What is Binomo?
Binomo is an online option trading platform that started operations in 2014. It is a subsidiary of the Dolphin Corp and is headquartered in the St.Vincent and the Grenadines under registration number 25151 IBC 2018.
with has there office located on the First Floor of First St Vincent Bank Ltd Building, James Street, Kingstown, St.Vincent and the Grenadines
You can contact customer support via chat as well as by sending an email to email@example.com.
As of this writing, Binomo has been a member of the International Financial Commission since May 2018. This means that if something were to happen to the platform, clients can get awarded some compensation amounting to €20,000 per complaint.
Binomo Platform guide:
Is Binomo a scam or legit online options trading platform?
If you still want to try out the platform, you can take advantage of their low $10 minimum account deposit to start trading. This will enable you to try out the platform without risking a lot of money.
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What makes Binomo stand out?
The Binomo platform is quite unique and offers several trader friendly features. It’s very easy to navigate the platform since everything you need is already laid out for you. The platform provides many charts and technical analysis tools. This makes it easy to customize your trading interface to suit your trading preferences.
Does Binomo have any major shortcomings?
Every trader wants to have control over their investment. Binomo has a clause in their terms and conditions that seems to limit this control. According to the clause, you will have 10% deducted from your funds should you decide to withdraw before your trade turnover reaches at least twice the deposited amount.
For example, say you deposit $100 and decide to withdraw the whole amount before making trades worth $200 or more. Binomo will deduct 10% ($10) from your funds.
Should you open a Binomo trading account?
This online trading platform offers a demo trading account credited with $1000. This is a good place to get started in order to get a feel for the platform. Plus, the demo account actually gives you access to tools and indicators which means you can use it to practice your trading skills before trying out the real deal.
If you’re interested, you’ll only need a valid email account or Facebook or Google account to open a demo account. In addition, you can easily replenish the demo account funds if necessary.
But, what does a real Binomo trading account offer?
The platform comes with a well-designed trader interface. It isn’t cluttered with a lot of features which is a great thing, especially for beginner traders. Besides being able to trade directly from your browser, you can also access the Binomo platform via the Android or iOS app.
Besides the demo account, there are three other account types to choose from as follows:
1. Binomo Standard Account
To open a standard account, you’ll only need a deposit of $10. Profitable trades provide a return of 85%. Withdrawals are processed within 3 working days.
2. Binomo Gold Account
The minimum deposit to open a gold account is $500. Gold account holders earn returns of up to 86% on profitable trades. This account type also attracts a weekly cashback of up to 5% and withdrawals processing within 24 hours. Other benefits include a personal manager and advisory services.
3. Binomo VIP Account
The minimum amount needed to open a Binomo VIP account is $1000. You can receive up to 100% bonus once you open a VIP account. If the forecast is correct, returns on successful trades can reach 92% and withdrawals are processed within 4 hours. VIP account holders are also eligible for a 10% weekly cashback and other additional features not available to Standard and Gold accounts. It’s worth noting that each of these live accounts attracts a signup bonus. Bonuses are also offered to existing account holders from time to time.
Binomo offers a range of tradable assets to choose from. These include currency pairs, commodities, and cryptocurrencies. The number of assets you have access to largely depends on the account type you sign up for with VIP account holders having access to the widest range.
There are two option types to choose from. The turbo option allows you to enter and exit trades within a 60-second time frame. The classical high/low option on the other hand offers multiple expiry periods of 15, 30, and 60 minutes respectively.
You’re not tied down to the expiry you set at trade entry. The platform allows you to choose sequential 1 minute expiry periods of up to 6 minutes.
For example, if you enter a trade at 4:05pm , you can set expiries of 4:06, 4:07, 4:08, 4:09, 4:10, and so on. There’s no limit to the number of positions you can enter at any given time. This makes it easier to maximize profits within a specific time period. You can also trade during weekends.
In order to be able to follow price trends easily, the platform’s chart can be divided up into several time frames ranging from 5 seconds to 30 days. By rolling your mouse wheel, you can easily zoom the chart in and out.
The platform also offers a wide range of technical analysis tools that allow you to keep track of trends in real-time. This includes tools like Moving Average, RSI, MACD, CCI, and Momentum, among many others. It even allows drawing tools that you can use right on the platform to help you create markings while you’re trading.
If you’re just getting started as a trader, Binomo provides a collection of tutorials to get you on track. These include video tutorials, a detailed knowledge base, and strategies section. Their FAQ section however isn’t as detailed as you’d expect with any online options trading platform.
