- What is Binomo?
- Binomo Platform guide:
- Is Binomo a scam or legit online options broker?
- What makes Binomo stand out?
- Does Binomo have any major shortcomings?
- Should you open a Binomo trading account?
- But, what does a real Binomo trading account offer?
- Besides the demo account, there are three other account types to choose from as follows:
- 1. Binomo Standard Account
- 2. Binomo Gold Account
- 3. Binomo VIP Account
- Binomo offers
- So what’s my opinion regarding whether you should open a Binomo account or not?
- Binomo trader complaints
- How do I rate different Binomo features?
- User friendliness and accessibility
- Account types
- Number of Assets
- Option types and expiry periods
- Trader support
- Fees and effective return
- Deposits, withdrawals and bonuses
- Website extras
What is Binomo?
Binomo is an online options trading broker that started operations in 2014. The broker is a subsidiary of the Tiburon Corporation Limited and is headquartered in the Seychelles. Currently, they have two main addresses.
The first is Tiburon Corporation Limited located in Suite 1, of the second floor in the Sound and Vision House along Francis Rachel Street, Victoria Seychelles. Their second address is Stagord Resources Limited located in the fourth floor of the Irene Building in Nicosia Cyprus.
The platform provides two contact numbers for traders +441143033932 for UK customer support and +23414408171 for Nigeria customer support. It’s worth noting that the phone numbers are only active from 11.00am to 15.00pm UTC. Besides phone support, you can also contact Binomo through Skype, email and live chat.
Currently, this broker is only regulated by the International Financial Markets Relations Regulations Center (IFMRRC). The organization describes itself as a non-commercial body created to regulate services provided by brokers, dealers and other financial and investment institutions.
Binomo Platform guide:
Is Binomo a scam or legit online options broker?
One of the key features I look at when deciding whether a broker is legit or not is if they’re fully regulated by a reputable authority. As I mentioned, Binomo is regulated by the IFMRRC. I usually place preference to brokers who hold certificates from reputable authorities like CySEC, ASIC and FCA.
After combing through the Binomo website, I found that they have a pending CySEC and CPO regulation. Although it’s a good indicator about how serious the broker is about attracting traders from different parts of the globe, I’d advise traders to wait until they’re fully regulated by CySEC.
However, 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. One feature that really stands out is the ‘hotkey’ option. Once enabled, you can quickly issue commands such as increase/decrease investment amount and execute trades without using a computer mouse. The platform also 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 broker offers a demo trading account credited with $1000. This is a good place to get started in order to get a feel of the platform. You’ll only need a valid email 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 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 of 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. Returns on successful trades can reach 97% 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, stocks 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 12.36 pm, you can set expiries of 12.37, 12.38, 12.39, 12.40, 12.41 and 12.42. 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 between 5 seconds and 5 minutes. By rolling your mouse wheel, you can 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. Binomo also offers the ‘hotkeys’ tool which is unique across the online options brokers I’ve tried out. What this tool does is activate keyboard shortcuts to common commands you issue while trading.
This way, you won’t have to rely on clicking on your mouse when issuing commands thus saving time. I would however recommend you first memorize the different hotkeys using your demo account before trying them with a live account.
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 broker.
The minimum amount you can invest in a trade is $1. The platform accepts several payment methods that include credit/debit card, QIWI, Neteller and WebMoney. Withdrawals are made to any of these payment systems. The broker 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 broker. I’m a bit reserved when it comes to brokers regulated by the IFMRRC only. 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
Due to the IFMRRC regulation, it’s safe to say that Binomo primarily targets traders from Russia and other Asian countries. This could explain why I couldn’t find any complaints from traders in Europe or Australia (Binomo doesn’t accept traders from the US).
However, I did come 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 brokers 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 brokers 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. The trading interface isn’t cluttered with many features which often negatively affect usability. The ‘hotkeys’ option also makes it easy to issue different commands using your keyboard. Opening a demo account requires only your email address. The platform is also easily accessible via browser and mobile apps. 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 about 80 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 second 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 for 4 hours. You could still contact support through email,live chat and Skype.
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 87% effective return. This is considerably lower compared to other brokers who offer returns of up to 95%.
Deposits, withdrawals and bonuses
The platform accepts several payment methods including debit/credit card, Neteller, QIWI, Yandex and WebMoney. Withdrawals processing will take anything between 4 hours and 3 working days depending on your account type. 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. trading in Russia? We’ve found a highly rated fully regulated broker for you. Start trading with Olymp Trade now!
Binomo provides the ‘hotkeys’ feature which I found to be unique, useful and time-saving. The ability to replenish your demo account is another 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 broker 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. Being regulated by the IFMRRC only locks out many traders especially from European countries.
Their phone support could use additional live hours. The 10% fee on withdrawals made before a certain turnover is achieved is another shortcoming worth considering before investing with this broker.
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