|With their feature-rich platform, Binomo proves they have spent time evaluating and integrating the most essential elements to binary option traders.|
Binomo is a trading platform that allows you to trade binary options, cryptocurrency, forex, and CFDs. This broker has clients from 133 different countries and is one of the most popular brokers for traders from India, Brazil, Indonesia, Vietnam, Russia, and Turkey.
Binomo was established in 2014 and is owned by a company called Dolphin Corp, located in the St. Vincent and the Grenadines. With over 887,470 daily active traders and over 30,000,000 successful trades per week, Binomo is one of the largest brokers.
But is Binomo right for you? Can they be trusted? In this Binomo review, I'll tell you everything you need to know about this trading platform.
Table of Contents
- 1 Trading Platform
- 2 Trade Types
- 3 Regulation
- 4 Binomo Account Types
- 5 Binomo Demo
- 6 Assets
- 7 Binomo Trade App
- 8 Spreads, Commissions, and Leverage
- 9 Binomo Bonuses and Promos
- 10 Deposits and Withdrawals
- 11 Is Binomo A Scam?
- 12 Is Binomo Legal In India?
- 13 Customer Support
- 14 Pros
- 15 Cons
- 16 Final Thoughts on Binomo
Binomo uses a proprietary trading platform for all of its traders. The platform uses SSL protocol to ensure that all data is encrypted and secure, so your money always stay safe during any trading conditions. The security of customers' data is critical, as it determines how well the Binomo can protect financial information.
Without certain sensitive financial information such as credit card numbers, bank information, and other personal data, you can't deposit or withdraw money, which makes platform security necessary. Having this first layer of protection from Binomo benefits you as the trader and preserves Binomo's reputation.
Beyond the basics, the Binomo platform consists of several useful components to enhance your online trading experience. Charts, hotkeys, and fast refresh rates all have the potential to increase your payouts. Binomo offers all of these and then some.
Their platform has more than 20 different graphical tools to help you analyze your trading charts and history. Hotkeys allow for quick access and quick online trading, and they're unique to Binomo. You won't find them with any other traders. Additionally, Binomo provides an economic calendar integration and independent tabs for use with these various charts.
Their streamlined and efficient platform also includes many scalable features, along with the option to start trading with just one click—no confirmation needed. That, combined with the quick refresh rate, allows discerning traders to seize opportunities the moment they arise.
With their feature-rich platform, Binomo proves they have spent time evaluating and integrating the most essential elements to binary option traders.
Binomo offers the standard High/Low options trade type, also known as call/put options, and Turbo Trades. High/Low options are your standard call/put derivative options and are generally available from all binary options brokers.
High/Low options involve predicting whether the final market price of an asset will rise above or sink below the price at the start of a specified time limit. Turbo trades are similar, except with shorter time limits.
Although they don't have a wide selection of trade types on their platform, Binomo does provide non-stop trading availability. The market never closes, which means you can trade whenever you want—including on weekends—setting them apart from other online brokers.
Binomo is regulated by the International Financial Commission (IFC) and has been a Category A member since 2018. The IFC is an independent organization that helps regulate financial markets, and the fact that Binomo is both regulated and a Category A member speaks to their reputation as an option broker.
One benefit for traders is that the IFC has a compensation fund for all of its members. That means that if something were to happen to Binomo to compromise funds, traders would be protected for up to 20,000€. This protection assures traders of the safety of their money and lets them know that Binomo values your resources.
In addition to being a Category A member of the IFC, Binomo is certified by the FMMC. They're also regularly audited by the VerifyMyTrade branch of the IFC. Their last audit was completed on February 13th, 2020, and the results passed the standards for execution quality. These regular audits and their independent certification speak to Binomo's integrity as a broker.
Additionally, Binomo is in the process of acquiring a license via CySEC. For international customers, regulation is critical in determining which broker to select, and these certifications, audits, and regulations are signs that Binomo is a reputable broker with favorable trading conditions.
