Binomo Review 2021 – Is This the Right Broker for You?
|Headquarters||St. Vincent and the Grenadines|
|Support Types||Email, Live chat, Phone, Skype|
|Languages||EN, ES, DE, PT, IN, CN, PY, TK, UK|
|Deposit Methods||Bitcoin, Litecoin, credit card (Visa, MasterCard), |
debit card (Maestro, Electron), Perfect Money,
Web Money WMZ, Payeer, Advcash,
Binomo is a trade name used by Dolphin Corp – a company located in Saint Vincent and the Grenadines. Over 800,000 traders trade on the platform on a daily basis, which makes it is one of the leading retail brokers in the world.
Many of Binomo’s clients were attracted by the high profitability of their binary options (up to 90%) and that is still a major selling point. Nevertheless, it is the broker’s choice of trading products (up to 61), bonuses offered throughout the trading experience, and easy-to-use trading platforms that keep clients on the platform.
If you want to trade binary options, Binomo is one of the best brokers to help you do that through a safe and secure platform. It is also one of the few binary options brokers available today.
At Binomo, clients can choose between 3 different account types depending on their needs and finances.
The accounts are designed to cater to all client needs and provide relevant services to each. The binary options payouts for each account type increase depending on the amount of deposit made. This is clearly made to encourage bigger deposits, but traders will enjoy more benefits as they increase their deposit.
When you create an account with Binomo, you will first gain access to a demo account with $1,000 in virtual cash. The purpose of the demo account is to get you acquainted with the trading platform and give you a chance to test the broker’s services.
However, because you’re only using virtual cash, you will be limited to trading only 23 financial instruments.
When you’re ready to trade with a real account, the first step up is to set up a standard account. The minimum deposit is only $10. Knowing that the minimum trade size is $1, that’s enough funds to take several positions.
Besides, you will have access to 41 assets. This increase in tradable assets will allow you to diversify your portfolio. With an 85% payout on each trade, Binomo offers among the highest payout ratios in the industry.
Binomo also advertises up to a 100% bonus on each deposit. The bonus is limited to $500. This means you stand a chance of doubling your trading capital if you deposit less than $500.
Standard account holders will also be able to participate in many tournaments. At the time of publishing, there were six concurrent tournaments being held, each with a prize for the top traders.
However, participation in tournaments may cause you to deviate from your trading plan. For this reason, we do not advise you to participate in them.
A deposit of at least $500 qualifies you for a gold account which has even more advantages than the standard. The deposit bonus is higher – at 150%, and the number of assets is increased to 54. Clients can thus gain access to more asset classes and options allowing them to make better use of the higher bonus. Moreover, option payout is increased to 90%.
Gold clients benefit from a shorter withdrawal period. Withdrawal requests are processed within 24 hours compared to 3 days with a standard account.
With the gold account, clients receive a 5% cashback every Monday if the previous week’s trading positions resulted in a lower account balance. That may not sound like a lot of money, but the fact that Binomo is willing to give clients some of their money back is a sign of their commitment to customer satisfaction.
You will also receive a personal manager, insurance and access to Happy Hour. A personal manager will set up your bonus program as well as gifts and risk-free trades. Part of this includes the insurance, where a percentage of your capital is refunded if their account falls to zero. Happy Hour is a designated time when the profitability of some assets rises to beyond normal payouts.
To earn VIP status, you must make a deposit of at least $1,000. Once earned, VIP clients receive the ultimate trading experience with multiple benefits. First, VIP clients get access to all 61 assets provided by Binomo.
VIP Clients get all the advantages of a gold account holder: Personal account manager, Happy Hour, and insurance. They also receive free prizes and risk-free trades.
With risk-free trades, you earn all the payout of a profitable trade while losses do not affect your trading balance. The payout on the VIP account can go up to 90%, similar to the gold account, but VIP clients get 10% cashback if they lost money in the previous week.
Binomo accepts traders from most countries around the world.
In general, clients in Africa, Asia, and South America are free to sign up with Binomo while the rest cannot do so as freely. This is because most developed countries demand that a retail broker be licensed and regulated by the local state financial regulator. Because Binomo is only licensed by FinaCom and FMRRC, it cannot solicit clients in countries that have this limitation.
That means clients in the EU and EEA nations, Australia, the US, Canada, New Zealand, Japan, the UK, and even Singapore cannot become clients of Binomo.
