30 Second Summary
Pros / Cons
- Only $10 required to start trading
- Custom-designed platform that works easily on mobile devices
- Clear and easy to achieve tiering account system
- No official Regulation
- No offline desktop software – online access only
- Limitations on popular trading area such as cryptocurrency
Binomo is a binary options broker, established in 2014. Binomo is regulated by St. Vincent and the Grenadines Financial Services Authority (SVGFSA), with a head office on the islands. The broker is known best for its commitment to low trading requirements as well as a range of advantageous features for all kinds of traders.
The broker has designed a propriety platform that is easy to use, efficient, and practical. It also supports a variety of competitive features for its active clients, such as daily tournaments.
Safety and Regulation
Binomo is currently considered unregulated in the brokerage industry. However, the company is now actively working towards gaining CySEC licensing as well as maintaining a Category A grade through the IFC. The broker also holds certain certifications to operate in specific countries, though these additional requirements aren’t listed on their website.
Binomo takes the security of its customers seriously and achieves this goal by using a proprietary platform specifically designed to be encrypted and secure for all customers. They also utilize well-known, safe payment methods for both deposit and withdrawal, ensuring your cash is always kept safe.
According to Binomo, all customer funds up to $20,000 are protected against fraud, while the use of SSL ensures all data is encrypted and safe. This transparency and high level of security are some of the reasons why the trading platform continues to succeed against its competitors.
Binomo accepts traders from Thailand, South Africa, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use Binomo from Canada, United States, Australia, Mali, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Germany, Laos, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Norway, Sweden, United Kingdom, Cyprus, Switzerland, Israel, Singapore, Hong Kong, New Zealand, Iran, Japan, Russian Federation, Belarus.
Binomo offers its own proprietary trading platform, which was designed to be as practical, easy to use, and convenient as possible for binary options trading.
On initial release, the company made use of SpotOption as their platform of choice. However, since then, the company has moved from ‘out the box’ solutions towards their own, practical design that meets the needs of its customers.
Developed to include a range of on-point features for traders, the current iteration of Binomo is anything but generic. Efficiency and practicality are vital points for the broker, as well as offering competitive features to their trading customers such as daily tournaments.
These competitions are increasing in popularity for many online brokers, and Binomo is ahead of the curve when it comes to offering a practical, mobile-reactive, and innovative platform that does it all for their specific customer base.
Binomo Mobile app
Binomo offers mobile trading through its native apps, which are both on iOS and Android, available on Google Play and the App Store. It looks nice and simple, and you can easily get around. There is a great onboarding function when you first log in, and after a few minutes, you will be good to go. Furthermore, the search function is great.
Trading via mobile is bigger and better than ever, and Binomo has firmly leaped on that trend by offering an entirely smartphone-accessible platform. Also available through tablets, the Binomo mobile app is available for both Android users and those that prefer iOS.
Push notifications are utilized as a clever way to keep traders in the look on anything from their current trades to upcoming competitions and tournaments.
While some brokers offer reduced functionality in the app version of their platforms, Binomo’s offering is fully functional. Anything you can do on your desktop, you can also do from your smartphone. You could even ditch the desktop altogether if your preference is trading on the go.
Binomo is one of an increasing number of traders offering options and versatility, which is a plus point for the service in general.
Assets and Products Offered
Binomo is host to more than 50 distinct assets that can be openly traded by traders signed up to their platform, which enables more opportunities compared to ExpertOption or IQ Option. These assets include a range of different markets and options, to provide trades with as much range and flexibility as possible. Ideal for traders that don’t like to stick to one specific area of trade for too long, and instead prefer to mix things up.
Binomo specializes in high/low trading, which means it isn’t much available in terms of other contracts. But this limitation is easily overcome with the variety of options on offer – an enticing feature to many traders.
Binomo supports the trading of the following assets:
- Currency pairings (GBP/USD for example)
- Gold, Oil, and similar commodities, including pairings
- Bitcoin, Litecoin, and other cryptocurrencies
- Popular stocks such as Google and Disney
- Indices, such as DAX or CAC40
With such a variety of assets and choices on offer to traders, it’s no surprise that Binomo continues to be a popular service for traders of all shapes and styles. This is especially the case with more specialized assets, such as stocks, which may not be available from other similarly placed platforms. For traders that specialize in crypto, however, a total of only three options are on offer – which is a considerable reduction in comparison to platforms that specialize in cryptocurrency over different assets and options.
Fees and Commission
Binomo is typical as a binary options platform in that it does not charge any additional fee or cost for the use of their trading and brokerage services.
