Binomo is a popular online trading platform that has been around since 2014. The platform is known for its user-friendly interface and easy navigation, making it a popular choice for both inexperienced and professional traders.
Binomo has been a binary options brokerage firm on the market since 2014. Owned and operated by Dolphin Corp, registered in St. Vincent and the Grenadines. Binomo is regulated by the Financial Commission (FC), which provides a certain level of protection for traders. The company offers a range of products, including forex and CFD trading, with a minimum deposit of $10. Binomo offers a demo account to help traders get familiar with the platform before investing real money.
- Binomo requires a small minimum deposit of just $10, making it accessible to traders with limited capital
- Non-stop Trading allows traders to open the next position without waiting for the previous one to close. This feature can be particularly helpful for traders who want to take advantage of market opportunities as they arise
- Binomo’s website is intuitive, which makes it easy to navigate
- Trading features and resources to analyze data and predict trends
- Binomo is certified by VMT and has been a category “A” member of The Financial Commission since 2018
- Binomo has 4 types of accounts to suit all types of traders
- Limited Trading Options: Binomo offers a limited number of trading options compared to other brokers
- No Physical Location: Binomo does not have a physical location that traders can go to for help
Is Binomo Legit?
Binomo is certified by the Financial Commission, an independent body that provides security for traders’ investments. Binomo’s legitimacy is also based on the transparency of fee structures, their responsiveness, and the integrity of its trading algorithms.
Binomo Bonuses
Binomo has different types of bonuses. Some bonuses can be received via a promotion published in their newsletter or via your personal manager if you are a VIP trader. These are the bonuses available:
- Welcome Bonus: Available to traders whose email is confirmed after registration. Allows the trader to increase any investment by 25%
- Deposit Bonus: Offered when traders deposit funds. The amount of the bonus is proportional to the amount deposited.
- Coupon or Promo Code: Simply enter a coupon or promo code on the Cashier page in the Add coupon field. These can be found on the Promotion page, their newsletter, or on social networks. You can visit the blog, complete some quizzes and get awarded with promo codes. VIP traders can also get a promo code from their personal manager. The coupon and deposit bonus can be used together.
- No Deposit Bonus: This bonus is a fixed amount that can be instantly credited to a real account without making a deposit. The leverage ratio for a no-deposit bonus is usually 40.
- Risk-Free Trade: This bonus offers a fixed number of trades with a predetermined investment amount. If the transaction is successful, its investment amount and profit are credited to the client’s real account. Unsuccessful trades do not result in the loss of funds from the real account. A client can only make one risk-free trade at a time. Risk-free trades do not require MTTs and can be active simultaneously with a different type of bonus.
It is important to note that traders can refuse to use bonuses by clicking on the “Opt out” field.
Tournaments
Binomo regularly hosts tournament events where traders compete for a prize. Most tournaments include a fee, although there is a Daily Free tournament with no fee required. All transactions within the tournament are made in the internal currency of the tournament – ₮. The tournament conditions determine the starting balance and are the same for all participants.
The prize pool depends on the number of participants and has a minimum amount specified in the terms of the tournament. Typically, the goal is to have the highest balance at the end of the tournament.
Spreads and Commissions
Binomo doesn’t follow the conventional spread model used by forex or stock trading platforms. Instead, its financial model is built around binary options trading, where traders predict the direction in which an asset’s price will move within a specified time frame.
Binomo makes its profit through the trade’s outcome. This means traders are not charged direct commissions or fees per trade, offering a simplified cost structure.
Binomo offers competitive payout rates. VIP account holders who deposit at least $1000 can enjoy payouts of up to 87%. On the other hand, Gold account holders receive a slightly lower payout of 86% on deposits of at least $500. Other account holders can receive a maximum payout of around 80%. Overall, Binomo’s payout rates stand up well against industry averages.
Fees
Binomo has a different approach to fees and does not charge direct trading fees, like commissions or spreads. Binomo generates revenue from trading activities and outcomes by the difference between winning and losing trades.
Binomo does not charge a fee for depositing funds. However, a 10% fee will be charged for withdrawals in India, Brazil, Vietnam, and Indonesia if you withdraw more than once every 24 h.
Binomo charges a commission of 0,02% for CFD trading. At the moment, CFD trading is only available for Demo accounts.
Account Types
Binomo offers 5 different account types, each with unique features and benefits.
