Have you heard about the Binomo platform? It’s a trading platform that has been around for a couple of years.
In today’s Binomo review, we’ll share with you our honest thoughts about whether or not you should try out this online trading platform in 2020.
All About Binomo
To start off, Binomo is an online trading platform with its headquarters in Saint Vincent and the Grenadines. The company is actually registered as Dolphin Corp’s subsidiary. It was established in 2014, registered with 25151-IBC-2018 as their number. You can reach them at their physical office is located, again, at Saint Vincent and the Grenadines. The exact address is in James Street in Kingstown, specifically on the 1st floor of the building of First Saint Vincent Bink.
Binomo is currently belongs to the International Financial Commission as a member. It first joined a couple of years ago, in May of 2018. If the company goes under or experiences any kind of loss, IFC can compensate unsatisfied clients that can reach as high as €20,000 for each complaint.
Suppose you’re interested in sending them a message, query, suggestion, or anything you need. In that case, you can quickly contact the company’s support team by entering a live chat on their website or sending your message to their email address, firstname.lastname@example.org. You will typically receive an email response within a few hours to a few days.
Binomo Review: FAQs
Is Binomo a legitimate financial products trading platform or a scam?
An excellent way to know if a trading platform is legit or a scam is to check its accreditation.
In the case of Binomo, it’s regulated by the IFC, although not by other reputable authorities like FCA or ASIC, for instance.
It’s understandable if some people wouldn’t want to trade using Binomo due to this, but at least you do have some backup in the form of IFC, which, as mentioned above, can provide a maximum of €20,000 of compensation to complainants.
Not to mention, if you’re interested in trying the platform out yourself, you should capitalize on the low starting deposit in order to jumpstart your trading career. This means that you don’t really have to risk plenty of money to begin trading on Binomo.
Does the Binomo platform have any significant shortcomings?
No trading platform is perfect. Binomo also has some shortcomings, albeit not a lot.
First of all, Binomo doesn’t allow full control of a trader’s entire investment. The company’s terms and conditions say that 10% of funds will be taken from your deposit account if you ever make the decision to withdraw even before the trade turnover is at least double the amount that you deposited.
Here’s a real-world example. Let’s say you decided to invest $50 into the platform. If you choose to pull out all your money before you earn at least $100, then Binomo will first deduct $5 (10% of $50) from your total funds before processing your withdrawal.
Why is Binomo unique from all the other platforms?
Binomo is unique because of its easy-to-use interface and beginner-friendly platform. It’s specially catered towards newbies who aren’t very familiar with trading yet. In fact, on Binomo, you can get everything that you need with just a few clicks of the button, since everything is laid out there all ready for you. There are tools for technical analysis, various chart types, customized settings, and even drawing tools to help make trading much easier and more efficient.
What can I get by opening a trading account on Binomo?
Aside from the possibility of earning actual real-world money, you can also gain a lot of insights and knowledge just by using your demo account.
First of all, the platform has a well-designed interface suited for beginners. It’s not cluttered with features at all, which is a great thing for newbie traders who might feel overwhelmed with too many financial products.
Two, Binomo isn’t just available on the browser. You can also access it via your iOS or Android device, which means that you can trade literally everywhere. Do you have a long commute before getting to work? Maybe you can practice trading while you’re on the train or the bus.
Three, Binomo also offers free guides and tutorials to begin your trading journey. You only need to have a demo account to be able to access them. With this online trading platform, the learning opportunities are practically endless.
Should I open a trading account on Binomo?
Short answer? Yes. Long answer? Opening a Binomo account is so easy, there’s literally no reason for you not to do it. Even if you only decide to use the demo account, you have a lot to gain by opening an account on Binomo and literally nothing to lose.
See, when you open an account on Binomo, you are instantly granted a demo account that has $1000 of virtual money in it. You can utilize this money in order to start trading on the platform. That’s right; you can treat it like real money and trade with it like you would with a real trading account. Not to mention, all the tools and indicators that you can get on the real account are already available on the demo account. It’s a great way to practice trading before actually jumping into the real deal.
All you need to sign up for an account is a valid email address. If you want something faster, you can even just log-in using your Facebook account or your Google account. That’s how easy the whole process is.
