Binomo Review 2023: Is It Worth a Try?

All-in-one: It includes several services, including analytics, client support, and training.

Plenty of tradeable assets: Binomo has many assets available for its users, more than 60 depending on the account chosen.

Multiple deposit methods: Bank accounts, crypto wallets, and other e-wallets are all supported by Binomo.

Low minimum deposit: The minimum investment amount is only $10.

Highly regulated: The Financial Commission regulates it. If this is not enough for you, be patient. There is so much more that we will find out as we continue.

WHAT IS BINOMO?

Binomo was formed in 2014. It’s a relatively new addition to online trading. Did you know that although it is based in Seychelles, it has several branches?

Let’s talk in detail about the broker. As discussed earlier, Binomo has been regulated by the International Financial Commission since 2018.

The International Financial Commission is a self-regulatory and external dispute resolution organization. It is mainly for forex trading and other financial markets. This assures Binomo’s quality, reliability, and safety. The Financial Commission also regulated Grand Capital.

Binomo is focused on short-term trading, which means that long-term trades are not available. But, do not be disheartened; short-term contracts bring tons of benefits themselves. Its account currency is USD or EUR.

Binomo platform

When it was first released, Binomo used third-party software as its platform. Now it creates its own solutions to meet customers’ needs. Binomo has some of the best and most advanced technologies and tools to create an excellent application. As you may remember from the beginning of this article, Binomo is not only a broker but also has analytical and training functions.

It has many technical tools that allow users to quickly conduct a thorough analysis of the assets. Hence, there is no need for a third party to conduct the analysis, and users can feel more involved in their trading this way.

If the broker ever faces bankruptcy, Binomo will cover your deposits up to 20,000 Euros. I think you probably understand the basics of what Binomo is by now. Now, let’s go into the details of how it works.

HOW DOES BINOMO WORK?

Binomo is convenient, practical, and simple to use. You do not need to install an application on your computer. It’s a web app. Let’s explain this:

The first thing you do is place your bet on a rising or falling market. Next, pick the expiry period of the chosen trade and decide if you will open a short or long position. Once the expiry date arrives, you will either make a profit or lose your investment. You simply choose the direction you think the price will move and begin trading.

The yield you will make will depend on the asset you are trading. Here is a straightforward description of how Binomo works:

• Pick an asset and analyze it.
• Predict how the price will move in the future.
• Pick an expiry time for the trade.
• Invest an amount (minimum $1).
• Click Call (long) or Put (short) to open your trade.
• If your prediction is correct, you will earn a substantial profit.

Binomo’s instruments include: Currencies, stocks, metals, commodities, and cryptocurrencies. Here’s a complete list of assets you can trade on Binomo:

• Cryptos
  • Bitcoin
  • Cardano
  • Altcoin IDX
  • Bitcoin Cash
  • Litecoin
• Forex
  • EUR/USD
  • EUR/CAD
  • USD/JPY
  • AUD/CAD
  • GBP/JPY
  • GBP/USD
  • EUR/JPY
  • USD/NOK
  • USD/DKK
  • GBP/CHF
  • USD/HKD
  • EUR/CHF
  • EUR/AUD
• Stocks
  • Apple
  • Alibaba
  • Netflix
  • Meta
  • Tesla
  • Citi Group
  • Microsoft
  • McDonald’s
  • AIG
  • PayPal
  • Boeing
  • JD
  • AEX
  • CAC
  • IBM
  • Coca Cola
  • Twitter
  • Nvidia
  • Yum Brands
  • Intel
  • Starbucks
  • Visa
  • Qualcomm
  • Weibo
  • JPMorgan C
  • Ferrari
• Commodities and Metals
  • Oil
  • Gold
  • Silver

Selecting assets on the Binomo platform

WHAT IS THE BINOMO TRADING PLATFORM?

Binomo allows trading of leading equities, currency pairs, and indices. Furthermore, you can use the platform whenever and wherever you want. It is available 24/7 to accommodate its customers around the world. Let’s look at the platform in detail. From the first impression, the platform appears to be clear and well-structured. It is possible to personalize your view.