Binomo Account Types
When comparing online brokers, one of your first steps is to examine the different types of accounts that they offer. What is the minimum investment required? What are the benefits of the various entry points?
With Binomo, you can start with or upgrade to one of three account types. Each level offers various benefits, and as your investment increases, so do the potential yields and bonuses. Binomo has three account levels: Standard, Gold, and VIP. Let's look at each of the accounts, what they require, and what you get when you sign up for each.
If you're just getting started with binary option trading, the standard account may be your best match. It only requires $10 to start trading at this level, and you get access to 39 assets on the platform. Having a smaller number of available assets could be less overwhelming if you're a beginner. It allows you to focus on understanding what you're working with instead of the number of options available. Additionally, the low entry cost means that you won't have to worry about risking your money. Other features include:
- 3 days to withdraw payouts: Your funds will be available in your preferred method of payment within three days. This may seem like a while, but you'll find longer wait times with some brokers.
- Standard tournaments: Access to Standard tournaments allows you to participate in contests that may give you bonus funds
- 84% max yield
- 80% max bonus
For those with the capacity for more substantial investments, the Gold option is your next entry point. A Gold account requires a $500 deposit—quite a jump from Standard's $10. A Gold account allows you access to more assets than the Standard level, so you get 42 instead of 39, and you will have earlier access to your funds. Instead of it taking three days to withdraw payouts from your account, you will be able to access them in 24 hours.
You'll notice several other benefits with this account type that you won't find with Standard accounts, including:
- Gold tournaments: These tournaments have higher potential earnings than the Standard tournaments.
- Manager: Aside from having someone who can assist you with your account, the benefit of having a manager is that sometimes they can provide you with a bonus deposit of matching funds.
- Investment insurance to protect your assets
- 86% max yield
- 90% max bonus
The highest account tier you can get is VIP. This account has all of the features a VIP status should offer. You get quick access to your money, more assets to trade with, higher yields, and more bonuses. A VIP account requires a $1000 deposit. These funds give you access to 49 assets and only a four-hour wait time when you withdraw funds from your account. To assist you in managing your investment, you also receive a VIP manager. Your VIP manager provides support and assistance, as well as possibly offering bonuses.
Other features include:
- VIP tournaments
- 90% max yield
- 100% max bonus
- Investment insurance
- Individual offers
For experienced traders, this type of account offers a significant benefit, especially when it comes to maximizing your ROI.
When you're considering an online broker, it's a good idea to explore the company's demo account before trading in a real account. Using a demo account will allow you to evaluate the platform and see if it offers all of the tools and features you want in an online trading broker.
Demo accounts are an opportunity to test drive before buying. You can become familiar with the platform's processes for making trades and the layout of the user interface. A good broker will offer users a free demo opportunity, and Binomo does.
Binomo offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. To create a demo account, all you need to do is sign up with your email, and you will receive $1000 in virtual money.
These risk-free funds will allow you to see if Binomo meets your needs as a trader. If not, it's easier to opt out than it is to close an account you've already invested in.
As far as assets go, Binomo has a selection that is comparable to others. At the highest account level of trading, you have access to 49 different assets that cover a range of asset types. Having a diverse selection of assets allows you to pinpoint what you are most comfortable trading. Binomo offers a wide array of assets that includes:
- Currency pairs
- Commodity pairs
Binomo Trade App
One feature to consider is whether or not the company has a mobile app. Mobile apps allow you to trade from any place, at any time, which can help you earn more payouts.
Binomo does have a mobile trading platform. You can find the iOS app in the Apple Store or the Google Play Store for Android.
One feature available on the app that you can't get with the web platform is the option to receive notifications. Notifications can help maximize your profits by alerting you to market trends and letting you know when you meet certain trade preconditions.
