Binomo is an online binary options trading brokerage that primarily markets themselves towards beginner or inexperienced traders. However, experienced traders will also appreciate Binomo’s trading services due to Binomo’s high-end trading platform and wide range of financial assets.
Binomo has a decent amount of experience in the financial markets as they were founded in 2014 and have been serving traders in the binary options trading industry ever since. Binomo is based offshore out of the Seychelles with their headquarters located at Tiburon Corporation Limited Suite 1, Second Floor, Sound & Vision House, Francis Str., Victoria, Mahe, Seychelles.
Since Binomo is an offshore online trading brokerage, can they be trusted and how are the services they provide? After all, brokerages based offshore generally do not have the best reputation, however this isn’t always the case. In the following Binomo Broker Review we will discover the truth about the Binomo broker and the quality of services they provide.
Easy to Use Trading Platform
The proprietary trading platform by Binomo is intuitively designed to provide a simple and easy trading experience.
Traders can potentially earn a lot of money by trading with Binomo with payouts up to 87%.
Binomo enforces the latest and greatest security measures and is regulated by a reputable organization.
Poor Customer Support
The customer support options are lacking in terms of response time and quality.
Minimal Tradeable Products
Binomo offers traders a limited selection of tradeable products in comparison to some other online trading brokers.
Binomo is a client oriented company, creating new possibilities in the market of leading trading technologies.
Commissions & Fees
As with most binary options trading brokerages, Binomo does not charge their traders any commissions or fees for trading on their platform. Therefore, Binomo can potentially be very lucrative for traders who are either very good at trading binary options or are very lucky. Since Binomo doesn’t charge any trading fees through spreads or commissions, the brokerage makes their money only when the trader loses a trade. The minimum transaction amount is just $1.00, so traders can get comfortable with trading binary options without losing too much on losing trades.
As for potential payouts, Binomo pays out up to 87% - 100% for their VIP clients. Also, traders can benefit from weekly cashback rewards and other bonuses and promotions. Overall, Binomo offers their traders favorable trading conditions the present the opportunity to be very successful at trading binary options.
Platform & Tools
Binomo features a proprietary web-based trading platform that’s accessible from any web browser from any computer. The platform’s interface is intuitively designed to provide a simple and easy online trading experience, making it a perfect trading platform for beginners. However, experienced traders will appreciate the platform as well as it operates in a smooth and seamless manner. Traders also have access to numerous analytical features such as advanced charting, technical indicators, analysis tools, etc. The trade types available to traders include High/Low Options and Turbo Trades. While these are less options than much of the competition, it’s more than sufficient for the majority of traders.
The same Binomo desktop trading platform has been fully optimized for use on mobile devices including tablets and smart phones. The Binomo mobile trading platform is available for free download from the Apple App Store and the Google play Store. The mobile app includes all of the same features as included in the web-based platform and is highly rated on the App stores.
Traders have 4 different types of accounts to choose from. See them overviewed below.
- Free, no deposit required
- $1000 in virtual money
- Full access to the platform, tools, and practice strategies
- Great for beginners
- Minimum initial deposit of $5.00
- Fixed profits of 85%
- Trade with as low as $1.00
- Wide range of bonuses
- Minimum initial deposit of $500
- Profits up to 86%
- Increased bonuses
- Advisory services & Analytical support
- Weekly cashback of 5%
- Minimum initial deposit of $5000
- Profits up to 87%
- Bonuses up to 100%
- Advisory services & Analytical support
- Weekly cashback of 10%
- Other benefits and exclusive features
Deposits & Withdrawals
Binomo supports a wide array of deposit and withdrawal methods for their traders to choose from. All money transfer methods are free of charge and deposits are completed nearly instantly while withdrawals are completed within 3 business days. All withdrawals must be made via the same method as used for deposits. One thing worth mentioning is that withdrawals will have a 10% fee if the trader does not trade the required amount of times.
See below, the available deposit and withdrawal methods.
- Mobile Commerce
Binomo provides their customers with 24/7 customer support via live chat and email. Support is also available via skype and telephone from Monday – Friday, 11:00 – 15:00. Additional methods of support include the brokerages FAQ page, knowledge base, and video tutorials for trading on their platform. Overall, the customer support is lacking in comparison to other brokers, as response times can be slow and the quality of support is poor.
Security & Fairness
The Binomo online trading brokerage has been competently serving traders from around the world since their establishment in 2014. The brokerage operates in a secure, fair, and transparent manner and is regulated by the International Financial Commission. With this regulation, Binomo reaffirms its commitment to maintaining the highest standards of commercial honor and best business practices. As well, customer funds are protected for up to €20,000 in the event of broker insolvency or fraudulent practices. The International Financial Commission also provides traders with a neutral and impartial resolution environment for any claims a trader may have. Overall, this regulation provides traders with a significant amount of protection.
In addition to the regulatory benefits of Binomo, the brokerage also employs the latest and greatest security technologies. For instance, Binomo implements Comodo SSL (Secure Socket Layer) encryption technology on all transmitted data. Therefore, not only are Binomo’s client funds protected, but their personal information is kept safe as well. All in all, Binomo is a secure, fair, and transparent online trading brokerage.