For technical analysis, you can use various chart types, indicators, or other tools. Binomo also features a iPhone trading platform, which is available in the Apple App Store, and the Android app is available in the Google Play Store.

Binomo incorporates candlestick chart analysis and an economic calendar. Binomo’s trading platform updates regularly for optimal trading circumstances. The platform includes over 20 graphical tools to assist traders.

Binomo platform

What Trading Indicators Are Availble on Binomo?

There are several trading indicators available in Binomo. These include:

• Moving averages (MA)
• Parabolic SAR
• ATR (Average True Range)
• ADX (Average Directional Index)
• CCI
• Awesome Oscillator
• Stochastic oscillator
• Relative strength index (RSI)
• Moving average convergence divergence (MACD)
• Fractals Chaos Bands
• Momentum
• Ichimoku Kinko Hyo
• Alligator
• Bollinger bands

Accessing indicators on the platform

If technical indicators are important to you, Quotex, another binary options brokers, offers many more.

1. FREE ACCOUNT

Although this account is free, it is still an excellent platform. It is helpful for training purposes before conducting live business transactions.

The free account option allows users to analyze the market without investing funds. They can load a free account with cryptocurrency for a profit of $1000. The account enables 32 assets.

2. STANDARD ACCOUNT

The standard account is available to many traders with a background in trading. Standard account users get the full functionality of Binomo.

You can access the most critical business exchange stocks with a fixed income of up to 85%. You can also settle transactions by financing with a minimum value of $1 for actual trading.

You can also engage in competitions held by Binomo and have the freedom to renew your account without any restraints. The standard account provides access to 48 assets and also has a “happy hour.”

3. GOLD ACCOUNT

A gold account adds even more benefits. First, you can scale your predicted assets and withdraw your stocks within 24 hours! How impressive is that? Customers can also get a return profit of up to 90 and are eligible for up to a 150% bonus when renewing their accounts.

You are also provided with Binomo’s investment insurance at this account level. Analytical assistance is available to gold users, and experienced traders approve the trading strategies. Finally, gold users are given weekly compensations through actual stocks in 5% cash back. Gold Accounts provide access to 60 assets and also offers a happy hour.

4. VIP ACCOUNT

If you think the gold account will not have enough capacity for your funds, Binomo has a VIP account for you! VIP accounts are for users who want to deposit large sums of money. VIP holders get bonuses of up to 200%!

They also receive account maintenance programs that come with exclusive business opportunities. The fixed stocks of a VIP holder can reach 90%, and withdrawals occur within 4 hours of the request.

Like the gold account, the customer cashback compensation policy is 10%. VIP account holders have access to 73 assets. They also have a personal manager, can win prizes through tournaments and competitions, and receive account insurance and risk-free trades.

DOES BINOMO OFFER A DEMO ACCOUNT?

Yes, Binomo does offer a demo account where you can trade with virtual money. These are often called “paper accounts” and are very useful for beginners to get an idea of the platform. You can use a demo account for however long you want, and it is free! If you want to upgrade, your broker can do that for you immediately.

Binomo is scored as Category A by the International Financial Commission. It offers up to $20,000 in protection in the rare and unexpected case of bankruptcy.

Binomo regulations page

Binomo is based in St. Vincent and Grenadines. They are an offshore company that accepts traders from over 100 countries, including India, Malaysia, the Philippines, Thailand, and Nigeria.

WHO OWNS BINOMO?

In the last section, we discussed the Binomo location. Now I want to tell you who owns it. It’s important to know that info. So, let’s read it. Binomo was established relatively recently in 2014. I say relatively because there are much older platforms, such as Saxo bank, which was founded in 1992.

Binomo is owned by Dolphin Corp., also located in St. Vincent and the Grenadines. The managing director of the company is Sofia Gabriel.

There is an 87% asset profit for Binary Options at Binomo. Adding more than $1000 will upgrade you to VIP status with greater returns. There is no fee charged when you deposit funds in Binomo. The minimum deposit for advanced and beginner traders is set at $10, which is very low. Yes, that is a good thing! The minimum trade is $1.

HOW TO WITHDRAW FUNDS FROM BINOMO?

