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.
|Location:||St.Vincent and the Grenadines|
|Regulation:||IFC (International Financial Commission)|
|Trade Types:||High/Low and Turbo|
|Mobile Trading:||iOS and Android|
|Number of Assets:||49|
|Payment Methods:||Credit Cards, Cryptocurrency, WebMoney, Neteller, and More|
|Minimum Trade Amount:||$1|
|Countries NOT Accepted:||USA and Europe|
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 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
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.