Binomo Review

Binomo is a popular choice amongst traders with its minimal $10 deposit requirement and high payout rates of up to 90%. 

Binomo is a binary options brokerage firm that has been on the market since 2014. Owned and operated by Dolphin Corp, registered in St. Vincent and the Grenadines. Binomo is regulated by the Financial Commission (FC), which provides a certain level of protection for traders. 

The company offers a range of products, including forex and CFD trading, with a minimum deposit of $10. Binomo offers a demo account to help traders get familiar with the platform before investing real money.

Key information about Binomo

Country of regulation	International
Inactivity fee	None
Withdrawal fee	Varies based on the method
Minimum deposit amount	$10
Available base currencies	USD, EUR, IDR, MYR, RUB, VND
Bank card deposits	Yes
E-wallet deposits	Yes
Time it takes to open an account	Instant
Demo account available	Yes
Products offered	Binary options trading

License and Jurisdiction

Owned and operated by Dolphin Corp, registered in St. Vincent and the Grenadines. Binomo is regulated by the Financial Commission (FC), which provides a certain level of protection for traders. 

Is Binomo Legit?

Binomo has won several awards, including ‘Best Broker for South Eastern Europe’ at the 2016 IAIR Awards and ‘Best Broker for Beginners’ at the 2015 Forex Expo Awards.

Since its launch in 2014, the platform has received a recommendation rate of 85% from traders. This is a good indication that the platform is legitimate and trustworthy

Binomo’s certification by the IFMRRC and its status as a Category “A” member of The Financial Commission are significant indicators of its legitimacy and trustworthiness. The IFMRRC’s independent certification process ensures that Binomo adheres to high service quality and reliability standards, which is especially important in the volatile markets of forex, binary options, and cryptocurrencies. 

Being a Category “A” member of The Financial Commission, an organization known for its strict criteria and dedication to protecting investors, further proves Binomo’s reputation. 

This reflects Binomo’s commitment to upholding the highest operational standards but also provides traders with layers of security and dispute resolution mechanisms, enhancing overall confidence in the platform.

Pros	Cons
Low minimum deposit: Binomo requires a minimum deposit of just $10, making it accessible to traders without much capital to invest.	Limited assets: A limited selection of tradable assets may disadvantage traders seeking a broad range of options.
User-friendly interface: Binomo’s user-friendly trading platform is ideal for beginners, featuring a demo account for risk-free practice trading.	Licensing: CySEC license still pending
Non-stop trading: This allows traders to initiate new trades without waiting for previous ones to close, which is ideal for those looking to execute multiple quick trades.
Small trade fees: With trading fees starting at just $1, Binomo is an attractive option for traders aiming to reduce trading costs.

Binomo has become popular due to its minimal trading fees and no charges for account or platform use.

Some charges that you need to be aware of include a 10% on withdrawals made before the value of the deposited balance has been traded at least twice. Accounts that are inactive for 6 months will be closed by the broker, and the remaining balance will be claimed.

Despite these charges, Binomo’s payout rates are very competitive. 

• VIP account holders with a minimum deposit of $1000 can achieve payouts up to 87%.
• Gold account members who deposit at least $500 are eligible for payouts up to 86%.
• Standard accounts can receive maximum payouts of up to 80%, higher than the industry average.

Binomo focuses primarily on binary options, limiting its trading options. However, its advantage lies in the low minimum investment of just $/€1 for starting trades, making it accessible for traders to get started with minimal investment.

Binomo’s low trading fees, competitive payout rates, and accessibility make it an attractive option for traders who want to keep their costs low. 

Maximum Leverage

Binomo does not specify any leverage for their trades. 

Leverage is a tool that allows traders to control a larger position size with a smaller amount of capital. For example, if a trader has $1,000 in his trading account and trades ticket sizes of 500,000 USD/JPY, that leverage will compare to 500:1. The higher the leverage, the greater the potential for profit or loss.

