Established in 2014, Binomo is a binary options broker registered in St. Vincent and the Grenadines under the trading name of Dolphin Corporation. They seem to offer everything that you would expect from a top level firm. While still awaiting CySEC licensing, they do hold an FMRRC certificate making them a regulated broker.
In addition to low trade requirements, they offer many other features. Various timed welcome bonuses and a demo account with $1,000 are just two of the benefits so you can start trading. They also offer comprehensive customer support and an excellent mobile trading experience for those who like to trade the markets on the move.
To find out more about this broker and whether they are the right choice for you, we have put together our comprehensive Binomo review. Our financial experts spend time analysing every aspect of trading with this particular broker to ensure that your trading experience is a good one. Find out more about why we think Binomo is an excellent choice.
There are many account types available from Binomo, all of which require different deposit amounts and offer a range of benefits:
- Standard Account
You can open a Standard account with just $10. This is a real account and you get all of the benefits of the Binomo trading platform which include:
- Access to most of the assets (there are 70 in total on the platform)
- Profits of up to 85%
- Minimum $1 trades, great for new traders looking to enhance their trading skills
- Withdraw money in up to 3 working days
- Technical support and great customer service support
- Gold Account
A Gold account requires a minimum deposit of $500. In addition to the above, Gold account holders receive an extended range of assets to choose from, faster withdrawals (up to 24 hours), increased bonuses, advice and analytical support plus a weekly cashback amount of 5%.
- VIP Account
For those who are more serious about trading, a VIP account requires a minimum deposit of $1,000. VIP accounts give you, the account holder all of the above benefits plus bonuses of up to 100%, fixed trade profits of up to 87%, withdrawals in less than 4 hours and a weekly cash-back of 10%. It also gives you access to all assets on the trading platform.
Despite the proprietary trading platform offering a VIP account, the deposit is still low in comparison to other brokers who require a much larger deposit on their top end account. Low deposits further indicate that this broker is a fantastic choice for those that are new to trading.
Trade Types And Payouts
The trade types available from Binomo are a lot less than you would receive from other brokers. They only offer High/Low Options and Turbo Trades. Expiry times for High/Low options are 15, 30 and 60 minutes. Another sign of a low entry-level focused on new or inexperienced traders is the inclusion of the simpler pair options.
They are also restrictive on the number of assets available with a maximum of 70 only being available to VIP account holders. Payouts range from between 70% – 87% which depends on the type of account that you have.
High/Low Options are the classic type of binary options trading and are otherwise known as the Call/Put options. The aim of this is to predict whether the price of the asset that you select will go higher or lower than the current price by the expiry time.
In 2014, Binomo reached the market with a terminal by SpotOption. This is a popular universal platform used by many companies. However, it has very limited features. 9 months later, the company released its proprietary terminal. It started off the company’s history of success in the international market of online trading. Since 2015 the platform has been regularly updated to add new features and address existing bugs.
Binomo’s modern terminal is a fully functional trading platform that you can use to trade High/Low contracts and perform technical analysis on second and minute timeframes at a time.
Special features of the web terminal:
- up to 45 assets to trade, including round-the-clock;
- independent tabs with charts;
- 20 graphical tools for chart analysis;
- one-click trading without confirmation;
- keyboard controls;
- 14 technical analysis indicators;
- an integrated Economic Calendar;
- timeframes of 5 seconds to 1 month;
- a scalable 4-mode chart;
- no-slippage and high-speed functioning.
A smartphone-friendly version is offered as a mobile application. We will look at it in more detail in a later section of this overview.
Traders take special interest in cryptocurrencies because you can profit as they go either up or down. This is the key difference of trading on an exchange from direct investments in assets, where gains are only produced by positive economic tendencies. The main thing a trader needs to know is where the price is going on the chart (up or down). If the forecast is right, the profit of the size known in advance is credited in full to your account. It is an average of 75% to 85% of your investment.
With only three to choose from — Bitcoin, Litecoin, and CRYPTO IDX, cryptocurrency assets that Binomo has to offer are far from being numerous. It’s IDX that is worth special attention. One cryptoindex outperforms any other cryptocurrency in terms of potential. This asset is a unique product developed by Binomo for effective short-term round-the-clock trading.
