Binomo Review
• Quick responses from customer service representatives
• Non-stop trading
• Comprehensive practice accounts
• $10 minimum deposit
• $1 minimum trade
• The accessibility of weekend business opportunities
• Potential 90% maximum profit
• Competitions with monetary prizes available
• Trading platforms, including Binomo
Bonuses:
• Free daily tournaments of binomo with prize pools of up to $300
• Binomo Deposit Bonuses of up to 70 Percent Available
• Binomo Depsit Bonus – Up to 60% Bonus
Binomo demonstrates that they have spent time determining which aspects are most important to Binomo traders by adding those aspects into their feature-rich trading platform.
• Rules and Regulations: IFC (International Financial Commission)
• Minimum Deposit: $10
• Minimum Trade: $1
• Payouts: Up to 90 Percent
• Transactions through mobile device, yes
• Weekend Trading: Yes
• Assets including Contracts for Difference (CFDs), Commodities, Indices, and Currency Pairs
• Demo Account Accessible Here:
• Merchants from the United States and the United Kingdom will not be accepted.
It is one of the most popular brokers for traders from India, Brazil, Indonesia, Vietnam, and Turkey. This broker has clients from 133 different countries.
Binomo was founded in 2014, and the company is currently owned by a business known as Dolphin Corp, which has its headquarters in St. Vincent and the Grenadines. Binomo is one of the leading brokers because it has more than 887,470 daily active traders and more than 30,000,000 successful trades every week.
But do you think Binomo is a good fit for you? Can we put our faith in them? In this evaluation of the trading platform Binomo, I will provide you with all of the information you require to make an informed decision.
Marketplace for Traders
All of Binomo’s traders participate in transactions through the company’s in-house trading platform. Because the platform makes use of SSL protocol to ensure that all data is secured and protected, your cash will always remain secure regardless of the trading conditions that are in place. The level of protection that Binomo can provide for customers’ financial information is directly correlated to how well their data is protected.
You are unable to make deposits or withdrawals of funds if you do not provide certain sensitive financial information, such as credit card numbers, bank information, and other personal data. Because of this, it is vital for the platform to have security. You, as the trader, stand to benefit from this initial layer of security provided by Binomo, and the company’s reputation is kept intact.
Beyond its foundational features, the Binomo platform has a number of helpful add-ons that can improve your overall experience with online trading. There is a possibility that your payouts will improve if you make use of charts, hotkeys, and quick refresh rates. Binomo provides all of these, in addition to many other benefits.
More than twenty distinct graphical tools are available on their platform to assist you in analyzing the charts and history of your trade. Hotkeys are exclusive to Binomo and enable for speedy online trading in addition to facilitating rapid access. You won’t be able to purchase them from any other dealer. In addition, Binomo offers an integrated economic calendar as well as separate tabs that can be used in conjunction with each of these other charts.
Their platform is simple and efficient, and it offers numerous scalable features, as well as the Binomo, which allows users to begin trading with just one click and does not require any confirmation. Because of this, as well as the rapid rate at which the data is refreshed, astute traders are able to capitalize on opportunities the instant they present themselves.
Binomo demonstrates that they have spent time determining which aspects are most important to binomo traders by adding those aspects into their feature-rich trading platform.
Trade Types
The High/Low trade type is one of the available options on Binomo. This trade type is also referred to as call/put and Turbo Trades. High/Low is a type of call/put derivative that is standard in the industry and is normally offered by all trading brokers.
Predicting whether or not the ultimate market price of an asset will be higher than or lower than the price at the beginning of a given time limit is required for the High/Low trading strategy. The difference with turbo transactions is that the time constraints are much less.
Binomo offers non-stop trading availability, despite the fact that their platform does not provide a very diverse range of different types of trades. Their advantage over competing online brokers is that the market is open around the clock and never shuts down, so customers may trade anytime they choose, including on weekends.
Regulation
Since 2018, Binomo has become a Category A member of the International Financial Commission (IFC), which is the regulatory body that oversees the company. The International Financial Commission (IFC) is a non-governmental body that contributes to the regulation of financial markets; the fact that Binomo is both regulated and a Category A member is indicative of the company’s standing as a broker.
The fact that the International Finance Corporation (IFC) provides a compensation fund for all of its members is one advantage that is offered to traders. This means that if something were to happen to Binomo that resulted in funds being compromised, traders would be covered for a maximum of 20,000 euros. This protection demonstrates to traders that Binomo appreciates their resources and ensures that their financial assets will remain secure at all times.
In addition to holding a membership in the highest tier of the IFC’s Category A, Binomo possesses certification from the FMMC. They are also subjected to routine inspections by the VerifyMyTrade department of the IFC. Their most recent audit was finished on February 13th, 2020, and the results were deemed satisfactory in terms of the quality of the execution. The fact that Binomos undergoes frequent audits and is independently certified speaks much about the company’s trustworthiness as a broker.
