Is Binomo a legit broker or scam? This is one of the questions people are asking about the platform. They have been operating for some years and they seem to offer good trading opportunities. Binomo review is what I’ll be discussing in this post. Perhaps to let you know if it’s the right broker for you.
The platform offers most of the interesting features that most brokers offer. They are one of the largest broker with the right tools to ensure that their users trading experience is a good one.
In this binomo review, I’ll be discussing what you need to know. So, you can decide if this broker is worth joining.
Binomo is a trading platform that was established in 2014. It is a binary option broker which is owned by Dolphin Corp Company, they are registered in St. Vincent and the Grenadines.
The platform is one of the biggest brokers with thousands of daily active traders and millions of successful trade per day.
Is Binomo Safe?
Binomo is a safe and reliable broker for traders. Customer security is one of the necessary things that should be taken seriously by all brokers. This is because users will need to input their card details, bank information and their personal data which makes security necessary. As a result, binomo ensures that the platform is secure for all its users.
They use SSL protocol to make sure that their entire user’s data are encrypted and secure. Also, binomo uses reliable payment methods for both deposit and withdrawal to ensure the safety of all transaction. So, customers do not need to worry about the safety of their money when carrying out any transaction on the platform.
Regulation and Licensing
Binomo is yet to be registered under cySEC, they are still undergoing the process. However, they have an FMRRC certificate which makes them a regulated broker.
The Platform Features (Binomo Review)
Binomo offers many interesting features which makes it one of the choices of most traders. Some of the features are discussed below.
Good customer support
One of the good things about binomo is the support they give to their customers. They are known for their 24/7 users support which makes them more reliable.
They offer support via live chat (the chat that displays on the website or its app), phone and email. If you need to contact them via mail, you can use [email protected]
Binomo Demo Account
Most of the brokers offer their customers a demo account and bimomo is not an exception. One of the things you should do when you’re just getting started with an online broker is to trade with the demo account before using your real money.
With the demo account, you can test all the tools and features the platform offers to its users. Also, you’ll know if it has everything you want in a broker. The demo account gives traders the opportunity to learn how things work before using their real money.
Binomo allows their practice and get familiar with the platform with their demo account. So, customers will not need to risk anything with their real money while trying to know how the platform works.
Low Start Up cost
There are just few online trading brokers that allow low start up cost and binomo is one of them. The trading platform allows you to start trading with just @10. This is a good deal for traders especially for beginners who are looking forward to start trading online.
The minimum of $10 deposit means that you can trade $1 ten times. Although, the $10 minimum deposit is for standard account, you’ll need to deposit at least $1000 to open or upgrade to a VIP account.
Binomo pays out their member’s money fast. Though the time it takes for withdrawal depends on the withdrawal method you choose. But you should know that VIP withdrawal is faster than standard account regardless of the withdrawal method.
Free Educational Training
One of the good features of binomo is the free training they offer to their customers. The training is good for traders who want to learn more about binary options trading. It’s also good for beginners as it help them to know some certain things they should know about trading.
You can trade on the binomo platform anytime. Unlike most brokers that don’t offer weekend trading, binomo allows you to trade anytime including weekends. However, some features such as tournaments may not be available within specified time.
Also, live chat support may not be available every time. But, you can use other alternative support via social media or their support email.
Different Types of Binomo Account
Apart from the demo account, there are 3 types of accounts on binomo which are standard, gold and VIP. Each account offers different benefits and deposit amounts. If you would like to open an account, you can start with any of the account or upgrade to any of them.
The three different types of accounts binomo offers are discussed below.
The standard account comes with 85% profit. You need only $10 to start trading with real account. Binomo standard account allows you to trade with a minimum of $1. With binomo standard account, you have access to tournaments that can give you bonuses.
Despite being the smallest amount on the platform, it has some good features. However, you’ll have to wait for 3 days before your money is available for withdrawal.
This account requires a minimum deposit of $500. It includes all the features of standard account and some extra features. According to binomo, gold account features includes tournaments which has higher bonuses than standard account tournaments, investment insurance and 86% yield.
Unlike standard account that takes 3 days before you can withdraw, gold account withdrawal is usually available within 24 hours.
This is the biggest account available in binomo. If you’re an experience trader that would like to trade with maximum amount possible, this account may be your best match. The VIP account comes with all the features of both standard and gold and extra features.
You’ll need to deposit at least $1000 to open or upgrade to a VIP account. features include VIP tournaments, 90% max yield and investment insurance. You will also be given a VIP manager who will provide you support and assistance.
Each accounts discussed above comes with a demo account. The demo account allows you to trade and get familiar with the platform before trading with your real money.
Type of Trade
The types of trade available on binomo are less compared to other broker. Binomo offers only High or Low trade and Turbo trade types. High or Low trade is also known as call or put option which is generally available in all trading platforms.
The high or low trade is to predict whether the price of the asset you choose will go above or below the initial price at the time limit. So, you can only choose how the price will fluctuate at the specified time limit with the high or low trade.
Turbo trade is just like the high or low trade. However, it has a shorter time limit as compared with the call or put option.
Binomo Trade App
Just like most online brokers, binomo offers mobile app for their users. So, instead of using the web trading platform, you can use the app. The mobile app is a bit easier and allows you to trade anytime. The mobile app also gives you the opportunity to receive alert on how to increase your profits.
Most Asked Question
Here are the answers to some of the questions people ask most about the trading platform.
Is Binomo safe?
Yes, binomo is a safe and legit platform. The website is encrypted with an SSL protocol which ensures the safety of its user’s data.
Do they have a mobile App?
Binomo have a decent mobile App which is available for both android and IOS devices.
What is the minimum deposit amount?
The minimum amount of money you can deposit depends on the type of account. For standard account, the minimum deposit amount is $10, $500 for gold and $1000 for VIP account.
How fast is the withdrawal?
The withdrawal time varies depending on the type of account. It can take up to 3 days for withdrawal to be available for standard account, 24 hours for gold and 4 hours for VIP account.
How does the bonus work?
Binomo offers different binary option bonuses for traders. Bonus is usually from 25% to 100% depending on the amount you deposit.
What are the assets?
The platform offers different types of assets that most brokers offer. Assets include cryptocurrencies, currency pair, stocks, indices and commodities.
Binomo is an online trading broker with a very good interface. Although, their features is slightly limited compared to other brokers. They have a good customer support and security which is one of the most important things.
The $10 minimum deposit is also one of the good things about this online trading broker. If you’re a beginner, then binomo is a good choice for you. Hope you found this binomo review helpful.
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