Binomo is an online trading platform 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 mobile apps, and account types.
Read on to find out more about whether this service is the best pick for you.
Company Details
Originating in 2014, Binomo has been a highly targeted service specifically aimed at short term traders.
They are a member of FinaCom,Dolpin Corp and are presently working towards licensing elsewhere.
Currently, they are rated as ‘Category A’ under the IFC, lending them additional credibility to potential traders.
Trading Platform
The Binomo trading platform is designed to be as practical, easy to use and convenient as possible for trading.
On initial release, the company made use of third party software as their platform of choice. However, since then, the company has moved from ‘off the shelf’ 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.
Assets/Markets
Binomo is host to more than 60 distinct assets that can be openly traded by traders signed up to their platform. These include a range of different markets and assets, to provide trades with as much range and flexibility as possible.
This is 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 there is not much available in terms of other contracts.
Binomo supports the trading of the following assets:
- Currency pairings (GBP/USD for example)
- Leading equities
- Indices
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 equities, which may not be available from other similarly placed platforms.
Mobile Apps
Trading via mobile is more popular 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 events.
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 choice and versatility, which is a plus point for the service in general.
Payment Methods
If you’re looking for a platform that offers uncomplicated and convenient payment methods, then Binomo has the advantage.
Because the platform offers their services to a varied and international base of customers, it means there is far more choice depending on your location. Card and e-wallets services can be used, with additional options available based on your region and area.
For those starting small, the minimum deposit you can make is $100 – making Binomo fully accessible for traders of all sizes and scopes.
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 (and access the ‘Gold’ account) will also be able to access a higher level of support and consultation with an assigned manager. The VIP account is access with a deposit and maintained balance of $1000.
Regulation and Licensing
The company maintains a Category A grade through the IFC.
Additional Features
Streamlined, intuitive 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.
The focus is on producing quality features that aid their traders, which means each new addition is solid, well-tested and bug-free on launch.
Account Types
Three tiers of accounts are offered for traders using Binomo.
As with many online platforms, 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:
- Basic: offers access to the Binomo platform and tournaments features with a $50minimum deposit.
- Standard: offers basic access to the Binomo platform and tournaments feature with a $100 minimum deposit
- Gold: offers access to strategy guides, faster withdrawals and management with a $500 minimum deposit, and maintained balance.
- VIP: offers access to all privileges on the Binomo platform with a $1000 minimum balance.
Binomo makes it clear that even standard-tier traders gain access to everything they need to trade 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.
Benefits
If you’re a trader that’s considering a short term trading platform, Binomo might be the broker for you. Here are just a few of the reasons why you might want to make this your trading platform of choice:
- Accessible and fully functional trading account
- Clear tiered account system
- From $100 required to start trading
- Custom-designed platform that works quickly on mobile devices
- Plenty of additional features and add-ons
Drawbacks
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:
- Limitations on popular trading areas
- Social trading and similar social features are not integrated into the Binomo platform
- Short term trading only
Trading Hours
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.
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.
A backup email support service is also provided, which responds typically within 24 hours: support@binomo.com
Finally, traders can get in touch with Binomo directly through their address:
Dolphin Corp
First Floor, First St. Vincent Bank Ltd
James Street
Kingstown
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 website 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 who 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.
Overall Verdict
What do we think of Binomo? As a short term trading platform, Binomo has all the features needed to support traders – both new and veteran.
Their lack of fees and commission is good, but traders are restricted to time limited trades on a small a number of assets. There are better much choices out there.
Accepted Countries
The Company does not provide its services in the following territories or to citizens and/or residents of the following countries: 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, United Kingdom, Andorra, Vatican, Monaco, San Marino, Cyprus, Switzerland, Israel, Syria, Singapore, Hong Kong, New Zealand, Iran, Saint Vincent and the Grenadines, Japan and the Russian Federation, Belarus in cases when it is contrary to the current legislation of those countries and/or the Company’s internal policy.
Alternatives to Binomo
If you are looking for alternatives to Binomo we have compiled a list of the top 5 brokers that are similar to Binomo below. This list of brokers like Binomo is in order of similarity and only includes companies that accept traders from your location.
- Olymp Trade – Olymp Trade Offer Fixed time trades over a huge range of markets. Established in 2014, the firm now boasts over 25k active traders each day.
- Expert Option – ExpertOption offer digital trading on Forex, Cryptocurrencies, commodities, indices and stocks. This high risk / high reward trading is only available to certain regions.
- FXPro – Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
- Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
- UFX – UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
Leading short term trading platform, offering high payouts, quick trading and a reliable service.
Binomo Investment Company 