- Demo Account: Binomo offers a free demo account for traders who want to test the platform and practice their trading strategies without risking real money. The demo account comes with $1,000 in virtual funds and allows traders to access all the features and assets available on the platform.
- Standard Account: To open a Standard account, you only need to deposit $10. The account offers access to over 70 different assets. Traders can also take advantage of various educational materials, including webinars and video tutorials. Standard account holders can participate in the weekly tournament.
- Gold Account: For a Gold status account, you only need to deposit $500 (or an equivalent amount in your account currency).
- VIP Account: The VIP account is designed for more experienced traders looking for advanced trading features and benefits. A minimum deposit of $1,000 is required for this account, which provides access to a personal account manager, risk-free trades, trading signals, 10% cashback and deposit bonuses up to 200%, as well as invitations to private tournaments with bigger prizes
- Prestige Account: This account is similar to a VIP account with enhanced features, like deposit bonuses up to 300%, an additional 5% cashback plus, and a high-priority personal manager.
Trading Experience
- User Interface: Binomo’s platform is simple and intuitive, with clear menus allowing traders to quickly access the information they need.
- Assets and Instruments: Binomo offers various assets and instruments, including currency pairs, commodities, and stocks. The platform’s asset index is updated regularly, with new assets added frequently. Traders can also choose various trading instruments, including High/Low, One Touch, and Range options.
- Order Execution: Binomo’s order execution is fast and reliable, with trades executed quickly and accurately. The platform’s trading engine is designed to handle high volumes of trades, ensuring that traders can execute their trades without delay. The platform also offers different order types, including market orders, limit orders, and stop-loss orders, allowing traders to customize their trading strategies to meet their individual needs.
- Mobile Trading on Binomo: Binomo offers a mobile trading app for Android and iOS devices, ideal for traders wanting to trade on-the-go. The app is available for download from the respective app stores.
Features and Usability of the Mobile Trading App
The Binomo mobile trading app offers a seamless trading experience for users. The app is user-friendly and easy to navigate, allowing traders to access all the necessary features easily.
Traders can view their account balance, open and close positions, and access trading history, all from the app. The app also offers real-time price quotes and charts, allowing traders to make informed trading decisions.
Pros and Cons of Trading on Mobile Devices
- The ability to trade from anywhere at any time
- Keep track of their positions and make trades
- Offers push notifications, allowing traders to stay up-to-date on market movements and news
- The smaller screen size can make it difficult to analyze charts and technical indicators
- The lack of a physical keyboard can make it more difficult to enter trades quickly
- Mobile devices are more prone to connectivity issues, which can lead to missed trades or other issues
Restricted Countries
In some countries, Binomo is unavailable due to regulatory restrictions or other reasons. According to the latest information available, Binomo is not available in Albania, Afghanistan, Andorra, Australia, Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Haiti, Hong Kong SAR, Hungary, Iceland, Iran, Iraq, Ireland, Israel, Italy, Jamaica, Japan, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Moldova, Principality of Monaco, Myanmar, Netherlands, New Zealand, Nicaragua, North Korea, Norway, Palestine, Poland, Portugal, Romania, Russia, St. Vincent and Grenadines, San Marino, Senegal, Singapore, Slovakia, Slovenia, South Sudan, Spain, Sweden, Switzerland, Syria, Combined United Arab Emirates, United Kingdom, United States, Vatican, and Zimbabwe.
Market Analysis & Signals
Binomo offers traders a host of tools to help make effective trading decisions.
| Trading Concept | Description |
|---|---|
| Fundamental Analysis | Traders can use fundamental analysis to determine the long-term value of an asset and its potential for growth or decline. |
| Technical Analysis | Traders can use technical analysis tools to identify trends, support and resistance levels, and potential trading opportunities. |
| Market Trends | Traders can use market trends to identify potential trading opportunities and to determine the best time to enter or exit a trade. |
| Trading Signals | Traders can leverage alerts or notifications that indicate potential trading opportunities. These are generated by automated trading systems or by human analysts who use various technical and fundamental analysis tools to identify potential trading opportunities. |
| Risk Management | Risk management is a crucial aspect of successful trading. Traders can use risk management strategies to minimize their exposure to potential losses and to protect their trading capital. |
| Candlestick Patterns | Candlestick patterns are visual representations of an asset’s price movements over time. Traders can use candlestick patterns to identify potential trading opportunities and to determine the best time to enter or exit a trade. |
Research Tools
Binomo also offers research tools to help traders make informed decisions, including market news and analysis, economic calendars, and technical analysis tools.
