Binomo is a binary options broker (digital options), best known for their commitment to low trade requirements as well as a range of other advantageous features for new and veteran traders alike. This review covers all the details of the service Binomo provides, from the trading platform itself to trading mobile apps, demo accounts and account types. Read on to find out more about whether this service is the best pick for you.
Originating in 2014, Binomo is a Seychelles-based company that is owned by Tiburon Corporation Limited.
Since the start, Binomo has been a highly targeted service specifically aimed at binary options traders.
The platform also offers cryptocurrency, forex and CFD trading in some form, but this isn’t the overall focus of the broker as a whole.
The broker is currently operating as an unregulated service, though they are a member of FinaCom and are presently working towards licensing under CySEC. Currently, they are rated as ‘Category A’ under the IFC, lending them additional credibility to potential traders.
The Binomo trading platform is designed to be as practical, easy to use and convenient as possible for binary options trading.
On initial release, the company made use of SpotOption as their platform of choice. However, since then, the company has moved from ‘out the box’ solutions towards their own, practical design that meets the needs of its customers.
Developed to include a range of on-point features for traders, the current iteration of Binomo is anything but generic.
Efficiency and practicality are vital points for the broker, as well as offering competitive features to their trading customers such as daily tournaments.
These competitions are increasing in popularity for many online brokers, and Binomo is ahead of the curve when it comes to offering a practical, mobile-reactive and innovative platform that does it all for their specific customer base.
Binomo is host to more than 50 distinct assets that can be openly traded by traders signed up to their platform. These assets include a range of different markets and options, to provide trades with as much range and flexibility as possible.
Ideal for traders that don’t like to stick to one specific area of trade for too long, and instead prefer to mix things up.
Binomo specialises in high/low trading, which means it isn’t much available in terms of other contracts. But this limitation is easily overcome with the variety of options on offer – an enticing feature to many traders.
Binomo supports the trading of the following assets:
- Currency pairings (GBP/USD for example)
- Gold, Oil and similar commodities, including pairings
- Bitcoin, Litecoin and other cryptocurrencies
- Popular stocks such as Google and Disney
- Indices, such as DAX or CAC40
With such a variety of assets and choices on offer to traders, it’s no surprise that Binomo continues to be a popular service for traders of all shapes and styles.
This is especially the case with more specialised assets, such as stocks, which may not be available from other similarly placed platforms.
For traders that specialise in crypto, however, a total of only three options are on offer – which is a considerable reduction in comparison to platforms that specialise in cryptocurrency over different assets and options.
Spreads and Commission
Binomo is typical as a binary options platform in that is does not charge any additional fee or cost for the use of their trading and brokerage services. This is a great advantage to traders, as no fee is charged based on their commission either.
Binomo instead makes their money through the money that is generated when a trader makes a loss. This different way of processing their income is excellent for traders – especially those looking to ramp up their trading to the next level.
For VIP clients, there’s even more incentive for using the Binomo platform. Up to 100% on payouts is the standard, and combined with the reduced costs and absent fees, Binomo is fast looking better than ever for veteran traders – or even those that want to start out in a big way. Leverage isn’t a part of the language on the Binomo platform, which is reasonably common for binary options trading in general. For traders who consider leverage to be a dealbreaker, looking elsewhere might be their best bet. But despite this noticeable absence, there’s plenty of positives to Binomo that might make up for this failing
What to Expect from the Binomo Platform
Binomo currently supports a web trading platform and a mobile app. When using the web platform, you gain access to more than 100 underlying assets. It works 24/7, which means that you have time to invest and trade using a variety of assets including cryptocurrencies.
Design-wise, the trading platform is unique and has been programmed by a broker. The platform is easy to navigate and users and customize the experience. There are different kinds of charts, tools, and indicators that can be used for technical analysis. Based on these tools, charts, and analysis, a trader can offer a forecast ad earn profits.
One of the main advantages of the trading platform is its faster trade execution. Traders will not experience lag or connection issues that are common in other platforms. In short, Binomo allows you to enjoy a flexible and smooth trading process. On the right part of the screen, you will find a trading dashboard where you can execute trades.
The trading area is structured and there ‘hotkeys’ which you can use to complete trading. On the left side of the screen, you get access to various options. Here, you can check your trading history, learn a few strategies, or check out the news calendar.