In addition, the CySEC licensing procedure is now being completed by Binomo in preparation for its launch. These certifications, audits, and regulations are indications that Binomo is a reputable broker with favorable trading conditions. Regulation is an essential factor to consider when deciding which broker to select for international clients because of its importance in determining which broker to select.
Account Types Available on Binomo
When comparing online brokers, one of the first things you should do is look at the many account options that each one has for their clients. What is the bare minimum amount that must be invested? What advantages do the various sites of entrance have over one another?
You have the option to begin using Binomo with any one of three different account types, and you can also upgrade at any time. Each level comes with its own unique set of advantages, and as the amount you invest grows, so too will the possible profits and bonuses. There are three different account levels available on Binomo: Standard, Gold, and VIP. Let’s take a look at each of the accounts, what’s required to sign up for each one, and what perks you get when you do so.
Standard
If you are new to trading and looking for an account to begin started with, you should consider opening a regular account. Trading can begin at this level with a minimum investment of only ten dollars, and you will have access to 39 different assets on the platform. If you are just starting out, it might be easier for you to handle the situation if you have fewer assets to choose from. It frees your mind to concentrate on gaining a comprehension of the material you are working with rather than counting the various options at your disposal. In addition, because there is such a low barrier to entry, you won’t have to be concerned about putting any of your money at danger. The following are additional features:
• Payouts take three business days to process: within three business days, your money will be accessible in the payment method of your choice. This may seem like a lengthy time, but there are certain brokers who have wait times that are even longer.
• Standard tournaments: Participating in contests that could provide you with bonus monies is made possible by having access to standard tournaments.
• 84% max yield
• 80% max bonus
Gold
The Gold level is the next entrance step for those who have the financial wherewithal to make more substantial investments. A Gold account takes a $500 deposit—quite a hike from Standards $10. If you have a Gold account, you will have access to additional assets in comparison to the Standard account, giving you 42 instead of 39, and you will also have earlier access to your funds. You will be able to retrieve payouts from your account within 24 hours, a significant improvement over the previous time requirement of three days.
Other advantages, which are not included in the Standard accounts, are going to become available to you after you switch to this sort of account, and they include the following:
• Gold events: The potential rewards from these tournaments are significantly higher than those of the Standard tournaments.
• 90% max bonus
VIP
The VIP account tier is the highest one that may be obtained. This account offers all of the benefits that should come with having VIP rank. You will get faster access to your funds, a greater variety of assets with which to trade, increased yields, and additional bonuses. A VIP account requires a $1000 deposit. When you withdraw money from your account, you will have access to more than 55 different assets and will only have to wait for four hours to do it. In addition, you will be assigned a VIP manager who will assist you in managing your investment. Your VIP manager offers support and guidance, and there is a possibility that bonuses will be offered as well.
The following are additional features:
• Invitation-only tournaments for VIPs
• Possibility of profits of up to 90 %
• Deposit up to 200% of your total
• Investment insurance
• Special deals for individuals
• Manager on a Personal Level
This kind of account provides a considerable benefit, particularly when it comes to increasing your return on investment (ROI), which is something that experienced traders may take advantage of.
Binomo Demo
Before you begin trading in a real account with an online broker, you should first test out the broker’s demo platform, which is recommended to do if you are shopping for an online broker. You will be able to analyze the platform and determine whether it provides all of the tools and features that you require from an online trading broker by using a demo account.
Demo accounts give users the ability to test out the product before purchasing it. You will get the opportunity to become familiar with the procedures for making trades on the platform as well as the structure of the user interface. Binomo is one of the brokers that provides its consumers with the option of trying out the platform for free.
Traders can use the demo account provided by Binomo to hone their trading skills and get acclimated to the platform before moving on to real money trading. To make a demo account, all you have to do is sign up with your email address, and you will immediately be credited with one thousand dollars’ worth of virtual cash.
You won’t have to worry about losing any money when testing out Binomo’s trading platform thanks to the risk-free cash provided. If this is not the case, opting out is far simpler than closing an account in which you have already invested money.
Assets
In terms of the assets available, Binomo has a selection that is on par with those of its competitors. When you reach the highest account level for trading, you are given access to 49 different assets that span a wide variety of asset categories. You are able to choose what types of assets you are most comfortable dealing in if you have a varied variety to choose from. Binomo provides its users with a wide variety of assets, which include the following:
• Commodities
• CFDs
• The various currency pairs
• Indices
• Commodity and Currency Pairs
Binomo Trade App
One aspect to take into account is whether or not the organization has a downloadable app for mobile devices. You can trade using mobile apps from any location and at any time, which can lead to increased payments for your investments.
Binomo does feature a mobile trading platform. The app for iOS can be found in the Apple Store, and the app for Android can be found in the Google Play Store.
The ability to get alerts is one of the features that is exclusive to the mobile app and is not available on the web platform. Notifications can assist you in maximizing your profits by drawing your attention to patterns in the market and informing you when certain preconditions for trading have been satisfied.
