Binomo is a trading platform launched in 2014. The platform stands out from its competition mostly for its user-friendly interface, trading services and tools. Binomo is a very popular choice for Forex traders. This is mostly because of their low minimum deposit offer and educational resources.
Binomo trading assets include stocks, commodities, and currencies. The platform provides demo accounts, market analysis. signals and trading indicators.
Binomo Company Information
Launched in 2014, Binomo is a binary options platform owned by Tiburon Corporation, a Seychelles-registered holding company, with its payment services operating out of Cyprus by Stagord Resources. Binomo established itself in Eastern Europe before developing a broader international market in Western Europe and Asia. Today, Binomo is a moderate-risk broker with the TU Overall Score of 5.38 out of 10.
Since May 2018, Binomo has been a category “A” member of The Financial Commission. This membership guarantees the quality of service, transparency of relations, and protection of traders by an independent organization. Binomo’s good standing and company reputation seems positive, with a rating of 4.2 stars from 20 reviews on Sitejabber.
What Makes Trading at Binomo Different
This platform emerged as the top-ranked broker in September 2014, with an impressive recommendation rate of 85%. This speaks volumes about the quality of service and reliability of the platform.
Another thing that sets Binomo apart from other brokers is that the platform supports 10+ payment methods, all offering instant withdrawal, allowing seamless cash-outs without unnecessary delays. This is a huge advantage if you need to quickly move funds.
License and Jurisdiction
Binomo answers to The Financial commision. The Financial Commission is a neutral and independent organization that specializes in financial market disputes.
If you want to appeal to The Financial Commission, Binomo team suggested that you try out a few options first:
- Contact Binomo team and explain the situation in an email and send it to [email protected] with the subject “Let’s figure it out.” They usually reply during business days and within 72 hours.
- If your case isn’t resolved, you can then appeal to The Financial Commision.
All details can be found on the Binomo regulations page.
Binomo Bonuses
Binomo has a few bonus offers to help you increase trading capital. You can activate the bonuses in the “Bonuses” section of the trading room. Each bonus has an expiry date.
| Bonus Type | Description |
|---|---|
| Binomo Sign-up Bonus | Welcome bonus at Binomo is available to new registered users. The bonus can be activated within 30 minutes after creating an account, allowing you to increase any investment by 25%. You must make a payment using the link in the lower-left corner of the trading room in order to claim the bonus. Also, make sure you read and understand Binomo Bonus Terms and conditions. |
| Post-Confirmation Bonus | This bonus is available after you confirm the email address. This bonus allows you to increase investment by 50%. It can be activated by going to the “Bonuses” section on the left side of the trading room. |
| Deposit Bonus | This bonus is available when depositing on the Cashier page. It will be credited to the account if the “Bonuses, Offers, Coupons” box is checked. The amount offered is proportional to the amount deposited and cannot be combined with other bonuses or coupons. |
| Coupon or Promo Code | This can be entered on the Cashier page in the Add coupon field. Coupons are offered as part of a promotion or from a personal manager. Note that each promo code can only be redeemed once per account, and new promo codes are issued for ≤30 days (except promo codes for Influencers) and have a deposit bonus of ≤100%. |
| No Deposit Bonus | This fixed-amount bonus is instantly credited to a real account with no prior deposit. The leverage ratio for a no-deposit bonus is usually 40, and is indicated in the terms and conditions of the bonus. |
| Risk-Free Trade | This bonus is a fixed number of trades with a predetermined investment amount. If the transaction is successful, its investment amount, as well as the profit, are credited to the client’s real account. Unsuccessful trades do not result in the loss of funds from the real account. A client can only make one risk-free trade at a time. |
The deposit coupon and preset deposit bonuses can’t be used together. Traders can only use one at a time. Each bonus has terms and conditions, which traders should read carefully before activating.
Tournaments
Binomo hosts regular tournaments where multiple traders can compete for prizes over a set period. You will need a special tournament account in order to participate. The tournament account is accessible from the start of the tournament until the end. It stays active for 24h after the tournament ends.
Entry involves a fee, except for the Daily Free tournament, which is free. All traders use the tournament’s virtual currency (₮), with equal starting balances for everyone based on the tournament’s rules.
The prize pool grows with the number of entrants and is guaranteed to meet a minimum amount specified in the tournament’s terms. The aim is usually to achieve the highest balance by the end, with the prize distributed among the top performers as defined by the tournament’s rules.
