Binomo is a very popular brand name. But what is it and how does it work? In this review, we shall look more into what is Binomo and how it works.
Binomo is a popular broker. It is managed by Dolphin Corp, which is registered in St. Vincent and the Grenadines. It was founded in 2014 and it is known for its 'client-oriented' service and IFC certification.
Its online trading platform is designed for both beginners and professional traders. It has low entry requirements and traders can get returns of up to 90% with correct prediction.
Is Binomo real or fake?
Binomo is a legit broker and it has earned a good reputation since it was founded.
Binomo is a member of category A of the Belize government regulatory authority, the International Financial Commission.
Since it was founded, it has won several awards including IAIR awards and FE awards.
It also has a demo account where traders can check out the trading platform and learn about its features before investing with it.
Registration and Login
To register for an account with Binomo, click the 'Sign in' button at the top right corner in their official website. You will first be required to fill in your email address, name and choice of the base currency you would like to use for your account and click on 'create account'.
You are then automatically directed to the demo account, which has 1000 of the currency you chose as the base currency. I.e. if you chose $ you get $1000.
Binomo demo account is free and every new trader is first taken to the demo account platform immediately they sign up for an account.
The demo account platform provides the trader with all the features of the Binomo trading platform so that the trader can get acquainted with how to use each of the available tools.
Binomo trading platform is well streamlined and user friendly. It fits both beginners and professionals.
The platform also features about twenty graphic tools that traders can use in doing market analysis. These tools include a combination of trading strategies and technical indicators. Most interestingly, the broker offers an overview of how each of the indicators and strategies can be used in trading to enable traders to effectively use them.
The platform also features an economic calendar to keep traders informed of the major economic events taking place around the world.
Traders, especially beginners, can also get some trading tutorials in the form of video tutorial and a glossary of terms under the trading in section. There are also some tournaments and promotions found under the 'traders' section on the top left side corner.
Binomo provides traders with about 50 different trading assets (depends on account type) that range from commodities, stocks, fiat currency pairs, indices, cryptocurrency pairs and commodity pairs.
Spread, Leverage, Commission and bonuses
Binomo does not use spreads nor does it charge commissions on trades. This makes it a perfect choice for traders who like trading at higher levels.
VIP account holders are given an extra incentive in the form of yield of up to 90% with the correct forecast.
Types of trading accounts
Binomo provides traders with a selection of four trading accounts to choose from. These accounts include the free account, the standard account, the gold account and the VIP account.
The free account is the demo account and it does not require any deposit to be activated. Traders using only the free account are legible for Binomo tournaments.
The standard account is the most basic real trading account. It requires a minimum initial deposit of $10 to start trading. New traders are given a first deposit bonus of up to 100% and withdrawals take up to 3 days. Traders can make up to 85% returns with the correct forecasting.
The Gold account is for more experienced traders and it requires a minimum initial deposit of $500. However, it is not a must that this amount is deposited once, traders with an accumulative deposit of the same amount also qualify. Traders get a first deposit bonus of up to 150% and withdrawals take a maximum of 24 to be processed (depends on withdrawal system). Traders can make up to 90% returns with the correct forecasting and also get a 5% cash back in case if weekly losses exceed successful trades. Traders are also provided with insurance, happy hour and a personal manager.
The VIP account is for professional traders. It requires a minimum initial deposit of $1000 and withdrawals take a maximum of 4 hours to be processed (depends on withdrawal system). However, it is not a must that this amount is deposited once, traders with an accumulative deposit of the same amount also qualify. Traders can make up to 90% returns with the correct forecasting and also a 10% cashback in case if weekly losses exceed successful trades. In addition to insurance, happy hour and a personal manager, the traders with this account also get risk free trades.
Binomo allows a wide range of payments methods, which vary depending on the country from where a trader is operating from.
Traders can choose to use bank cards and payment systems available in your country.
How to withdraw money with Binomo
To withdraw money from your trading account using the same payment method used in depositing.
The duration of time the withdrawal takes to be processed depends on the type of account. For the standard account, it takes up to 3 days, for the Gold account it takes up to 24 hours while for the VIP account it only takes 4 hours (depends on withdrawing method).
According to Binomo's terms and conditions, any withdrawal that is made before a trading amount that is twice the size of the deposit amount is reached, is charged a 10% fee. There is however no withdrawal fee for withdrawals done when the trading amount is more than twice the deposit amount.
Binomo Mobile App
For those who are too busy to remain in front of their desktops or PCs throughout the day trading, Binomo provides a mobile app for both iOS and Android devices to allow traders to trade from whichever location at any time.
The mobile app very much resembles the desktop trading platform and traders do not miss out on anything when using it.
The App also utilizes push notifications to alert traders on transactions, tournaments or promotions.
The mobile app can be downloaded from Binomo APK mirror.
Binomo provides traders with trading tournaments where they can compete while honing their trading skills.
The tournaments are regularly updated and every tournament has a start date and an end date.
The tournaments are grouped into two categories; free tournaments and paid tournaments.
In Paid Binomo tournaments, participants are required to deposit a certain amount of funds to participate in the tournament. The prize fund of the tournament is determined by the number of participants since about 35-70% of the deposits made by the participants goes to funding the prize fund. Interestingly, traders can rebuy their tournament accounts in case the balance goes below the required amount. Traders can also invite more traders to participate to boost their earnings and also increase their conversions.
In the free Binomo tournaments, the prize fund is normally funded by the broker and traders participate are not required to make any deposits. These tournaments are normally open even to those traders that only have a demo account without a real trading account. These tournaments normally have a lower prize reward and a high number of contestants since they are generally open to everyone on the platform. They generally last for about a day.
Why you should try Binomo
- Binomo trading platform is user friendly and easy to use.
- The standard account requires a relatively low minimum initial deposit of $10 to start.
- It provides trading tutorials in the form of video tutorials and glossary of terms.
- It is a category A member of the International Financial Commission, making it a safe broker.
- It provides a demo account where beginners can learn how to trade.
- It provides traders with tournaments where they can compete and earn extra income.
The 5 main FAQ
1. What do I need to participate in a Binomo tournament?
To participate in a Binomo account, click on the particular tournament you want to participate in and click on the 'register button' on the tournament page to create a tournament account.
For paid tournaments, you will be required to have an active real trading account and you shall also deposit the required tournament fee.
For free tournaments, there are no deposits required.
2. Is it possible to participate in the tournament using the mobile App?
Yes. You can take part in some Binomo tournaments through the Binomo mobile app.
3. What currency can I use when trading in Binomo?
Binomo allows traders to choose between the American dollar ($), the Euro and the local currency of your country if it is possible; E.g. if you are from Indonesia, you can choose rupees.
4. How can I change my Binomo account currency
You can only choose the account currency when registering for a new account. Once you register for the account with the chosen currency, you cannot change the currency of the account.
To get an account with a different currency, you will have to block your current account and then create a new one.
5. How do I get the Binomo bonus?
You can receive a bonus through depositing funds into your account, and entering bonus couponsClick here for further information