Many new platforms for online trading emerge because of the increasing interest in them. Unfortunately, this attention also attracts fraudulent brokers. Nobody wants to be a victim of a scam. Every trader who is searching for a trading platform needs to conduct a little bit of research to check the broker. There are some institutions who are keeping an eye on the brokers, however, it may take months or even years before they will discover cheating and close fraudulent businesses.
Before you invest your money you want to be sure you can trust your broker. So here it is an article about the Binomo platform which will answer the questions about its validity.
Performing a screening of online derivatives trading platforms
There are a few simple things you can do to check the legality of the platform. First, look at the website’s domain. It should not be different from the name of the platform. Binomo is hosted on the binomo.com domain, which is the first good sign.
Make use of third-party sites to check information about Binomo
Reading through the Binomo site gives you an overall idea about their policy, but it is not enough to say whether the company can be trusted or no. You have to search further on other websites. Information you can obtain from the third-party sites is among others:
- How popular is the website? Does it attract many guests with unique IP addresses daily? The higher traffic, the bigger popularity.
- What are the origins of the traffic on the website? Does it come from the third-party sites or directly from a particular broker’s site? The latter may imply that these are the traders who already have an account on the platform. The traffic from the third-party websites, however, indicates how many new people are interested in this broker. If you are reading this article and decide to open an account on Binomo, you will be the trader who comes from third-party websites, for example.
- How is traffic distributed? Does it come from many different countries or just a few? A website is considered popular when it attracts traffic from hundreds of countries.
- What position does it take on the rankings on third-party websites like Alexa.com? Platforms that rank higher generate bigger traffic and are believed to be reliable.
- What is the location of the hosted site? Preferable locations are North America and Europe. This is kind of insurance that trustworthy new technologies are applied so that the platform works smoothly.
Now you know what information to look for on third-party websites. The remaining question is how? My recommendation is to use hypestat.com. You will be able to analyze websites for free even in the countries where Google is blocked. Hypestat.com gathers data from other sites like Google or Alexa.com. After you enter the name of the website of your interest, all important information will be displayed.
The background check on Binomo with hypestat
Below you can see a screenshot of the Binomo verification through hypestat. Remember that this information changes constantly. The numbers will be probably higher tomorrow or in a month from now.
Binomo attracts about 408,262 unique visitors every day. Moreover, it has 816,525 page views per day, which means that every visitor has viewed at least two pages during one visit.
The ranking from Alexa.com places the Binomo platform in the position number 7,932 in the world. This represents 0.009% of all global internet users.
Binomo is hosted in the United States, which is another good sign.
You read further on that Binomo server supports HTTPS technology. Its function is to encrypt the data that are passed on its servers.
To find out how the Binomo platform performs compared to other trading platforms, you can go to https://www.similarweb.com/top-websites/category/finance/investing.
What I have learned from there is that the Binomo has a place number 150 in the world for Investing sub-category.
Now let’s move on to the traffic sources. 45.59% are direct entries. It indicates that 45 out of 100 visitors access the platform through a unique IP address by typing the Binomo name directly into the browser window. 6.54% are referral entries that is through the links on the other websites. 9.50% is directed to Binomo from search engines.
Below you will find a map with the website’s visitors by the country. The biggest traffic comes from Asia, South America and next, Africa. Beneath the map, there is a list of countries with the numbers that show what is the rank of Binomo in this particular place, what are the percentage of page views and existent users of the platform.
The probability of Binomo crashing
Binomo exists since 2014. From that time onwards, it has never stopped implementing new features and tools. New financial instruments have been added. The innovations have made the platform transparent to its users. All these changes and improvements demonstrate that the Binomo platform is not going to shut its services in the nearest future.
Nonetheless, some countries establish financial regulations which may result in the prohibition of using Binomo in these countries unless the company adjust to these country-specific regulations.
Security of users’ money in the banned countries
Binomo is a regulated broker and as such, it is obligated to separate its own funds from customers’ money. This allows proceeding with withdrawal even though all the traders in a specific country ordered withdrawals at the same time.
Moreover, even if such a situation would happened, the chances Binomo would crash are slim. Binomo is operating in many countries worldwide and it is expected that many new traders that will become Binomo’s clients.
Google Trends statistics on Binomo
Google Trends shows the interest in the Binomo platform by region. Dark blue signifies the highest interest. According to Google Trends, these countries are Indonesia, Nigeria and Vietnam. You can still see many countries are grey in color. The most probable reason is that Binomo does not operate in these regions. However, judging from the platform’s development during the years, it will make everything to appear in as many countries as possible.
The source of the Binomo quotes
The prices offered by brokers have to be regulated somehow. Providing random quotes would constitute fraud. They have to correspond to what is presented in the financial world. Binomo is regulated with The Financial Commission and order executions are verified on a daily basis.
However, slight differences in the price quoted on the chart and in the market are allowed. It will influence your trading more during the short-lasting transactions. This is yet another reason why I recommend opening positions that last at least 5 minutes.
Is it possible to earn profits on Binomo?
From all the research I have conducted, the conclusion is that Binomo is a legit platform that gains popularity continually. Traders are opening accounts on Binomo and as they stick to it for a while, we can assume they are making real money.
Can you as well?
Yes, you can. But remember, nothing comes easily, especially money. You have to do a lot of reading and learning. You need to know the platform well, with all its features and tools. It is a time-consuming process, but this is an investment you will have to make in order to begin a trader’s career.
There is always a risk involved in trading. Many will lose money. Many will give up. But a common mistake is jumping into trading without preparations, without a trading strategy. Newbies often do not even try to understand how the platform works, and they do not have the skill of controlling their emotions.
Take your time. Read, watch and learn. Remember, Binomo is providing a free practice account where you can perform risk-free transactions. Use it well. Once you are ready, go to the live Binomo account and start making real money.
Wish you success!