What are the different account types on Binomo?
1. Standard Account on Binomo
This is the most basic account you can get after the demo account. In order to start trading with a Binomo standard account, you just have to deposit at least $10. You can get a return going up to 85% on your trades, and withdrawal processing takes only three days.
2. Gold Account on Binomo
If you want to level up your trading game, you can also get a Binomo gold account by depositing $500. Those with a Gold account tend to receive slightly higher returns at 86%. It also has more features than the Standard account, like cashback amounting as high as 5% weekly, fast withdrawal processing (<24 hours), and even one personal manager in addition to special advisory services, too.
3. VIP Account on Binomo
The highest account tier on Binomo also needs a pretty hefty deposit. You need to invest at least $1000 in order to be bumped into this tier. It does come with a lot of rewards, though. For instance, VIP account holders can get a bonus as high as 100% upon opening their accounts. Their profitable trade returns can also go up to 92%, significantly higher than the two other tiers. Withdrawal processing is swift at less than 4 hours. Not to mention, they also get cashback weekly at 10% and, of course, VIP services that are unavailable to the lower tiers.
One plus to opening a Binomo account is your access to various tradable assets. You have currency pairs, cryptocurrencies, and commodities. That said, the full number does depend on the tier of the account that you have. Obviously, those with a VIP account have more access than the other tiers.
You can also choose two different timeframes for your trades. There’s a turbo option, which means you get to place and close trades within 60 seconds. The other option is high/low, which allows you various expiry periods like 15, or 30, or 60.
You’re also not stuck to the time of expiry that you set upon entering a trade. If you want, you can choose a sequential one expiry period that goes up to six minutes.
In order to understand it better, think of it this way: say that you will place one trade at 6:46 PM. This means you’ll be able to set the expiry to 6:47, 6:48, 6:49, 6:50, etc. You’re not limited as well regardless of how many positions you want to enter. If you want to enter two, four, or eight, it doesn’t matter at all. You can place multiple trade positions at a time to maximize your profits if you want.
Charts on Binomo can also be divided into different time frames, allowing traders to easily follow the price trends. The shortest period is 5 seconds, while the longest is 30 days. If you roll your mouse’s wheel, you’ll be able to zoom in and zoom out of the chart.
What tools can I use on Binomo?
Luckily for you, Binomo offers a large variety of tools for technical analysis at your fingertips. These tools can help you plan your trades and monitor price trends while you’re trading. The list of tools includes Moving Average, MACD, CCI, RSI, and Momentum, as well as many more.
Binomo also allows traders to ‘draw’ directly on the chart for a more straightforward analysis. You can make lines, circles, rectangles, literally anything you want on the chart.
Access to the platform also includes access to all the tutorials and guides uploaded to the site. There are video tutorials, written guides, and strategies that can help you get started. However, one downside that I found was that the FAQ section wasn’t as detailed or comprehensive as I wanted it, but it’s alright.
Lastly, there are also tournaments that you can join if you want to make additional profits other than your regular sessions.
Are there any trader complaints about Binomo?
Of course, no such thing as a perfect trading platform exists, so I searched for trader complaints about Binomo. I found one on YouTube complaining about how the trader wasn’t able to withdraw profits tied to bonuses. However, this isn’t exactly a unique problem, as I’ve seen it with other platforms as well.
If you’re signing up for a platform, I recommend reading the fine print first regarding bonuses so that you’ll know what you’re getting into.
Binomo review: should I open a trading account at Binomo?
For me, honestly, the answer is yes. It’s my belief that the platform offers things that not all trading platforms out there can provide at this time. Yes, it’s true that only the IFC regulates them, but even if you only deposit a little money into Binomo, it’s already worth it for everything that it offers.
The only real shortcoming I can see is the requirement to reach at least twice the amount of your deposit before you can withdraw your money. Other than that, though, I don’t have any reasons not to open an account. The minimum deposit to start trading on Binomo is only $10, you can trade for as low as $1 per trade, and it offers a pretty excellent demo account to beginners. There’s little to no risk here.
Before heading straight to the final conclusion, though, let me give my breakdown first regarding how I do my rating for all the different features that Binomo has to offer.