Traders should be aware that leverage can be dangerous if not used correctly. It is important to have a solid understanding of the risks involved before using leverage.

Fees

Binomo does not charge a fee for depositing funds but imposes withdrawal fees in countries like India, Brazil, Vietnam, and Indonesia, which is a standard practice in the industry. Note that banks or payment systems may also charge fees for transactions.

Regarding trading fees, Binomo charges a commission on each trade made. The commission varies depending on the trader’s account type. Professional traders enjoy lower trading fees than regular traders.

Binomo does not charge any CFD, forex, or futures fees, which is ideal for traders who want to trade various assets without worrying about additional fees.

Opening an account is free, but traders whose accounts have been inactive for more than 6 months can be charged an inactivity fee.

While Binomo doesn’t charge any deposit fees, a withdrawal fee is charged for each transaction. The withdrawal fee varies depending on the withdrawal method used by the trader.

Binomo doesn’t charge an overnight funding fee, which is beneficial for traders who want to hold their positions overnight. There may be a currency conversion fee for traders who want to trade assets in a currency other than their account currency.

Binomo charges reasonable fees for its services. Traders can enjoy low trading fees, no CFD fees, forex fees, or futures fees, and no account fees. While there is a withdrawal fee, it is reasonable and varies depending on the withdrawal method used by the trader.

Binomo Bonuses

Binomo offers several bonuses to its customers. These include a sign-up bonus, post-confirmation bonus, deposit bonus, coupon or promo code, no deposit bonus, and risk-free trade. Each bonus has its own terms and conditions that customers must adhere to.

The sign-up bonus is available to new customers who register for an account. It can be activated within the first 30 minutes after creating an account. This bonus allows the trader to increase any investment by 25%. To replenish an account using the sign-up bonus, the trader must make a payment using the link in the lower left corner of the trade room.

The post-confirmation bonus is available to customers whose email is confirmed after registration. This bonus allows the trader to increase their investment by 50%. It can be activated by going to the “Bonuses” section on the left side of the trading room.

The deposit bonus is available to customers who deposit on the Cashier page. It will be credited to the account if the “Bonuses, Offers, Coupons” box is checked. The amount offered by the system is proportional to the amount deposited. Also, it cannot be combined with any other bonuses or coupons.

Customers can also use a coupon or promo code, which can be obtained as part of a promotion or from a personal manager. The coupon and deposit bonus cannot be used together, and each promo code can only be redeemed once per account.

The no deposit bonus is a fixed amount bonus that can be instantly credited to a real account with no prior deposit. The leverage ratio for a no deposit bonus is usually 40, indicated in the terms and conditions of the bonus.

A risk-free trade is a fixed number of trades with a predetermined investment amount. When using a risk-free offer, if the transaction is successful, its investment amount and profit are credited to the client’s real account. Unsuccessful trades don’t result in the loss of funds from the real account, and a client can only make one risk-free trade at a time.

Tournaments

Binomo offers tournaments that allow multiple traders to compete for a prize in a limited-time frame. The tournament account becomes available for selection from the moment the tournament starts. It is available until the end of the tournament and for another 24 hours after it ends.

To participate in the tournament, the traders need to pay a participation fee. Although there is also a Daily Free tournament with no participation fee. All transactions within the tournament are made in the internal currency of the tournament – ₮. The starting balance is determined by the conditions of the tournament and is the same for all participants.

The prize pool is formed depending on the number of participants. It cannot be less than a certain amount specified in the terms of the tournament. The objective of the tournament depends on the conditions of the tournament. 

Typically, the goal is to have the highest balance at the end of the tournament. Then the prize fund is divided among all the participants who won prizes (the number of prizes is also determined by the conditions of the tournament).

Binomo offers two main tournament types: free and paid. The free tournament is a great way to get started and doesn’t require any investment to join. Paid tournaments have higher prize funds but require an entry fee.

