Binomo Review 2024

Highlights of Binomo

Profitabilityup to 90%

Minimum Deposit$10

Trading Assets

Forex Precious Metals Energy Carriers Indices Stocks Cryptocurrency

Trading Platforms

Binomo

4.1/5

More DetailsRegisterTrading binary options carries high risks. You may lose all invested funds

About Binomo

Founded in 2014

Countries of registration:

Regulators:

SVGFSA

4.1/5

More Details

RegisterTrading binary options carries high risks. You may lose all invested funds

Profitabilityup to 90%

Minimum Deposit$10

Countries of registration:

Regulators:

SVGFSA

Trading Assets

ForexPrecious MetalsEnergy CarriersIndicesStocksCryptocurrency

Trading Platforms

Binomo

Deposit/withdrawal:

compare Binomo options types

Binomo is a reliable trading platform, ideal for beginner traders due to its extensive educational materials and ease of use. It is also valued by experienced users for its transparency and quality of service.

Despite a limited selection of analytical tools, Binomo provides ample opportunities for effective binary options trading, making the platform attractive to traders seeking convenience and simplicity.

Pros and Cons of Binomo

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Binomo Broker Overview

Binomo is an international online trading platform founded in 2014. Since then, the company has expanded its presence and offers services in more than 130 countries worldwide.

Binomo Review Summary

During the review of Binomo, we relied on a strict and transparent broker evaluation methodology. This methodology includes analyzing critical aspects of the broker's activity, such as reliability, trading conditions, customer service quality, fund security, and more.

Read the review further to learn our findings and decide if Binomo suits your trading needs.

Legal Entity	Regulator
Dolphin Corp LLC Dolphin Corp LLC	SVGFSA SVGFSA
Pollack Trade LTD Pollack Trade LTD	-

Binomo has been a member of the "A" category of the International Financial Commission (FinaCom) since May 2018. This membership emphasizes the company's reliability and provides traders with additional service quality guarantees and protection through a compensation fund if the Financial Commission's decision is not fulfilled by up to €20,000.

Furthermore, the successful passage of the Verify My Trade audit confirms the high quality of transaction execution on the platform.

However, the absence of licenses from more authoritative regulators such as the FCA, CySEC, or ASIC and regulations in offshore jurisdictions through SVGFSA may raise specific questions among traders seeking maximum reliability and protection. Overall, Binomo is presented as a reliable broker for trading, but traders should consider these aspects when deciding on cooperation.

The account opening process and the start of trading on Binomo are designed to be as simple and intuitive as possible, making them appealing to users of various experience levels.

Registration

Registering on the Binomo platform is simple and quick. You can start trading even without registration using the demo version, which has a 120-minute limit. However, creating an account is required to fully access the platform's features.

For registration, you must provide your email, set a password, read and agree to the terms of the client agreement and privacy policy, confirm your age of majority, and choose the account currency. You can also register via a Google or Facebook account, simplifying the process.

Among the trading account currencies available are USD, EUR, or your local currency (if Binomo operates in your country). In our case, the third currency was the Ukrainian hryvnia.

Important! The selected account currency cannot be changed later. It is also not possible to open an account with a new currency on the same account.

If you need to trade in a different currency, you can register a new account with a different email and choose the desired currency. But before doing this, you should block the current account, as Binomo's policy prohibits using multiple accounts.

We recommend verifying your email and phone number and activating two-factor authentication immediately for additional account protection after registration. It is also advisable to fill in personal details in the profile: nickname, first name, last name, gender, and date of birth.

Verification

Account verification on Binomo is a mandatory procedure that financial market regulators and payment service providers require. This process meets legislative requirements and is an additional measure to protect users' funds. In the event of unauthorized access to an account, verified users have a better chance of recovering their funds. Binomo requests verification when a user decides to withdraw funds, and until it is completed, the withdrawal of funds will be restricted.

To complete the verification, you are required to provide:

1. photos of an identity document (passport, ID card, or driver's license),

2. photo of the bank cards being used,

3. bank statement for anonymous cards (if necessary).

All documents must be legible and valid for at least one month from the upload date. The verification process usually takes less than 10 minutes; however, in cases requiring manual review, the procedure may take up to 7 business days.

