Binomo review

Binomo is well known in India; its black and yellow logo can even be seen on rickshaws. This review will tackle the broker, its pros and cons, available account types, and much more relevant information that every trader should know.

About the Binomo investment platform

If you are asking what Binomo is, we advise you to look at the official website, which is available in Hindi, English, and other languages. The Binomo platform is a powerful trading tool for those who want to trade regardless of their address and location.
Binomo is a user-friendly platform. Traders can enjoy several benefits, including:

• demo account for practice;
• free education;
• 24/7 support;
• handy app for trading on the go;
• first-hand information about tournaments and promotions.

In addition, unlike other online trading platforms, Binomo is open for traders around the clock, even on weekends.

Note! Binomo does not provide its services to traders from Australia, the USA, European Union countries, and some others.

Trade types

Binomo offers users a straightforward trading mechanic, Fixed Time Trades or FTT, which is clearer than Forex trading. It allows you to receive additional income even with the slightest changes in asset prices.

FTT is classified into two categories:

1. Short-term trades;
2. Long-term trades.

Short-term trades have an expiration time of up to 5 minutes, and long-term – up to 60 minutes.

Consider how the FTT mechanics work:

• Select an asset and set the trade amount.
• Specify the end time of the trade from 1 to 60 minutes.
• Make a forecast of the price movement of an asset. If you are sure the price will go up, press the green up button. If you are sure the price will go down, press the red down button.

If your forecast is correct, you earn extra income. If the result is the opposite, you will lose your investment.

Regulation

All legitimate trading platforms must meet the standards set by the regulatory authorities. Binomo has been a certified Category “A” member of the Financial Commission since 2018.

It means that Binomo is a reliable investment company. If something untoward happens to the company, its traders and their funds are protected. Traders of this platform are assured of 20,000€ protection should anything happen to Binomo in their course of doing business.

Verify My Trade (VMT) also confirms that the Binomo broker can be trusted. This specialized body ensures that it provides high-quality execution of trades. VMT audits 5,000 completed trades on Binomo monthly. The issued certificate also confirms this fact.

Binomo account types

Binomo offers three account types for traders who want to invest and trade with real funds:

• Standard;
• Gold;
• VIP.

Each type of account requires specific investments and offers different benefits. You can start with one account type and then upgrade to another as the total deposit of your account has increased. The potential profitability of these types of accounts is limitless; you only need to learn the features of each type to get the best return on your investment.

Below are some benefits of each type of trading account in Binomo.

Standard

The Standard account type is designed for beginners. You only need to invest $10 ($5 if you are an Indian trader) to start live trading. The Standard account allows you to trade more than 40 assets. It is perfect for beginners; a small number of available assets enable them to focus more on the trading process and minimize possible losses.

Apart from this relatively low entry cost, the Standard account also offers the following advantages:

• up to 85% profitability;
• up to 100% deposit bonuses;
• access to paid tournaments.

Note! Standard account holders can participate in paid tournaments to compete with other traders for a solid prize fund.

Gold

The Binomo Gold account is one notch higher than the Standard one. More assets become available to you and, therefore, more opportunities for earning extra income.

In summary, you can enjoy the following benefits:

• more than 60 assets for trading;
• up to 150% deposit bonuses;
• up to 90% profitability;
• cashback up to 5% for an unprofitable week;
• access to paid tournaments with higher rewards;
• withdrawals of funds up to 24 hours.

Note! When your total deposits exceed $500, your Standard account is automatically upgraded to Gold.

VIP

VIP is the highest account level available on Binomo. This account offers the following benefits:

• more than 70 assets for trading;
• up to 200% deposit bonus;
• up to 90% profitability;
• withdrawal takes up to 4 hours;
• support and assistance from a personal manager;
• VIP tournaments in addition to other paid ones;
• investment insurance;
• risk-free trades.

The Binomo VIP account is for the more seasoned types of traders. Those who choose this account type need a total deposit of at least $1000.

Binomo demo account

The Binomo demo account is automatically created once a trader signs up on the platform. It is a safe environment where you can trade on actual charts without the risk of losing your investment. The Binomo demo account provides you with $10,000 in virtual funds that you can use to practice: before starting trading, you can test strategies, study indicators, and hone your trading skills.

Assets available on Binomo

Another thing traders consider when looking for a platform is the number of assets available for trading. Binomo offers more than 70 assets depending on the account type. They include currency pairs, indices, oil, gold, and others. Binomo, however, does not offer binary and Forex trading capabilities to them.

What is the Binomo app?

The Binomo app is a mobile trading platform for Android and iOS users. It can be downloaded through Google Play and App Store. It is a powerful trading software that allows you to use Binomo on the go. You only need to have an internet connection to be able to make a trade. Although the Binomo app has limited functionality compared to the web version, this does not affect trading.

Note! If you have problems installing the app on Android, there is an alternative, Binomo APK. Download it by QR-code from the official website.

