Binomo Review - Is Binomo a Good Broker?
Binomo is a popular international broker for trading binary options. It offers a variety of features and bonuses to its users.
When you sign up, you get a demo account that is stocked with $1000 of virtual currency. This is a great way to test the platform without risking any real money.
We do not recommend trading with this broker
Binomo is a good broker that offers an impressive range of bonuses and promotions. There are many different types of these, from percentage top-ups on deposits to free-to-enter trading tournaments that can have cash prizes of up to $500.
The broker also offers a variety of payment methods for both deposits and withdrawals, including bank cards, e-wallets and local payment systems. These can be deposited using the broker’s own proprietary software as a terminal or via the mobile version of the site, which is available for iPhone, Android and Windows smartphones.
Traders can choose from over 70 different assets to trade with, ranging from indices and equities to currencies and commodities. The asset list isn’t as deep as some of the top white label platforms, but it should be more than enough for most traders.
Depositing and withdrawing funds is easy and quick with Binomo. Several methods are available, including credit and debit cards, e-wallets like Perfect Money and Neteller, Advcash, JCB, Jeton Wallet and bitcoin / litecoin.
There is also an excellent customer support team who can be contacted on the phone, through live chat or by email. This is particularly useful for inexperienced traders who may not be able to communicate with their broker directly.
The brokerage also offers a free demo account that allows you to practice trading without risking your own funds. This is an ideal way to learn the basics of trading and get a feel for the Binomo platform before you start trading with real money.
Another important thing to note is that Binomo is regulated by the International Financial Commission (IFC), which ensures traders’ funds are safe. The IFC also maintains a compensation fund, which means that if something were to happen to Binomo and the funds of traders were compromised, they would be protected up to 20,000 EUR.
In addition, Binomo is also a member of the Traders Union and has a solid reputation among its clients. The company is known for its reliable service and has won numerous awards. Moreover, it is a Category A member of the IFC and is audited by VerifyMyTrade on a regular basis.
It is a scam
Binomo is a broker that offers binary trading, a popular online trading method. It claims to provide a safe and secure environment for its traders to trade. In addition, it offers a variety of trading options and a free demo account. It also provides a client agreement that outlines the terms and conditions of using its services.
Traders can deposit and withdraw funds using a variety of methods, including debit cards, credit cards and bank transfers. The minimum withdrawal amount is $10 and processing time is usually within three days. However, deposits and withdrawals can be halted if the broker suspects you are using bots or automated systems.
The broker’s website states that it is a member of the Financial Commission, an independent self-regulatory organization and external dispute resolution body. Membership gives the company protection of up to EUR20,000 from a compensation fund should it fail to adhere to a judgment from the Commission.
As a result, it is important to be aware of its Terms and Conditions and read them carefully before making any transactions. It is also a good idea to check if it accepts your preferred payment method.
Its interface is secured with SSL protocol, which encrypts sensitive details about users and their trading activities. This is a great way to avoid theft and burglary of private data.
However, it is important to note that the company does not have a physical presence in Indonesia. It is registered in Saint Vincent and the Grenadines, a Caribbean island.
The company’s founders, Doni Salmanan and Indra Kenz, are facing up to 20 years in prison if found guilty of fraud. They allegedly earned about 80 percent of the money that Binomo and its sister app, Quotex, raked in from members using affiliate codes they provided.
According to police, the two men lured potential victims with massive promotions that promised profits of 80-85% of their paid-in capital and used influencers to bring in new customers. They also offered a variety of incentives for signing up, including luxury cars and other high-end goods.
In addition, users were able to make high returns by betting on whether stock prices would rise or fall. But the resulting returns were not always guaranteed, and some accounts closed suddenly or had problems withdrawing their funds.
It is not regulated
Binomo is a well-known and popular broker that provides a variety of different assets for its customers to trade. They are a Category A member of the International Financial Commission and are regularly audited by their Verify My Trade department, which is a good sign of a reputable broker.
Binomo’s trading platform is very easy to use and is perfect for beginners. They also offer a demo account that allows you to get a feel for the platform and its interface before investing any money.
The minimum deposit amount on this broker is $10, which is much lower than most other brokers. This is a plus for beginner traders, as it means they won’t need to worry about losing too much of their initial investment.
In addition, the minimum trade amount is $1, which makes it ideal for those with small funds to begin trading with. This is particularly beneficial for those who are just starting out in the world of online binary options trading.
There are a variety of assets for traders to choose from, including currencies, stocks, indices and more. The range of assets available is greater than many other specialised trading platforms, meaning it’s more likely that traders will find something to suit their needs.
Another major advantage of Binomo is that they offer a wide range of high-quality educational materials to help you make informed decisions about your investments. This includes webinars, a blog and even video courses.
These educational resources are important for traders, as they can help them better understand their markets and how to make the most of them. They can also help them avoid common mistakes, so that they don’t end up losing money.
Lastly, Binomo offers an extensive range of chart types and analysis tools for traders to use. These include candlesticks, special patterns and multiple timeframes.
The broker’s customer support is also quite helpful, especially when it comes to addressing issues that arise. They also have a chat button on their website, so you can contact them directly to discuss your concerns.
It is not secure
Binomo is a trading platform that has an international client base and offers a free demo account to learn the basics of trading. It has been regulated by the International Financial Commission and is a category "A" member since 2018.
Binomo takes your security seriously, using SSL protocol to ensure that traders profiles, earnings, and sensitive data, including banking details and funds, are fully encrypted and secure. It also uses well-known, safe payment methods for both deposit and withdrawal.
The broker has a dedicated customer support team that is available to answer your queries. They can be reached by email, phone, or live chat. The team is also able to provide a wide range of information on the trading platform and how to use it effectively.
To prevent any fraud, Binomo has a strict verification process for new clients. This involves a thorough assessment of their identification, bank card and address. It may take a few days for the company to verify these details.
If the client refuses to submit these documents, the broker will suspend their account. This is a common practice in the industry and can prevent fraudulent activities.
In addition, the company requires all new accounts to complete a KYC process before making any trades. This includes submitting copies of their passport, ID card and utility bills.
They also require a scanned copy of their bank cards or other relevant documents to confirm the legitimacy of the users account. The Binomo compensation fund can also cover up to $20,000 if there are any problems with the brokers services.
Moreover, Binomo has a tier system for its account holders, which allows them to customize their experience with the broker. These tiers include:
In this type of trading, the investor makes a prediction on whether an asset will go up or down in value in a specified period of time. The expiry time of this type of option can be from 1 second to 60 minutes, with payout percentages between 70% and 90%.
The platform is a good option for both beginners and experienced traders. It is regulated and has an excellent reputation among its customers. Its customer service is professional and its trading conditions are exclusive.