Binomo Review 2024

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Binomo is a binary options broker with a slick trading app and a focus on emerging global markets like India, Brazil, Qatar and Indonesia. This 2024 review will explore the firm’s platform, contract types, payouts, regulation and more. Find out today if Binomo is the broker for you.

Binomo Headlines

Founded in 2014, Binomo caters to over 900,000 customers in 130 countries. The company is registered and has offices in St. Vincent and the Grenadines under the trading name of Dolphin Corporation. Binomo is a limited-time trades (LTT) platform, meaning that it is targeted towards traders interested in short-term trades and quick potential profits.

The firm markets its accessibility for beginner to intermediate binary options traders, offering low minimum deposit and trade size. Furthermore, Binomo offers a wide range of educational material aimed at giving beginners a professional edge to their trading.

Trading Platforms

Binomo uses proprietary trading software for all its customers. The newest version is available as a web platform or as a mobile app for Android (APK) and Apple (iOS) devices. There is no downloadable desktop app for PC, though an emulator can be used to download Google Play Store APK and .exe files onto a Windows (7, 8 & 10) device.

The Binomo Webtrader uses clear and sophisticated graphics and hosts an extensive range of technical analysis features. With over 20 technical indicators and a range of charting and drawing tools, the platform itself leaves little to be desired. One unique feature of the Binomo platform is the hotkey function, which allows rapid access and quick online trading.

There are many independent add-ons that are free and compatible with the Binomo platform. One example is the BinomoBot for Chrome, which is a robot that allows you to set up fully automated trading on the Binomo platform.

Mobile App

The Binomo mobile application has been designed to mirror the functionality of the main web platform, without missing out on any features. However, the app also allows you to set push notifications, which can keep you informed on the go. A well-developed mobile app is a critical factor when trading short-term options. Providing you have an internet connection, Binomo will provide a reliable platform wherever you go.

Demo Account

A smart way to get to know a broker before risking any capital is to try out the demo account. The Binomo demo account is loaded with $1,000 of virtual funds and has access to the same range of details and live market data as the live app. You can practise trading on Binomo with all the risks of a simple game app. Furthermore, the Binomo demo account allows users to trade CFD mechanics, though this is not available on the live account.

Assets

Binomo supports a limited number of trade options, perhaps due to the firm’s target audience being less-experienced investors. There are 70 available assets, though the full range is only available to VIP accounts. Binary options can be purchased for currency pairs like EUR/USD and GBP/JPY, ETFs, cryptocurrencies, commodities like gold and the crypto coin opportunity index (IDX).

Binomo offers high/low options, otherwise known as call/put options, and Turbo Trades. Expiry times for high/low options are 15, 30 and 60 minutes; Turbo Trades are even shorter. Depending on your account type, pay-outs range between 84% and 90%.

Account Types

There are three account levels with Binomo:

• Standard: You can open a standard account with a deposit as low as $10. A standard account gets you access to 30 assets. The minimum trade size is $1, so with the lowest deposit amount you can still make 10 trades. Pay-outs take three days and standard accounts receive a maximum yield of 84%.
• Gold: The gold account requires a minimum deposit of $500 and gives you access to more than 40 instruments. Pay-outs are received within 24 hours and gold users can get a maximum yield of 90%. Extra benefits of gold membership include investment insurance and an account manager.
• VIP: At the top level is the VIP account. The deposit required is upwards of $1,000 and you can automatically move between account levels as your total deposited amount increases. VIP gives you access to the full 70 pairs available on Binomo as well as withdrawals within four hours and a 90% maximum yield.

How To Trade With Binomo

Once you create a Binomo account, or if you are practising with the demo account, opening a trade is quick and easy. Here’s how:

1. Select An Asset – This could be a stock like Microsoft or any other available instrument. The percentage displayed beside the asset will reflect its profitability. The higher the number, the higher your profit in the case of a correct prediction.
2. Choose Your Stake – The minimum amount for a trade is $1 and the maximum is $1,000. It is always best to mitigate losses by trading small amounts and never putting up more than you can afford to lose.
3. Select Expiration Time – On Binomo there are two types of trading time: short-term (1-5 minutes) and long-term (15-60 minutes).
4. Make A Prediction – After analysing the price movement on your chosen asset, decide whether you think its value will rise or fall. Click on the green button if you think the share price will go up or the red button if you think it will go down.
5. Wait For The Trade To Close – Once the expiration time is passed, your trade will be settled. If your prediction is correct, your investment plus the profit from the asset will be added to your balance. If it is incorrect, you will lose your investment. If the closing price is equal to the opening price, your initial investment will be returned.

Spreads & Fees

Yield with Binomo is dependent on account type and can range from 84% – 90%. Gold users can receive a yield as high as 90% with a correct prediction in under 60 seconds. If you have not traded your deposit amount a required number of times, there is a further 10% fee on withdrawals.

Payment Methods

Binomo has a customer base reaching across the world. Partnerships with hundreds of international payment agencies to make this as easy as possible for all customers. Payment methods vary between countries.

