Binomo Review 2024
United States not accepted.Pros
- Demo account available to all with no restrictions
- Custom-designed platform that works quickly on mobile devices
- Low minimum trade value from $1
Cons
- Limited extra features with no copy trading
- Contract expiry times of 1 minute to 1 hour are very short term for many traders
- Small selection of tradeable instruments
Binomo Review
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, demo accounts and account types.
Read on to find out more about whether this service is a solid trading choice for you.
Company Details
Originating in 2014, Binomo is a highly targeted service specifically aimed at short term traders. Longer term trades are not available, only smart contracts.
They are a member of FinaCom 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, clutter free 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.
Markets include forex and commodities. More volatile markets suit short term trading better.
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 $10 – making Binomo fully accessible for traders of all sizes and scopes.
Demo Account
As with all the best online platforms, Binomo provides a complete and fully-functional demo account for potential customers to try out.
All you need to do to access the demo site is provide an email, and you’ll then be set up with $1000 in virtual cash to learn with. While some platforms offer a scaled-down version for their demo accounts, Binomo doesn’t hold back on their offering.
It’s possible to get a real feel for all the features of the platform, without ever spending a penny.
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.
This does not represent a high level of licensing or regulation, and traders need to know their regulatory protection is not particularly strong here.
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
Four 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:
- Free: The free account offers a restricted range of assets, but does give access to the Daily Free Tournament.
- Standard: offers basic access to the Binomo platform and tournaments feature with a $10 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.
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.
Top 3 Alternatives to Binomo
Compare Binomo with the top 3 similar brokers that accept traders from your location.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Pocket Option – Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
Binomo Comparison Table
| Binomo | World Forex | Pocket Option | Videforex | |
|---|---|---|---|---|
| Rating | 3.4 | 4 | 4.2 | 3.4 |
| Markets | Fixed Time Trades | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $10 | $1 | $50 | $250 |
| Minimum Trade | $1 | 0.01 Lots | $1 | $0.01 |
| Regulators | – | SVGFSA | MISA | – |
| Bonus | – | 100% Deposit Bonus | 50% Deposit Bonus | 20% to 200% Deposit Bonus |
| Education | No | No | No | No |
| Platforms | Own | MT4, MT5 | Web, MT4, MT5 | TradingView |
| Leverage | – | 1:1000 | – | 1:500 |
| Payment Methods | 8 | 10 | 14 | 8 |
| Visit | – | Visit | Visit | Visit |
| Review | – | World Forex Review |
Pocket Option Review |
Videforex Review |
Compare Trading Instruments
Compare the markets and instruments offered by Binomo and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Binomo | World Forex | Pocket Option | Videforex | |
|---|---|---|---|---|
| Binary Options | Yes | Yes | Yes | Yes |
| Expiry Times | 1 minute – 60 minutes | 1 minute – 7 days | 5 seconds – 4 hours | 5 seconds – 1 month |
| Ladder Options | No | No | No | No |
| Boundary Options | Yes | No | No | No |
| CFD | No | Yes | No | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | No | No | Yes |
| Silver | Yes | Yes | Yes | No |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | No | No | Yes |
| Options | No | No | No | No |
| ETFs | No | No | No | No |
| Bonds | No | No | No | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | No |
| Volatility Index | No | No | No | No |
Binomo vs Other Brokers
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Customer Reviews
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