Account Types

Binomo has 5 account types: Demo, Standard, Gold, VIP, Prestige. Each account type comes with different features and benefits. Let’s check them out:.

• Demo Account: The Demo account is for new traders who want to get a feel for the platform before investing. It comes with a virtual balance of $1,000, which you can use to practice trading without risking their own money. The Demo account provides full access to all the features and tools available on the platform, allowing you to test strategies and get comfortable with the interface.
• Standard Account The Standard account is the most popular account type on Binomo. It requires a minimum deposit of $10 and provides access to all the features. Traders with a Standard account can trade over 70 assets, including currency pairs, commodities, and stocks. They can also participate in tournaments and receive up to 85% payouts on successful trades.
• VIP Account The VIP account is designed for experienced traders who want to take their trading to the next level. It requires a minimum deposit of $1,000 and provides access to all the features, as well as some exclusive benefits. Traders with a VIP account can trade over 70 assets, receive priority support, participate in exclusive tournaments, and receive up to 90% payouts on successful trades.
• Gold Account For a Gold status account, you only need to deposit $500 (or an equivalent amount in your account currency).
• Prestige Account This account is similar to a VIP account with enhanced features, like deposit bonuses up to 300%, an additional 5% cashback plus, and a high-priority personal manager.

Trading Experience

Feature	Description
User Interface	Binomo’s user interface is simple and easy to navigate which is perfect for beginners. The platform offers a clean and organized layout with a customizable chart for analysis. The chart types and time frames can be adjusted to suit the trader’s preferences. The platform updates regularly for an optimal trading experience.
Assets and Instruments	Binomo offers a wide range of assets and instruments for trading, including currency pairs, commodities, cryptocurrencies, and stocks. The platform provides a comprehensive list of assets, making it easy for traders to find the assets they want to trade.
Order Execution	Binomo’s order execution is fast and reliable. The platform offers various order types, including market orders, limit orders, and stop-loss orders. Traders can choose the order type that best suits their trading strategy. Binomo’s order execution is also transparent, showing traders the exact price at which their orders are executed.

Trading Features and Resources on Binomo

The main trading mechanics on the platform are Contract for Difference (CFD) trading and  Fixed Time Trade (FTT). 

Fixed Time Trade (FTT)

This trading feature allows users to decide whether the price of an asset will go up or down, choose the time to close the trade, and if the prediction is correct, make a profit.

There are short-term trades with an expiry time of less than 5 minutes and long-term trades with an expiry time of up to 60 minutes. Market (exchange-traded) assets are only available on business days. On weekends, the platform’s clients can trade cryptocurrencies, assets, and over-the-counter assets.

To open a trade in FTT, the user needs to choose the investment amount, which ranges from $1 to $1000, and choose the end time of the deal. It is important to note that the user chooses the exact time to complete the trade, not its duration. If the user selects the trade end time of 13:57, the trade will close at exactly 13:57.

The FTT trading mechanics are quite simplified. The trade is automatically closed at the expiry time, and the profit from a successful trade is credited to the user’s account. Both profit and loss are easily predictable and are displayed before a trade is opened, which helps to better manage risk. 

Advantages of FTT include fixed income and loss, controllable risks, trading availability 24/7, no commissions, no need to keep an eye on the market all the time, low initial level of preparation for trading, trading in any market conditions, and a wide range of assets.

Contract for Difference (CFD) trading

Binomo also offers Contract for Difference (CFD) trading. A CFD is an agreement between two parties – the seller and the buyer – to transfer the difference between the current value of an asset at the time of the conclusion of the contract (opening a position) and its value at the end of the contract (closing the position). Unlike FTT trades, CFD trades do not have a fixed expiry date. The client can close the trade manually.

To open a CFD trade, the user needs to choose a DEMO account, open the asset selection, then go to a separate section for CFD assets, select Gold, choose a multiplier (optional) – 1, 2, 3, 5 or 10, select the amount of the transaction, and open a buy or sell trade by clicking on the “down” or “up” arrows.

