Binomo Review

Binomo
up to 100% on first deposit for VIP accounts
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Overview

Binomo Online Binary Options Broker Review Updated for 2020 What is Binomo? Binomo is an online binary options broker founded in 2014. The broker is a sister company of Tiburon… more

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Details

Broker Binomo
Website URL www.binomo.com
Founded 2014
Headquarters Suite 1, second floor of the Sound and Screen Building on Francis, Rachel Street, Victoria, Seychelles
Support Number +441143033932 for British clients and +23414408171 for Nigerian customers
Support Types Phone, email, live chat, Skype
Languages Russian, Indonesian, Malay, Spanish, Thai, Vietnamese, Chinese, Turkish, Moldavian, Korean, Indian, Azarbeidjianish, Portuguese Ukranian, Crnogorski
Trading Platform Binomo WebTrader, Android app, iOS app
Minimum 1st Deposit $10
Minimum Account Size $1
Minimum Trade Amount $1
Maximum Trade Amount None
Bonus up to 100% on first deposit for VIP accounts
Payout 85 - 97%
Leverage Binary options do not include leverage
Spread No Spread just payout %
Free Demo Account Open Demo
Regulated Yes
Regulation Regulated by IFMRRC
Fees Yes
Fee Info No hidden commissions or fees
Commissions Yes
Commission Info No hidden commissions or fees
Account Types Demo, Standard\Gold, VIP
Deposit Methods credit / debit card, QIWI, Neteller and WebMoney
Withdrawal Methods credit / debit card, QIWI, Neteller and WebMoney
Trading Methods Saclping, Hedging, Social Trading
Number of Assets 80+
Expiry Times 1 to 5 seconds, 60 seconds, 5 minutes, 15 minutes, 30 minutes, 60 minutes
Types of Assets forex pairs, commodities, indices, stocks and cryptocurrencies
Option Types Classic high / low options, Turbo Options
Trading Currency All kinds of major, minor and exotic forex pairs, including cryptocurrencies
Account Currency USD, EUR, RUB
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 7

Full Review

Binomo Online Binary Options Broker Review Updated for 2020

What is Binomo?

Binomo is an online binary options broker founded in 2014. The broker is a sister company of Tiburon Corporation Limited and is based in the Seychelles. At the moment they have two office addresses.

The first one Tiburon Corporation Limited in Suite 1, second floor of the Sound and Screen Building on Francis, Rachel Street, Victoria, Seychelles. Their second address is Stagord Resources Limited on the fourth floor of the Irene Building at Nicosia, Cyprus.

The platform offers two contact numbers for traders: +441143033932 for British clients and +23414408171 for Nigerian customers. Please note you can only contact support between 11.00 am and 15.00 pm UTC. Apart from phone support, Binomo also offers Skype, email and live chat support.

At the moment this broker is regulated solely by the International Financial Markets Relations Regulations Center (IFMRRC). This organisation describes itself as a commercial enterprise aiming to regulate brokers, dealers and other financial institutions.

Binomo Trading Platform – Is Binomo a scam broker or legit option dealer?

One of the most important aspects I look at whilst reviewing brokerage firms, share dealers and dealing desks is to see if they are regulated or not. Like I said before, Binomo is being regulated by the IFMRRC. In general I prefer brokers that are regulated and licensed by well-known authorities like th CySEC, ASIC and FCA.

After visiting the Binomo website, I realized that they actually filed for CySEC and CPO licenses. This is a good sign and shows that this broker wants to be regulated by more well-known regulators in the near future.

I also saw that the minimum deposit to open an account at Binomo is just $10 and that one can try out their trading platform for free with a $1.000 demo account. This is always smart, as you can try out the platform and different trading strategies whilst not wagering or investing your own money (yet).

Note from Choosebroker.com: Your financial investments are only 100% safe with a regulated and licensed broker. We found multiple regulated binary option brokers which you might have interest in. Start trading binary options today with a regulated and licensed binary option broker!

Broker Bonus Min Deposit Payout US Traders Read / Submit Review Get Started
IQ Option 20-100% up to $10,000 $10 92% Read / Submit Review Open free demo account
Binary.com None $5 Up to 1000% Read / Submit Review Open free demo account
ExpertOption None $50 up to 88% Read / Submit Review Open free demo account
Olymp Trade up to 100% on first deposit if deposited within 1 hour $10 82% up to 90% Read / Submit Review Open free demo account
Binomo up to 100% on first deposit for VIP accounts $10 85 - 97% Read / Submit Review Open free demo account

What makes Binomo unique?

