Binomo Review

Binomo is a renowned trading platform with an emphasis on app-based trades. It aims to provide simple, efficient trading and isn’t shy about rewarding its users with goodies and perks to encourage them to continue using the service. Naturally, there’s plenty to explore, including its tradable assets, regulations and services, and its extensive rewards scheme needs a much closer look. That’s what we’re ready to do with our Binomo Review.

About Binomo

Binomo is a trading app launched in 2014 and based in Kingstown, in Saint Vincent and the Grenadines. Like many of its counterparts, it aims to streamline asset trading by providing a simplistic interface known as the Traderoom. Operated by the Tiburon Corporation, Ltd,

Binomo keeps many of its operational details private, which isn’t always ideal when you want to do a bit of homework on the brand you’re using. On the upside, it became a member of the Financial Commission (Category A) in 2018 and has a good track record for providing financial services. Over 909,250 daily traders are active on the platform, and they come from 133 countries. In fact, over 36,200,000 trades are completed each week using Binomo, which are impressive metrics.

Joining Binomo as a new trader entitles you to use its demo account service. That provides you with a $10,000 balance (in virtual currency) to practice before you risk your own finances. You’ll also receive free training to improve your skills.

Additionally, Binomo regularly releases blogs. Unlike rival sites that focus more on FAQs, Binomo’s blogs provide in-depth guides to trading on the platform, including the basic dos and don’ts, with material aimed both at newbies and more seasoned traders.

While all new traders are required to deposit $10, as soon as you deposit $500 or more into your Binomo account, you’ll become a Gold Member, and this gives you access to trading strategists who can help and guide you. Deposit $1,000, and you’ll qualify for Binomo’s VIP scheme, which, as you’ll see shortly, comes with all sorts of added perks and rewards.

Assets

Binomo is home to both Forex and FTT (Fixed Time Trading). The latter includes short-term trades (less than five minutes) and long-duration trades (up to sixty minutes). While FTT is riskier, it can result in higher profits, making it popular with experienced traders.

The trading platform offers around fifty assets to trade, and that’s quite a small library compared to some of the heavy hitters in this space. The list is reportedly extended once you reach the VIP and Prestige membership tiers. Here’s a quick look at Binomo’s main tradable assets:

·         Goods: Binomo allows trading of gold, silver and oil. This is a substantially smaller list than you’d see at rival sites, such as Pocket Option.

·         Equity Securities: Binomo’s most popular equity trades include major brands such as Apple, Coca-Cola, eBay, Google, Intel, McDonald’s, Meta, Microsoft, Netflix, Nvidia, Tesla and VISA. Other mainstream options include Boeing, Ferrari, IBM, JD, JP Morgan, PayPal and Starbucks. Less popular but still global giants include AIG, Alibaba, CitiGroup, Qualcomm, Vodafone, Weibo and Yum! Brands.

·         Currency Pairs: Binomo makes it simple for you to trade between currencies. While the EUR/USD pairing is the most popular, other options supported at Binomo include currencies such as Australian, Canadian and New Zealand dollars, British pounds sterling, Swiss francs and Japanese yen, amongst others.

·         Cryptocurrencies: Direct crypto trades are also supported, predominantly featuring options such as Bitcoin, Bitcoin Cash, Cardano, Litecoin and other altcoins.

·         Indices: Index funds buying/selling is permitted, too. While the array of stock indices supported is limited at Binomo, you can expect to trade with index funds on the AEX, CAC40, Dow Jones, and NASDAQ 100 exchanges.

Binomo supports OTC (over-the-counter) trading on indices and currencies. As mentioned, additional assets are made available to VIP and Prestige members. However, no matter what your membership level happens to be, there are no restrictions on trading. Using what Binomo calls “non-stop trading”, you’re free to trade multiple options simultaneously, even on weekends.

Promotions Available

Binomo is what we’d call a bonus-heavy trading platform. It firmly believes in rewarding its users for doing business through its service. To kick things off, there is a petite first deposit offer, which works like so:

·         First Deposit Bonus: All Binomo’s newest users can receive a 25% welcome bonus on their account if they deposit within thirty minutes of activating their account. However, the site doesn’t list whether there are wagering requirements associated with that deposit or the amount it is worth.

While there is a promotions page at Binomo, the offers you’ll find will vary based on your activity. It is typically filled with personalised deals that arrive as part of your loyalty membership status. Naturally, it’s not worth us detailing those, as they may not apply to you. Tournaments are open to all members, with participation fees stretching from $17 up to $200. Prize funds can be immense. We’ve seen examples where up to $45,000,000 was up for grabs. There are even weekend tournaments and daily competitions that are free for everyone to enter.

While we can’t say much about the specific promos that you’ll encounter at Binomo, we definitely want to talk about Binomo’s loyalty deals. These are numerous and surprisingly rewarding and are part of the reason why this trading platform stands out from its counterparts. Here’s what you can expect:

·         Referral Scheme: You can receive up to $100 for every friend you successfully convince to join you at Binomo. They’ll need to deposit before this bonus is activated.

·         VIP Loyalty Status: Once you deposit a grand, you’ll be gifted VIP status. Benefits from being in this tier include 75+ additional assets to trade, 10% cashback, profitability of up to 90%, and deposit bonuses worth up to 300%. The cashback scheme is straightforward enough to follow, with cashback determined by subtracting your withdrawal and account balances from your deposits and then multiplying that figure by 10%.