Trading on the platform is possible without verification, but account funding and trading are allowed until a verification request is made. After that, it is necessary to complete the verification process to resume the ability to withdraw funds.

Minimum Deposit

On the Binomo platform, the minimum deposit amount is set at a relatively accessible level — just $10. This makes Binomo attractive for novice traders looking to test trading on a real account without significant financial investment.

However, the minimum deposit amount may vary depending on the chosen payment system. For more detailed information on each payment system's limits, please refer to the "Account Funding and Withdrawal" section of this review.

Binomo successfully meets the diverse needs of traders thanks to a flexible account system and a comprehensive set of services. From beginners to professionals, everyone can find suitable conditions for effective trading, making Binomo an attractive choice in the binary options market.

Real Account

A real account on the Binomo platform allows traders to trade using real funds. This is the primary account type, which allows traders to carry out trading operations, fund the account, withdraw earned funds, and activate various bonuses and gifts offered by the platform.

Switching to a real account is recommended after the trader has gained experience and confidence in trading on a demo account. This will help minimize risks and increase trading efficiency with real funds.

Demo Account

After registration, Binomo offers its users access to a demo account with virtual $10,000 (or the equivalent amount in the user's account currency). The demo account is an important educational tool, allowing traders to execute trades on real charts in real time without investing their own funds. This is an excellent opportunity for beginners to familiarize themselves with the platform and for experienced traders to test new strategies and trading mechanisms without financial risks.

Switching between the demo and real account is possible anytime, providing flexibility and convenience in using the platform. If the virtual funds run out, the account can be easily replenished to continue practice.

Trading Mechanics

The trading platform offers 3 mechanics:

1. FTT (Fixed Time Trade)
2. 5-second trades (5ST)
3. CFD

Let's take a closer look at each of the mechanics.

FTT (Fixed Time Trade)

FTT, or Fixed Time Trade, is a key trading mechanic on the Binomo platform based on the principles of classic binary options. This type of trading allows traders to earn on minimal asset price fluctuations by betting on their increase or decrease within a set time interval.

The main essence of FTT is to predict the direction of the price movement of the chosen asset: the trader needs to determine whether the asset's price will be higher or lower than the current one at the time of the trade's expiration. The expiration time of the trade can vary from 1 minute to 1 hour, providing traders with flexibility in choosing strategies and managing risks.

If the prediction is successful, the trader receives a predetermined profit, the size of which depends on the terms of the trade and the chosen asset. This makes FTT an attractive tool for those looking for opportunities for quick earnings in the financial markets using short-term price fluctuations.

5-second trades (5ST)

5-second trades (5ST) represent a unique trading mechanism on the Binomo platform, allowing traders to execute extremely fast transactions by leveraging minimal market price fluctuations. This type of trading is ideally suited for those who aim for rapid profit generation and are ready to make instantaneous decisions.

The trading process with 5ST is simple: select an asset and the amount of the trade, then determine the price direction by clicking the "Up" or "Down" button. A successful forecast will lead to immediate profit acquisition. A distinctive feature of 5-second trades is the fixed expiration time of 5 seconds, making them one of the fastest trading methods in the market.

It should be noted that 5ST trades are only available for two assets, EUR IDX and Crypto IDX, and are exclusively compatible with a 1-second timeframe.

CFD

Contracts for Difference (CFD) are a popular financial instrument that allows traders to profit from price changes of assets without the need to own them. The essence of CFD trading lies in predicting the direction of an asset's price movement: traders earn a profit if their forecast is correct, based on the difference between the opening price and the closing price of the trade.

Note: CFD trading on Binomo is currently available exclusively on a demo account.

CFD trades on a demo account have a fixed duration of 15 days, an optimal period for learning the specifics of working with this instrument. Also, to simulate real trading conditions, a commission of 0.02% of the trade volume is deducted from your demo account when opening a CFD trade. Whether this is a lot or a little will be discussed in the "Commissions" section.

Statuses

On the Binomo platform, statuses represent a system of levels, each offering traders certain advantages and opportunities to enhance their trading experience. The status depends on the total amount of deposits made throughout the platform, and the higher the status, the more advantages are available to the trader.