The minimum amount you can invest in a single trade is $1. The platform accepts several payment methods such as credit/debit cards, Neteller, and Webmoney. Withdrawals are made to any of these payment systems. The platform doesn’t charge any withdrawal fees unless you want to withdraw funds before trading an amount at least twice your last deposit.
Binomo also regularly offers tournaments which make it easy to earn money outside your normal trades.
So what’s my opinion regarding whether you should open a Binomo account or not?
I believe the platform has made an effort to stand out as a legit online options trading platform. I’m a bit reserved when it comes to platforms regulated by just IFC. Their requirement that you have a trade turnover exceeding twice your deposit amount before withdrawing is also something they need to work on.
However, given that you can deposit $10 and trade with as little as $1, I consider Binomo worth trying out. But before making my final conclusion, it’s best I consider existing trader complaints as well as a breakdown of how I rate different Binomo features.General Risk Warning! your capital may be at risk
Binomo trader complaints
While searching for Binomo trader complaints, I came across a YouTube video. In it, the trader complains about not being able to withdraw profits that were tied to bonuses. This is a typical complaint I’ve come across with regard to platforms that offer bonuses to new traders. I usually advise that you first read the fine print explaining the intricacies tied to profits earned from bonuses.
How do I rate different Binomo features?
As usual, I always try to compare different online platforms based on the different features they have to offer. So based on a rating of 20, here’s my breakdown of Binomo’s features.
User friendliness and accessibility
The Binomo platform is well designed and very easy to navigate. The trading interface isn’t cluttered with many features that often negatively affect usability. There are also plenty of easy-to-access indicators and tools that you can use to help you with trading.
Even opening a demo account is a breeze since it only requires your email address. If you don’t want to use your email address, you can simply sign up for an account by logging into your Google or Facebook account. Not to mention, the platform is easily accessible via browser and mobile apps, meaning you can actually trade on-the-go. The 14 language options also make it easy for traders around the globe to access the platform.
There are 3 real account types to choose from. The Standard account makes it easy to try out the platform without investing more than $10. Each account comes with its own unique features. However, Gold and VIP accounts offer more goodies including faster withdrawals, access to more assets, and better support.
There are 42 different assets to choose from. These include currency pairs, commodities, indices, and cryptocurrencies.
However, the number of assets you can trade-in is limited based on the account type you hold. To access more assets, you’ll need to open a Gold or VIP account meaning you’ll need to invest more of your money.
Option types and expiry periods
You can choose between turbo options and classic high/low options. The former has expiry periods ranging between 1 minute and 5 minutes. The latter has expiry periods of between 15 and 60 minutes. You can also enter multiple trades at a time.
Getting started with the platform is quite easy. However, the amount of support you receive thereafter could use some improvements. Their phone support is available only in Indonesia from 06:00 UTC to 15:00 UTC. Luckily for VIP clients who are based in Vietnam, phone support is available 24 hours a day, 7 days a week.
Other than that, you can still contact support through their email address and their live chat.
Fees and effective return
Binomo doesn’t charge fees on trades executed. However, you can have 10% deducted if you decide to make a withdrawal before executing trades of at least twice your last deposited amount. Profitable trades can earn up to 92% effective return. This is considerably lower compared to other platforms that offer returns of up to 95%.
Deposits, withdrawals, and bonuses
The platform accepts several payment methods including debit/credit card, JCB, Neteller, Perfect Money, Webmoney, BTC/LTC, Advcash, and Payeer. Withdrawals processing will take anything between 4 hours and 3 working days depending on your account type, with VIP accounts having the shortest withdrawal processing. Binomo also offers bonuses on deposits which can be up to 100% for VIP accounts. The turnover cap on bonuses ranges between 30 and 40 times the bonus amount.
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The ability to replenish your demo account is a feature I found useful especially for new traders learning how to use the platform. Another noteworthy extra is the different tournaments offered to traders. This allows you to earn extra money outside normal trading
Binomo is a decent online trading platform. It comes with all the features you’d expect from a platform trying to attract traders from across the globe. The platform is well designed and offers many trader friendly features.
However, there are several shortcomings that cannot be overlooked. First is the regulation issue. Currently, Binomo is only regulated by IFC so it’s not very reassuring.
Their phone support could use additional live hours and more support for other countries outside of Indonesia and Vietnam. The 10% fee on withdrawals made before a certain turnover is achieved is another shortcoming worth considering before investing with this platform.General Risk Warning! your capital may be at risk