Binomo Review 2018
Binomo does not accept new customers from US.
We recommend you check out our top rated list and sign up at another provider instead.
- US Traders
- 70+ Assets
- 1-2 Day Payouts
- Mobile Friendly
- Low Deposit
Binomo is a binary options broker that is registered in the Seychelles. Established in 2014, they seem to offer everything that you would expect from a top level firm. While still awaiting CySEC licensing, they do hold an FMRRC certificate. The minimum deposit amount and minimum trade amounts make them a low risk choice for the new trader that doesn't want to invest huge amounts.
In addition to low trade requirements they offer many other features. Various, timed welcome bonuses and a demo account with $1,000 are just two of the benefits that make this broker stand out in the crowd. They also offer comprehensive customer support and a good mobile trading experience for those who like to trade on the move.
To find out more about this broker and whether they are the right choice for you, we have put together our own comprehensive review. Our financial experts spend time analysing every aspect of trading with this particular broker to ensure that your trading experience is a good one. Find out more about why we think Binomo is a good choice for new and inexperienced traders.
If you are considering opening an account with Binomo you will need to know the following:
- What the broker offers that make them stand out from other competitors
- The different trade types, payouts and assets that are available for you to use
- Why we think that this broker is a good choice for new or experienced traders alike
There are a number of account types available from Binomo, all which require different deposit amounts and offer a range of benefits:
You can open a Standard Account with just $10 and get all of the benefits of trading on the platform which include:
A Gold Account requires a minimum deposit of $500. In addition to the above, Gold Account holders receive an extended range of assets to choose from, faster withdrawals (up to 24 hours), increased bonuses, advice and analytical support plus a weekly cashback amount of 5%.
For those who are more serious about trading, a VIP Account requires a minimum deposit of $1,000. This gives you, the account holder all of the above benefits plus bonuses of up to 100%, fixed trade profits of up to 87%, withdrawals in less than 4 hours and a weekly cash-back of 10%. It also gives you access to all assets on the platform.
Despite the platform offering a VIP Account, the deposit is still low in comparison to other brokers who require a much larger deposit on their top end account. This further indicates that this is a good choice for those that are new to trading.
Trade Types And Payouts
The trade types available from Binomo are a lot less than you would receive from other brokers. In fact, they only offer High/Low Options and Turbo Trades. Expiry times for High/Low options are 15, 30 and 60 minutes. The more complicated pair options aren't offered, another sign of a target audience of new or inexperienced traders.
They are also restrictive on the number of assets available with the maximum of 70 only being available to VIP Account holders. Payouts range from between 70% - 87% which depends on the type of account that you have.
These are the classic types of binary options trades and are otherwise known as the Call/Put options. The aim of this is to predict whether the price of the asset that you select will go higher or lower than the current price by the expiry time.
Bonuses And Promotions
Bonuses are available but many are date sensitive and change from time to time. They are prominent on the website though so you don't have to go looking for them. Welcome bonuses seem to range from 25% to 100% but often they are a little more complex. One example of this is the bonus that allows you to make a deposit and get up to $150 of free options.
Being able to trade on the move, means make or break for a broker in this age of digital technology. Most brokers offer an app with others offering at least a mobile responsive tablet that recognised the device you are using. Binomo offer both an app which is available on the App Store, for iOS users and Google play, for those using an Android device.
The beauty of using an app to trade is that you can set it up to receive notifications, something that you can't do with the website version of the platform. So, with Binomo, wherever you are in the world, and whatever you are doing, as long as you have an internet connection you can carry on trading.
Deposits And Withdrawals
Standard Account holders can open an account with a minimum deposit of just $10. For Gold and VIP holders this is more. It is easy to make a deposit using one of many accepted payment methods including popular credit cards. Once you have made a deposit the funds are available immediately to trade with.