There are both free and paid tournaments on Binomo. The free option is perfect for newcomers, requiring no initial investment, while paid tournaments offer larger prizes but require an entry fee. Binomo’s tournaments vary in frequency, from daily to monthly, providing traders with numerous opportunities to showcase their skills, align with their trading preferences, and win rewards.
Spreads and Commissions
Binomo differentiates itself with competitive spreads and minimal commissions, providing a budget-friendly option for traders. It has a fee-free for both account maintenance and platform usage.
It’s important to note that there is a 10% fee on early withdrawals, specifically if the deposited amount has yet to be traded at least twice. Furthermore, Binomo takes a strict stance on inactivity, closing accounts and seizing balances after six months of no trading activity.
Regarding withdrawal fees, Binomo does not charge for standard withdrawals, a policy not commonly found among its competitors. The platform’s payout rates are equally impressive, with VIP account holders eligible for up to 87% returns on a minimum deposit of $1000.
For those with Gold accounts, after a $500 deposit, the payout rate stands at 86%, while other accounts see a maximum of 80% payouts. These rates are notably above the industry average.
Binomo allows trades to start as low as $/€1. This low barrier to entry makes trading accessible to a broader demographic. In this case, even if you have minimal funds to invest you can start trading.
Fees
You should have in mind that except Binomo’s fees, banks or payment providers charge withdrawal fees. For more details, make sure to visit Binomo website and check the “Withdrawal” section. Selecting payment methods with lower transaction fees can help you decrease the overall trading costs.
- Binomo doesn’t have deposit fees.
- Binomo charges withdrawal fees in certain countries such as: India, Brazil, Vietnam, and Indonesia.
Account Types
Binomo offers 5 different account types for its traders: Free, Standard, Gold, VIP, Prestige. Each account type requires a different deposit amount and offers a range of benefits. Below is a brief overview of the three most popular account types.
Free Demo Account
Binomo free account comes with $10,000 in virtual funds. This account offers a maximum of 5 trades that can be opened at the same time.
The Binomo free account is a great way to get familiar with the Binomo platform and test trading strategies. You can learn how to use the platform and the trading tools.
Standard Account
The standard account requires a minimum deposit of $10. With a standard account you can participate in tournaments and receive up to 85% profit on successful trades.
VIP Account
The VIP account requires a minimum deposit of $1,000 and has many benefits, including access to a personal account manager, risk-free trades, and trading signals. Traders with a VIP account can receive up to 90% profit on successful trades.
Assets and Instruments
Binomo has 80+ assets. This includes: currency pairs, commodities, stocks, and cryptocurrencies. Binomo also offers different trading instruments: high/low options, turbo options, and cryptocurrency.
Order Execution
Binomo’s order execution is fast and reliable, with trades done almost instantly. The platform offers real-time quotes. Binomo has different order types: market orders, limit orders, and stop-loss orders.
Binomo Restricted Countries
Binomo is not available in: Albania, Afghanistan, Andorra, Australia, Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Haiti, Hong Kong SAR, Hungary, Iceland, Iran, Iraq, Ireland, Israel, Italy, Jamaica, Japan, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Moldova, Principality of Monaco, Myanmar, Netherlands, New Zealand, Nicaragua, North Korea, Norway, Palestine, Poland, Portugal, Romania, Russia, St. Vincent and Grenadines, San Marino, Senegal, Singapore, Slovakia, Slovenia, South Sudan, Spain, Sweden, Switzerland, Syria, United Arab Emirates, United Kingdom, United States, Vatican, and Zimbabwe.
Market Analysis & Signals
Binomo offers: fundamental analysis, technical analysis, market trends, trading signals, risk management and candlestick patterns.
| Analysis Type | Description |
|---|---|
| Fundamental Analysis | Binomo gives you access to fundamental analysis reports. This includes economic calendars, financial news, and company reports. Fundamental analysis helps you analyze economic, financial, and other factors to determine the asset’s true value. |
| Technical Analysis | Technical analysis tools, such as charting software, technical indicators, and price alerts. Technical analysis helps you evaluate an asset by checking its price and volume history. It involves using charts, indicators, and other technical tools to identify patterns and price movement trends. |
| Candlestick Patterns | Binomo offers a collection of candlestick pattern analysis tools. Some of the most useful ones we’ve discovered are charting and candlestick pattern recognition. These can help you identify potential price movements. |
| Market Trends | Binomo also provides market trend analysis tools: trend lines, moving averages, and price channels. Market trends refer to the general direction in which an asset’s price is moving. |
| Trading Signals | Traders can access trading signals: price alerts, trend indicators, and news alerts. Trading signals are indicators that suggest when to buy or sell an asset. |
| Risk Management | Risk management tools help you identify, assess and control risks associated with trading. The risk management tools available at Binomo are: stop-loss orders, take-profit orders, and risk calculators. |
KYC Process
KYC process on Binomo is simple; you only need to provide: name, address, and date of birth, a copy of a government-issued ID such as a passport or driver’s license. You may also be required to send a document as a proof of address. These documents are usually utility bill or bank statement.
