Binomo: Broker Review and Trader Feedback 2024

The Binomo trading platform is mainly aimed at beginners, but the favorable conditions it offers will interest traders of any level. The company is a licensed financial institution with certification by regulators.

General information

In 2015 and 2016, the company received an award for the best trading platform of the year. Considered the convenience of trading for beginners. In 2018, the independent supervising organization Financial Commission (FINACOM LTD) raised the status of Binomo to category A. This, firstly, shows a high reliability rating, and secondly, raises the compensation fund by one claim to 20 thousand euros.

Advantages and disadvantages

It is a fact that, since 2016, Binomo has continued to maintain its leadership on the market, competing with 2-3 companies that are also very popular among users. This suggests that users are being offered really favorable conditions for cooperation. Let’s consider the main advantages and disadvantages of this company’s trading platform.

Advantages:

• • • Convenience for beginners. The minimum amount to credit an account is only $10, which is the same amount for withdrawals, and the amount of an operation is $1 (or the equivalent amount in the national currency). The availability of training, both free and paid, with a personal trainer. The simple and intuitive interface. There is also a demo account.
    • The advanced terminal. The trading platform supports more than a dozen popular indicators and it has a built-in Economic Calendar and more than 20 different tools for chart analysis. The existing functionality supports more than 1,000 different trading strategies.
    • Mobile trading. There are simple terminals for iOS and Android with basic functionality that make it possible to not only trade, but also to carry out primitive indicator chart analysis.
    • CFD trading. Available since 2018, when the company introduced this new type of trading contract with unlimited profit depending only on the intensity of price fluctuations. So far it has not become widespread, but there are definitely great prospects for that.
    • Bonuses and tournaments. A unique competitive offer from Binomo is the regular tournaments – trader competitions with real cash prizes. The prize fund for such events often reaches 50-80,000 dollars.

Disadvantages:

• • • Expiration terms. The maximum duration of trades for classic contracts is 60 minutes. This is a disadvantage for traders who trade on long-term strategies.
    • The small assortment of contract types. Some companies offer users up to 8 different types of trades – “touch,” “corridor,” “ladder,” etc. On Binomo, the choice is limited to two options – CFD and classic contracts.

Trading conditions

Account. Deposits and withdrawals start at 10 USD or EUR. There are more than a dozen ways to credit your account: cards, payment systems, banks, cryptocurrencies. National currencies are supported based on the trader’s country of residence.

Trades. Investments from 1 dollar or euro. Three types of contracts: “above/below” with expirations of 1 hour, turbo contracts with terms of up to 5 minutes, and also for price difference (CFDs) with unlimited durations. The profitability of classic contracts is up to 89%.

Underlying assets

The total number of assets on Binomo is 50. There is a large selection of currency pairs and shares. There are also indices, commodities, and cryptocurrencies. There is a unique asset for 24-hour trading, the crypto index. CRYPTO IDX is characterized by stable volatility, which makes it popular with those who trade on technical analysis strategies.

Trading platform

Since 2015, Binomo has maintained its own terminal with unique functionality. This is not a standard solution on the market, but an advanced one that only leaders of this industry can boast having. There is a web terminal for computers, as well as modified versions for iOS and Android.

Web terminal features:

• • • 14 indicators, including Moving Average, RSI, CCI, SAR, and others;
    • more than two dozen tools for chart analysis;
    • 4 chart modes – candles, bars, line, filled area;
    • Financial calendar with key economic events;
    • visualization of open trades and expiration terms;
    • detailed history of all trading operations;
    • trading using the keyboard as well as “one click” trading;
    • simple interface in a minimalist style;
    • no slippage when opening trades;
    • multimode, tabs with charts, unlimited number of trades.

The terminal interface enables you to open multiple independent tabs. This is convenient when trading multiple assets at the same time. For example, if low volatility is fixed for one currency, then you can open the chart of another asset. All the chart settings in the current window, including the indicators and timeframe, will be automatically transferred to the new tab.

Types of accounts

DEMO ACCOUNT. This is opened for all users immediately after signing up. The unlimited demo account and video tutorials on trading are available.

STANDARD. This base level is available after making a deposit in the amount of 10 to 499 dollars. It offers real trading, withdrawals of funds, and participation in tournaments. The maximum profitability of contracts is 85%, you get the basic set of assets, and the payment period is up to 3 business days.

