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 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.
Trading via mobile is bigger and better than ever, and Binomo has firmly leapt on that trend by offering an entirely smartphone-accessible platform. Also available through tablets, the Binomo mobile app is available for both Android users and those that prefer iOS.
Push notifications are utilised as a clever way to keep traders in the look on anything from their current trades to upcoming competitions and tournaments.
While some brokers offer reduced functionality in the app version of their platforms, Binomo’s offering is fully functional. Anything you can do on your desktop, you can also do from your smartphone. You could even ditch the desktop altogether if your preference is trading on-the-go.
Binomo is one of an increasing number of traders offering options and versatility, which is a plus point for the service in general.
If you’re looking for a platform that offers easy and convenient payment, then Binomo has the advantage.
Because the broker offers their services to a varied and international base of customers, it means there’s far more choice depending on your location. Both MasterCard and VISA are supported, with additional options available based on your region and area.
The recommended deposit for your account is $500 to start. If you’re smart about it, you can even take advantage of promotions and offers to top that up by 100%.
For those starting small, the minimum deposit you can make is $10 – making Binomo fully accessible for traders of all sizes and scopes.
As with all the best online brokers, Binomo provides a complete and fully-functional demo account for potential customers to try out.
All you need to do to access the demo site is provide an email, and you’ll then be set up with $1000 in virtual cash to play around with. While some platforms offer a scaled-down option for their demo accounts, Binomo doesn’t hold back on their offering.
It’s possible to get a real feel for all the features of the platform, without ever spending a penny.
Deals and Promotions
Binomo is well-known for the range of promotions and deals they offer throughout the year. These include some of the classics, such as percentage top-ups on deposits, as well as some great sign-up bonuses.
These deals can change over time, so it’s best to keep tabs to find something that’s suited to your trading style.
In addition to the sign-up promotions and other deposit bonuses, traders that deposit $500 into their account will also be able to access a higher level of support and training through an assigned manager.
Regulation and Licensing
Binomo is currently considered unregulated in the brokerage industry. However, the company is now actively working towards gaining CySEC licensing as well as maintaining a Category A grade through the IFC.
The broker also holds certain certifications to operate in specific countries, though these additional requirements aren’t listed on their website.
Streamlined, easy to use and practical to navigate, Binomo has provided a simple platform that’s still full of great features for traders to use and implement. These include a range of different high-end analytical tools, as well as an integrated calendar and the tournaments feature.
The focus on the broker is one producing quality features that aid their traders, which means each new addition is solid, well-tested and bug-free on launch.
Three tiers of accounts are offered for traders using Binomo.
As with many online brokers, these different accounts are specified based on the amount of funding you put into the platform. This means there’s no additional cost or specific programme membership required to increase your tier – all you need to do is increase the amount you deposit to change your account type over time.
The account types that Binomo offers are as follows:
- Standard: offers basic access to the Binomo platform and tournaments feature with a $10 minimum deposit
- Gold: offers access to strategy guides, faster withdrawals and management with a $500 minimum deposit
- VIP: offers access to all privilege on the Binomo platform with a $1000 minimum deposit
Binomo makes it clear that even standard-tier traders gain access to everything they need to trade easily and effectively. The bonuses provided to higher-tier customers may be beneficial, but they certainly aren’t essential to get all you can out of the platform.
If you’re a trader that’s considering a binary options trading platform, Binomo might be the broker for you. Here are just a few of the reasons why you might want to make this broker your trading platform of choice:
- Accessible and fully functional demo account
- Clear and easy to achieve tiering account system
- Only $10 required to start trading
- Custom-designed platform that works easily on mobile devices
- Plenty of additional features and add-ons
While there are plenty of positives to picking Binomo over other online trading platforms, there are also a few downsides to this specific broker. Here are a few reasons why you might want to think twice before you make your final decision:
- Currently unregulated until CySEC licensing is achieved
- Limitations on popular trading area such as cryptocurrency
- No offline desktop software – online access only
- Social trading and similar social features are not integrated into the Binomo platform
As an international online trading platform, Binomo has round-the-clock availability for their trading services – perfect for night owls or those in different time zones. When it comes to some features, such as competitions and tournaments, specific time slots may apply.
Contact Details and Customer Support
Binomo readily offers support to their customers through several different methods, the most popular of which is live chat.
Live support is available directly through the Binomo platform, which means traders don’t even need to open a new window to chat through queries and problems with the support team. Live chat isn’t available 24/7 and may be choked up during busy periods.
A backup email support service is also provided, which responds typically within 24 hours: email@example.com
Finally, traders can get in touch with Binomo directly through their address:
First Floor, First St. Vincent Bank Ltd
St. Vincent and the Grenadines
Safety and Security
Security and safety is a top concern for Binomo as an online trading platform that operates across multiple countries. By creating their own secure platform with full encryption, the broker has established a high level of safety for their customers.
This is combined with safe and approved payment methods for withdrawals and deposits, further increasing the security of traders.
Binomo’s policy states that any customer funds up to the value of $20,000 are protected against fraud when using their platform, and they use up-to-date SSL encryption to boost their security even further.
With hacking more common than ever for online trading platforms, it’s crucial to be able to trust your chosen broker from day one.
What do we think of Binomo? As a binary options trading platform, Binomo has all the features needed to support traders – both new and veteran.
Their lack of fees and commission is also highly attractive to potential customers, especially when combined with a streamlined and user-focused platform design. If you’re looking to get into binary options trading, and you’re unbothered about the lack of crypto on offer, then Binomo might be a safe bet for you.
Once certification under CySEC is complete, Binomo will be a better prospect than ever. Not to mention well worth investigating.
Binomo accepts traders from Thailand, South Africa, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Binomo from Canada, United States, Australia, Mali, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Germany, Laos, Lithuania, , Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Norway, , Sweden, United Kingdom, Cyprus, Switzerland, Israel, Singapore, Hong Kong, New Zealand, Iran, Japan, Russian Federation, Belarus.