The Binomo trading platform is quite unique in a sense that it offers trader’s friendly features. One of the features that really stands out is the option ‘key bind‘. Once you activate key bind, you can send commands, like raising / lowering the investment amount and execute orders without mouse clicks. The platform also offers loads of charting and technical analysis tools. This makes it easy to customize your trader’s interface and set your preferences.

Looking for the best charting software? Take a look at TradingView

TradingView Review

Does Binomo have any cons or small print?

Each trader and investor wants full control over their money, this is simple logic. Whilst carefully reading Binomo’s terms and conditions, I found a clause that I didn’t really like. According to this clause, 10% of your deposited money will be held by the broker, in the case you want to withdraw your deposit before reaching a trade volume of at least double the amount deposited.

What does this mean? For example, if I deposit $100 on Binomo and decide I want to withdraw money before I reached $200 in trade volume or more, Binomo will deduct 10% or $10 from my deposited money in fees.

For me this is a weird rule and they should remove it.

Binomo Demo Account – Practice binary options trading for free

This online broker offers a free demo account loaded with $1.000 virtual money. This is a good place to start with and to get a general overview of the platform. You only need a valid email address to open a demo account at Binomo. I do have to say something that’s quite unique for demo accounts; the Binomo demo account can be refilled indefinitely so you can keep trying out different trading strategies and get to know their platform to maximum extent before depositing real money.

What does the Binomo interface look like?

The trading platform is quite well designed as you can see from the screenshot below and not full with unnecessary features. This is great, in particular for new and beginner traders. Apart from browser trading, you can also download the Binomo Android or iOS app in their respective app stores.

binomo-trading-platform

Binomo Review 2020 – Binomo Account Types

Apart from the Binomo demo account there are 3 other real money account types:

1. Binomo Standard Account

If you would like to open a standard account, you need to deposit just $10. Profitable predictions and trades pay out an average of 85%. Withdrawals are processed within 3 working days.

2. Binomo Gold Account

The minimum deposit required to open a Binomo Gold Account is quite higher; being $500. Gold account holders receive an average of 86% profit on correct predictions and trades. This account type is also receives a weekly cash back of maximum 5% and withdrawals are processed within 24 hours. Other perks of the Binomo Gold account are a personal account manager and signal services.

3. Binomo VIP account

The minimum deposit amount to open a VIP account at Binomo is $1000. You can receive a bonus of up to 100% if you open a VIP account. Returns on successful predictions and trades is a massive 97% and withdrawals are processed within 4 hours. VIP account holders also receive up to 10% weekly cash back and other extra features not available to standard and gold accounts. From time to time VIP account holders get offered special deposit and reload bonuses.

binomo-account-types

Please note that 97% on binary options is one of the highest payouts in the industry, even higher than Expert Option or IQ Option. If you trade a lot or with big amounts of money, I can highly suggest opening a Binomo VIP account for this reason.

Binomo Trading Assets and Trading methods

Binomo offers quite a bit assets to trade on, including forex, commodities, stocks and cryptocurrencies. The amount of assets you got access to depends on your account type, with of course VIP account holders having access to all available assets.

binomo-option-typesThere are 2 different option types to choose from. With the Turbo Option feature you can trade and execute options within a 60 second time frame. The classic high / low option on Binomo come with expiry times of 15, 30 and 60 minutes.

You are not 100% bound to the expiry rate(s) chosen when you enter the market or open a position. Using the Binomo binary options platform you can extend your expiry rates with 1 to 6 minutes. Of course, extending your expiry times decreases your payout %. At least you still have a profit doing so and one of the biggest advantages of Binomo is that you can also trade during the weekends.

To get a good overview of the price of a certain financial asset, you can set the charts of the platform in different time frames, from 5 seconds to 5 minutes. By scrolling with your mouse you can zoom the chart in and out.

Binomo Review 2020 – Binomo Features

The Binomo binary options platform offers a wide range of technical analysis tools with which you can check trends in real time. Binomo also offers hotkey capabilities as only binary options broker. You can basically bind any key to certain command prompts to ease your trading experience.

This way you save loads of time and as we all know, time is money. I do suggest trying out this feature on a demo account first before trying it out on a live account with real money.

If your a beginner or novice trader, Binomo offers a broad range of educational materials to teach you how to trade. The educational section on their website contains video tutorials, a detailed knowledge base and strategy section and an extensive FAQ page.

Are you a beginner trader? Check out our Trading Academy as well:

Trading Academy – Learn how to trade Forex, Stocks, CFD’s, Binary Options and Cryptocurrencies

The minimum investment amount per transaction is just $1 at Binomo. Their platform accepts different payment methods like credit / debit card, QIWI, Neteller and WebMoney. Payouts are being done only to the same payment method you used to deposit money. Withdrawing money doesn’t cost anything at Binomo, unless you want to withdraw money before you reached double your deposited amount in transaction volume. Binomo also organises trading competitions from time to time so that you can earn some money on the side with your trading skills.