Traders can access market news and analysis directly from the Binomo platform. The news section provides up-to-date information on market events and trends, while the analysis section offers an in-depth analysis of market conditions and potential trading opportunities.
The economic calendar is another useful tool to stay informed about upcoming economic events that may impact their trades. The calendar provides information on key economic indicators, such as GDP, inflation, employment figures, and the dates and times of important economic releases.
Technical analysis tools, including charts and indicators, are also available for traders to identify trends and potential trading opportunities. These tools can analyze price movements, identify support and resistance levels, and spot potential entry and exit points.
Educational Resources
Binomo provides comprehensive educational resources to help traders learn and improve their skills. These resources include various sections on trading, step-by-step guides, tips, contests, and a demo account.
| Feature | Description |
|---|---|
| Trading Guides | Binomo’s trading guides are a great resource for beginners just starting out. The guides cover various topics, including technical analysis, fundamental analysis, and trading psychology. They are written clearly and concisely, making them easy to understand even for those without experience in trading. |
| Video Tutorials | Binomo also offers video tutorials designed to provide traders with a visual representation of the concepts covered in the trading guides. They are available in multiple languages, making them accessible to traders from all over the world. |
| Demo Account | Binomo’s demo account is an excellent resource for traders who want to practice their trading skills without risking real money and get a feel for how the platform works. |
| Contests | Binomo regularly hosts trading contests offering cash prizes. These contests are open to all traders and are a great way to test new strategies, compete against other traders, and make some extra money. |
Trading Assets & Indicators
There are several trading assets available to its users. These assets are divided into four main categories: currency pairs, commodities, stocks, and indices. The platform offers a total of 49 different assets to trade. Users can choose the asset they want to trade and make predictions on whether the price of the asset will rise or fall over a certain period of time.
Binomo provides a variety of technical indicators that can be used to analyze the market and predict future price movements, helping traders make more accurate predictions. Some of the most commonly used indicators on the platform include Moving Averages, Bollinger Bands, and Relative Strength Index (RSI). By combining these indicators, traders can better understand the market and make more informed trading decisions.
Additionally, Binomo has a unique feature called the Majority Opinion Indicator. This feature allows traders to see the percentage of other traders making the same prediction on a particular asset. This can be a useful tool for traders who are new to the platform and want to see how other traders predict the market.
Trading Features and Resources on Binomo
Binomo simplifies trading with two main options: Fixed Time Trades (FTT) and Contracts for Difference (CFD).
FTT is straightforward: you predict if an asset’s price will rise or fall within a set time, earning a profit if correct. You can choose short-term (less than 5 minutes) or long-term (up to 60 minutes) trades, with investments ranging from $1 to $1000.
Trading is available 24/7, including weekends, for certain assets. The platform also displays the majority opinion, aiding decision-making, though this doesn’t guarantee success. Profits and losses are fixed, making risk management easier.
CFD trading is a way to profit from the changing values of assets. It involves the trader and seller agreeing to swap the difference in price from opening to when the position is closed without owning the asset or having a set end date. The trade stops automatically if losses reach -95%, but you can close it sooner.
Commissions are charged based on a multiplier that affects the trade’s closure speed. CFDs, with an opening fee of 0.02%, are only for practice on a DEMO account and offer limited assets. They allow automatic or manual closing, include technical stop losses for risk management, and do not charge commissions. This type of trading is adaptable to various market situations and is accessible with minimal initial setup.
Account Login and Registration
You must first create a free account at Binomo to start trading. The registration process is straightforward and can be completed in a few simple steps.
- Navigate to the Binomo website and click the “Sign Up” button in the top right-hand corner.
- You will be directed to a page to provide basic personal information, including your name, email address, and password.
- After registration, you will be prompted to verify your email address. Once the email is verified, you can log in to your account and start trading.
During registration, Binomo may ask for additional information, such as financial information, to comply with regulatory requirements. This information is kept secure and confidential.
Binomo Payment Options
In this section, we will discuss the deposit and withdrawal methods available on the platform.
Deposit Methods
Binomo accepts several payment options for depositing funds into an account. These include credit/debit cards, e-wallets, and bank transfers. The platform supports Visa, Mastercard, and Maestro cards. E-wallet options include Skrill, Neteller, and WebMoney. Bank transfers are also available for larger deposits.
