Binomo review – Should you sign up? – Pros and cons of the broker

Rating:Assets:Minimum deposit:Return:
4.8 out of 5 stars (4.8 / 5)Crypto, forex$ 10Up to 89%+

Binomo is a reliable trading platform that has been offering trading services to clients from 133 different countries. This broker is owned by a company called Dolphin Corp, located in St. Vincent and the Grenadines. 

It was started in 2014 with several daily active traders from around the world. Binomo has become one of the best trading brokers, with around 30,000,000 successful weekly trades. 

But should you trust Binomo? Is it the right platform for you? Read this review to understand whether or not you must use this platform. 

Binomo official website

(Risk warning: your capital can be at risk)

What is the Binomo trading platform?

For all its registered users, Binomo uses a proprietary trading platform, which works on SSL protocol. This protocol ensures that all the trading data stays secured and encrypted. As a result, the trader’s funds are safe during any trading condition

Binomo understands that a trader’s security is important. One cannot deposit or withdraw funds from Binomo without entering certain sensitive information, including bank information, credit card numbers, and personal data. 

Binomo trading platform screenshot

What’s better? Well, this trading tool has 20 different geographical tools, which help analyze trading history and charts. Quickly accessing the market and making online trades is possible through this platform. 

Traders also get access to an economic calendar integration for using different charts. There are many other better features for the traders to simplify their trading. When traders combine this feature with a quick refresh rate, they are able to seize better trading opportunities. 

Binomo has proven to be one of the best platforms that have spent time evaluating and integrating some important elements of trading. 

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Trade types explained:

The registered traders of Binomo can choose from different trade types, including High/Low, also known as call/put and turbo trades. It’s the standard trade type that is available for all online brokers. 

Binomo trade types

Through this binary trading type, traders have to analyze whether or not the price of an asset will rise above a certain limit. Turbo trade is similar to this, but the time limits are shorter. 

While Binomo does not offer a wide range of trade types, it surely provides a non-stop trading availability. Interestingly, the market never closes. That means one can trade any time without any hassle. 

Regulation: Is Binomo regulated?

Binomo regulation

Unlike other trading platforms, Binomo is regulated by the International Financial Commission and a member of Category A since 2018. With the help of the IFC, Binomo regulates the financial market. 

It is important to note that IFC offers compensation funds for all its members. So, traders can use Binomo without any issue because if something happens to this platform, traders could get the protection of up to 20,000€.

This protection is mandatory as it ensures the better safety of the traders and their funds. It also lets the trader know that this trading platform values their fund. 

In addition, Binomo is also certified by FMMC, which is regularly audited by a branch of IFC called, VerifyMyTrade. Through these edits and certification, one can clearly understand Binomo and its reputation. 

Not to mention, Binomo is also in the process of acquiring a license via CySEC. These regulations come in handy for international customers to determine which broker to select for trading. Furthermore, the certification, regulations, and audits indicate that Binomo is quite a helpful trading platform. 

(Risk warning: your capital can be at risk)

Binomo trading tutorial: How does it work?

How to trade on Binomo

Binary options are simple financial products that depend on the simple proposition of yes or no. Through this section, we will explain how to trade successfully on Binomo. As a trader, you need to simply bet on the rising and falling markets at a certain time horizon. 

Carefully choose the expiry time because after expiry, the trade closes. This way, traders get a higher payout, but one can lose the entire traded amount for incorrect speculations. 

After predicting the direction, one can trade in that direction. Here, the profit depends on the traded asset. 

A trader can only lose the invested amount as the risk is limited. Everyone entering the trading market needs to remember this as there are not a lot of financial products. 

For instance, you make a market forecast by investing an amount of $100. If your speculation ends in the money right after the expiry time, you will win a huge amount of $185. It’s because the return on your investment is $85. 

A trader can also get a higher profit on a short time horizon like 60 seconds because binary options are available at different time horizons. 

Here’s how you need to trade Binomo:

  1. Select an asset and then properly analyze it
  2. You then need to forecast the price movement 
  3. In addition, choose an expiry time along with investing with an amount more than or equal to $1
  4. Open your trading by clicking on Put or Call 
  5. For correctly speculating the market, you will be rewarded with a high amount of money

(Risk warning: your capital can be at risk)

To become a successful trader, you must keep your emotions and losses aside. You must sensibly do money management. It’s seen that traders who lose money end up making irrational trades, which makes them lose money in the future. 

A sensible trader does not trade more than 1% per trade of their account balance. This way, one can easily cope with the market losses. 

While binary options trading helps earn huge profitability, one must never forget that it is risky. Thus, one must never trade a huge amount of money. 

Assets of Binomo: Which markets can you trade? 

Binomo assets

Unlike other trading platforms, Binomo offers more than 40 trading assets. The broker has spanned multiple markets to offer a flexible and versatile range of trades to pick from for the registered traders. 

The vast range of trading assets is advantageous for traders who want to try their luck in different trading markets and assets. Talking about the contracts, Binomo only offers High/Low contracts as they are made up of a range of assets. 

