Binomo Review
Overview
Binomo binary options broker has been around since the year 2014 offering her clients reliable services without conflict of interest. You can start trading from just $10 deposit.
Read Full ReviewBroker Details
| Broker | Binomo |
|---|---|
| Website URL | www.binomo.com |
| Founded | 2014 |
| Headquarters | Cyprus / Seychelles |
| Support Number | +441143033932 ( Uk ) , +23414408171 ( Nigeria ) |
| Support Types | Email , Phone , Live Chat |
| Languages | English , Bahasa Melayu , Bahasa Indonesia , Thai , Chinese , Vietnamese , Korean , Hindi , Russian , Portuguese , Español , |
| Trading Platform | Propietary |
| Minimum 1st Deposit | $10 |
| Minimum Account Size | $10 |
| Minimum Trade Amount | $1 |
| Promotions | Deposit Bonus |
| Payout | 95% |
| Free Demo Account | Open Demo |
| Regulated |
 |
| Regulation | International Financial Commission |
| Deposit Methods | Credit Cards , Webmoney , Neteller , Mobile Commerce , Coinpayments ( Bitcoin & Litecoin wallets ) and ePayments ( South Africa, Nigeria e India ) |
| Number of Assets | 80 |
| Type of Investments | currencies, crypto, stocks, indices, commodities |
| US Traders Allowed |  |
| Mobile Trading |
|
| Tablet Trading |
|
| Overall Score | 4.5 |
Pros
- 25% Deposit Bonus ( 100% Bonus VIP accounts )
- Minimum Deposit of only $10
- Minimum Trade of $1
- Max. 95% Payout
- $1,000 Virtual Funds ( Demo Account )
- Weekend trading
- Free Training
Cons
- You can't buy cryptocurrencies
Full Review
Last Binomo review update: 10th September 2020
Review of Binomo: Overview
Contents
A vast majority of people do not succeed at trading because of the total control trading offers. As a trader, you are saddled with the responsibility of when to get in and where to get out. Not forgetting the dilemma of whether you should be doing a risk-reward ratio of 1:1, 1:2 or 1:3 etc. You see, the average human is not built to handle such a wide range of decision-making process.
This is a major reason why binary options, a variant of trading are gaining rapid popularity within the trading community. Your next options trade is just a click away, which could be either a Put or a Call option, assigned with your preferred risk amount and expiration time. This popularity in the space has also attracted the attention of brokers who happen to be imposters, with malicious intent. Most of these brokers use unethical means to extort funds from unsuspecting clients.
Finding a reliable, trustworthy and team player broker can be like finding a needle in a haystack. This is why I will like to do a review on a broker that recently caught my attention.
Binomo binary options broker has been around since the year 2014 offering her clients reliable services without a conflict of interest. You can start by clicking the signup button, which requires a few minutes of your time. For starters to options trading, I would recommend you subscribe to the Binomo training course as well as receiving weekly analytics upon reading and accepting the client agreement.
Trading Platform
The guys at Binomo are inclined towards modern technologies and how it can be used to give clients seamlessly, interactive, easy to use yet robust and secured trading experience. So do you enjoy a mobile trend experience, web-based, or you are old school like me who enjoys the good old and reliable desktop? Binomo options broker has got you covered. They have mobile platforms in both Android and iOS apps available for download on the app-stores.
Whichever form of the platform you decide to use, they are generally of the same orientation. Select the asset you are interested in trading, followed by the amount you are willing to trade and the expiration date. Depending on the prediction for your chosen asset, executing a Call or Put option can be done by clicking on either the green or red button on the right panel of the platform. With this, you have concluded a binary options trade which is available for you to monitor on the dashboard of the trading platform.
Binomo Trading Platform
The panel at the bottom left corner of the trading platform contains functionalities for choosing your preferred chart type, time-frame, indicators and drawing tools
Chart Type and Time-frames
Based on your choice, you can have the time series for the chosen asset displayed as Mountain, Line, Candle, or Bar charts. For ease of monitoring the expiration time or carrying out analysis, time-frames from a second to five-minute time perspective can be selected.
