Binomo is a binary options trading platform with allegedly more than 857,000 active traders every day. Established in 2014 and headquartered in St. Vincent and The Grenadines, this company offers 4 live account types [Standard, Gold, VIP, Prestige] based on the initial deposit volume.
Read this balanced Binomo review to learn about its payment methods [VISA, MasterCard, Neteller, and more], 75 tradable assets, and other aspects.
Company Information and Important Specifics
Binomo is operated by Dolphin Corp LLC and is a Category A member of the International Financial Commission. Note that this organization is not a financial authority, and should not be considered a regulating body. The company provides binary trading services to its clients. Other Key Points:
- Received IAIR and FE awards;
- Presence in over 130 countries;
- More than 29M successful trades in a week.
The company is headquartered at Euro House, Richmond Hill Road, Kingstown, St. Vincent and Grenadines.
Specifications and Details
As seen in every other review article on the website, in this section, we are providing a table featuring a summary of important specifics:
Broker | Binomo |
Account Types | Free, Standard, Gold, VIP, Prestige |
Establishment Year | 2014 |
Trading Platforms | Proprietary Platform |
Maximum Return | Up to 90% |
Minimum Deposit | $10 |
Base Currencies | USD, EUR, GBP, Other Local Currencies |
Deposit Methods | VISA, MasterCard, Maestro, WebMoney, Perfect Money, Neteller, PSB, Payeer, JCB, Crypto Wallets (Bitcoin, Litecoin) |
Withdrawal Methods | VISA, MasterCard, Maestro, WebMoney, Perfect Money, Neteller, PSB, Payeer, JCB, Crypto Wallets (Bitcoin, Litecoin) |
Minimum Trade amount | $1 |
Maximum Trade Amount | Unlimited |
Tradable Assets | 75 |
Investment Options | None |
Bonus | Features on Account Types |
Spreads | Not Specified |
Commission & Fees | 0.02% Commission Deducted from Demo Account on CFD Trading No Fees for Withdrawals and Deposits |
Maximum Leverage | 1:40 |
Affiliate Program | Yes |
Trading Features | Personal Manager, Investment Insurance, Economic Calendar |
Inactivity Fee | None |
Customer Support Ways | Live Chat, Email |
Customer Support Hours | 24/7 |
What Trading Account Types Are Available?
The binary platform offers trading services in several account types, which differ in terms of assets and special features. Here's an overview:
Account Type | Free (Demo Trading) | Standard | Gold | VIP | Prestige |
Minimum Deposit | N/A | $10 | $500 | $1,000 | $1,000 |
Trading Assets | 32 | 48 | 61 | 75 | 75 |
Personal Manager | No | No | No | Yes | Yes |
Investment Insurance | No | No | No | Yes | Yes |
Maximum Return | N/A | 85% | 90% | 90% | 90% |
Maximum Deposit Bonus | N/A | 100% | 150% | 200% | 300% |
Registration and Verification Tutorial
Usually, signing up on binary option brokers is a fast and straightforward process. It's the same about Binomo, which will be discussed here:
- Visit the platform's website and click on the "Sign Up" button;
- Fill in your email address in the form on the right and create a password. Alternatively, use your Google or Facebook account;
- Choose the desired currency and agree to the terms and conditions.
Now, you have created your account on the website. You will only be able to pass the verification after receiving a request from the company. For this, you will need proof of identity and photo(s) of the bank card(s) used for deposits.
Bonuses and Promotional Offers
We investigated the website for any information regarding bonuses. There is a "Promotions" page, but it states "No promotions currently available". Therefore, there might be bonuses in the future, but there is not any active offer at the moment.
However, there are some features on account types or "statuses", including deposit bonus, happy hour, cashback, prizes, risk-free trades, and more. These should be counted as promotional offers.
We will inform you as soon as any updates or changes happen in the future.
Are There Any Commissions and Fees in Binomo Trading?
The platform does charge commissions in trading. Based on the available data, when a client opens a CFD trade, a 0.02% commission is deducted from the demo account.
For deposits and withdrawals, there are no costs in most cases and regions. However, in India, free withdrawals are available once every 24 hours.
Personal Cabinet Features and Tools Overview
The personal cabinet on the mentioned binary broker provides users with a centralized hub to manage their trading activities. Important Parts and Sections:
- Account Overview: View your balance, active trades, and trading history;
- Deposit and Withdrawal: Funds management for clients;
- Profile Settings: Personal details and security settings;
- Trading Statistics: Analyze your performance over time;
- Educational Resources: Video Tutorials;
- Calendars: An overview of effective events (Crypto calendar available to VIP users only);
- Support: Contact customer service directly from your cabinet.
The personal cabinet is designed to be user-friendly, allowing traders to manage all aspects of their account efficiently.
Indicators and Oscillators in the Binomo Platform
Binomo's trading platform offers a decent number of technical indicators and oscillators to assist traders in their analysis. However, the list varies depending on the device used by the client for accessing the platform:
Web | All Indicators and Tools |
iOS Application | Moving Average, Alligator, Bollinger Bands |
Android Application | Moving Average, Alligator, Bollinger Bands, Parabolic Sar, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), Commodity Channel Index (CCI), And Stochastic Oscillator |
Funding Options and Withdrawal Methods
The discussed platform offers a wide range of choices for both deposits and withdrawals. We will take a look at them in the list below:
- Credit/Debit Cards: VISA, MasterCard, Maestro;
- E-Wallets: WebMoney, Perfect Money, Neteller, PSB, Payeer, JCB;
- Cryptocurrency Wallets: Bitcoin, Litecoin.
Note that these options might differ based on the client's region.
Copy Trading and Other Investment Features
As of the latest information available, Binomo does not offer copy trading services. Also, no other investment options are provided by the platform.
Traders looking for these kinds of functionality may need to explore other platforms that specialize in these services.
Trust Scores and User Ratings
We consider certain websites such as Trustpilot, REVIEWS.io, ForexPeaceArmy, and others as reliable sources for evaluating a company's performance. Until the time of writing this article, Binomo has received mixed reviews on the mentioned platforms:
- Trustpilot: 3.6/5 (based on 461 reviews):
- 26% of reviewers gave 5 stars;
- 55% of reviewers gave 1 star.
- ForexPeaceArmy: 1.3/5, Allegedly fake and highly suspicious positive reviews submitted on the website on February-September 2019;
- REVIEWS.io: 3.8/5 (based on 179 reviews), 69% of reviewers recommend the platform.
These mixed reviews suggest that while many users have positive experiences with the binary options company, others have encountered challenges, particularly with withdrawals and customer service.
Support Department Open Hours and Contact Channels
Support service is a critical factor when choosing a financial company or brokerage since there is always a chance of losing funds. Binomo provides two contact channels:
- Email: support@binomo.com;
- Live Chat: Accessible through the profile on the website (Not available for non-registered users);
The company provides 24/7 customer service, which is a benefit. However, the lack of live chat for everyone is a disappointment.
Writer's Opinion and Conclusion
In this article, we reviewed Binomo as an overall decent binary trading platform with 4 live account types, 24/7 support services, and a maximum return of up to 90%.
However, there has been a suspicion of fake positive reviews on the FPA website, which is concerning. Overall, we recommend this platform if you have done your own research and ensured its reliability.