Leverage, along with Spreads, and Commissions
The vast majority of trading platforms do not charge traders any fees or commissions. Instead, they make additional profit whenever a trader makes a wrong prediction, which results in the loss of a deal for them. Binomo is the only company in the business that does not charge a fee for the services that they provide. Because Binomo generates revenue from traders who lose their cash while using the platform, it is possible for traders who invest substantial sums to make a profit from their investments through the platform.
The way that Binomos treats its most important customers reflects directly on their revenue. The maximum yield of 90% and the maximum bonus of 100% both result in bigger payments. On the other hand, the fact that Standard traders are able to invest and learn at a lower entry point means that none of their investments are lost due to spreads or commissions. Binomo, just like the vast majority of other platforms, does not make use of leverage. If leverage is crucial to you, you could find a better fit on another platform or with a different broker.
Promotions and Bonuses Offered by Binomo
There are a lot of brokers out there that will provide you bonuses and incentives for your first deposit. Binomo does not appear to be offering any promotions or bonuses at the moment, so check back later.
They do run frequent tournaments, and each one is tailored specifically to a particular level of account. The entry fee might be anywhere from zero dollars to thirty dollars, depending on the level and category of the tournament. The prize pools for the competitions start at $300 and can go up to $40,000 total. In addition, as was noted in the section on accounts, the Gold and VIP account tiers each come with their own unique set of perks and incentives.
Transactions for Deposits and Withdrawals
The amount of the minimum deposit that is necessary to start an account with Binomo is determined on the kind of account that you wish to create. With a Standard account, you can start trading with real money for as low as $10; however, if you want to trade with real money using a VIP account, you will need to deposit at least $1,000 straight immediately.
You may be subject to a cost of up to 10% when you withdraw your cash, although this is only the case if you have not yet completed the required number of trades. Your data will remain encrypted and secure thanks to the use of SSL on this website, and funds up to $20,000 will be secured against fraud. You can choose from a variety of options to make deposits and withdrawals, including the following:
• Debit and Credit Cards (Visa and MasterCard)
• Neteller
• Jeton
• Indian Banks
Is Binomo A Scam?
No, Binomo is not a fraudulent business. Binomo is a reputable online trading platform that is utilized on a daily basis by thousands of traders from 133 countries all over the world. This broker is a member of the International Financial Commission (IFC) in the highest possible category, which entitles them to up to $20,000 in compensation in the event of a legal issue. By becoming a member of the IFC, Binomo is demonstrating its continued dedication to upholding the highest possible ethical and professional standards in all of its business dealings.
Is Binomo Legal In India?
Yes, using Bonomo for trading in India is completely legal. However, the Securities and Exchange Board of India does not oversee this particular broker in any capacity. St. Vincent and the Grenadines is the location of the headquarters of Binomo, an offshore brokerage firm. They welcome merchants and businesspeople from over 113 different nations, one of which is India.
Assistance to Customers
When it comes to communicating with them, Binomo has a few different options at its disposal.
• Chat: Both on their website and in their mobile app, you’ll find a chat window that will open up and give you the option to engage in live chat. The live chat feature is extremely robust and is available in a number of languages.
• Email Address: It’s possible that our team doesn’t have time to address your complaint right away. In such a scenario, you can contact us at support@binomo.com by email, and they will respond as soon as they are able to.
The Dolphin Company
On the First Floor of the First St. Vincent Bank, Ltd.
It’s on James Street.
Kingstown
The Commonwealth of Saint Vincent and the Grenadines
Pros
When working with a broker such as Binomo, it is important to be aware of the benefits and risks associated with your investment. Check out the perks of their platform and the policies they have in place to see if they are the best fit for you:
• Responsive customer support
• Trading that never stops
• Robust demo account
• $10 minimum deposit
• $1 minimum trade
• The accessibility of weekend business opportunities
• Potential 90% maximum profit
• Competitions with monetary prizes available
Cons
Despite the fact that Binomo offers a wide variety of advantages, the platform is not going to be everybody’s top pick. In the unfortunate event that you are searching for any of the following characteristics, you will be let down:
• A restricted selection of assets from which to pick
• Restricted forms of certain trades
• Does not have support in either the United States or Europe
• Even though it holds a Category A membership in the IFC, the only certification it holds is from the FMRRC.
• No social trading
• No indications
Conclusions and Reflections on Binomo
Many traders and investors who are interested in getting into the trading industry will find that Binomo is a platform that is both viable and user-friendly due to the extensive range of features and tools that it provides. There is something available on Binomo for traders of all experience levels.
Because of its low entry cost and $10 minimum deposit, even new traders who are not yet prepared to dive into the world of online trading can try it out with little to no risk because its functional mobile app is particularly seamless. Additionally, because of its low entry cost, its mobile app is particularly seamless.
While doing so, its charts and strategic tools are nevertheless able to satiate the requirements of the more disciplined trader. In general, it is a good option for your next trading broker to go with because it is reliable.