An overview of all available Binomo features
Binomo has a whole range of features, so it’s only natural to rate all of them. Here are my thoughts for each one.
Accessibility and user-friendliness
Honestly, this is one part of Binomo that I can claim as my favorite. I find the platform to be not only accessible but also very user-friendly, even to new users. Although it offers many features, it’s not intimidating at all, a problem that I’ve seen on other platforms. Indicators, as well as tools, can be accessed by clicking just one button right there on the chart.
Opening an account isn’t difficult at all, either. As mentioned above, you only need your personal email address or your Facebook or Google account. You don’t need to input a whole lot of information, just your first name, last name, and email. You can access the site via browser or iOS/Android app. If you don’t speak English well or like a non-English-speaking friend to try out trading, Binomo also offers 14 different language financial products.
Traders are assigned to three different account tiers. Standard accounts start at a $10 deposit, Gold accounts start at a $500 deposit, while VIP accounts start at a $1000 deposit. Deposit amounts for both Gold accounts and, of course, VIP accounts are a bit steep, yes, but account holders can access a lot more features such as faster withdrawals, wider asset choices, as well as better support than just the standard account.
Binomo currently offers a total of 42 assets, which include cryptocurrencies, indices, currency pairs, and commodities.
That said, the total available assets that you actually have access to depends on what type of account you have. If you want access to more accounts, you need to have the Gold account or the VIP account, which means a higher investment.
Expiry periods and types of financial products
Binomo allows traders to choose between the turbo and classic low/high. Because of this, it means that you can select expiry periods of 1-5 minutes for turbo and 15-60 minutes for classic. You’re also allowed to place many different trades at any given time, which traders can utilize to maximize their profits.
Fees and possible returns
Fortunately for traders, the platform doesn’t charge any fees on your trades, no matter how big or small. Unfortunately, Binomo does take 10% of funds if you choose to withdraw before reaching twice the amount of your last deposit.
For VIP holders, profits can reach as high as 92% return. This amount is still slightly lower than the average of 95% seen on other platforms, though.
Bonuses, withdrawals, and deposits
You can start trading on Binomo for as little as $1, although the minimum deposit is $10. The site accepts various payment methods. The list includes debit or credit cards, Advcash, BTC/LTC, JCB, Neteller, Payeer, Perfect Money, and Webmoney. There are no withdrawal fees, though withdrawals processing can take anywhere from 4 hours to 3 business days. The exact time still depends on your specific account type.
Also, depending on your deposit and the type of account you have, you can get bonuses per deposit. VIP account holders can receive as high as 100% deposit. The cap for the turnover on bonuses is typically around 30-40 times higher than the amount you get as a bonus.
Binomo does offer support methods for traders, though I personally think it still has a lot of room to improve. Regular traders can contact Binomo support through email and live chat. Phone support is also available, but only in Indonesia from 06:00 UTC to 15:00 UTC. Meanwhile, Vietnam-based VIP clients can access phone support 24 hours a day, seven days a week.
Extra website features
Binomo allows replenishment of the demo account, which is very helpful for all newbie traders who are trying to practice their trading skills. Traders also get access to tournaments, which allows them to earn additional profits outside their normal trading.
Binomo review: conclusion
In this Binomo review, I can say that while Binomo may have a few shortcomings, I did find it a decent trading platform.
First of all, it’s still regulated by the IFC alone. It would be much better and more reassuring if FCA or CySEC regulated it. Two, Binomo’s support is quite lacking. Phone support is only available in two countries, and not even to all account holders. Lastly, I’m not too fond of the 10% deduction from withdrawals before the turnover amount is achieved.
That said, Binomo does come with plenty of features that many traders will appreciate. It’s also very beginner-friendly, thanks to the user-friendly interface and the low starting deposit. If you haven’t decided on a trading platform yet and you belong to one of the areas that can access Binomo, I don’t see why you shouldn’t sign up for an account on this platform. At the very least, you can use its free demo account to practice your trading skills.
Are you now interested in opening a free account with the platform after seeing this Binomo review? You can start by practicing on the free demo account. If you want to take your trading career to the next level, you only need to deposit at least $10 for the Standard account.