Binomo is a Dolphin Corp.-owned broker. It has been awarded “A” member status by the international Finance Commission in 2018, as a guarantee of the company’s quality of service, transparency of relations, and data protection. The company has continued to show commitment to developing innovative solutions to binary options trading problems.
They proud themselves in easy-to-use platform, low trading requirements, a wide range of tradable products, excellent customer support service and a demo account which is funded with up to $1,000 of virtual money. In our Binomo broker review, we will give a complete overview of the available accounts types, trading platform key features as well as relevant customer support information.
Binomo seems to be a good choice for the new trader because they offer a minimum deposit of $10 and a minimum trade amount of $1. Even if you were only to deposit $10, you would be able to execute ten trades to test the platform. Customer support seems reasonable, and the mobile trading experience is suitable for trading on the go. In our opinion, if you are looking for a broker that suits the first-time trader, then Binomo seem like a good choice.
Binomo Account Features
Importantly, you should note the features of any broker you want to use — and Binomo is not an exception. First, Binomo offers different account types which are Standard, Gold, and VIP. These three very in their required minimum deposit requirements and other features. However, they have their similarities, too. And it is important you know them.
$1 minimum trades
Payouts up to 85%
$500 minimum deposit
Yield on trades up to 86%
5% weekly cashback
Advisory services and analytical assistance
Benefits of Standard account
$1000 minimum deposit
Withdrawals within 4 hours
10% weekly cashback
Bonuses up to 100%
Special VIP treatment
Benefits of Gold account
For example, while the Standard Account has just $10 in required minimum deposit, the Gold Account and VIP Account have $500 and $1000 respectively. Also, with the Standard Account, you will have access to virtually all the asset classes, be able to take minimum trades of $1 each, earn up to 85% payout on your winning trades, and withdraw your funds within 3 working days!
With the Gold Account, however, you have more asset classes to trade. With the VIP Account, even more so. Withdrawals are processed within 24 hours on the Gold Account and just 4 hours on the VIP Account. There is also a 5% weekly cashback on the Gold Account while for the VIP Account, the weekly cashback and payout are as high as 10% and 87% respectively! Aren’t all these amazing?
Binomo Demo Account
To use it, you have to register first — at no cost, though. Immediately, you get a 25% bonus. The account has $1000 of virtual funds which are enough for any user to learn and get intimated with the platform before finally signing up for a live account. You should ensure to take your demo trading seriously as you would your live trading. Practice does not necessarily make perfect; disciplined practice does.
Established in 2014, Binomo is a binary options broker registered in St. Vincent and the Grenadines under the trading name of Dolphin Corporation. 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 making them a regulated broker.
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 so you can start trading. They also offer comprehensive customer support and an excellent mobile trading experience for those who like to trade the markets on the move.
To find out more about this broker and whether they are the right choice for you, we have put together our comprehensive Binomo 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 an excellent choice.
In this review, you will learn:
What makes Binomo stand out from their competitors
The different trade types, payouts and assets available
Why we think this broker is a good choice for traders
There are many account types available from Binomo, all of which require different deposit amounts and offer a range of benefits:
You can open a Standard account with just $10. This is a real account and you get all of the benefits of the Binomo trading platform which include:
Access to most of the assets (there are 70 in total on the platform)
Profits of up to 85%
Minimum $1 trades, great for new traders looking to enhance their trading skills
Withdraw money in up to 3 working days
Technical support and great customer service support
Trade Feature And Payouts
The trade types available from Binomo are a lot less than you would receive from other brokers. They only offer High/Low Options and Turbo Trades. Expiry times for High/Low options are 15, 30 and 60 minutes. Another sign of a low entry-level focused on new or inexperienced traders is the inclusion of the simpler pair options.
They are also restrictive on the number of assets available with a 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.
High/Low Options are the classic type of binary options trading 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.
Binomo Trading Software
Of notable importance is Binomo’s proprietary trading platform. The platform is designed in a way that makes trading easy. Once you log in, you get a notification on the asset the broker chooses for the day. You can choose to act on this notification or not. The platform supports numerous tradable products and the choice is always yours!
Binomo supports mobile trading through its Android and iOs app. As a result, the app is readily available for download via App Store and Google Play Store. With the app, it does not matter wherever you are, you can always get to analyse the market, place trades, and monitor them. There is no need to stay glued to a place all through the day.
Even with the website version, the broker’s great addition, the hotkeys, will enable you to place trades using a keyboard, in place of a mouse.
Binomo places a lot of emphasis on the education of its users. So, the broker provides practical educational resources via its website which you can access once you open an account. As a result, even as a newbie, you are taught about the workings of binary options trading that you can leverage to develop yourself into a pro. Another benefit that comes with using Binomo is a responsive customer support service.
All these user-centred services have launched the broker to its enviable, market-leading position among its peers.
Binomo Payment Methods
With Binomo, the required minimum deposit is $10.
Likewise, the minimum amount you can withdraw is $10.
However, the processing time varies based on the type of account you use, the day of the week on which you initiate the transaction, your country of residence, and the bank you use. Hence, you should always consider these before you initiate your payments.
It is important to note that payments are mostly free with Binomo. Arguably, this could make the broker the most affordable to use in the industry! However, there is a clause. To be able to enjoy those free deposits and withdrawals, your trading volume has to be twice the deposited amount. Otherwise, you will be charged a 10% fee.
To top up its already exciting services, Binomo offers diverse payment methods including Visa, MasterCard, Qiwi, Neteller, WebMoney, Yandex, WMZ, and FasaPay.
Binomo’s payments processing agent is Pollack Trade Ltd.