On the upper side of the screen, you can choose which asset to trade. When using this platform, you can use more than one chart. And switching from one chart to the next using a different strategy is easy.
In short, the Binomo trading platform is easy to use. You will find several trading tools and functionality which you can use to create winning trades.
How to Invest in Binomo Trading Platform
With Binomo, you can make a trade based on the movement of the markets over some time. You can select the time of the expiry of the trade and choose short or long. After the expiry, the trade closes and you can expect a high payout or forfeit the investment amount.
The trading platform also allows you to predict the asset’s price movement and put your money in the direction that you expect. There’s no need to worry about the degree of movement; the important thing is to know if the final price is above or below the entry point to collect a profit. Here, the profit is defined by your chosen asset. Your risk in trading is the amount you have an investment. You can only lose what you have investment and you can collect a fixed profit.
The Binomo Trading Demo Account
You can also try the Binomo Demo Account to test the platform for free. When you sign up for a free demo, your account will be credited with $1,000 in virtual money which you can use to test some traders and strategies. You can use the demo account for an unlimited time, which means that you can top-up the account when you want it.
You need a Google or Facebook account to open a free demo account. If you don’t have any of them or don’t want to use them, you can provide your email and password to create an account.
Creating a free demo account with Binomo is a fun way to learn and appreciate the platform and trading without risking your money. If you are interested to open a free demo account, simply click this link. You can use the demo to know if Binomo is a perfect fit for you.
Binomo deposit and withdrawal methods
Binomo accepts a lot of different payment methods. It is depending on your country of residence which payment method is available. You can deposit money with electronic methods like credit cards, e-wallets, or cryptocurrencies. The minimum deposit is only $10 and there are no fees for the deposit.
Binomo payment methods:
- Credit cards
- Jeton Wallet
- Perfect Money
- And more methods
There are also no fees for the withdrawal. The deposits are instant but the withdrawal can take up to 3 days from our experience. It is depending on the account type.
Binomo deposit bonus
The broker is offering free deposit bonuses for each deposit. This bonus can be up to 100%. Before you activate this bonus you should know about the requirements for it. Noone will gift you any money. Keep that in mind. The must be a turnover of 35 – 40 times of the bonus before you can withdraw it. For further information you have to read the Binomo agreement but we can tell you that there is always a condition for the bonus (volume turnover).
Tournaments and contests
The last point we want to discuss in this review are the tournaments and contests on the Binomo platform. You can join them for free or by paying a small entry fee. You will get a separate trading account where you are able to trade and win prizes. There are contests with a small and a big prize fund. It is depending on the tournament.
On the left side of the Binomo trading platform, you get access to the tournaments. It is a good way to earn additional money when you are a good trader. The first 10 traders will win a prize. But keep in mind you have to be very good at trading. In conclusion, the tournaments are another advantage of Binomo. There are only a few brokers who are offering trading contests.
The platform also offers a wide range of technical analysis tools that allow you to keep track of trends in real time. Binomo also offers the ‘hotkeys’ tool which is unique across the online options brokers I’ve tried out. What this tool does is activate keyboard shortcuts to common commands you issue while trading.
This way, you won’t have to rely on clicking on your mouse when issuing commands thus saving time. I would however recommend you first memorize the different hotkeys using your demo account before trying them with a live account.
If you’re just getting started as a trader, Binomo provides a collection of tutorials to get you on track. These include video tutorials, a detailed knowledge base, and strategies section. Their FAQ section however isn’t as detailed as you’d expect with any online options broker.
The minimum amount you can invest in a trade is $1. The platform accepts several payment methods that include credit/debit card, QIWI, Neteller and WebMoney. Withdrawals are made to any of these payment systems. The broker doesn’t charge any withdrawal fees unless you want to withdraw funds before trading an amount at least twice your last deposit.
Binomo also regularly offers tournaments which make it easy to earn money outside your normal trades.
Given the growth of technology and speed with which information is transmitted, having access to the platform and markets at all times is critical. Binomo does offer both an iOS and Android app that allows you to access your account and platform.
The only place that seems to have information regarding the mobile platform is near the middle section of the home page. They have QR codes that you can scan, which likely take you to the applications store of your choice to download the app. It also appears there is an app for the iPad. Having a mobile presence is crucial and Binomo has that covered.
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