Account Status Features:

• Deposit Insurance is available only for VIP status, allowing the recovery of a portion of lost funds if the account balance drops to zero.
• Unique Gifts from the VIP manager include free participation in tournaments and risk-free trades.
• Cashback represents compensation for losing trades, automatically credited every week.

Statuses on Binomo are designed to motivate traders to develop further and provide them with tools for more effective trading. Upgrading the status grants access to improved trading conditions, higher profitability, and exclusive offers, making the trading process profitable and comfortable.

Tournaments

Tournaments on Binomo are competitions among traders that are held for a limited period and are accompanied by prize pools. Participating in tournaments allows traders to test and improve their trading skills and adds an element of interaction and competition to the trading process.

There are two main types of tournaments:

• Free Tournaments allow participation without an entry fee, making them accessible to all interested parties.
• Paid Participation Tournaments require the payment of an entry fee but usually offer larger prize pools.

The tournament aims to achieve the highest possible balance on the tournament account by the time it concludes. The prize pool is distributed among the participants who finish in the prize-winning positions, according to their final standings.

Bonuses

Binomo offers its users a variety of bonuses aimed at increasing trading potential and providing additional advantages in the trading process. There are five main types of bonuses available on the platform:

1. Welcome Bonus is granted immediately after registration and email confirmation. This bonus increases any investment by 50%, providing an excellent start for new users.

2. Deposit Bonuses are credited when funding a trading account. The bonus amount depends on the sum of the deposited funds, encouraging traders to increase their trading volume.

3. Coupons and Promo Codes can be obtained as part of promotions, through newsletters, or from a personal manager for traders with VIP status. These bonuses provide additional opportunities to increase capital and can be combined with deposit bonuses.

4. A No-Deposit Bonus is a fixed amount that can be credited to a real account without the need to deposit personal funds. This offer allows you to start trading without risking personal capital.

5. Risk-free trades are usually available to traders with VIP status and are provided by their personal manager. These trades allow trading with a predefined amount of investment, where the trader does not lose their funds in case of a loss.

The Binomo bonus program is designed to support both beginners and experienced traders by offering them various incentives for development and achieving better trading results.

Top Traders

The "Top Traders" section on Binomo ranks platform users who demonstrate the highest profits. This list reflects the success and trading achievements of traders operating on real accounts. The ranking is unique because it unites participants from more than 130 countries, providing a wide range of trading strategies and approaches.

The most successful traders of the week enter the "Hall of Fame" and receive valuable prizes from the broker.

Binomo broker's commissions can be considered low compared to industry standards. The only significant fee is the subscription fee for account inactivity. Still, it is charged only in the absence of trading activity for 30 days and is easily avoided with regular trading.

FTT Trading Commission

Binomo offers commission-free trading in Fixed Time Trades (FTT) without commission. This makes the platform attractive for traders who want to trade binary options, as the absence of commission allows them to retain maximum profit from successful trades.

CFD Trading Commission

Unlike FTT, trading Contracts for Difference (CFD) on Binomo is subject to a commission of 0.02% of the trade volume. This equates to approximately $2 per 1 lot, a comparatively low commission by Forex market standards.

Inactivity Fee

Binomo charges a subscription fee to maintain inactive accounts. If there is no trading activity on the account for 30 days, a monthly cost of 30 US dollars/EUR or the equivalent in the account currency is charged. Trading activity includes depositing funds, withdrawing funds, trading on a real account, participating in paid tournaments, and activating bonuses and gifts. The subscription fee is not charged if trading activity resumes. If the account balance is less than the subscription fee, the balance will be reset to zero but will not go negative.

Withdrawal Commission

Binomo allows clients to withdraw funds once a day without commission. If a trader exceeds this limit, the broker's withdrawal commission will be:

• 2% for residents of Ukraine or Kazakhstan;
• 5% for residents of Indonesia;
• 10% for residents of India or Vietnam.

Account Funding and Withdrawal

Binomo offers various convenient account funding and withdrawal methods, including bank cards, e-wallets, and cryptocurrencies, tailored to multiple countries and currencies. The platform provides competitive withdrawal limits. Transaction processing time varies from instant to 3 business days, which is standard for the industry, ensuring efficient financial management for traders.