Binomo has limited deposit options. But what about withdrawals? Are the methods the same, or are there additional options? Let’s see what we can find out!

With Binomo, users can easily withdraw their funds. What else could you want? The approximate withdrawal time is three days.

Of course, this will vary with the type of accountyou choose. For example, it only takes hours to withdraw funds from a VIP account.

The minimum amount you can withdraw is $10. There is no fee charged upon withdrawal. The withdrawal occurs through credit cards, bank transfers, crypto wallets, and e-wallets.

You can contact Binomo representatives through:

Phone

“But I don’t want my number exposed.” If you thought that, your second option is:

Email

“No, tell me something else.”

Okay, then how about an online chat using your account? It is perfect for those who do not want to use their number or email on a trading platform. Binomo’s website contains their email address, phone number, registration address, and other information needed for contact purposes.

Email: support@binomo.com

Contact number: +18499366003

Website: binomo.com

Address: Dolphin Corp, First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent, and the Grenadines

If you are a user of Binomo, you will regularly receive great deals. These include coupons and promotions garnering decent profits. Coupons are a type of promo code.

So yes, we can determine that Binomo does offer promo codes. Other deals include topping up the user’s account with supplemental funds when the user deposits an amount. It is kind of like a sign-up promotion.

DOES BINOMO OFFER BONUSES?

As we just mentioned, Binomo does have lots of deals and promotions. But do you know that they change every day? Is that good or bad? Let’s find out more!

Just remember to choose the option that provides you with the best value. And also, check the terms and conditions to avoid any misunderstandings. You can get a bonus of 25% if you have a free account.

Binomo is not a tax agent. Any payable tax depends on the rules and regulations of traders’ own countries.

Binomo tax info

1. Can we do forex trading in Binomo?

Of course you can. Binomo offers forex trading in all its accounts. The number of forex pairs you can trade depends on the type of account you choose. The VIP account has the highest number of forex pairs.

2. How long does the Binomo verification process take?

It usually takes us less than 10 minutes to verify your account. In rare circumstances, the papers don’t complete automatic verification, and the team needs to check them by hand. When that happens, it may take up to seven days.

3. What’s a Binomo tournament account?

When you sign up for a tournament, you have access to this sort of account. Tournaments are held on a separate account that uses virtual currency. The tournament account is available as long the tournament lasts.

4. How do you calculate trade turnover?

The total number of trades since the last deposit is trading turnover. Trading turnover is used in two situations:

• You placed a deposit and then opted to cash out before trading.
• You took advantage of a bonus that suggests a trade turnover.

5. What are the minimum and maximum investment requirements?

At Binomo, trade requires a minimum investment of $1. The limit is $1000, or the equivalent in your account currency. You are free to invest any amount between those values.

6. Is Binomo an Indian app?

Binomo isn‘t an Indian app. It has its headquarters in Saint Vincent & Grenadines. However, you can open an account with Binomo with INR. So, the platform provides plenty of opportunities for Indian traders.

7. Can I close a trade before it expires?

When you trade with Binomo’s Fixed Time Trade features, you specify the precise time the trade will end, and you can’t close it sooner.

8. What is a Crypto IDX asset in Binomo?

CRYPTO IDX is an indicator based on the price and liquidity of the top ten cryptocurrencies by market capitalization. The Crypto IDX considers cryptocurrency supply and demand characteristics in addition to pricing.

9. How can I obtain my Binomo personal bonus offer?

All personal offers and incentives are produced for VIP traders on the first and fifteenth of each month. The quantity of bonuses is automatically computed and is determined by your trading and financial activities.

10. How does a chart scanner work in Binomo?

A chart scanner is a tool that assists you in monitoring and determining the direction of a trend. The chart scanner may generate five signals: strongly down, down, neutral, up, and strongly up.

FINAL THOUGHTS

Binomo has tons of benefits and attractive offers for its customers. It is one of the fastest growing platforms and considering all we have discussed, I would say the popularity is justified.

The best part is that it is complex enough for advanced traders and very simple and sophisticated for beginner traders. Plus, anyone can use Binomo whenever they want since it operates every hour of every day.

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