Features of CFD include availability only on a DEMO account, limited number of assets available, trading hours from Monday 07:00 UTC to Friday 21:00 UTC, automatic closure of CFD trades on the DEMO account after 15 days from the date of opening, technical stop loss, a fee charged for opening a trade, no restrictions on take profit and stop loss (except for the technical stop loss mentioned above), and only 15 trades can be opened at the same time.

Mobile Trading on Binomo

Binomo offers a mobile trading app that is available for both Android and iOS devices. The app is free to download and provides traders with all the necessary tools to trade on the go. The app has a user-friendly interface and is easy to navigate.

Features and Usability of the Mobile Trading App

The mobile trading app offers almost all the features of the desktop version. Traders can access the same trading instruments, view charts, and analyze the markets. The app is designed to provide a seamless trading experience, allowing traders to execute trades quickly and efficiently.

The app also offers a demo account, allowing traders to practice trading strategies and get a feel for the platform before committing real money. The app also provides access to educational materials, including video tutorials, webinars, and trading articles.

Pros and Cons of Trading on Mobile Devices

Trading on mobile devices offers several advantages, including the ability to trade on the go and access the markets from anywhere. It also allows traders to react quickly to market news and events.

Trading on mobile devices also has its drawbacks. The smaller screen size may make it difficult to analyze charts and execute trades accurately. Traders may also experience connectivity issues, which could lead to missed trades or delayed executions.

Restricted Countries

Binomo is not available in every country due to regulatory restrictions. The platform is currently banned in several countries, including Albania, Afghanistan, Andorra, Australia, Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Haiti, Hong Kong SAR, Hungary, Iceland, Iran, Iraq, Ireland, Israel, Italy, Jamaica, Japan, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Moldova, Principality of Monaco, Myanmar, Netherlands, New Zealand, Nicaragua, North Korea, Norway, Palestine, Poland, Portugal, Romania, Russia, St. Vincent and Grenadines, San Marino, Senegal, Singapore, Slovakia, Slovenia, South Sudan, Spain, Sweden, Switzerland, Syria, Combined United Arab Emirates, United Kingdom, United States, Vatican, and Zimbabwe.

It is important to note that Binomo’s availability in a particular country may change at any time due to regulatory changes. Therefore, it is advisable for users to check the platform’s website for the latest information on available and restricted countries.

Market Analysis & Signals

Binomo offers a wide range of market analysis tools and trading signals to help traders make informed decisions.

These tools include fundamental and technical analysis, market trends, trading signals, risk management, and candlestick patterns.

• Binomo gives access to various financial news and reports, as well as economic calendars, to help traders stay up-to-date on the latest market developments.
• Binomo technical analysis tools, include charting software and technical indicators..
• Binomo gives traders access to various market trend analysis tools, including trend lines and moving averages.
• Binomo offers trading signal services, including automated trading systems and signal providers.
• Binomo will help you with various risk management tools, including stop-loss orders and position sizing calculators.
• Binomo offers various candlestick pattern recognition tools, and educational resources.

Research Tools

Binomo provides a range of analytical tools, including technical analysis indicators, market news, and economic calendars.

Traders can use the technical analysis indicators to identify trends and patterns in the market.

• These indicators include: Moving averages, Bollinger Bands, and Relative Strength Index (RSI).

The platform provides access to market news, which can help traders to stay up-to-date with the latest developments in the financial markets.

• The economic calendar is another useful tool for traders.
• It provides a comprehensive list of upcoming economic events, including interest rate decisions, GDP releases, and inflation reports.

This information can help traders anticipate market movements and adjust their trading strategies accordingly.

Educational Resources

Binomo offers in-depth educational resources to help traders improve their skills and knowledge. These resources are available to traders at any experience level.

Tutorials

Binomo provides tutorials that cover different topics related to trading.