Binomo will review and verify the information you sent and it usually takes them a few days to complete the checkup. Once your information is verified you can deposit and withdraw funds.
Trading Assets & Indicators
You can choose 50+ trading assets. You can use Binomo technical indicators such as: Moving Average, Bollinger Bands, and RSI. These indicators can identify potential entry and exit points for trades. Binomo also offers a feature called “Hotkeys”. This allows you to quickly execute trades using keyboard shortcuts. This can be particularly useful if you need to enter and exit trades quickly.
Trading Features and Resources on Binomo
Binomo offers 2 types of trading mechanics: Fixed Time Trade (FTT) and Contract For Difference (CFD).
FTT Explained
FTT allows you to profit from the small price changes. By using FTT, you can predict whether the price will go up or down. You can choose the time to close the trade, which can be short-term (1-5 minutes) or long-term (15-60 minutes).
You can invest anything between $1 and $1000.
If your price prediction is correct, you’ll make a profit. The trade closes on its own when the time runs out. The profit goes straight into your account. You can see the possible profit or loss before you start the trade, which is good to predict the potential risks.
Trading in FTT is available 24/7, and there are no commissions.
FTT has serious advantages, especially for beginners. Some of these advantages include fixed income and loss, controllable risks, no commissions, no need to keep an eye on the market all the time and a wide choice of assets.
CFD Explained
CFD is a deal where the seller and the buyer agree to exchange the difference in an asset’s value from when they start (opening a position) to when they finish (closing the position).
CFD trades don’t have a set end time. You can close a CFD trade whenever you want or keep it open as long as you want. If the asset’s price moves in the opposite direction of what you predicted and the loss reaches -95%, then the trade is closed automatically.
To open a CFD trade with Binomo, you can choose a DEMO account, select an asset like Gold. You can also select a multiplier (1, 2, 3, 5 or 10), and decide how much to trade. To buy or sell, click on the “down” or “up” arrows. You can also close the trade manually whenever you wish.
You can have up to 15 trades open at the same time.
CFD has some special features: limited availability of assets, trading hours from Monday at 07:00 UTC to Friday at 21:00 UTC, technical stop loss, a small fee of 0.02% of the transaction amount. There are no limits on setting profit or stop loss (except for the technical stop loss).
Educational Resources
Binomo has solid educational materials to help all traders improve skills and knowledge. These resources include:
- Video Tutorials: These videos provide traders with a step-by-step guide to trading on the platform.
- Webinars: Binomo hosts regular webinars where traders can learn from experienced traders and industry experts.
- Glossary: Binomo provides a glossary of trading terms to help you with unfamiliar terms or trading concepts.
- E-books: Binomo offers free e-books on trading topics and risk management.
- Demo Account: Binomo has a free demo account. You can use it to test new strategies or to learn how to trade.
How to Start Trading at Binomo
Binomo is a user-friendly broker that will get you started in no time. Check out how to open an account.
Account Login and Registration
To start trading on Binomo, first you will need to create an account. Click the “Sign Up” button on the Binomo website. Write down your email address, password, and currency you would like. Once you’ve completed the form, click the “Create Account” button.
To log in to your account, click the “Sign in” button and write down your email address and password.
Mobile Trading on Binomo
Binomo offers a mobile trading app on both the App Store and Google Play Store. Just click download and install the app on your phone. You can access your account dashboard and trading history, place trades, access the economic calendar and candlestick chart analysis.
Binomo Payment Options
According to the Binomo Payment Methods page, the platform accepts several payment methods, including bank cards, e-wallets like Skrill, Neteller, and WebMoney, and wire transfers.
E-wallets are popular for depositing funds because they offer fast and secure transactions.
For larger deposits, wire transfer is the best option. Wire transfers typically take 1-3 business days to process.
