference between the two? Both the Molotov and the Incendiary seem to do the same thing.

The main differences seem to be that -

• the molotov is $200 cheaper than the Incendiary Grenade
• the incendiary has a faster deployment time
• the incendiary can be thrown further

Information from here and here.

The incendiary grenade is exclusive to the Counter-Terrorist side, and the Molotov is exclusive to the Terrorist side. They both do the same to balance each side so no side is too over-powered compared to the other.

But I did notice the incendiary grenade has the ability to bounce off something before exploding unlike the molotov, which explodes on impact.