Binomo is an online trading platform that serves customers from 133 different countries. Traders from India, Brazil, Indonesia, Vietnam, and Turkey rank it as one of the most popular brokers in the industry. Binomo was founded in 2014. The firm is now owned by a business known as Dolphin Corporation. This firm has its headquarters in St. Vincent and the Grenadines.
Despite the fact that they are subject to oversight by the Financial Commission, this particular regulatory agency is not among the most influential in the industry. Binomo is one of the largest brokers in Asia, with approximately a million daily active traders and more than 30 million successful deals every week.
Binomo Types of Accounts Offered
When comparing online brokers, one of the first things you should do is look at the many account options that each one has for their clients. You have the option to begin using Binomo with any one of three different account types, and you may also upgrade at any time. Each level comes with its own unique set of advantages, and as the amount you spend grows, so too will the possible profits and bonuses. There are three different account levels available on Binomo: Standard, Gold, and VIP. Let’s take a look at each of the accounts:
If you are just getting started with trading online, the standard account is probably going to be the one that works best for you. Trading may begin at this level with a minimum investment of only ten dollars, and you will have access to more than thirty assets on the site. If you’re just starting out, it could be easier to manage your expectations if you have fewer assets to choose from. In addition, because there is such a low barrier to entry, you won’t have to be concerned about putting any of your money in danger.
The Gold option is the next entry point for people who have the financial means to make investments of a more substantial nature. A Gold account demands a $500 deposit. If you have a Gold account, you will have access to more assets than you would with a Standard account and you will get to your cash faster. You will be able to have access to payments from your account within twenty-four hours when previously it would have taken you three days to get it in your account.
The VIP account tier is the highest one that may be obtained. This account offers all of the benefits that should come with having a VIP rank. You will get faster access to your funds, a greater variety of assets with which to trade, increased returns, and additional bonuses. A VIP account requires a $1000 deposit. You will have access to more than fifty different assets through these funds, and the waiting period for withdrawing money from your account is only four hours. In addition, you will be assigned a VIP manager who will assist you in managing your investment. Your VIP manager will give support and help, and there is a possibility that bonuses could be offered.
Binomo Commissions and Fees
When opening a regular account with Binomo, a minimum deposit of ten dollars is required. The Gold accounts cost $500 per year to maintain. They even charge a thousand dollars for access to their VIP account. Binomo does not levy a commission fee on any of their many types of accounts. Both deposits and withdrawals can be made free of charge with this company. However, you may still be charged for the service depending on the kind of payment you use.
Binomo Trading Tools
On the Binomo platform, you may choose from more than twenty various kinds of indicators. You have the option of selecting an indicator and configuring it in your own way. You have a variety of options to select from when configuring the periods of the indicators as well as other aspects. In addition to that, there is both a description of the indicator and a lesson for it. These indicators are strong instruments that may help you make a significant profit trading binary options.
Binomo Security and Reputation
Binomo has a very mixed reputation when it comes to their services. Some traders value its great services while others call this platform a scam. Here are a few reviews from traders who used the Binomo platform:
“I am not an experienced trader but with this app, I have been able to trade and buy stocks and crypto like a pro! The app continuously shares learning articles and information that makes it easy to use.”
“This site is a scam. I added a thousand dollars on this site, and when I want to recover it to my bank, they did not allow me to recover. This site is a thief and a swindler and I do not advise dealing with it or adding money to it.”
“One of my favorite platforms is Binomo. The simplest way to invest without a human broker is to use an automatic system that is straightforward, understandable, and easy to use.”
“App is a Big Time Scam. The moment you start making a profit they would block your account giving vague reasons. But they did allow me to withdraw my invested money but whatever profit I made was stolen by them. This is the way they do business. You will work day and night to create profit and they would snatch it away from you.”
“I was defrauded by them when I deposited into my account, they deleted the account and contacted the support a lot and a lot, but they have only one response, I violated the terms and I did not do that.”
Binomo Trading Requirements
In order to engage in trade with Binomo, you will first need to pass a security check designed to validate that you are not running a fraudulent operation. Binomo will request identification from you in order to verify that you are of an appropriate age to engage in financial transactions in the jurisdiction in which you reside. In order to validate your home address, they will also ask for evidence of residency in the form of a utility bill in your name.