Despite this limitation, Binomo does not expressly prevent traders in the aforementioned countries from joining as clients. If you find that Binomo is the best broker for you, it is still possible to sign up. However, you will not benefit from the protections that your local market regulator may offer you.
Deposit and Withdrawal
The minimum deposit is $10 or its equivalent in another currency. Most deposit methods are instant, while withdrawals can take 1-3 days.
The minimum amount you can deposit is $10 or the equivalent of your local currency. Withdrawals are similar in that they also have a $10 minimum requirement. In most cases, you can deposit and withdraw funds freely, but Binomo will request account verification before your first withdrawal.
Binomo Deposit Bonuses
One of the main benefits of Binomo is that the company offers a bonus on the first deposit you make. In the case of a standard account, the deposit bonus is advertised as up to 100%. However, there is a limit to the amount of bonus you receive, so do not expect to receive, say, a $400 bonus on a $400 deposit. The only way to know how much of a bonus you will get is by going to the ‘Cashier’ page and selecting a deposit amount.
It is also important to note that the amount you earn from your bonus won’t be automatically credited to your account balance. According to the broker terms, you will only be able to withdraw bonus funds after the completion of trade turnover. This will be determined by the bonus amount and leverage factor.
To understand how this works, it’s best to use a hypothetical example where a trader makes a $100 deposit. As you can see from the image below, this deposit would add a 30% deposit bonus of $30. Because this is less than 50% of the account balance, the leverage factor would be 35.
That means the trading turnover must be $1,050 (35 x $30) before withdrawing the bonus funds. Therefore, you must trade $1,050 in order to withdraw the bonus received ($30). As you can see, you would need to make several trades before you could withdraw the bonus awarded by the broker.
While withdrawals do not have any charges, Binomo requires that traders first achieve a trade turnover double the amount initially deposited. Trading turnover is defined as the total value of all trades made through the same account. If, say, you had made a deposit of $100, your trading turnover would need to be at least $200 to make a withdrawal at no extra cost. Otherwise, a 10% fee would be charged on the amount withdrawn.
Traders get a variety of options to use for deposits and withdrawal of funds. These should give every client the freedom to choose what is most convenient for them.
Transactions by credit and debit cards are the easiest and fastest to process. Deposits are processed instantly and you will be able to trade a few minutes after funding your account. Withdrawals may take up to 3 days depending on the card provider.
Rather than sharing personal information, e-wallets ease the process and also allow for faster transactions. With Binomo, traders can choose to use Perfect Money, WebMoney WMZ, Payeer, Advcash, and AstroPay Card.
Binomo also accepts deposits in Bitcoin and Litecoin for traders who want even more privacy. These transactions may take some time depending on the number of transactions on either network at the time. Nevertheless, it requires at least 3 confirmations on the corresponding blockchain to verify a transaction.
Because Binomo only offers binary options on all its assets, the company’s fee structure is easy to understand.
All services are charged the same and can be summarised as follows.
|Withdrawals||Free (as long as the trading turnover requirement is achieved)|
|Trades||Free (binary options)|
When trading through Binomo, you can do so from their desktop web browser or their mobile app.
With your login details, it is possible to access Binomo’s web trader from any web browser regardless of the operating system. You are free to log in and trade from any computer.
When Binomo was launched, the broker was using the famous SpotOption platform and the latter was quite limited. The broker then moved away from 3rd party solutions to adopt a fully proprietary platform that is perfectly suited for binary options trading.
The current platform is modern and user-friendly. It is regularly updated to remain functional for all browsers.
Among the integrated tools, there is a selection of 20 drawing tools to facilitate the analysis of instruments. We also liked the fact that it is possible to define keyboard shortcuts to access your favorite tools more quickly.
However, the webtrader may not be able to make full use of a computer’s hard drive components, and that could lead to some diminished performance even on a superior desktop setup.
A lot of traders nowadays conduct their trades from mobile devices. That is why Binomo created mobile apps for both Android and iOS. It is also possible to analyse markets and chart patterns from these apps despite their smaller displays.
Not only can traders initiate trades and analyse markets, these apps also come with the Live Chat feature for quick communication with customer support.
Binomo’s app sends you push notifications to keep you up to date on the outcome of your transactions, promotions and tournaments. It is therefore convenient to act quickly when needed.
All essential features are covered by the app. Although the webtrader is needed for in-depth analysis, it is important to be able to manage your trades on the go.
