Binomo Review 2020
Binary Options Platform – Binomo Review 2020
Binomo started its business in early 2014 and has been servicing clients from 133 different countries since then. It caters over 887,470 active traders and executes 30,000,000 winning trades each week. Dolphin Corp. in St. Vincent and the Grenadines is the parent company that owns Binomo. Binomo is famous for being among the largest brokers in the world and known in countries like India, Turkey, Russia, Indonesia, Brazil, and Vietnam. Keep reading this Binomo Review 2020 for more information about the broker.
In this Binomo Broker review, we will discuss everything you need to know about this broker. We will answer questions like, Is Binomo a reliable binary options broker? Will it suit my needs as a trader? We will find out as we move along.
Detailed Review – Binomo United States
Binomo has its own platform. It has a high level of security, so traders’ funds are well-protected, as well as their personal information. You can’t just easily deposit or withdraw money if you can’t provide enough proof of identity and financial transaction data – the copy credit/debit card with eight digits and CVV masked. Binomo needs this information to avoid financial fraud and to comply with international anti-money laundering regulations.
The broker’s exclusive platform contains many useful features to give you the best trading experience. Factors like hotkeys, charts, and a quick refresh rate can help you get more earnings. Hotkeys can help you execute trades faster, and only Binomo offers this feature. Also, more than 20 various graphical tools to help study your trading history and charts.
Its efficient platform is expandable. You can choose to trade with one click with no confirmation needed. This option with the quick refresh rate will let traders immediately seize an opportunity when they happen. Binomo having all these features proves that they invested so much to give their clients excellent trading experience.
There are two types of trading with Binomo:
- High/Low Options (Call/Put) – This option involves predicting the price of an asset if it will go higher or lower within a fixed time-frame.
- Turbo Trades – This works the same with the high/low option, but with a shorter period of 1 minute.
The trading opportunity never ends with this broker, it means that you can trade anytime you want. The market never closes, you can even trade on the week ends on selected assets.
One of the crucial components you have to look for in a broker is its regulation and licensing background. The IFC or International Financial Commission is an independent association that regulates financial markets. They are in the process of getting a CySEC license as well.
From 2018, Binomo is an IFC Category A member, that only implies of how good they are as a broker. IFC provides insurance for its members. If something happens to Binomo to compromise money, for example, investors would be insured for up to 20,000€.
Binomo is also a member of the FMMC and gets regularly audited by VerifyMyTrade, an IFC branch. Remember that regulation is crucial in choosing a broker, and with Binomo having these certifications proves their reliability.
Binomo offers a selection of assets that depends on each account type. This would let you discover what asset you will be more comfortable with. This selection includes:
- Commodity pairs
- Currency pairs
BINOMO TRADE APP
A mobile application lets you trade anytime and anywhere. It would help you earn more profits. Binomo has a mobile trading platform via an app that you can get through Apple Store or Google Play Store. With the app, you will get real-time notifications of the market’s latest trend.
This level is best suited to beginners. It only offers a smaller number of tradable assets to let you focus on understanding what asset you trade. Here is the list of the Standard account offerings:
- Has $10 minimum deposit requirement
- You’ll have access with 39 assets
- 84% maximum returns
- 80% maximum rewards
- You will have access to Standard tournaments
- Three days for withdrawal timeframe.
This is for those who want bigger investments. More assets accessible, and faster withdrawal process. Other benefits it has are:
- A $500 minimum deposit requirement
- 42 tradable assets
- 24 hours withdrawal time frame
- 86% maximum profits
- 90% max bonus
- Investment insurance
- Account manager
- Gold tournaments – offers higher rewards.
The highest account type. It grants faster access to funds, more tradable assets, higher profits, and more rewards.
- $1000 minimum deposit
- Access to 49 tradable assets
- 4 hour withdrawal timeframe
- A VIP Manager
- Investment insurance
- 90% max earnings
- 100% max rewards
- VIP tournaments
Binomo Demo Account Review
A way to explore a broker’s platform is by using a demo account. You can test out its tools and features, execute trades, and get yourself acquainted with the platform. Binomo offers’ this account type for free. A demo account will also let you practice strategies or create one. To start, sign up with your email and get $1000 virtual funds.
