If you are considering trading on the Binomo platform, you should know first how Binomo works. While most other brokers are notorious for huge commission and fees, Binomo is not a platform that charges a lot and leaves only small profits for traders. Being one of the most popular trading platforms, Binomo is focused on providing an excellent user experience in all possible ways. Furthermore, it is mobile-friendly, as it has an easy-to-use app that can be downloaded both from the App Store and Google Play.
Service without commissions and fees
It should be noted that opening and closing trade positions to gain a profit is the essence of the trading industry. Binomo guarantees that the trader will not face the necessity to pay commission while doing so. Only a few such premium trading brokers refuse to take a commission from all operations. This is because most trading brokers claim they should also get fees for their mediation services regardless of whether you gain or lose trading. This is not a customer-friendly approach as it reduces your profits dramatically.
Trading process on Binomo runs smoothly, so users can rest assured that they will not face unreasonably high commissions and fees. In fact, there are no trading fees at all. Trading commission is the money that is charged when a trade is opened or closed. Binomo withdrew from the image of such a middleman and does not charge this commission. This way it greatly stands out from other trading platforms.
What Fees Does Binomo Charge?
How Does Binomo Earn Money?
It is a false belief that trading brokers can earn only from obligatory fees and commissions. Obviously, charging traders is an easy way to gain profits, but it is not the only way. Binomo legitimately earns its profits by covering clients’ trading operations. In other words, Binomo’s approach is to charge a small commission when a trader makes a profit.
Binomo is not a platform that will benefit from your losses. The main idea is that Binomo wants all traders to be successful, so charging commissions when a trader has lost makes no sense to the company. Binomo and traders are on the same team. When a trader suffers a loss, the platform comes into the scene to offer valuable support. The platform provides ongoing customer support, high-quality trade training and special offers. These efforts are aimed at giving traders a better chance to succeed in the future. It is a beneficial situation for all the parties involved.
Binomo refuses to get fixed charges or variable commissions for opening or closing deals.
What about Account Fees?
It should be also noted that Binomo does not charge any fees associated with opening or closing an account. A relatively modest initial deposit is not a fee but the minimum amount that can be used for trading on Binomo. You will find out that Binomo does not take a cent from this deposit. Moreover, this platform has no deposit or withdrawal fees charged. However, there might be a situation where you will have to pay a certain compensation upon withdrawal, and these specific conditions are described in the following section.
Withdrawal fee
Withdrawal fee is something you can easily avoid paying. Once you deposit money on the Binomo account, you can start trading to try and make a profit. After some time you can request a withdrawal without any commission being charged. The only condition is that your profit must be twice as big as the deposit. If you deposit money but then you do not perform any trades or you earn only a small amount of money, a fee of 10% will be charged at the end.
Subscription fee
A fee of an amount of $10/€10 is charged in case trader’s account features no activity for 30 consecutive days. The same amount is going to be charged monthly if the account remains dormant. This fee is legitimate to all trading forms and account types.
Final words
This article was created to clarify the situation of Binomo’s fees and commissions. For more information, please refer to Binomo’s general fees and commissions clause. If you have any comments on this topic, feel free to ask them in the comments section below.
Wish you a pleasant experience with Binomo!