If you are making a withdrawal you simply request the amount that you wish to withdraw. Ordinarily there are no withdrawal fees however, if you haven't traded your deposit amount a required number of times, then you will be charged a 10% fee. The time it takes for the withdrawal to reach your account depends on the account that you hold. For Standard Account holders, it is 3 working days. This can be expedited to less than 4 hours if you hold a VIP Account.
Binomo have lots of favourable features. Not least their demo account which gives you virtual funds of $1,000 in return for your email address. We have already mentioned the low deposit and minimum trade requirements which add weight to the favourability of Binomo as a beginner's platform. Their customer support seems to be comprehensive and they are contactable in a number of different ways.
Another feature of the Binomo platform is the analytical support and advice that is available to Gold and VIP Account holders. They also offer "free training" which includes an extensive knowledge base, great for traders who want to learn more about trading effectively.
Binary Site Reviews
Being able to access the broker with questions and concerns is important, especially to new traders. If you have a problem or a query you want to know that it will be dealt with quickly and efficiently. Binomo offers a live chat function. Simply click the little red message icon at the bottom of the screen, whether on a desktop or a mobile device, to open up the live chat box. You will then see a list of language options.
In addition to live chat support there is also a contact link at the bottom of the website. Here you will find the opportunity to contact Binomo support via Skype or email. There is also an address and a message box. The message box has a number of fields including your name, email, telephone number and details of your message. They also have a Facebook page and Google maps embedded into their website. All of this would indicate that they are easy to get hold of and highly visible.
All in all, Binomo seem to be a good choice for the new broker. This is largely down to the fact that they offer a minimum deposit of $10 and a minimum trade amount of $1. Even if you were to only deposit $10 you would be able to execute ten trades to test the platform. This is less than you would lose from one trade on many of the other platforms with a minimum trade requirement of $25. In addition to this their demo account is straight forward enough to encourage most newbie traders to give it a go. All you need to enter is your email address.
Customer support seems good and the mobile trading experience is suitable for trading on the go. The site is intuitive and easy to navigate. In our opinion, if you are looking for a broker that suits the first-time trader then Binomo seem like a good all-round choice.
Reviewed by: BinaryOptionsExpert.net
Frequently Asked Questions
Is Binomo legit, will they scam me?
While Binomo don't currently have a CySEC license, their low deposit and minimum trade requirements mean that they pose very little risk to the new trader. We have found no evidence to suggest that they might scam you, the trader, and the fact that they have now been trading for a few years without incident indicates that this is a safe broker to invest and trade with. If you are new to trading this is a sensible choice to cut your teeth on.
Do they have a decent mobile or tablet app?
Yes, Binomo offer a mobile app for both iOS and Android users. Their website is also responsive. The apps are free to download and mean that you can trade on the move. This is perfect for those that are always on the go and, as long as you have an internet connection, you will be able to continue trading. Many traders prefer the app as it also offers notifications so you don't have to be always logged on.
What bonus do they offer for new traders?
Binomo offer a variety of bonuses that change regularly. They seem to range from 25% to 100% and are deposit bonuses. This means that you will get a bonus that depends on the size of the deposit that you make. You also need to be aware that a bonus has to be traded a number of times before it can be withdrawn. The bonuses tend to be visible on the home page of their website for those who want to check the current bonus offer.
Can I start trading on a free demo account?
This is a simple question to answer in that the answer is absolutely. You don't need to make a deposit, you just enter your email address and are awarded with $1,000 of virtual funds. You can then use the virtual platform to get yourself familiar with the various types of trades and the functionality of the platform. Practise trading before you risk your own funds. This increases your chance of being successful when you first start trading.
What's the minimum deposit and trade amount?
The minimum deposit amount for a Standard Account is $10. This is low in comparison to other brokers. If you are opening a Gold or VIP Account then this amount will increase considerably. The minimum trade amount is just $1. This means that if you deposit $10 you will get ten trades. Many brokers require a deposit of at least $25 with a minimum trade of this amount as well. This is why Binomo are a good choice for new traders.
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