This is a great advantage to traders, as no fee is charged based on their commission either. Binomo instead makes their money through the money that is generated when a trader makes a loss. This different way of processing their income is excellent for traders – especially those looking to ramp up their trading to the next level.
For VIP clients, there’s even more incentive for using the Binomo platform. Up to 100% on payouts is the standard, and combined with the reduced costs and absent fees, Binomo is fast looking better than ever for veteran traders – or even those that want to start out in a big way.
Leverage isn’t a part of the language on the Binomo platform, which is reasonably common for binary options trading in general. For traders who consider leverage to be a dealbreaker, looking elsewhere might be their best bet. But despite this noticeable absence, there’s plenty of positives to Binomo that might make up for this failure.
If you’re looking for a platform that offers easy and convenient payment, then Binomo has the advantage. Because the broker offers their services to a varied and international base of customers, it means there’s far more choice depending on your location. Both MasterCard and VISA are supported, with additional options available based on your region and area.
The recommended deposit for your account is $500 to start. If you’re smart about it, you can even take advantage of promotions and offers to top that up by 100%. For those starting small, the minimum deposit you can make is $10 – making Binomo fully accessible for traders of all sizes and scopes.
What is the minimum deposit requirement to open a trading account with Binomo?
The minimum deposit at Binomo is $10.
How long does it take to withdraw money from Binomo?
Binomo aims to execute every withdrawal request within 24 hours. However, in extreme cases, the withdrawal process can last up to 3 days.
Promotions and Contests
Binomo is well-known for the range of promotions and deals they offer throughout the year. These include some of the classics, such as percentage top-ups on deposits, as well as some great sign-up bonuses.
These deals can change over time, so it’s best to keep tabs to find something that’s suited to your trading style.
In addition to the sign-up promotions and other deposit bonuses, traders that deposit $500 into their account will also be able to access a higher level of support and training through an assigned manager.
Account Types Offered
Three tiers of accounts are offered for traders using Binomo. As with many online brokers, these different accounts are specified based on the amount of funding you put into the platform. This means there’s no additional cost or specific program membership required to increase your tier – all you need to do is increase the amount you deposit to change your account type over time.
The account types that Binomo offers are as follows:
- Standard: offers basic access to the Binomo platform and tournaments feature with a $10 minimum deposit
- Gold: offers access to strategy guides, faster withdrawals, and management with a $500 minimum deposit
- VIP: offers access to all privileges on the Binomo platform with a $1000 minimum deposit
Binomo makes it clear that even standard-tier traders gain access to everything they need to trade easily and effectively. The bonuses provided to higher-tier customers may be beneficial, but they certainly aren’t essential to get all you can out of the platform.
As with all the best online brokers, Binomo provides a complete and fully functional demo account for potential customers to try out.
All you need to do to access the demo site is provide an email, and you’ll then be set up with $1000 in virtual cash to play around with. While some platforms offer a scaled-down option for their demo accounts, Binomo doesn’t hold back on their offering. It’s possible to get a real feel for all the features of the platform, without ever spending a penny.
As an international online trading platform, Binomo has round-the-clock availability for their trading services – perfect for night owls or those in different time zones. When it comes to some features, such as competitions and tournaments, specific time slots may apply.
Binomo readily offers support to their customers through several different methods, the most popular of which is live chat. Live support is available directly through the Binomo platform, which means traders don’t even need to open a new window to chat through queries and problems with the support team. Live chat isn’t available 24/7 and may be choked up during busy periods. A backup email support service is also provided, which response typically within 24 hours: email@example.com
Finally, traders can get in touch with Binomo directly through their address:
Dolphin Corp, First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent, and the Grenadines
What do we think of Binomo? As a binary options trading platform, Binomo has all the features needed to support traders – both new and veteran.
Their lack of fees and commission is also highly attractive to potential customers, especially when combined with a streamlined and user-focused platform design. If you’re looking to get into binary options trading, and you’re unbothered about the lack of crypto on offer, then Binomo might be a safe bet for you.
Once certification under CySEC is complete, Binomo will be a better prospect than ever. Not to mention well worth investigating.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
Looking for more information on brokers and trading? Have a look at our trading guides:
- Best Forex Brokers for 2021
- Best Binary Options Brokers for 2021
- Best Online Stock Brokers for 2021
- Best Trading Apps for 2021
- Binomo Website – https://binomo.com/
- Binomo: Online Trading App – https://play.google.com/store/apps/details?id=com.app.p3428GB&hl=en&gl=US