Binomo’s app is designed to perfectly reflect the design of the webtrader.
Markets and products
Binomo only offers binary options, but this product covers various assets including Forex pairs, commodities, cryptocurrencies, stocks, and indices.
|Forex||GBP/USD, EUR/USD, USD/JPY|
|Cryptocurrencies||Bitcoin, Ethereum, Litecoin|
|Stocks||Facebook, Google, Disney|
|Indices||DAX, CAC 40, S&P 500|
|Commodities||Gold, Oil, Silver|
Through its liquidity providers, Binomo is able to receive the most accurate market prices. This enables the company to provide binary options for all the above-mentioned markets. However, the maximum number of assets is 61 and is only provided to VIP traders. The variety of products is limited, but it is suitable for traders who focus on the most popular assets.
There is also just one type of option allowed: the high/low option. They are further limited to 3 expiries: 15, 30 and 60 minutes. Compared to some other binary options brokers, this offers little choice.
The payout can be as high as 90%. With no extra fees charged to all trades, you won’t have to worry about variable spreads during market turmoil as there is no cost related to it.
As with most binary options platforms, Binomo does not offer leverage. It is therefore not possible to take positions that are larger than your trading capital.
All market research is done on the Binomo trading platforms, and fortunately these platforms have all a trader needs to make an informed decision.
From the web trader, all popular charting tools can be easily found and added to the chart. Technical indicators are just as easy to apply on the chart and make use of. We also enjoyed how these indicators and tools could be personalized using different colors so that you feel comfortable looking at the platform.
You will also find other practical tools such as an economic calendar and a news feed. For a short-term trader, it is important to be able to place an order quickly. Binomo has therefore integrated the one-click trading functionality. This tool allows you to place orders without confirmation.
No matter how easy a broker makes the trading experience, traders will at some point, need to ask questions for clarification. Binomo has made this easy to do through live chat, phone, email, and Skype.
To access the live chat, one must first sign up for an account, and then select the tool from the trading window. The rest of the communication methods are always available to both clients and visitors. Customer support is satisfactory. We were able to get answers fairly quickly to our questions about bonus withdrawal.
Many brokers have been criticized for allowing new traders to access the markets and lose money. Binomo avoids this criticism by providing educational material for free to all new and experienced traders.
There is a dedicated page on the Binomo website showing different trading strategies for both beginner and experienced traders. According to the broker, each of these trading strategies has been tested and proved to work. However, we recommend testing them on a demo account first. These strategies are made available from the trading window, so that traders can apply what they learn directly on the live price charts.
Binomo is regulated by the FinaCom. It is not a major market regulator, but Binomo has taken the necessary safety measures to protect its traders.
Binomo is regulated by the Financial Commission (FinaCom). This is an independent regulator based in Hong Kong that oversees more than 40 brokers around the world. Each Binomo client’s funds are insured by up to EUR 20,000; taking into account that they reside in one of the accepted countries.
Binomo is also a member of the Financial Market Relations Regulation Centre (FMRRC). Based in Russia, the FMRRC is a self-regulatory organization (SRO) just like FinaCom. It provides insurance for its members’ client funds, although the specific amount is not disclosed. However, the FMRRC oversees a lot more companies compared to FinaCom – 147 companies compared to over 40.
While these bodies provide enough security, it would have been better if Binomo had been regulated by a state regulator. Unlike these SROs, state regulators have the backing of governments and can pursue companies legally in court. That is why Binomo is currently in the process of seeking regulation by CySEC, which should give clients even more security.
That being said, trader reviews of Binomo show that the broker can be trusted, and there are very few complaints regarding the company.
All in all, Binomo is a good broker for traders who want a straightforward way to trade markets. Binary options are simpler to understand than many other financial products, and this makes Binomo ideal for new traders. Experienced traders can still make use of Binomo’s simple platform to trade with plenty of benefits.
Yes. Binomo is registered with the International Financial Commission (FinaCom). It is also a member of the Financial Market Relations Regulation Centre (FMRRC) based in Russia.
From your web trader, click on the ‘Cashier’ button at the top of the page and select a withdrawal option.
Yes. Client reviews show that most of the broker’s current clients are happy with the service they have received from the company.
Binomo is a binary options broker that offers its clients several assets ranging from Forex pairs to indices, cryptocurrencies, and commodities.
Ten dollars for a standard account, $500 for a gold account, and $1,000 for a VIP account. These figures may vary depending on your local currency.