Binomo is a binary options broker that aims to offer an elite trading service which offers a good choice of assets. Offering some of the best investment options and trading terms on the market, Binomo offers analytical services and is suitable for use by both new and experienced investors thanks to the educational resources that they provide. Adopting advanced technology, this broker has won awards for the quality of its service.
Established in 2014 and owned and operated by Tiburon Corporation Ltd which is based in the Seychelles, Binomo has won awards from the 2015 Forex Expo as well as the IAIR award for the best broker in south east Europe. This binary options broker is regulated by the FMRRC, however this is a non-commercial organisation rather than a genuine regulator. At the present time Binomo is pending CySec and CPO regulation but this has not yet been arranged. Although this broker accepts brokers from many countries, USA traders are not yet accepted.
Binomo offers assets across four classes including:
There are 73 trading instruments on offer, which is somewhat lower than the number offered by many of this broker’s rivals.
Bonuses & VIP Programs
Binomo offers a range of interesting bonus deals to its clients. For those who are newly registered, there is a welcome bonus available which comes in the form of a deposit match bonus which is worth up to as much as $150/150 Euros depending on the amount deposited. There are also tournaments available for existing clients allowing for both cash prizes and bonuses to be won, and there are occasional deposit match bonuses on offer at various points throughout the year. Some one off promotional offers have also included a limited period of free access to the VIP programme which is available for the highest level traders. This programme offers a personal manager for trading consultations, real money cash back, expedited withdrawals, additional assets, fixed high yields up to 87% and deposit insurance.
As expected from today’s modern binary options brokers, Binomo knows that clients need to check their assets and carry out trading while they are on the move. They also know that traders do not want to have to be close to their PC or laptop all the time and therefore they offer clients the opportunity to download their mobile apps to a mobile device like a smartphone tablet with ease. The mobile app for Binomo makes trading from mobile devices convenient and easy and can be downloaded quickly and easily from the Apple App Store, Google Play Store or the broker’s own website.
Deposits and Withdrawals
Binomo offers a wide variety of payment methods:
- Credit card
- Debit card
- Bank wire transfer
The following currencies are available for making deposits:
- Pound Sterling
- US Dollar
- Russian Ruble
The minimum deposit amount allowed is just $10, which is ideal for beginner investors, and the minimum trade amount is just $1 with a maximum amount per trade being set at $1,000. The minimum withdrawal amount is just $10 and no fees are charged by the broker for withdrawing money from a live account. Withdrawal requests take around 24 hours to be processed, or just 4 in the case of VIP clients, and cleared funds are usually received within around 3 days.
Binomo offers a choice of ways in which their customer support centre can be contacted. These include:
- Live Chat
The telephone helpline is open from 11 am until 3pm UTC, which is quite disappointing since the hours of operation are very short. There is also a helpful frequently asked questions section which addresses all of the most common issues without the need to speak to a customer representative.
The FXTM website is available in eleven different languages to suit the needs of clients all over the world.
Extra Features and Resources
There are educational resources available from Binomo to help new traders to develop a greater knowledge of the basics of investment and to learn more about how to hone their skills. Although the website promises tutorials, there are currently none available.
Binomo has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.
- Cutting edge trading software that is suitable for use by both experienced and novice traders
- Mobile trading apps for iPhone and Android
- Choice of customer service contact methods including instant live chat
- Multilingual website
- Strong SSL encryption site wide
- Choice of base account currencies
- Fast withdrawal times
- Large range of deposit and withdrawal methods including e-wallets
- VIP programme
- Bonuses available
- There appear to be few educational resources available
- Clients from the USA cannot trade with this broker
Is Binomo a regulated broker?
Although Binomo does claim to be regulated, the body which offers its regulation, the FMRCC is not a recognised body and is a non-commercial organisation. At the present time, although regulation is allegedly pending from CySEC and CPO this has not yet happened.
How do I register with this broker?
Binomo make it simple and speedy to complete the registration process. Clients are only required to complete their relevant personal information on the web registration form and then submit it before they deposit their initial amount and start trading.
Is there a registration fee payable to Binomo?
Clients are not required to pay a registration fee when they open a live trading account with this broker.
Is there a choice of trading accounts?
Both brand new and advanced traders are able to reliably trade with Binomo since they offer several account types.
Standard account holders must deposit a minimum of $10, whereas Gold members must deposit $500 and VIP members must deposit at least $1000. Higher level account members have some excellent benefits to look forward to including more assets to choose from, a higher profit yield, personal analytical assistance via Skype, expedited withdrawals, trade insurance and even cash back offers. As the VIP membership level is much lower than that offered by many other brokers, this makes Binomo a good choice for smaller account holders since they can access many of the benefits which are reserved for much more prolific investors with other brokers in the marketplace.
Are demo accounts available with this broker?
Binomo gives potential clients the option of opening a free of charge demo account to allow investors to try out their trading platforms and the features of the broker’s website before they commit to investing any of their own funds. This has a benefit for new investors as it enables them to learn more about the investment markets without having to take a financial risk, but it can also benefit advanced traders too as they can try out new strategies without the risk of making a loss.
What are the benefits of choosing Binomo?
Binomo offers its clients an good selection of trading services including rapid trade execution and the opportunity to pay a low minimum deposit. As there is also a choice of account types, investors at every level of experience can benefit from the services that this broker offers and their range of banking methods is pretty good. Their customer contact options are good, even though their telephone helpline only has limited hours, and there are some good bonus offers available for both new and existing clients, with a very attractive VIP programme for those clients who make a deposit of at least $1000. As the minimum trade amount is very low and the withdrawal minimum is also low, this makes Binomo a good choice for those who are just beginning their trading career, and since this broker has been in business since 2014, you can rest assured that it is a reliable operator.