Binomo may charge fees for certain payment methods. For instance, the platform charges a 4% fee for deposits made using Neteller. Before depositing funds, check the fees associated with each payment method to avoid any surprises.
Deposit Methods
The minimum deposit amount is 10 USD/10 EUR or equivalent in local currency, except for India, where it is $5 / €5. For some specific payment methods, it may be a bit more than the minimum deposit.
Deposits are usually instant, but according to some regulations, in rare cases it may take 24 hours.
The following table provides an overview of the payment methods available on Binomo:
| Payment Method | Deposit Time | Minimum Deposit Amount |
|---|---|---|
| Bank Cards (Visa/Mastercard) | Instant | $10 / €10 |
| E-Wallets (Skrill, Neteller, WebMoney) | Instant | $10 / €10 |
| Cryptocurrencies (Bitcoin, Litecoin, etc.) | Instant | $10 / €10 |
| UPI (India only) | Instant | $5 / €5 |
| Local Payment Methods (India, Indonesia, Vietnam, etc.) | Instant | Varies |
Withdrawal
You can start withdrawals from your Binomo account. After login, go to “Withdraw” section. Withdrawals usually take up to 3 business days, but the exact time depends on the payment system used. According to Binomo’s withdrawal policy, funds can only be withdrawn to cards and wallets that have been used at least once to make a deposit.
Binomo has withdrawal limits in place. The limits are as follows: no more than $3000 per day; no more than $10,000 by the end of the current week; no more than $40,000 by the end of the current month. There is also a limit on the number of withdrawals without commission. Customers can only make one withdrawal per day for all methods. For customers in India, Vietnam, and Brazil, there is a 10% commission fee for withdrawals. For customers in Indonesia, the commission fee is 2%.
User Reviews and Broker Community
checked what users said about Binomo on various platforms, including Trustpilot and Reddit.
On Trustpilot, Binomo has a rating of 3.9 out of 5 stars, with many users praising the platform’s ease of use and customer support. One user wrote, “I’ve been using Binomo for a few months now, and I find it easy to navigate and trade. The customer support team is also very helpful and responsive.”
Some users had concerns about account lockouts and withdrawals. One user wrote, “I had some issues with withdrawing my funds, and it took a while to resolve. But overall, I’m satisfied with the platform.”
On Reddit, opinions about Binomo are mixed. Some users have praised the platform’s low minimum deposit and user-friendly interface. Others have criticized the lack of regulation and potential for scams.
Binomo Support Channels
- Binomo offers customer support through multiple channels:
- Email:[email protected]
- Website: contact us form, FAQ and live chat.
The Binomo support team is available 24/7.
- Low minimum deposit of just $10, making it accessible to traders with a range of budgets.
- Non-stop trading feature that allows you to open the next position without waiting for the previous one to close, enabling them to make trades around the clock.
- Sleek website design, user-friendly and easy to navigate.
- Unlimited trades
- Small trade fee to keep your costs low.
- Limited trading options
- Binomo does not have a physical location that traders can go to for help or support, which can be a disadvantage for those who prefer face-to-face interactions.
- The platform’s support options are limited, with no phone support available.
Final Word
Binomo is a reliable online trading platform that allows users to trade in various financial markets such as Forex, stocks, and commodities.
Binomo is a solid choice for traders looking to trade online. With its user-friendly interface, low minimum deposit requirements, trading tools and features, Binomo is a good option for both novice and experienced traders. You should always be aware of the risks involved and trade responsibly.
Frequently Asked Questions
Slow processing time for withdrawals. Some users have reported that it takes longer than expected to receive their funds after requesting a withdrawal.
Trustpilot is a popular review website where users can share their experiences with different products and services. While the reviews on Trustpilot can be helpful in providing an overall picture of a company’s reputation, keep in mind that not all reviews may be genuine. Some reviews may be fake, while others may be written by users with a specific agenda.
$10 USD. This makes Binomo an interesting platform for beginners.
The Binomo mobile application is designed to be user-friendly for trading on both iOS and Android devices. The app is optimized for mobile devices, it is easy to navigate and use on smaller screens.
Yes, the withdrawal processes on Binomo are legitimate. The platform has a number of measures in place to ensure that users can withdraw their funds safely and securely. Traders can withdraw their funds using bank transfers, credit cards, and e-wallets.
Yes. Binomo has a demo account and it offers a range of educational resources, including video tutorials and webinars, that can help users learn about trading strategies and market analysis. The low minimum deposit and user-friendly interface make it accessible to new traders.