·         Prestige Loyalty Status: The uppermost tier of the loyalty program at Binomo is Prestige membership. This comes with Privilege Hours (extra periods of increased profitability), 5% monthly cashback on top of your normal 10% deal, Insurance (60% and 5 RFT), access to premium tournaments, and your own high-priority personal manager.

Binomo doesn’t go above and beyond when it comes to detailing the fine print associated with its deals. With that in mind, we encourage prospective traders to check with Binomo’s customer support team what the exact terms will be for bespoke, exclusive promotions before you decide to claim any of them.

Payments

Payments are accepted in dozens of currencies, although the accepted payment methods are more limited in number.

·         Accepted Payment Methods: Don’t expect too many options here. Mainstream options include VISA, MasterCard, Skrill, Neteller, Qiwi, Union Pay, Yandex Money, WebMoney, and Perfect Money. Crypto options include Bitcoin and Litecoin, amongst others.

All users are typically required to deposit a minimum of $10. However, trade amounts can be worth as little as $1. Binomo doesn’t let you go out of control with your deposits, either. There is some semblance of protection in place, with a maximum deposit limit of $10,000.

Withdrawals must be worth $10, while the upper limits are pegged at $3,000 a day, $10,000 a week, and $40,000 a month. That’s roughly on par with what you’d expect to see elsewhere. Fast withdrawals are certainly possible, with transaction times varying from three hours up to 24 hours. This seems to be based on your loyalty level, with most members experiencing 24-hour transaction times. That’s still faster than some of its counterparts.

Gold members can expect something in the middle, while VIP and Prestige tier members can expect turnarounds of just a few hours. That is, of course, assuming you’ve been through Binomo’s KYC process. That requires ID and payment method verification checks. On the upside, if your documentation is in order, this can take less than two minutes, which is impressive, to say the least.

Fees

Binomo may charge fees, but that really depends on the conditions. For instance, if you attempt to request a withdrawal immediately after depositing, you should expect a broker’s commission of 10% to be slapped on top of your withdrawal. However, very few, if any, fees apply in most cases. There are rivals out there not charging a commission, though, which is something to consider.

Platforms

Binomo allows you to trade from anywhere using its app-based service. Android users can expect an app that is downloadable directly from Google Play, or they can scan a QR code on the site to install Binomo’s app via an APK file. iOS users have no choice but to use the App Store to get it. Telegram also has a mini app, while the Binomo X app can be acquired via the Galaxy Store or App Galaxy.

If you prefer to trade in your browser on a desktop or laptop, you can do that, too, although the Traderoom interface isn’t as streamlined and shiny without the apps. Either way, Binomo has thought things through to ensure that you can trade assets how you see fit, whatever your preference.

Regulation

Binomo is a bizarre brand to review. For starters, it is registered in St. Vincent and the Grenadines but has headquarters in the Seychelles and offices in Cyprus. Secondly, it claims to be certified by the VMT but isn’t regulated or licensed. Or at least, that’s the way it appears. The FSA of St. Vincent and the Grenadines never issues licenses for Forex traders and brokers and doesn’t regulate or monitor those companies, either. It’s hard to see any way out of saying that Binomo doesn’t appear to be operated with a license or regulation.

On the plus side, Binomo is a Category A member of the Financial Commission, and it has been so since 2018. It’s also received numerous awards and accreditations for its service. It picked up an FE Award in 2015, followed by an IAIR Award a year later. It hasn’t snapped up any gongs since, but with the amount of competition increasing, that’s not entirely unsurprising.

Binomo supports 2-factor authentication, offers payment card protection under PCI’s international standards, and its verification procedure is fast but reliable and robust. SSL encryption is deployed throughout the trading platform.

Lastly, we should mention that Binomo does offer support. There is a live chat service, although it’s not available 24/7. Snail mail and e-mail ([email protected]) options are also options, while there is a community that supports guides on both YouTube and Facebook.

Pros & Cons

Pros

·         New users can practice with a $10,000 demo account

·         Active in over 133 countries, with 900,000+ traders

·         Supports ample promotions and a rewards scheme

·         Offers non-stop simultaneous trading, even on weekends

Cons

·         Isn’t licensed and regulated by any known body

·         Its tradeable assets list is rather small

FAQ

Is Binomo legit?

Yes. Binomo isn’t licensed and regulated, but it’s a Financial Commission Category A member and has received industry awards for its service, which it wouldn’t do if it wasn’t a legitimate trading platform.

What is the bonus for Binomo?

New traders who join Binomo can claim a 25% deposit on their first deposit if they make that deposit within thirty minutes of activating their account. Plenty of other perks are available via its loyalty schemes.

Can I trust Binomo?

It’s always tricky to trust a trading platform that isn’t licensed or regulated. It’d be easier if that had these things, even from less trusted jurisdictions. However, we did some digging and didn’t find any reason not to trust Binomo. It has a decent track record and has received commendations and awards from reliable sources.

How does Binomo’s demo work?

After opening an account, you can request access to the demo. This kits you out with a $10,000 balance in virtual currency. The idea is that you’ll use that practice trading to hone your skills before risking your own finances.

Is Binomo ideal for beginners?

Yes. Binomo not only supports a $10K demo for beginners, but it also has plenty of guides and experts who help beginners learn the ropes of online trading. Its blog also proves to be an invaluable resource for first-timers and experienced traders alike.