FEES, COMMISSIONS, AND LEVERAGE
Some brokers earn money by charging their clients with fees or commissions on every deposit and withdrawal. But, some brokers don’t. Binomo is one of those that don’t charge fees for their services. Instead, they get profits when a trader makes a wrong prediction and lose trades.
You can tell how Binomo treats its VIP clients by their profits. The VIP traders get 90% maximum returns and a 100% maximum bonus, which leads to more profitable trading. For trading binary options, you don’t need any leverage. Hence there is no leverage involved while trading with Binomo.
BONUSES AND PROMOS
Binomo offers a bonus deposit of up to 200% to traders who want to avail of the bonus. The Standard accounts are eligible for a 100% bonus, and the VIP accounts can avail of a 200% bonus. However, the bonus comes with specific additional terms and conditions that may restrict your fund withdrawals. Hence, the traders should read through the Bonus terms and conditions of Binomo before availing them.
Binomo does not have promotions and rewards offering. Instead, they have different tournaments available to each account level. The entry charges would depend on the account level and tournament type. Entry charges range from free up to $30, and prizes are from $300 to $40,000. The top 3 winners get the prize money into their trading account, which they can withdraw if they like.
Binomo Payment Methods – Deposit and Withdrawal
DEPOSITS AND WITHDRAWALS
The minimum account deposit requirement would depend on the account type. You can start a Standard account for as low as $10 deposit and $1000 for a VIP Account. However, If you withdraw funds without making any trades yet, Binomo may charge a 10% fee. There are several fund deposit and withdrawal methods available. The following are the general options available for funding your accounts.
- Wire transfer
- Credit/debit cards (Visa and MasterCard)
In addition to above funding methods, Binomo also offers specific deposit methods like PayTM, Netbanking, Globepay, IndianCash and Payeer to Indian clients, and similar local payment options in other countries. Checkout the best funding options available by selecting your country on Deposit Page.
Initial fund withdrawals are processed by the same method as the deposit. Most of the fund withdrawals get processed on the same day. The fund withdrawals from VIP account takes less than an hour for processing.
Is Binomo a Scam Broker?
With its regulations and being a Category “A” member of the IFC, Binomo is a legitimate broker that commits in keeping the highest standards of accomplishments and business customs. Many traders use it from 133 different countries around the world.
Is trading with Binomo Legal?
Yes, binary options trading on Binomo platform is legal in most of the countries. However, there are few restrictions in certain European countries on trading with overseas brokers. The traders must verify if it is legal to trade Binary Options in their country. The best way to ensure is by asking Binomo customer support about it. They will answer you on whether it is legal to trade with Binomo from your country.
While carrying out this Binomo Review we found the list of restricted countries from where Binomo does not accept clients, they are – USA, Canada, Japan, Syria, Sudan, Iran, Israel, Australia, and the European Union.
CONTACT DETAILS & CUSTOMER SUPPORT
Binomo is one of the popular financial trading platforms for digital options. The website is managed by the Dolphin Corp with the address – Dolphin Corp, registered in the Republic of Saint Vincent and the Grenadines (registration number 25151 IBC 2018), located at First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St.Vincent and the Grenadines.
You can reach Binomo’s customer support through:
- Email Address – You can send an email to email@example.com for issues that don’t need immediate action.
- Chat – a live chat option on the website and on the app that supports multiple languages.
- Skype – Binomo’s skype name is shown on their website if you prefer this option.
PROs and CONs
These are the advantages that you will get with Binomo:
- Low-cost starting fees – $1 minimum trade and a $10 minimum deposit requirement.
- Free demo account.
- Unlimited trading – the market is accessible even on weekends.
- Tournaments with money as prizes.
- Possible 90% of maximum income.
- Responsive customer service.
With all those benefits, Binomo has some disadvantages as well, such as:
- A few selections of tradable assets and trade types
- No signals
- Not supported in the USA and Europe
- No social trading
- The Platform offers only Digital and Binary Options
- Strict Bonus Terms and Conditions
Conclusion – Final Thoughts
Binomo has useful features and tools that suit traders of all expertise levels. Traders are guaranteed to have a smooth and convenient trading experience with a user-friendly platform and a functional mobile application. Those who are curious and want to test out the business with little risk can do so at a $10 minimum deposit. You will have access to a demo account where you can have a feel of the live platform for free and practice Risk-Free.