These tutorials are designed to help traders understand key concepts and strategies that they can use to make informed trading decisions. The tutorials are available in video format and are easy to follow, making them ideal for traders who are new to trading.

Articles

Binomo also offers a range of articles that cover different topics related to trading.

These articles are written by experienced traders and cover topics such as technical analysis, fundamental analysis, and trading psychology. The articles are easy to read and provide valuable insights into the world of trading.

Webinars

Binomo regularly hosts webinars that cover different aspects of trading.

These webinars are conducted by experienced traders and provide traders with an opportunity to learn from the experts. The webinars cover topics such as market analysis, trading strategies, and risk management.

Demo Account

Binomo also provides traders with a demo account that they can use to practice trading without risking their own money.

The demo account is an excellent way for traders to test their trading strategies and to get a feel for the platform before they start trading with real money.

Account Login and Registration

To start trading on Binomo, you need to create an account on the platform.

The registration process is simple and straightforward. Here is a step-by-step guide on how to open an account with the broker:

1. Go to the Binomo website and click on the “Sign Up” button located at the top right corner of the homepage.
2. Fill in the registration form with your email address, password, and phone number. You can also use your Google or Facebook account to register.
3. Agree to the terms and conditions of the platform and click on the “Create Account” button.
4. Verify your email address by clicking on the link sent to your email.
5. Complete your profile by providing your personal details, such as your name, date of birth, and address.

During the registration process, Binomo doesn’t require financial information. But, you will be required to provide this information when you want to deposit or withdraw funds from an account.

All personal data at Binomo is encrypted to prevent unauthorized access. You can enable two-factor authentication to add an extra layer of account security.

Binomo Payment Options

Binomo offers various payment options for its users to make deposits and withdrawals. These include e-wallets, bank cards, and wire transfers.

Deposit Methods

Binomo platform accepts deposits in USD, EUR, and RUB. Users can make deposits using the following payment methods:

• Bank Cards: Visa, Mastercard, and Maestro
• E-wallets: Skrill, Neteller, WebMoney, Perfect Money, and FasaPay
• Cryptocurrencies: Bitcoin, Litecoin, and Ethereum

Users can deposit funds into their accounts instantly using bank cards, e-wallets, and cryptocurrencies. Wire transfers may take up to 3 business days to process.

Withdrawal

Binomo allows its users to withdraw funds using the same payment method used to make the deposit.

The withdrawal process may take up to 3 business days to process. The minimum withdrawal amount is $10, and the maximum withdrawal amount is $1,000,000.

Users can withdraw funds using the following payment methods:

• Bank Cards: Visa, Mastercard, and Maestro
• E-wallets: Skrill, Neteller, WebMoney, Perfect Money, and FasaPay
• Cryptocurrencies: Bitcoin, Litecoin, and Ethereum
• Wire Transfer

Binomo does not charge any fees for deposits or withdrawals. But, you should expect some fees from the payment provider to see if they charge any fees for transactions.

User Reviews and Broker Community

Binomo has received mixed reviews from its users and the broker community.

On Trustpilot, the platform has an average rating of 4.1 stars out of 5 based on 869 reviews as of February 2024. Many users praise the platform’s simplicity and ease of use, making it a great option for beginners.

One user writes, “Binomo offers us a simple and clean environment to trade without any complexities. Moreover, in my opinion, it is the best app for beginners to start their trading journey” [1].

However, there are also negative reviews from users who have had issues with the platform. Some users have reported difficulties with withdrawing funds, as well as concerns about the platform’s reliability.

One user writes, “I had to talk to customer support before I could withdraw to USDT (TRC) after a long and frustrating try” [3].

On Reddit, users have also shared their experiences with Binomo. Some users have reported making profits on the platform, while others have expressed concerns about the platform’s legitimacy.

One user writes, “I have been using Binomo for a few months now, and I have made some profits. However, I am still not sure if this platform is legitimate or not” [4].