GOLD. This is offered for deposits in excess of $500. A lower premium status. The additional privileges include an increase in the processing speed of payments to within 24 hours, the profitability of contracts is up to 86%, and there is access to private strategies from Binomo specialists.

VIP. The highest service status available when depositing amounts of $1,000 or more. An individual manager is assigned to each VIP client. Free training with a personal trainer is offered and traders are given the highest priority from the Support Service, as well as various unique offers designed specifically for the client. The payment processing time is reduced to 4 hours.

Opening an account and withdrawing funds

The initial sign-up process has been reduced to a minimum. Only an email address and password are required of the user. A key decision on the account currency also needs to be made during this first stage. It will not be possible to change it in the future. Dollars and euros are available, as well as the national currency of the trader’s country of residence (rubles for Russia).

All users are encouraged to choose dollars. USD is a universal world currency that is supported by a variety of payment systems. Moreover, if you choose your national currency, this will immediately impose restrictions on the range of available depositing methods. In addition, the size of the minimum investment could be increased as a result of the exchange rate in relation to the dollar.

Payments start at 10 dollars or euros or the equivalent amount in your national currency. You can get money only through the system or bank card with which you made your deposit. There’s a maximum of $200 per request, but the number of requests is not limited, i.e. there is actually no limit on payments. When withdrawing large amounts, we might request verification of the client’s passport information. That’s why you have to register your account using your real information initially. These are the requirements of international financial law, it is not a personal decision of the company’s management.

Demo account

The Binomo platform offers an unlimited demo account. Beginners use it for training and professionals use it to test risky strategies. The advantage is that in the case of a loss, you can restore your account balance to its original value ($1,000 or 50,000 rubles) in just one click. It is also possible to quickly switch between real and demo accounts without changing terminal or trade settings.

The availability of a demo mode opens up unlimited opportunities for independent studying of trading using practical materials. There are tons of educational materials on the internet that will help you independently master the skills of trading on financial markets. And the video tutorials on Binomo will help you acquire the basic trading skills.

Mobile trading

Two options are offered: the classic mobile terminal and a special application for CFD trading. As for the latter, this is experimental functionality which is still in the public beta testing stage. CFDs are already available for trading on the Binomo app for iOS. The functionality of the platform is identical to the classic version of the mobile terminal.

The standard mobile terminal allows for classic contract trading with expirations of 1-60 minutes, as well as the use of three indicators (Bollinger Bands, Alligator, and Moving Average). You can credit your account, withdraw funds, and communicate with support team specialists.

Trader training

Binomo is primarily aimed at beginner traders for whom the issue of learning is crucial. Video tutorials where company specialists examine the key aspects of trading in detail are available to all users. A glossary of terms and trading FAQ are also available. The training program is constantly being updated and supplemented with new materials.

Free training with a personal trainer is also offered. You will not have to pay any fees for this, however it is only available to VIP users. Not everyone can afford to invest $1,000 or more in a trading account. An individual approach is the most effective in terms of the speed of mastering the skills of trading.

Trading strategies

The availability of 14 indicators and various chart tools opens up many opportunities for trading and implementing bold experiments. Beginners are offered ready-made trading systems with proven efficiency. Step-by-step trading instructions are available from the Help section, or directly from the trading terminal.

All the strategies published on the Binomo website have been thoroughly tested by experts. They are simple yet effective. Detailed guidance on using trading systems makes them accessible to even beginners who do not have any trading experience. All novice users are urged to trade for the first time on ready-made systems. In particular, if the trading is being conducted on a real account. This will help you avoid huge mistakes, while at the same time you’ll be acquiring practical skills.

Should you trade with Binomo?

The company’s trading conditions are appealing to most traders, regardless of their level of experience. FMRRC certification, more than 4 years of excellent operation and a good reputation, the company’s high rating, the large number of positive reviews, and its popularity among users – all this indicates how reliable the company is. However, at present, it is not for those who want to conclude long-term trades – for a day, a week, or a month. The company limits the expiration of a trade to a period of 1 hour. Perhaps this restriction will be lifted in the future. But for now you can trade CFDs, where the duration of trading operations is not limited.