Spreads, commissions, and leverage

Binomo follows the industry standard, where trading platform users are not charged a fee or commission for the services provided. However, customers whose accounts are inactive for 90 days will be charged a $30 service fee.

It is also worth reading how Binomo bonuses are used because you will not be able to withdraw your funds from your account until you make a Mandatory trading turnover. It is the sum of the profitability of all trades made since the moment the bonus was received.

This formula will help you calculate the required turnover:

The amount of the bonus х The leverage factor

The leverage ratio is usually listed in the bonus. If it is not specified, then for bonuses less than 50% of the deposit, the leverage is 35; for bonuses over 50% of the deposit, the leverage is 40.

Bonuses

Bonuses help traders get more from their trading activities. Binomo offers various bonuses on its platform, which include:

• The welcome bonus is provided to traders within 30 minutes of creating an account on the Binomo platform. Thanks to the welcome bonus, traders can increase their first deposit by 25%.
• A promo code / bonus coupon can be received through Binomo promotions, newsletters, or a personal manager. It can be used in conjunction with a deposit bonus.
• The deposit bonus is provided at the time of the deposit. Its size depends on the number of funds deposited.
• No deposit bonus is a fixed amount of funds that can be instantly deposited into the traders’ real accounts without making any deposit. It can be provided by a personal manager or during promotions (e.g., in a newsletter). In the latter case, you will need to confirm receipt of the bonus by email.

Note! VIP account holders have access to risk-free trades that give out personal managers. It is a fixed number of trades that, in case of a wrong forecast, will help them keep the investment.

Deposits and withdrawals

It is enough to start trading on the Binomo platform to have at least $10 in your account. If you are a trader from India, this amount is reduced to $5.

Binomo has made it easy for traders to deposit and withdraw funds from their accounts through payment methods such as bank cards, e-wallets, and bank transfers. The deposit and withdrawal options that traders can use may depend on which country they are based.

Withdrawals can only be made to the payment systems you used for the deposit. There is also a priority on the time of withdrawal of funds; VIP clients are served first. So, the withdrawal time can be up to 3 days or more.

Note! Binomo does not charge commissions for each withdrawal, but your payment providers may charge an amount for each withdrawal transaction.

Is Binomo real or fake?

The first question that traders often ask when looking for information about Binomo is whether it is a scam or not. Binomo is a legitonline trading platform. It is used by thousands of traders around the world. Binomo is also IFC and Verify My Trade certified.

Also, deposits and withdrawals on the platform are protected with SSL, which is integrated into the Binomo website. The SSL keeps all the data encrypted, protecting the website from fraudulent transactions.

Is Binomo legal?

Binomo is a legit company. This official registered company has a head office in St. Vincent and the Grenadines.

Pay attention to its physical address to put an end to the question of whether Binomo is real or fake. For those who want to visit them, see the company details: Dolphin Corp, First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent and the Grenadines.

Binomo received the IAIR Awards in 2016 and the FE Awards in 2015. It is also included in the Forbes list in India. It proves that Binomo is a reputable trading platform worth checking out.

If you want to learn more about Binomo and its reliability, check out the forums or read the comments on Quora. It also has a Telegram group where you can find the latest news about the platform.

Customer care helpline

Contact with platform’s customer care through email at support@binomo.com. But it is better to ask your question on the Binomo website or app via chatbot Cody before writing them. The Binomo chat function is available in several languages, including Hindi and English.

Also, you can find more information, such as how to invest and trade on Binomo or who its CEO is, in the Help Center. It is like Wikipedia for traders. You can also use the helpline phone to leave your question or request: +18499366003.

Pros and Cons

It is natural to ask first what Binomo can do for you as a trader. Of course, you need to know the benefits that you can get from a trading platform and its possible disadvantages before using it.

Among the advantages:

• trading on weekdays, weekends, and holidays;
• profitability is up to 90% of the trade amount;
• free and paid tournaments;
• the minimum amount to open a trade is $1;
• the minimum deposit is $5 for Indians and $10 for others;
• responsive 24/7 support;
• quick withdrawal of funds;
• the unlimited demo account for practice.

Of course, with pros also come the cons. The disadvantages of using Binomo include:

• the number of available assets is 70+ (more on some platforms);
• not available for traders in the US, Australia, and Europe;
• no signals.

Using the Binomo platform for trading is probably one of the best ways for traders looking to earn extra income from their investments.

Conclusion about Binomo

So, the review confirmed that Binomo is one of the best investment companies in India. Sign-up is relatively easy and does not take long. So you will be able to access your account in no time once you have your Binomo login and password. Upon signing in, you can then perform live trading.

Please be aware of financial risks. The Binomo trading platform is only a tool to get additional income; only your knowledge and ability to use strategies can reduce the risk of losing funds. Therefore, do not forget to learn new things and use a demo account for practice before investing real funds.