Below are some asset options that Binomo offers: 

Binomo wants to make sure that traders get a comprehensive range of options to choose from so they can earn high profitability. Many trading brokers do not offer this many asset options, which makes Binomo an ideal choice. 

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The mobile trading app of Binomo reviewed:

Mobile trading with Binomo

These days, traders have started considering whether the trading broker offers a mobile app or not. Mobile apps make it easy to trade from any place and at any time. Interestingly, Binomo has a mobile app that one can find in the Apple store and Google Play Store

The reason traders like mobile trading apps are because it comes with an option to send notifications. Regular notifications are helpful as they alert you about the market trends so you can know when your speculations meet the trade preconditions. 

Binomo app download

In addition, the push notification also keeps the traders up-to-date with the transactions and promotions within seconds of being launched. The high-quality mobile app of Binomo provides a mobile-reactive platform for desktop versions. 

Most of the essentials are covered in the app, but if you need in-depth analysis. You can check the desktop version of the app. The theme of the app is designed in a way that matches the desktop design. 

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Available account types for Binomo traders:

Binomo account types

The first step in comparing binary options brokers is to examine the different types of accounts they offer. It’s also important to compare the minimum investment required and the benefits that each of them offers. 

Interestingly, Binomo offers three account types for trading. Each of the trading account levels provides multiple benefits. A higher-level trading account offers better profits and bonuses. 

The three account types are Standard, Gold, and VIP. Scroll down to find which among the available account types is ideal for you. 

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Standard account 

If you are new to the binary options trading world, you are advised to begin your journey with the Standard account type. It’s the best match for beginners as it lets you start the trade with $10

A Standard account offers access to more than 30 assets on the platform. For beginners, the smaller number of available assets is less overwhelming, making it easier for them to trade quickly. This way, traders can focus on their trading moves and decrease the possibility of losing money. 

The lower entry cost helps to trade without worrying about losing a huge amount of money. Below are some additional features of the Standard account:

  • Traders with access to Standard accounts get 3 days to withdraw payout options. The amount will be processed in your preferred payment method within three days. Many brokers offer a wait time of longer than this. 
  • Traders can also take part in tournaments and win better bonus funds. 
  • The maximum yield is 84%, and the maximum bonus is 80%. 

Gold account 

A Gold account is right for you if you have a good amount of trading experience and substantial investment. This account type requires a minimum investment of $500. Account-holders of this account type get to choose from more than 40 assets. In addition, the withdrawal amount gets processed in 24 hours instead of three days. 

Below are some additional benefits that the trades of the Gold account get:

  • Traders get an option to play gold tournaments and earn higher potential earnings than the Standard tournaments. 
  • Holders of this account also get access to a manager who can assist you with the account and help you understand the importance of having a personal account manager. 
  • Gold accounts also offer investment insurance to protect the asset. 
  • This trading account offers 86% maximum yield and 90% maximum bonus. 

(Risk warning: your capital can be at risk)

VIP account:

It’s the highest account tire that comes with some interesting features for the VIP status account holder. With this account, traders get quick access to the funds with an option to trade more assets. 

Traders must make a minimum deposit of $1000 to start trading with a VIP account. Here, the wait time for withdrawal processing is around four hours. In addition, traders also get access to VIP managers that provide better support and assistance. 

Other features of a VIP account include: 

  • VIP tournaments with an opportunity to earn better bonuses and profits. 
  • The maximum yield is 90%, and the maximum bonus is 100%. 
  • Traders get investment insurance and other individual offers. 

A VIP account is ideal for experienced traders who want to make trading their career. The significant benefit of this account is that it lets you maximize your ROI. 

Binomo demo account – Beginners practice account for free 

Binomo demo account

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It’s always advisable to choose an online broker that offers a demo account so you can practice your trading skills. So, before exploring the real trading account, you need to check the demo account. 

You can properly evaluate your trading skills with the demo account before entering the real trading account. A demo account also lets you understand how to use the tools and features that are required in online trading brokers. 

You can consider a demo account as an opportunity to test before purchasing. Furthermore, traders can make themselves familiar with the potential trading broker by using a demo account. That means a good trading broker will always offer a demo account facility to its registered traders. Thus, you must choose Binomo. 

This trading broker offers the opportunity to traders so they can make themselves aware of the platform. One needs to sign up with their email to create a demo account. Once the account is created successfully, they will receive $1000 virtual funds

By making risk-free traders, you can see whether or not Binomo meets your trading requirements. 

How to open your real trading account 

Binomo account registration

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The demo account of Binomo is linked with a real account. Registered traders can easily switch between these account types with one click. Any trader who wants to enter the binary market with real money must fill out an account form. 

In addition, the trading broker requires additional documents and personal information. Traders can only withdraw the money if they have a verified account. For the verification, traders need to upload just a photo of their passport. In 24 hours, the process will be completed. 

Any trader can quickly open their real account. The sign-up requires a few seconds, and it has no hidden fees. Traders also need to choose between dollars or euros to open their accounts. 