Account Funding

Binomo offers traders various convenient ways to fund their accounts, including bank cards, online banking, electronic wallets, and cryptocurrencies. The available funding methods may vary depending on the user's country of residence. Still, Binomo strives to provide maximum convenience for traders in each location, allowing account funding in the local currency.

Payment System	Currencies	Deposit Fee	Operation Limit
Binance Pay	USDEUR	0%	from 10 to 10000 USD
AdvCash	USDEUR	0%	from 10 to 10000 USD
AstroPay	USDEUR	0%	from 10 to 10000 USD
FasaPay	USD	0%	from 10 to 10000 USD
Jeton	USDEUR	0%	from 10 to 10000 USD
SticPay	USDEUR	0%	from 10 to 10000 USD
Credit and Debit Cards	USDEUR	0%	from 15 to 800 USD
Online banking	USDEUR	0%	from 17 to 200 USD

Cryptocurrency	Blockchain	Deposit Fee	Operation Limit
USDT (Tether)	TRC20	0%	from 20 to 50000 USD
USDT (Tether)	ERC20	0%	from 20 to 50000 USD
BTC (Bitcoin)	BTC	0%	from 20 to 50000 USD
ETH (Ethereum)	ERC20	0%	from 20 to 50000 USD
LTC (Litecoin)	LTC	0%	from 20 to 50000 USD
USDC (USD Coin)	ERC20	0%	from 20 to 50000 USD
DOGE (Dogecoin)	DOGE	0%	from 20 to 50000 USD
BCH (Bitcoin Cash)	BCH	0%	from 20 to 50000 USD
ADA (Cardano)	ADA	0%	from 20 to 50000 USD
XRP (Ripple)	XRP	0%	from 20 to 50000 USD
BNB (Binance Coin)	BEP20	0%	from 20 to 50000 USD
TRX (TRON)	TRC20	0%	from 20 to 50000 USD

One significant advantage is Binomo's absence of deposit fees. However, it should be noted that some payment systems may charge additional fees, especially when there is a currency conversion between the Binomo account and the payment method. The size of the commission and conversion losses depend on the selected payment service provider, country, and currency.

Most payments are processed instantly, although the actual time it takes for the funds to be credited to the account may depend on the specific payment provider. In case of delays or problems with crediting funds to the account, Binomo recommends contacting customer support via email or online chat to resolve the issue promptly.

Withdrawal of Funds

Binomo offers convenient and flexible ways to withdraw funds, including bank cards, bank accounts, electronic wallets, and crypto-wallets.

Payment System	Currencies	Withdrawal Fee	Operation Limit
Binance Pay	USDEUR	0%	from 10 USDfrom 10 EUR
AdvCash	USDEUR	0%	from 10 USDfrom 10 EUR
AstroPay	USDEUR	0%	from 10 USDfrom 10 EUR
FasaPay	USD	0% limitscommission limits	from 10 USD
Jeton	USDEUR	0%	from 10 USDfrom 10 EUR
SticPay	USDEUR	0% limitscommission limits	from 10 USDfrom 10 EUR
Credit and Debit Cards	USDEUR	0%	from 10 USDfrom 10 EUR
Online banking	USDEUR	0% limitscommission limits	from 10 USDfrom 10 EUR

Cryptocurrency	Blockchain	Withdrawal Fee	Operation Limit
USDT (Tether)	TRC20	0%	from 10 USD
USDT (Tether)	ERC20	0%	from 10 USD
BTC (Bitcoin)	BTC	0%	from 10 USD
ETH (Ethereum)	ERC20	0%	from 10 USD
LTC (Litecoin)	LTC	0%	from 10 USD
USDC (USD Coin)	ERC20	0%	from 10 USD
DOGE (Dogecoin)	DOGE	0%	from 10 USD
BCH (Bitcoin Cash)	BCH	0%	from 10 USD
ADA (Cardano)	ADA	0%	from 10 USD
XRP (Ripple)	XRP	0%	from 10 USD
BNB (Binance Coin)	BEP20	0%	from 10 USD
TRX (TRON)	TRC20	0%	from 10 USD

Payment systems usually require from 1 to 3 business days to credit funds. In some cases, especially during national holidays or due to bank policies, this period may extend up to 7 days.