Users can deposit through usual credit and debit card channels, as well as e-wallets such as Neteller, Skrill and WebMoney. Users in India, for example, have access to many more local options.

The minimum amount for deposits is $1 and the withdrawal limit is $10. In India, the minimum withdrawal is INR 350. Withdrawals are limited to $3,000 per day, $10,000 per week and $40,000 per calendar month, or the equivalent in rupiah or the relevant currency.

Deals & Promotions

Binomo makes regular promotions that are often time-sensitive – so it is best to check the website for up-to-date information on referral coupons and bonus promo codes. A typical deposit bonus is usually between 20% – 200%, depending on the amount. However, many of these bonuses will have complications. For example, a minimum volume turnover is usually required before the deposit is withdrawable.

Check online for current promotions and deals like a 100 or 200 percent July bonus code or a $5 crypto IDX live signal bot today.

Tournaments

Binomo hosts regular tournaments for each of the account levels. Users compete to carry out the most successful trades in an allocated time and prizes range from $300 to $40,000. Binomo is one of few brokers that offers binary options tournaments. They are highly competitive and require great skill but can be a trick for earning extra money if you have a winning strategy.

Security & Regulation

Binomo has been around since 2014 and has proven itself to be a reliable company. Many positive online reviews are testament to this. The firm is a class A member of the International Finance Commission (IFC) and registered with the International Financial Market Relations Regulation Centre (IFMRRC), which guarantees quality of service and transparent communication. Customers are also entitled to protection from an independent dispute resolution organization and insurance of up to $20,000.

The Binomo platform uses SSL protocol to ensure that all data is encrypted and secure. Additionally, you get ten attempts to login, else you will have to wait an hour before trying again. Whether you are in Jakarta, Indonesia or the UAE, identity verification is not needed to log in and trade.

However, you will need to go through KYC verification to make withdrawals. For this, you will need identity verification and payment method verification. Documents accepted include a photo of your passport, ID card or driver’s license; photos of bank cards used (front side only) and photos of bank statements. The verification process usually takes under 10 minutes.

Restricted Countries

If you are concerned about whether or not Binomo is available in your country, the firm is restricted in the following: North Korea, Kingdom of Thailand, Canada, USA, Australia, Malaysia, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Germany, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Norway, Iceland, Liechtenstein, Sweden, the United Kingdom (UK), Andorra, Vatican, Monaco, San Marino, Cyprus, Switzerland, Israel, Syria, Singapore, Hong Kong, New Zealand, Iran, Saint Vincent and the Grenadines, Moldova, Japan, Belarus and the Russian Federation.

Customer Support

You can reach out to Binomo customer care via email, phone number or using the live chat function found on the website. Calls through WhatsApp are also accepted. The live chat operates 24/7, providing help in ten different languages, including Tamil, and is available on both the mobile and web-based platforms.

• Email Address: support@binomo.com
• Phone No.: +1 849 936 6003

If you encounter and error, spot a bug, have exceeded any limites or have had your account hacked, a responsive and helpful customer support team is vital. Binomo’s service has many positive reviews online and we found them to be responsive ourselves.

Binomo also has a social media presence on YouTube, Facebook, Twitter, Instagram and Telegram. Additionally, the broker has a useful help centre on its website and a range of educational content from basic information and tips to strategy advice and premium analytics.

Education

Binomo has a dedicated training centre with a glossary of terms, ensuring all clients can understand binary options trading. Moreover, there is a wealth of online resources, from YouTube tutorial videos to articles with update news and PDF guides, discussing top tricks, strategy advice, earning tricks, bot mods for APK and free bonus codes for 2021. Clients can also find free signals software on sites like Telegram for a little extra help when trading.

Pros

• Responsive customer support
• Low minimum trade size ($1)
• Low minimum deposit ($10)
• Range of assets classes
• Crypto binary options
• Regulated

Cons

• No MetaTrader access
• Limited to binary options
• Withdrawals require KYC
• Lots of restricted countries

Trading Hours

Binomo is available to use 24 hours a day, seven days a week. However, if you are interested in trading currency pairs, it can be useful to keep on top of market trading hours to find your golden moment. Each market is open for nine hours a day, five days a week and different time zones mean that there I oftens an overlap in market timing.

The Sydney session runs from 21:00 to 05:00 GMT, the Tokyo session is from 23:00 to 07:00 GMT, The London session is open from 08:00 to 16:00 GMT and the New York session is up and running from 12:00 to 21:00 GMT. Cryptos and OTCs are available to trade over the weekend.

Binomo Verdict

Binomo is a competitive binary options broker with a functional yet sleek trading platform that is great for both novice and advanced traders. The low minimum deposits and trade sizes make the company accessible to new and casual investors, while the decent range of underlying asset classes provides a little something for everyone. However, there is a large number of restricted countries and the total number of binary options instruments and types is a bit limited.

FAQs

Compare Binomo with Other Brokers

These brokers are the most similar to Binomo:

1. AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, alongside a comprehensive education center and multilingual customer support.
2. XTB - Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.
3. CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

Binomo Feature Comparison

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