For those who are looking for a trustful broker to start online trading with, we have prepared a detailed review. Let’s start with a brief description.
What is Binomo?
In most of Binomo reviews you can read that Binomo is an online trading platform well known for being investor-friendly and accessible. Additionally, Binomo India offers over 50 assets to trade-in. Binomo's objective is to make trading available and worry-free for new and experienced traders providing high-level support and assistance.
Binomo Pro’s and Con’s
Let’s have a look at the main advantages and disadvantages of the platform.
Among the pros we can name:
- reliable and quality service;
- impressive range of trading instruments;
- availability for both novice and professionals traders;
- possibility to trade on a PC or on a mobile device
- free and easy to download App;
- high-level trading platform;
- real and timely quotes from major news agencies;
- excellent analytical procurement;
- relatively low minimum deposit.
But where there are pros there are always some cons like:
- no cent accounts;
- the website might seem not informative enough;
- the platform takes some time getting used to;
- withdrawal verification procedure is complicated during the first processing;
- few options for affiliate programs.
Is Binomo safe or a scam?
Here is a little safety and security Binomo review:
Binomo is a FMRRC (governing regulatory organization) regulated broker which means the risk for traders is lowered. Binomo, being an online trading platform operating globally, makes security and safety their major priority. The high level of security is guaranteed by its own fully encrypted secure platform using SSL protocol combined with safe and approved withdrawal and deposit methods.
While all the online brokers nowadays are facing hacking, which has recently become a serious problem, it is crucial to be able to trust the broker you chose from the very beginning.
The platform is 100% legal in India and legit. Additionally, being a category “A” member of the International Financial Commission, Binomo guarantees its customers high quality service, transparency of transactions. At the same time the traders are protected by a neutral and independent dispute resolution organization.
One of the options for the starter traders offered by the platform is a Binomo demo account. It is highly recommended for any inexperienced trader to first practice on a demo-account without risking real money and this way test their strategies and gain more confidence for future real trading. These are the benefits of Binomo demo-account:
- Risk-free trading
- Free trades
- Real quotes
- Chart with real asset fluctuations
- Professional tools
- Indicators, strategies, and training available to the public
- 1000 USD no deposit welcome bonus for demo-account
Binomo accounts types
When it comes to real money trading Binomo offers 3 accounts types:
- The Standard Account.
- The Gold Account.
- The VIP Account.
Leveraged products enable a trader to gain greater exposure to the market than he would have using only the money he deposited. Leverage both increases prospective profits and creates a bigger risk for loss.
Being a binary options trading platform Binomo does not specify any leverage for their trades.
You can open a Binomo account by signing up either through its official website or downloading their free App for Android or iOS. The registration process can be made using your Email, your Facebook account or your Gmail account. The Binomo register process is always easy no matter which means of registration you choose.
After having completed the registration, click "Login" button to start trading. You have $1,000 in Demo Account to start practicing immediately. As soon as you feel ready you can switch to a real account by simply clicking on your account type in the top corner of the platform.
Trader should know exactly what the brokers’ fees and commissions are before he makes a decision to trade with them.
Binomo does not charge any additional fee or cost for the use of their trading and brokerage services. The broker gains profit through the money that is generated when a trader loses a trade.
Unlike other trading apps, Binomo offers 70 different assets including indices, stocks, commodities, cryptocurrencies, and currency pairs that you can trade on the platform. Binomo offers the following current assets to trade with: Currency pairs e.g. AUD/USD and GBP/USD, Indices e.g. CAC40 and DAX, Crypto-currency e.g. Bitcoin and Litecoin, Stocks from popular companies e.g. BMW, Disney and Google, Commodity pairs e.g. silver/gold
Binomo Trading Platform
Different brokers provide different trading software for their clients. This is normally called a trading platform and it is used for making trades. There exist multi-asset platforms that allow clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
The choice about which platform to choose mostly depends on what a client would like to trade, and what a broker can offer, therefore it will be one of the standards when choosing a broker too. Binomo provides their clients to trade on their Proprietary Trading Software. They are widely well-known for launching their own trading terminal which is favorable for trading options. So you will not have to download a separate software, like Metatrader, the installation of which might be a bit tedious.
In the bid to stay relevant in the trading world, Binomo is constantly updating its brokerage site with ground-breaking features. Added to this, the availability of operational tools, along with a new approach to options trading guarantees a rich trading experience.
Additionally the traders can use the Binomo official Mobile Apps for both Android and iOS which are considered to be the best mobile Apps for online trading. Using the trading App the clients can carry out their trades faster, having access to transaction history, trading signals, real-time pricing, charts and indicators, plus high-class 24-hour support.
If you wonder what spreads to expect from Binomo we are happy to inform you that the broker does not stipulate an amount on spreads.