The minimum withdrawal limit is $10/€10 or the equivalent in your currency. The maximum allowable withdrawal amounts are up to $3,000/€3,000 per day, up to $10,000/€10,000 per week, and up to $40,000/€40,000 per month.

In case of delays or questions regarding withdrawals, Binomo strongly recommends contacting customer support via online chat or email to resolve the issues promptly.

Binomo offers a fairly wide range of trading assets, including currency pairs, cryptocurrencies, stocks, metals, energy carriers, and indices. However, compared to Forex brokers, Binomo has a limited selection in asset categories such as ETFs, bonds, and soft commodities, as well as a smaller overall number of CFDs, which may limit opportunities for more advanced traders seeking profound diversification of their investment portfolio.

What markets are available?

The Binomo platform features many trading assets, including currency pairs, cryptocurrencies, stocks, metals, energy carriers, and indices.

Some assets may be limited depending on the trader's account status (Standard, Gold, VIP) and the day of the week. Standard assets such as currency pairs, commodities, and company stocks are unavailable on weekends and holidays. Still, traders can take the opportunity to trade over-the-counter assets (marked as OTC).

Unlike other binary options brokers, Binomo offers a similar range and number of assets, making it a competitive player in the market. However, compared with Forex brokers, Binomo may seem less preferable due to the lack of asset categories such as ETFs, bonds, and soft commodities and a smaller overall number of available CFDs. This may limit opportunities for traders seeking a broader selection of instruments to diversify their portfolios.

Trading Platform

The Binomo trading platform demonstrates high convenience and functionality for users, although it is the only option available.

Binomo Platform

The Binomo trading platform offers traders many tools and opportunities for effective trading. With timeframes ranging from 5 seconds to 1 month and a variety of chart types, including line charts, Japanese candlesticks, Heikin-Ashi, and bars, the platform adapts to various strategies and trader preferences. The available indicators, such as RSI, MACD, Bollinger Bands, and others, allow for in-depth technical analysis and form the basis for developing trading strategies.

In addition to indicators, the platform offers pre-configured strategy templates for all levels of experience, from beginners to professionals. These include well-known methodologies such as "Elder's Triple Screen," "Pathfinder," and trading based on Fibonacci levels. This allows traders to choose their approach to trading depending on their experience and market conditions.

Additional tools such as drawing instruments and multi-window mode enhance the capabilities for analysis and monitoring multiple assets simultaneously.

Trading signals provided by the platform for VIP status traders are based on technical analysis. They can serve as a helpful guide for making trading decisions, although they require a cautious approach due to the risks associated with trading.

Mobile Application

Binomo offers a mobile application available in the App Store, Google Play, AppGallery, Galaxy Store, Aptoide, or Apptoko for maximum user convenience. The platform also has a mobile version, allowing traders to stay connected to the market at any time and from anywhere in the world.

Binomo offers essential tools for market analysis. Although the broker's blog contains educational materials and exclusive resources for VIP traders, including streams and expert webinars, the overall level of analytical materials is limited.

What analytical materials are available?

On the Binomo platform, traders can access essential analytical tools such as an economic calendar and trading signals, which can assist in making trading decisions. Trading signals, generated for all FTT assets, provide information about the anticipated direction of price movement and the timing of when it might occur based on technical analysis. However, it should be remembered that these signals do not guarantee 100% success and require cautious use.

Access to trading signals is limited and requires VIP or Prestige status on the platform. This means users with lower statuses must upgrade their level to use this tool. It is important to note that trading signals are only available in the desktop version of Binomo and are not supported by the old chart version.

Binomo offers a blog with educational materials available to all users, and exclusive materials for VIP traders, including streams and webinars from experts, unique trading strategies, weekly market news reviews, and specialized articles and quizzes.

What's missing?

Despite useful tools, Binomo has limitations in providing in-depth analytics and insights from experts and lacks news digests, calculators, and other advanced analytical tools that could enrich market research and analysis for traders.