Spreads, Commissions, and Leverage
Most trading platforms don't charge a fee or commission. Instead, they earn money when a trader makes an incorrect prediction, thereby losing the trade. Per industry standard, Binomo does not charge a fee for their services. The fact that Binomo earns its money from traders who lose their funds means that for the traders who invest with large amounts, it can be quite a lucrative investment.
Binomo's treatment of their VIP clients speaks to their earnings. The 90% max yield and 100% max bonus equate to higher payouts. On the other end, the ability to invest and learn at a lower entry point means that their Standard traders do not lose any of their investment to spreads or commissions. As with most other binary options platforms, Binomo does not use leverage. If leverage is important to you, another platform or broker might be a better match.
Binomo Bonuses and Promos
Many brokers offer bonuses and promotions for your first deposit. However, at the moment, Binomo does not have any promos or bonuses advertised.
They do have regular tournaments, each one unique to the different account levels. The cost of entry ranges from free to $30, depending on the level and type of tournament. The prize funds for the tournaments begin at $300 and reach as high as $40,000. Additionally, as we mentioned in the accounts section, there are bonuses available at the Gold and VIP account levels.
Deposits and Withdrawals
With Binomo, the minimum deposit required depends on what type of account you want to open. You can get started trading with real money for as little as $10 with a Standard account, but for a VIP account, you're looking at dropping at least $1000 right away.
When you withdraw your money, you may encounter a 10% fee, but only if you haven't made a minimum number of trades. The website uses SSL to keep your data encrypted and safe, and funds of up $20,000 are protected against fraud. For deposits and withdrawals, you have several different options:
- Credit Cards (Visa and MasterCard)
- Indian Banks
Is Binomo A Scam?
No, Binomo is not a scam. Binomo is a legitimate online trading platform that is used by thousands of traders everyday from 133 different countries across the world. This broker is a category "A" member of the IFC (International Financial Commission), which includes up to $20,000 in protection for case disputes. By joining the IFC, Binomo reaffirms its commitment to maintaining the highest standards of conduct and business practices.
Is Binomo Legal In India?
Yes, binary option trading in India is legal with Bonomo. However, this broker is not regulated by the Securities and Exchange Board of India. Binomo is an offshore broker and is based out of St. Vincent and the Grenadines. They accept traders from over 113 different countries, including India.
Binomo has several options for how to reach out to them.
- Chat: On their website and app, there's a chat window that pops up and provides you with a live chat option. The live chat function is robust and supports multiple languages.
- Skype: Binomo displays their Skype handle prominently on their website, in case you'd prefer to reach out to them there. Contact them at support.binomo.
- Email Address: Perhaps your concern doesn't require immediate attention. In that instance, you can send an email to firstname.lastname@example.org, and they'll reply as soon as they can.
First Floor, First St. Vincent Bank Ltd
St. Vincent and the Grenadines
With a broker like Binomo, you want to know what you're getting with your investment. Check out the advantages to their platform and policies to see if they're right for you:
- Responsive customer support
- Non-stop trading
- Robust demo account
- $10 minimum deposit
- $1 minimum trade
- Availability of weekend trades
- Potential 90% maximum profit
- Tournaments with prize funds
Although there are many benefits to Binomo, it will not be the best option for everyone. If you're looking for any of these features, you will, unfortunately, be disappointed:
- Limited number of assets to choose from
- Limited trade types
- Not supported in the USA or Europe
- Despite it being a Category A member of the IFC, it is only certified under the FMRRC
- No social trading
- No signals
Final Thoughts on Binomo
Binomo offers a wide range of features and tools that make it a viable, user-friendly platform for many traders and investors who are interested in entering the binary options market. Binomo has something for traders of every skill level.
Its functional mobile app is particularly seamless, and its low entry cost at a $10 minimum deposit means that even new traders who aren't yet ready to dive into the world of online trading can try it out with little to no risk.
At the same time, its charts and strategic tools can still satisfy the more disciplined binary options trader. Overall, it's a solid, reliable pick for your next binary options broker.
Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.