Drawing Tools and Indicators
You can choose horizontal lines from the panel to establish support and resistance levels using horizontal lines and other available chart objects.
Binomo trading platform has the most popular trading indicators available to aid in your prediction of market direction. My favourite being the MACD (9,21,5), and RSI indicators. Your choice may be different.
Assets offered for trading
Based on my experience as a trader, I discovered that trading can be like trying to shoot a moving target. Money flows from one asset to another, and one time-frame to another. With this understanding, I for one subscribe to a broker that gives a different choice of trading a lot of assets. On the Binomo trading platform, you can place binary options trades on shares, stock indices, commodities, Forex Pairs, and Cryptocurrencies.
Types of Accounts
At Binomo binary options, you have different trading account types to choose from, depending on your trading experience.
Demo Account
If you are considering a no-risk way to test your trading strategy, or you’re on your first journey into trading, this account type is best suited for you. Once in a while, I often utilize the demo account to test a trading idea I’m working on. I consider this to be less risky, considering that real money is not involved. The Binomo demo account equally allows traders to test their trading platform. Restoring the demo account to the starting balance is possible by a click of the refresh symbol on the platform. So you can practice over and over again till you get familiar with the platform, as well as find a winning trading system.
Standard Account
No amount of practice on a demo account can substitute for experienced trading on a live account with real money involved. This is where your psychology is put to the test. In your journey as a trader, at some point, you have to open a live account. One of such is the Standard account with Binomo. Making a trade on a Binomo standard account can be entered with just $1starting with a $10 deposit in your account.
The standard account offered by Binomo is designed in such a way that people with little or no experience can come into the world of binary options trading without having to save a lot of money to get started. With a standard account, you can enter for periodic competitions hosted by the broker. Check out the image below for details on this account type.
Gold Account
One important rule I learnt early in my trading career is to never fall in love with my trades or asset class. More trading instrument means I should only trade where the opportunities are. The Gold account offered by Binomo grants traders accesses to a wider range of asset class, as well as other benefits such as the higher yield on trade compared to the standard account; access to a personal manager and strategy support from proven professional trader’s analysis.
The starting deposit required for a Gold account on Binomo broker is $500. With this, you should be able to earn a decent profit if you follow a profitable trading system, or leverage of the professional advice offered. The screenshot below highlights the features of a Gold account.
VIP Account
This is the account I will recommend for whales, though the bonuses offered on this account type can be really attractive, I will not recommend it for beginners. It is, however, suitable for experienced professional traders who understand how the market works and now handle trading as a business. Such individuals or corporations should require some sort of insurance on their capital. Well, the Binomo VIP account has got you covered in this regard alongside offering 10% weekly cashback.
Minimum deposit and Bonuses offered
Minimum deposits offered on the Binomo broker varies depending on the account type opened. Generally, the minimum deposit required to start trading on a live account is $10 on the Binomo Standard account. The minimum deposit for Gold and VIP accounts is $500, and $1000 USD respectively. Clients with on a VIP account can leverage off a bonus of 100%.
Payout
Binomo, categorized payout based on the asset traded and the account type you operate with them. You can find the payout for each asset you want to trade besides the asset name in percentage. For a Standard account, the maximum payout is 85%, while it is 86% and 87% for Gold and VIP accounts respectively.
Deposit and Withdrawal option
Withdrawing funds from your Binomo account depends on the type of account you are operating with the company. Preferential treatment is given to clients running a VIP account, which takes less than 4hours. Withdrawal from a Gold or Standard account takes up to 24hours and 3 working days respectively.
Deposit and withdrawal platforms accepted by Binomo binary options include Mastercard, Visa, Maestro, Neteller Qiwi wallet, and cryptocurrencies.
Customer Support
This is one area some companies do not do well at all. Binomo broker takes their customers very seriously. Their customer support is available 5 working days; on the other hand, you can also create a ticket on the ticket page.
Binomo Review: Summary
Working with an experienced broker with customer success as a top priority can be difficult to find these days. However, through consistent customer satisfaction and being able to stand the test of time, Binomo will be on my top list of recommended brokers.
Always remember to trade responsibly, don’t forget to read the customer agreement, and related documents.
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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