The educational materials offered by Binomo are of high quality and diverse, providing traders of all levels with a comprehensive approach to learning trading.

What educational materials are available?

Binomo offers an extensive set of educational materials aimed at developing the skills of traders at all levels.

1. The Help Center contains detailed guides on platform use, trading fundamentals, and various trading mechanics.

2. For those looking for specific trading strategies, there are 8 detailed step-by-step guides with screenshots covering a wide range of trading approaches.

3. In the Market on the platform, there are paid materials on trading psychology, including advice on dealing with negativity and strategies for increasing profits and minimizing losses, available for a monthly subscription.

4. The Binomo Blog is another valuable resource, offering articles on various topics, including education, Binomo news, how to trade, strategies, tips, capital management, trading psychology, technical analysis, indicators, and much more. The blog is available in different languages, making it a convenient tool for an international audience.

5. For visual learning, the Binomo YouTube channel offers a variety of educational videos, including guides on the platform, trading strategies, trading psychology, technical analysis, and other topics that contribute to a deep understanding of the trading processes.

Overall, Binomo creates all the conditions for comprehensive trading education, offering a wide range of materials for independent study and practical application of the acquired knowledge.

Technical Support

Binomo's technical support offers limited communication channels, and user reviews about the broker's support are mixed - positive and negative.

Contact Details

The following channels are available for contacting Binomo's technical support: online chat on the platform and email support@binomo.com. However, users may face limitations as the website does not list a phone line or messengers for quick communication, nor is there information about the support service's working hours.

Support Reviews

Reviews of Binomo's customer support are mixed. Some users express dissatisfaction with the slow performance of the support team, pointing to delays in resolving financial issues and problems with account verification. Complaints include long waits for responses from the finance team and a lack of specific solutions to inquiries. On the other hand, there are positive reviews where users note a quick response and efficiency in resolving issues, which increases trust in the platform. This indicates a variability in customer service experience, which may suggest instability in the quality of support provided.

Conclusion

Binomo stands out as a reliable trading platform ideally suited for beginner traders due to its extensive educational materials and ease of use, as well as for experienced users who value transparency and quality of service. Despite a limited selection of analytical tools, Binomo offers sufficient capabilities for effective binary options trading, making it a good choice for traders seeking convenience and simplicity in a platform.

FAQ

Is Binomo legal?

Yes, Binomo is a legal trading platform. It is regulated by the FSA of Saint Vincent and the Grenadines.

Which country is Binomo from?

Binomo is based in the Republic of Cyprus and is operated by Dolphin Corp, a company registered in St. Vincent and the Grenadines.

How does Binomo make money?

Binomo makes money through the spread on trades and the fees it charges for certain transactions. Additionally, the platform profits from the difference between the winning and losing trades of its users.

Is Binomo good for beginners?

Yes, Binomo is considered good for beginners due to its user-friendly interface, extensive educational materials, and demo account that allows new traders to practice without risking real money.

Does Binomo offer a demo account?

Yes, Binomo offers a demo account with virtual funds. This allows users to practice and familiarize themselves with the platform and trading strategies without any financial risk.

How can I open an account with Binomo?

To open an account with Binomo, visit their website, click on the "Sign Up" button, fill in the required information, and follow the instructions to complete the registration process. You can start trading after verifying your email and making the initial deposit.

How can I delete my Binomo account?

To delete your Binomo account, you need to contact Binomo customer support through their official email or support form on the website. Request account deletion, and they will guide you through the necessary steps.

What is the minimum deposit for Binomo?

The minimum deposit for Binomo is $10, making it accessible for traders with various budget levels.

How do I deposit funds in a Binomo account?

To deposit funds in a Binomo account, log in to your account, go to the "Cashier" or "Deposit" section, choose your preferred payment method, enter the deposit amount, and follow the instructions to complete the transaction.

How do I withdraw money from Binomo?

To withdraw money from Binomo, log in to your account, navigate to the "Cashier" or "Withdraw" section, select your withdrawal method, enter the amount you wish to withdraw, and follow the prompts to complete the process. Withdrawal times may vary depending on the payment method chosen.