CRYPTO IDX is the arithmetic mean of BTC, LTC, ETH, and ZCH prices. This is why its quotes are updated 4 times more often on the chart than regular assets. This affects the appearance of price indications. The price is structured adequately even on the one-second timeframe, with complete candlesticks that have a body and two shadows. Regular assets, on the contrary, cannot produce an adequate chart suitable for effective technical analysis on a 5- and 15-second timeframe.
Binomo uses a proprietary trading platform for all of its traders. The platform uses SSL protocol to ensure that all data is encrypted and secure, so your money always stay safe during any trading conditions. The security of customers’ data is critical, as it determines how well the Binomo can protect financial information. Without certain sensitive financial information such as credit card numbers, bank information, and other personal data, you can’t deposit or withdraw money, which makes platform security necessary. Having this first layer of protection from Binomo benefits you as the trader and preserves Binomo’s reputation.
Beyond the basics, the Binomo platform consists of several useful components to enhance your online trading experience. Charts, hotkeys, and fast refresh rates all have the potential to increase your payouts. Binomo offers all of these and then some. Their platform has more than 20 different graphical tools to help you analyze your trading charts and history. Hotkeys allow for quick access and quick online trading, and they’re unique to Binomo. You won’t find them with any other traders. Additionally, Binomo provides an economic calendar integration and independent tabs for use with these various charts.
Their streamlined and efficient platform also includes many scalable features, along with the option to start trading with just one click—no confirmation needed. That, combined with the quick refresh rate, allows discerning traders to seize opportunities the moment they arise. With their feature-rich platform, Binomo proves they have spent time evaluating and integrating the most essential elements to binary option traders.
Binomo is regulated by the International Financial Commission (IFC) and has been a Category A member since 2018. The IFC is an independent organization that helps regulate financial markets, and the fact that Binomo is both regulated and a Category A member speaks to their reputation as an option broker. One benefit for traders is that the IFC has a compensation fund for all of its members. That means that if something were to happen to Binomo to compromise funds, traders would be protected for up to 20,000€. This protection assures traders of the safety of their money and lets them know that Binomo values your resources.
In addition to being a Category A member of the IFC, Binomo is certified by the FMMC. They’re also regularly audited by the VerifyMyTrade branch of the IFC. Their last audit was completed on February 13th, 2020, and the results passed the standards for execution quality. These regular audits and their independent certification speak to Binomo’s integrity as a broker. Additionally, Binomo is in the process of acquiring a license via CySEC. For international customers, regulation is critical in determining which broker to select, and these certifications, audits, and regulations are signs that Binomo is a reputable broker with favorable trading conditions.
Binomo Trade App
One feature to consider is whether or not the company has a mobile app. Mobile apps allow you to trade from any place, at any time, which can help you earn more payouts. Binomo does have a mobile trading platform. You can find the iOS app in the Apple Store or the Google Play Store for Android.
One feature available on the app that you can’t get with the web platform is the option to receive notifications. Notifications can help maximize your profits by alerting you to market trends and letting you know when you meet certain trade preconditions.
Binomo boasts more than 50 different assets for their traders to utilise, in addition to spanning across several markets to provide their customers with a flexible and versatile range of different options to pick from. In comparison to more specialised trading platforms, this greater range can be advantageous to traders looking to dabble in different markets or try out different assets. While Binomo only offers High/Low trading contracts, this is more than made up for with the range of assets on offer.
The following are some of the current options available to those looking to trade on Binomo:
- Commodities e.g. gold and oil
- Stocks from popular companies e.g. BMW, Disney and Google
- Currency pairs e.g. AUD/USD and GBP/USD
- Indices e.g. CAC40 and DAX
- Cryptocurrency e.g. Bitcoin and Litecoin
- Commodity pairs e.g. silver/gold
By offering a broad choice of different assets and options to traders, Binomo ensures its services are suitable for a more comprehensive range of traders, especially when it comes to highly-valued stocks and currency pairs – which many other trading platforms don’t offer alongside more standard commodities or currency pairs. The cryptocurrency range that Binomo offers is one of the areas it lacks in, with only Bitcoin, Litecoin and CRYPTO IDX on offer.
Funding accounts is one area that Binomo has made incredibly easy, in part thanks to catering to an international customer base – which means far more options than the average country-specific service.
Top choices for funding your account include using a VISA or MasterCard bank card, while additional international payment systems are also supported. Binomo recommends a starting balance of $500 for their platform, which can then be topped up as much as 100% depending on promotions and bonuses available. The minimum deposit is $10.