The minimum deposit amount is $10, which is relatively low compared to other trading platforms. Binomo does not charge deposit fees, but payment providers may charge fees depending on the payment method.
Withdrawal Methods
Traders can withdraw funds using the same payment method used for depositing. The minimum withdrawal amount is $10, and the maximum withdrawal amount varies depending on the account type. Basic accounts have a maximum daily withdrawal limit of $3,000, while VIP accounts have a daily limit of $40,000.
Withdrawals are processed within 24 hours, but the time it takes for the funds to appear in the trader’s account depends on the payment method. E-wallets and bank transfers typically take 1-3 business days, while credit/debit card withdrawals may take up to 7 business days.
User Reviews and Broker Community
According to some user reviews, Binomo has a mixed reputation. On Trustpilot, the platform has an average rating of 4 out of 5 stars based on over 800 reviews as of 2024. Many users praise the platform for its user-friendly interface, low minimum deposit requirement, and range of assets available for trading. However, some users have reported issues with deposit and withdrawal processing times and occasional glitches with the trading platform.
On Reddit, Binomo has a smaller presence, with only a handful of threads discussing the platform. Some users have reported positive experiences, while others have expressed skepticism about the platform’s legitimacy.
Despite the mixed reviews, Binomo has an active broker community that provides resources for traders. The platform has educational materials, including video tutorials, webinars, e-books, and a demo account for traders to practice their strategies before trading with real money.
Customer Support
Binomo offers multilingual customer support via email. The support team is available 24/7 to assist traders with their queries and concerns.
The support team is known for being responsive and knowledgeable. They are quick to respond to queries and provide helpful solutions to traders. Binomo also has an extensive FAQ section on its website, which covers a wide range of topics related to trading on its platform. Binomo
Best Binomo Alternatives
For traders who are looking for alternative platforms to Binomo, there are several options available in the market:
- Olymp Trade: It offers a user-friendly interface with low deposit requirements and high payouts and is regulated by the International Financial Commission.
- IQ Option: IQ Option provides a variety of trading instruments and has low minimum deposit requirements.
- ExpertOption: A platform with high payouts and low deposit requirements, offering forex, stocks, and cryptocurrencies.
- Deriv: Features various trading instruments, including binary options, forex, and cryptocurrencies, with low minimum deposits and high payouts.
- Pocket Option: Provides diverse trading options with low deposit requirements and high payouts, catering to various trading preferences.
Traders should carefully evaluate each platform and compare their features, fees, and regulations before deciding. It is important to choose a reliable, user-friendly platform that offers a variety of trading instruments.
Final Word
Binomo is a well-established trading platform with many assets and trading tools available. The platform is easy to navigate and offers educational resources to help traders improve their skills. The minimum deposit requirement is low, making it a great option for beginners who want to trade without risking too much money.
One of the standout features of Binomo is its non-stop trading mode, which allows traders to open the next position without waiting for the previous one to close. This can be useful for traders who want to take advantage of market opportunities as they arise.
Binomo provides a solid trading experience for traders of all levels. While there are some drawbacks, such as limited deposit and withdrawal options, the platform’s strengths make it a good choice for those looking for a reliable and user-friendly trading platform.
Frequently Asked Questions
Is Binomo safe?
Yes, Binomo is regulated by the Financial Commission and has been in operation since 2014. However, as with any trading platform, it’s essential to understand the risks and conduct thorough research before investing.
How long do withdrawals take at Binomo?
The withdrawal time at Binomo varies depending on the withdrawal method used. Withdrawals via e-wallets such as Neteller and Skrill usually take between 24 and 48 hours to process. However, bank transfers and credit/debit card withdrawals may take up to 5 working days to process. For VIP and Prestige accounts, a withdrawal takes up to 4 hours.
What is the minimum deposit at Binomo?
The minimum deposit at Binomo is $10 (USD).
How much commission does Binomo take?
Binomo does not charge any commission on trades.
Is Binomo a suitable trading platform for beginners?
Yes, Binomo is a suitable trading platform for beginners due to its low minimum deposit requirements. It also offers a demo account, allowing users to practice trading without risking real money. Additionally, Binomo provides educational resources such as video tutorials and webinars to help beginners improve their trading skills.
