With their feature-rich platform, Binomo proves they have spent time evaluating and integrating the most essential elements to Binomo traders.
- Regulation: IFC (International Financial Commission)
- Minimum Deposit: $10
- Minimum Trade: $1
- Payouts: 90% Max
- Mobile Trading: Yes
- Weekend Trading: Yes
- Assets: CFDs, Commodities, Indices, and Currency Pairs
- Demo Account: Yes
- US and UK Traders: Not Accepted
This broker has clients from 133 different countries and is one of the most popular brokers for traders from India, Brazil, Indonesia, Vietnam 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, Ill tell you everything you need to know about this trading platform.
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 funds 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 cant deposit or withdraw funds, which makes platform security necessary. Having this first layer of protection from Binomo benefits you as the trader and preserves Binomos 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 theyre unique to Binomo. You wont 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 Binomo 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 binomo traders.
Binomo offers the standard High/Low trade type, also known as call/put and Turbo Trades. High/Low are your standard call/put derivative and are generally available from all trading brokers.
High/Low 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 dont 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 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 funds 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. Theyre 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 Binomos 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. Lets look at each of the accounts, what they require, and what you get when you sign up for each.
If youre just getting started with 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 youre a beginner. It allows you to focus on understanding what youre working with instead of the number of choices available. Additionally, the low entry cost means that you wont have to worry about risking your funds. 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 youll 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 is your next entry point. A Gold account requires a $500 deposit—quite a jump from Standards $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.
Youll notice several other benefits with this account type that you wont find with Standard accounts, including:
- Gold tournaments: These tournaments have higher potential earnings than the Standard tournaments.
- 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 funds, more assets to trade with, higher yields, and more bonuses. A VIP account requires a $1000 deposit. These funds give you access to 55+ 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
- Profitability up to 90%
- Deposit up to 200%
- Investment insurance
- Individual offers
- Personal Manager
For experienced traders, this type of account offers a significant benefit, especially when it comes to maximizing your ROI.
When youre considering an online broker, its a good idea to explore the companys 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 platforms 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. To create a demo account, all you need to do is sign up with your email, and you will receive $1000 in virtual funds.
These risk-free funds will allow you to see if Binomo meets your needs as a trader. If not, its easier to opt out than it is to close an account youve 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 cant get with the web platform is the way 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 dont charge a fee or commission. Instead, they earn additional 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 funds from traders who unsuccessful their funds means that for the traders who invest with large amounts, it can be quite a lucrative investment.
Binomos 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 unsuccessful any of their investment to spreads or commissions. As with most other 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, youre looking at dropping at least $1000 right away.
When you withdraw your funds, you may encounter a 10% fee, but only if you havent 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 way:
- 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, 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 choices for how to reach out to them.
- Chat: On their website and app, theres a chat window that pops up and provides you with a live chat choice. The live chat function is robust and supports multiple languages.
Email Address: Perhaps your concern doesnt require immediate attention. In that instance, you can send an email to [email protected], and theyll 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 youre getting with your investment. Check out the advantages to their platform and policies to see if theyre 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 choice for everyone. If youre 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 trading 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 arent 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 trader. Overall, its a solid, reliable pick for your next trading broker.