One of the distinctive positive features of Binomo is its multilingual professional 24/7 customer support available in English, Spanish, Indonesian, Korean, Malaysian, Portuguese, Romanian, Russian, Thai, Turkish, Vietnamese and Chinese.
Prospective traders and especially the newcomers have to be sure not to be left on their own in case something goes against their strategy or doesn’t work as they expected. They need to be able to receive the required support and assistance whenever and wherever they might need it. It is vital to be able to speak to your broker with questions especially when you are just starting out.
There is a live chat option available for the users of Binomo.
Besides live chat support, there is also a contact link on the website. Here you will find the opportunity to contact Binomo support via Skype or email. There is also an address and a message box. The message box has some fields including your name, email, telephone number, and details of your message. They also have a Facebook page and Google maps embedded into their website.
How many instruments can I trade with Binomo?
You can trade sever instruments with Binomo, which include the following:
- Currency pairs e.g. AUD/USD and GBP/USD,
- Indices e.g. CAC40 and DAX,
- Crypto-currency e.g. Bitcoin and Litecoin,
- Stocks from popular companies e.g. BMW, Disney, and Google,
- Commodity pairs e.g. silver/gold
Which platforms are supported by Binomo?
Binomo provides the following popular trading platforms:
- Proprietary Trading Software. They are widely well-known for launching their own trading terminal which is favorable for trading options.
- Clients can carry out their trades faster with the Binomo mobile trading app.
Does Binomo offer leverage?
No, Binomo does not offer leverage.
What spreads can I expect with Binomo?
Binomo does not stipulate an amount of spreads.
Does Binomo charge commission?
No, Binomo does not charge commission.
Is Binomo regulated?
No, Binomo is not regulated but is a member of the FMRRC
Is Binomo a recommended forex trading broker for experts and beginners?
Yes, Binomo is recommended for all types of traders from beginners to experts
What is the overall rating out of 10 for Binomo?
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does Binomo offer a demo account?
Can I convert my demo account to a live trading account with Binomo?
The demo account can be used at real-time prices and trading conditions for a period of 30 days.
Which live trading accounts does Binomo offer?
Binomo offers their clients the following options in accounts:
- The Standard Account.
- The Gold Account.
- The VIP Account.
What are the available deposit currencies for a live trading account?
USD and multiple other currencies.
Deposits and Withdrawals
What is the minimum deposit for Binomo?
How do you make a deposit and withdrawal with Binomo?
Binomo offers the following deposit and withdrawal methods:
- Visa and MasterCard cards,
- Wire transfer
The same method that was used to fund an account must usually be used to withdraw money again and money will only be refunded to accounts that carry the same name as the trading account with Binomo.
Does Binomo charge withdrawal fees?
No, but fees from financial institutions may apply.
How long does it take to make a withdrawal?
Binomo claims that withdrawals usually take only a few days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.
Is Binomo real or fake?
is not a scam rather it's 100% legit in India, and worldwide legitimate online
trading platform that is used by thousands of traders every day from 133
different countries across the globe. The trading platform is regulated by the
International Financial Commission and is categorized as member “A”.
According to the review Binomo platform is a legit online broker and a great opportunity to obtain additional income. It is confirmed by numerous awards and certificates.
Binomo offers reliable and quality service, has an impressive range of trading instruments, is available for both novice and professionals traders, has a free App considered the best in segment, provides their traders possibility to trade on a PC or on a mobile device, has its own high-level fully-encrypted trading platform, multifunctional realtime demo account, timely quote from major news agencies, excellent analytical procurement, relatively low minimum deposit, no fees, spread or leverage.
Binomo makes security and safety their major priority but real funds investment has always been and will always stay risky. That is why we advise you to first learn all the available information about the broker you are going to trade with, read its terms and conditions and first test any strategy you are going to implement on a demo-account before you put your real money in risk. Remember that no strategy is 100% secure so try not to put all your eggs in one basket.
|Countries not accepted for trade||US and some EU countries|
|Islamic account (swap-free)||No|
|Minimum Deposit||10 USD/R160|
|Deposit Options||Visa and MasterCard cards, WebMoney, Yandex Money, Skrill, Bank wire transfer|
|Withdrawal Options||Visa and MasterCard cards, WebMoney, Yandex Money, Skrill, Bank wire transfer|
|Platform Types||Binomo Proprietary Trading Software, Mobile App|
|OS Compatibility||iOS and Android|
|Tradable assets offered||Currency pairs, Indices, Cryptocurrency, Stocks, Commodities.|
|Languages supported on Website||English, Spanish, Indonesian, Korean, Malaysian, Portuguese, Romanian, Russian, Thai, Turkish, Vietnamese, Chinese|
|Customer Support Languages||English, Spanish, Indonesian, Korean, Malaysian, Portuguese, Romanian, Russian, Thai, Turkish, Vietnamese, Chinese|
|Customer Service Hours||24/7|