Binomo Review 2020 Verdict – Open an account at Binomo or not?

I believe Binomo does it best to become a fully licensed and regulated online binary options broker. I am always a bit skeptic when a broker isn’t regulated by a well-known regulator like CySEC, FCA or ASIC. The double deposited trading volume requirement I find a bit weird and is something they should work out, in my honest opinion.

On the other hand, the fact that you can deposit from just $10 and invest only $1 per option, makes Binomo a low-entry broker and everyone could try it out. Before I conclude my verdict, I want to show you some of my analysis from customer complaints I found on the internet.

Binomo complaints from existing clients and customers

Binomo is regulated by the IFMRRC as stated above. From this we can conclude that Binomo focuses primarily on Asian and Russian traders. This could be why I haven’t found to many European, Australian or United States customer complaints. I have found a YouTube video though, where a traders complains about not being able to withdraw profits that where tied to bonuses. This is a typical complaint by the way that most brokerage firms have with new traders. I always advise you to carefully read bonus requirements and fine print before accepting one.

Are you scammed by a broker? File a broker complaint today and recover your money!

Broker Complaints

How good is Binomo as broker?

Like always, I try to compare a broker with other online brokers to see what makes them so special or unique in the sense that someone would like to open an account with them.

Binomo user-friendliness

The Binomo trading platform is designed in a very sleek way. The user interface isn’t packed with unnecessary features and it’s easy to enter commands by keyboard. Opening a demo account at Binomo only requires a valid email address. Their platform is accessible by your browser and by mobile apps. Both the Binomo website and trading platform are available in 14 languages and this makes it easy to understand for many people across the globe.

Account Types

With 3 account types available, each with their own perks and features, Binomo is suitable for both beginner and experienced traders and investors.

binomo-account-creationAmount of Assets

There’s about 80 different assets on Binomo, including forex pairs, commodities, indices, stocks and cryptocurrencies. The amount of assets you can trade using Binomo is limited to your account type, though.

Binomo Opion Types and Expiry Rates

You can choose between turbo options and classic high / low options. Turbo options have expiry times from 1 second and 5 minutes. The classic high / low options have expiry times between 15 and 60 minutes. You can open multiple positions at the same time.

Binomo Customer Support

Using the platform is quite easy. If you have any questions however, you can contact the Binomo customer support by phone 4 hours a day. Apart from just contacting them by phone, you could also contact Binomo by email, live chat or Skype.

Binomo Payouts and Potential Profits

Binomo doesn’t charge commission on any trades. The money Binomo makes is already calculated in the payout percentages. With the VIP account paying up to 97% for correct market predictions, Binomo is very competitive and in line with top binary option brokers like Expert Option and IQ Option.

Binomo Deposits, Withdrawals and Bonuses

Binomo accepts several different payment methods including credit / debit card, Neteller, QIWI, Yandex and WebMoney. Withdrawing money takes between 4 hours and 3 working days, depending on account type. Binomo also offers bonuses on deposits that can reach up to 100% on VIP accounts. The trading volume requirements to play trough these bonuses are between 30 and 40 times the received bonus amount.

binomo-deposit-methods

Are you a trader from Russia? You might want to check this fully regulated pro-Russian binary option broker out:

IQ Option Review

Binomo Special Features

Binomo offers, like I stated a few times before, the ‘hotkey‘ feature. Also the option to endlessly top up your demo account is a feature that I really like. This is very handy for new and beginner traders. The trading competitions from time to time make Binomo also very interesting.

Binomo Review 2020 – Conclusion and End Verdict

Binomo is a decent trading platform. It comes with all the features you may expect from a reputable binary options broker. The platform is designed in a sleek way and doesn’t contain to many unnecessary features, bells and whistles.

Binomo could improve on a few things, though. I would really like them to be CySEC regulated in the near future and they should remove the 10% penalty on withdrawals made before the double deposit amount is reached in trading volume.

Overall, Binomo is a good binary options broker and I’d recommend other experienced or new traders to open an account with them. They can be trusted and are ranked in our top binary options broker list. If you want to check out other binary option brokers, be sure to take a look at our IQ Option, Expert Option or Binary.com review.

Screenshots

Screenshot 1 Screenshot 2

Pros

  • Scalping and hedging allowed
  • Islamic accounts available
  • Social Trading Features
  • Accepts all kinds of credit cards and e-wallets

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Decleration:
I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

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