Binomo bonuses and promotions: 

Binomo bonus and promotion

Trading brokers offer bonuses to attract more and more traders. When a person registers with Binomo, the bonus and promotions become available in the Cashier section of the platform. 

This trading platform also organizes regular tournaments at different account levels. Traders can take part by paying a small fee of up to $30, depending on the tournament type and level. 

The prize fund of these tournaments ranges from $300 to $40,000. A trader who has selected Gold or VIP trading accounts can expect a better bonus.

(Risk warning: your capital can be at risk)

Available payment methods:

Binomo payment methods

After registering with Binomo, you can quickly fund your account without hassle. The international traders of this platform also get to use far more payment methods than the average country-specific service. 

Traders mostly choose VISA, MasterCard, and similar methods to fund their accounts in no time. Binomo accepts a minimum deposit of $10.

Binomo offers about 100 different payment methods. They are depending on the country of residence of the trader. Some of them are:

  • Credit cards
  • Debit cards
  • Bank transfers
  • Online bank transfers
  • Electronic wallets
  • Digital currencies

(Risk warning: your capital can be at risk)

Deposit and withdrawals: How to payout your profits

How to deposit and withdrawl on binomo

While choosing the Binomo trading app, you must remember that the minimum deposit required depends on the type of account that you want to open. A minimum deposit of $10 is required if you want a Standard account. Whereas for a VIP account, the minimum amount required is $1000. 

While withdrawing the funds, traders might encounter a small deposit fee of 10%. But this fee is only applicable when you haven’t made a minimum number of trades. Furthermore, the website uses SSL to keep the data encrypted and safe. It also protects funds of up to $2000 against any fraud. 

Below are some popular deposit and withdrawal options:

  • Credit card 
  • Neteller 
  • Jeton
  • Indian banks 

(Risk warning: your capital can be at risk)

Available countries:

It’s correct to say that the binary options market is growing continuously. Here, Binomo is offering an opportunity to international traders so they can make quick trades. 

This trading platform is growing rapidly in Asia and Africa. It also supports different languages, including English, Thai, Indian, and more. The majority of traders on the Binomo app are from India, Malaysia, Indonesia, Thailand, Nigeria, and the Philippines. But the traders of Canada, EU, and USD are prohibited. 

Is Binomo safe in India?

Yes, the trading platform, Binomo, is safe in India. But this reputed trading platform is not regulated by the Securities and Exchange Board of India. This offshore broker is based out of St. Vincent and Grenadines. 

Pros of Binomo:

If you are planning to select the Binomo trading platform, you would want to know what you are getting with your investment. Below is a list of advantages that this platform offers. 

  • Responsive customer support 
  • Non-stop trading 
  • Robust demo account 
  • $10 minimum deposit 
  • $1 minimum trade 
  • Availability of weekend trades 
  • Potential 90% maximum profit 
  • Tournaments with prize funds

(Risk warning: your capital can be at risk)

Cons of Binomo:

While Binomo is a trusted trading platform, there are a few things that you might not like about the platform. Here’s a list of things that are disappointing. 

  • A limited number of assets to choose from 
  • Limited trade types 
  • Not supported in the USA or Europe 
  • Despite it being a Category A member of the IFC, it is only certified under the FMRRC 
  • No social trading 
  • No signals

After all: Is Binomo a scam?

Binomo is definitely not a scam, as thousands of active traders use this trading platform. This legitimate trading platform allows traders from over 133 countries. It is a member of category A of the IFC organization. 

The IFC offers protection of up to $20,000 for case disputes. After joining this organization, Binomo reaffirms its commitment to maintaining the highest standards of conduct and business practices. 

Conclusion: Binomo is a legit broker

Binomo is a reputed trading platform that offers a wide range of features and tools. This user-friendly trading platform is ideal for beginners and professional traders who are interested in online trading. 

Traders of every skill level can register themselves with Binomo to enter the binary options trading world. One can easily gain access to the trading account by simply depositing $10. 

New traders who are unaware of the trading features can also try their luck through Binomo. So, registering yourself with this trading platform makes sense. 

(Risk warning: your capital can be at risk)

5 out of 5 stars (5 / 5)

FAQs

Are Binomo robots, bots, and automated trading allowed?

The registered traders of the Binomo trading platform do not offer the possibility of using automatic systems. It’s because Binomo is a unique trading platform. For instance, traders cannot use expert trading. 
Also, this broker does not provide any signal or social trading facility. That means the clients of this platform need to trade with their knowledge and experience. 

How to make money on Binomo?

To make money on Binomo, you need a trading strategy. Without a proper strategy, you might not make a huge amount of money in the financial markets. Traders must analyze the charts to detect the price in the market properly. 
When traders find these spots, they can open trade in that direction. It’s important to choose the market movement to make money. 

Is Binomo legal or not?

Binomo is a 100% legal trading platform that is regulated by IFC. The broker allows trading in India, Australia, and other countries. There is nothing to worry about as the company is fully regulated. 

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