[1] Trustpilot

[2] Traders Union

[3] Trading.biz

[4] Reddit

Customer Support

Binomo offers customer support services via email, phone, and live chat. The platform also has an extensive FAQ section that covers various topics such as account verification, deposits and withdrawals, and trading strategies.

The customer support team is available 24/7 to assist traders with any issues they may encounter on the platform.

Binomo’s support staff is knowledgeable and responsive, providing prompt and helpful solutions to users’ problems.

Users can also access educational resources on the platform to improve their trading skills.

These resources include articles, video tutorials, and webinars. Binomo’s customer support team is available to answer any questions users may have about these educational resources.

Pros	Cons
24/7 availability	No phone support for some countries
Knowledgeable staff	No support in some languages
Useful educational resources	No social media support

Best Binomo Alternatives

For those who are looking for trading platforms similar to Binomo, there are several options available. Here are some of the best Binomo alternatives:

1. Olymp Trade – This trading platform offers a user-friendly interface and a wide range of trading instruments. It has a minimum deposit requirement of only $10, making it accessible to traders with limited funds. Olymp Trade is also known for its educational resources, including webinars and tutorials.
2. IQ Option – This platform is popular among traders due to its low minimum deposit requirement of only $10 and its wide range of trading instruments, including cryptocurrencies. IQ Option also offers a demo account for traders to practice their strategies before investing real money.
3. ExpertOption – This platform offers a simple and intuitive interface, making it easy for beginners to navigate. It also offers a wide range of trading instruments, including cryptocurrencies, and has a minimum deposit requirement of only $10.
4. Binary.com – This platform is known for its advanced trading tools and features, including the ability to create custom indicators and automated trading strategies. It also offers a wide range of trading instruments, including cryptocurrencies, and has a minimum deposit requirement of only $5.
5. Pocket Option – This platform offers a user-friendly interface and a wide range of trading instruments, including cryptocurrencies. It also offers a demo account for traders to practice their strategies before investing real money.

These are just a few of the many trading platforms that are similar to Binomo. Traders should consider their individual needs and preferences when choosing a platform to use.

Verdict

Binomo is a well-established online trading platform that offers a range of trading options, including binary options, forex, CFDs, and cryptocurrencies. The platform is easy to use, with a user-friendly interface that is suitable for both beginners and experienced traders.

Binomo offers over 70 assets to trade, including major currency pairs, commodities, and popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The platform also offers a range of account options for traders, including a demo account that allows traders to practice trading strategies without risking their own money.

One of the main advantages of Binomo is its 24/7 customer support service, which is available via Skype. The platform also offers free payouts for traders, with the exception of bonuses, which can be subject to confusing terms and conditions.

Overall, Binomo is a legitimate and reliable online trading platform that is suitable for both beginners and experienced traders. While there are some limitations to the platform, such as the confusing terms and conditions for bonuses, the platform offers a range of account options, a user-friendly interface, and a wide range of assets to trade.

Visit Binomo

Frequently Asked Questions

Is Binomo safe?

Yes. Binomo is a regulated trading platform that has been in operation since 2014. It is regulated by the Financial Market Relations Regulation Center (FMRRC), which is a self-regulatory organization in Russia that oversees financial markets. Binomo is also a member of the International Financial Commission, which is an independent dispute resolution organization that ensures fair and transparent trading practices. 

What is the minimum deposit at Binomo?

$10. Binomo offers one of the lowest minimum deposits in the industry, which is $10 USD. This means that traders can start trading with a small amount of money and gradually increase their investment. Binomo offers a free demo account, which allows traders to practice trading without risking their own money.

Is Binomo a suitable trading platform for beginners?

Yes. Binomo is a user-friendly trading platform that is suitable for both beginners and experienced traders. It offers a wide range of educational resources, such as video tutorials, webinars, and e-books, that can help beginners learn the basics of trading.