This is done so that they can verify your address. This is also done to ensure that conducting business with them is not against the law in your nation. Binomo has the right to seek evidence of income in extraordinary situations to ensure that you are financially stable enough to trade with them. At last, you will be able to start trading after making a deposit of $10.
Binomo Offering of Investments
In terms of the assets available, Binomo offers a variety that is on par with those of its competitors. When you have the most advanced trading account, you have access to more than fifty different assets that span a wide variety of asset categories. You are able to choose what kind of assets you are most comfortable dealing in if you have a varied variety to choose from. Binomo provides its users with a broad variety of assets, which include the following:
- Currency pairs
- Commodity pairs
Binomo Customer Service
Binomo provides users with many routes to choose from when deciding how to contact the customer support team. You have the option of participating in live chat through a chat window that appears automatically on both their website and their mobile app. The live chat feature is quite robust and is available in a number of languages. It’s possible that the situation at hand does not call for a quick response. If this is the case, you can contact them by email, and they will respond as soon as they are able to.
Since 2018, Binomo has become a Category A member of the International Financial Commission (IFC), which is the regulatory body that oversees the company. The International Financial Commission (IFC) is a non-governmental body that contributes to the regulation of financial markets; the fact that Binomo is both regulated and a Category A member is indicative of the company’s standing as a broker.
The fact that the International Finance Commission (IFC) provides a compensation fund for all of its members is one advantage that is offered to traders. This implies that if something were to happen to Binomo that resulted in money being compromised, traders would be covered for a maximum of 20,000 euros. This protection demonstrates to traders that Binomo appreciates their resources and ensures that their financial assets will remain secure at all times.
Binomo Banned Countries
The practice of trading and the use of binary options are viewed differently in various nations. As a direct result of this, the financial standards of each of them are very different from one another. Therefore, a commercial transaction could be lawful in one nation but unlawful in another. The following is a list of the nations in which Binomo does not currently provide its services:
- Czech Republic
- North Korea
Binomo Pros and Cons
While the Binomo platform seems great, it does have some drawbacks. These pros and cons should give you a good idea of what you’re looking for:
- Responsive customer support
- Non-stop trading hours
- Offering of a demo account
- $10 minimum deposit
- $1 minimum trade
- The possibility of engaging in weekend transactions
- The potential of up to 90 percent profit
- Competitions with money up for grabs
- A restricted number of assets from which to pick and choose
- Limited varieties of trade
- It is not supported in either the United States or Europe
- The only certification it holds is from the FMRRC
- No social trading
- No signals
Is Binomo a Scam or a Safe Broker?
Whether Binomo is a scam or a safe broker is very debatable. On one hand, we are seeing reviews that suggest that this broker scams you and steals your profits. On the other hand, since Binomo is a regulated broker, it seems hard to believe that they would be able to get away with something like this.
This broker is a member of the International Financial Commission (IFC) in the highest possible category, which entitles them to up to $20,000 in compensation in the event of a legal issue. By becoming a member of the IFC, Binomo is demonstrating its continued dedication to upholding the highest possible ethical and professional standards in all of its business dealings.
Minimum Account Balance with Binomo
When opening a Standard Account with Binomo, a minimum deposit of ten dollars is required. For their Gold Accounts, they need a minimum deposit of $500 from customers. For their VIP Accounts, they ask a minimum deposit of one thousand dollars. After you have met the first minimum deposit requirement, there are no additional account balance requirements for you to meet in order to continue utilizing these accounts.
Withdrawal Time with Binomo
The withdrawal times, if you’re trading on the Binomo platform, depends upon your type of account. If you’ve got the standard account, it may take you three days at the minimum to receive your funds. However, if you’ve got a Binomo Gold or VIP account, you’re probably going to receive your funds within the same day or at the most, the next day. If you’re someone who needs immediate access to funds, I strongly suggest upgrading your account for more efficient services on the Binomo platform.
Is Binomo Beginner-Friendly?
Binomo can be a great platform for beginners. This is mainly because their standard account requires a minimum deposit of only $10. However, the only downside with this platform for beginners is the fact that it doesn’t have a dedicated section on its website for education. This can really steer away beginners as it makes them feel like the broker does not care about teaching them about the industry.