Binomo Review: All Secrets Revealed

Binomo is an online trading platform where you get to trade on various types of assets including CFDs, cryptocurrencies, Forex, options among others. You can easily register an account and start trading. You require no assistance with this. There is a free demo account available which you can use to learn how to trade or improve on your skills.

Binomo home page

The company is a member of the International Financial Commission which improves its reliability as a legitimate platform to trade-in. It’s won several awards since it was founded. The website translates into several other languages given that the site is accessible to people in different parts of the world.

You get to enjoy a very low minimum account balance of only $10. This makes this platform accessible to more users and the trade amount is only $1. It has very efficient customer support always ready to offer assistance or answer any questions you have. There is a free training section where you get to learn more about how to trade and how this platform operates. This greatly improves your chances of turning a profit on your investment.

You can opt to download the Binomo app and use it on your smart mobile devices. There are several tournaments available that you can take part in and win good prizes.

What is Binomo? Facts and Figures 2020

Binomo facts and figures

  • 133 Countries of presence, including India (with localization into Hindi language), Nigeria, Kenya…
  • 90% Maximum earnings on a trade
  • More than 931 000 Traders trade daily in 2020
  • Minimum account balance from $10
  • Works on the weekends
  • Binomo is a category "A" member of the International Financial Commission
  • 2015 Forex Expo Awards: The best broker for beginners
  • 2016 IAIR Award: Broker of the Year

How to Trade in Binomo?

How to Trade in Binomo

Binomo functions efficiently to provide you with the best online trading experience. You can opt to start by creating a demo account and use that to train on how to trade. This is also the best place to improve your skills before you set up a real account.

On the homepage, you’ll find the section for creating the demo account. Click on ‘Try it’ to get started. You receive $1000 for training purposes in terms of virtual funds. You can’t withdraw this amount or any profit you earn from using it. After this, you can create a new real trading account and deposit money into it. There are several methods that you can opt to use for this. The same methods apply when you request a payout of your profits.

There are several tradable assets to choose from. Place your trade and await the outcome. You have the option of trading on the main website on a desktop or laptop, or you can download the app and use that while mobile.

Is Binomo Reliable Trading Platform?

Binomo regulation

Yes, this is a reliable trading platform that is fully licensed and regulated. Only companies that operate within the law and are honest to their users are permitted to become members of the International Financial Commission. Binomo is a member and gets regulated by this body. It obtained its membership back in 2018 and has since proven to be transparent in its operations and fair to its users. It maintains the best business practices and is an honorable company in general. The company was audited and passed by Verify My Trade. They obtained an official certification. Besides this it’s fully licensed to operate in the different regions it operates in.

Binomo: How to Open a Demo Account

A demo account makes it easy to learn how to trade without losing any real money. You get funds in it once successfully registered in terms of virtual funds. On the homepage, you’ll find the section for creating the demo account. Click on ‘Try it’ to get started. You receive $1000 for training purposes in terms of virtual funds. You can’t withdraw this amount or any profit you earn from using it.

As soon as you activate the demo account, you can start placing trades on various markets available on Binomo like Forex, CFDs, and cryptocurrencies among others. Learn as much as you can since you’re using virtual funds to trade. The amount you get on Binomo is lower than others in the market. Still, it’s enough to get some good skills you can apply in real trading. Once you’ve depleted the virtual funds, you can then open a real account and start trading.

Types of Accounts

Binomo types of accounts

There are 4 accounts that you can set up on Binomo.

  • Free Account

With the free account, you don’t have to deposit any money to use it. However, this makes it very limited in what you can trade using it. It’s very easy to set up as all you need is a few details. You can only access a total of 18 assets through the free account which limits your range. There is a limit on the profits you can withdraw and you can only take part in free tournaments.

  • Standard Account

This account requires you to deposit and maintain a minimum balance of $10 in your account at all times. You get access to 39 different assets that you can place trade on and stand a chance to earn a profit on your investment. You get to participate in standard tournaments organized on the website.

The yield expected for this account on the staked amount is 84% and you get an 80% maximum bonus. Withdrawal requests take up to 3 days to process.

  • Gold Account

For this account, you have to deposit and maintain a minimum balance of $500 at all times. You get to your withdrawn profits to reflect in your account within 24 hours. The number of assets you can trade on are limited to 42.

All the tournaments you can participate in are of the gold category. You get to enjoy 86% maximum yield and a 90% maximum bonus. This account gets you a manager who is always ready to offer you any assistance and you also enjoy insurance on your investment.

  • Binomo VIP Account

For this account, you get the best of what Binomo has to offer. You have to deposit a minimum of $1000 into this account. You get very fast payouts on your requested profits which take only 4 hours to process. You can enjoy 49 different assets as you place your trades which increases your chances of turning a profit on your investment.

All the tournaments you participate in are on the VIP category. You get a 90% maximum yield and a 100% maximum bonus. You can enjoy a VIP manager and insurance on your investment. Best of all, you get specific individual offers just for you.

Assets to Trade On

There are over 45 different assets you can choose from on this online trading platform. This diversity makes the trading experience memorable. These assets are spread out on several markets providing users with different options that are very flexible to choose from.

The variety of assets is a huge advantage because you don’t have to only stay in one or two markets you can explore others and keep learning more. The trading contracts available on this site are only high/low.

  • Indices
  • Stocks
  • Cryptocurrencies
  • Commodities
  • Metals
  • Currency Pairs

With these options, you get a wide range of assets to choose from but there is a limit to what you can access. This highly depends on the type of account you choose to trade using.

Training, Tutorials & Free Online Education

Binomo tutorials

You can learn how to trade by watching the video tutorials provided on this site. It takes time to perfect the art of online trading. As a beginner, take your time to learn as much as you can and use the demo account for practice. The videos are very well produced and offer detailed guidelines and information on how trading works. You can visit the FAQ section to learn about various features of Binomo trading platform. These include information on types of accounts, how to deposit and withdraw, the assets available on Binomo, changing your account currency, how to become a VIP user, among others.

There is also a glossary available on the training section featuring all the terms commonly used on this site and their definitions. You get terms and words like Assets, Bollinger Bands, Capitalization, Day Trading, Flat Market, Hedging, Indicator, Leverage, etc.

Trading Tournaments

There are several tournaments you can take part in and stand a chance of winning great prizes. The point to note is some are only accessible when you operate a certain type of account on Binomo.

  • Surf

Take part in this tournament and stand a chance of sharing the prize fund which is set at $40000. You have to pay a participation fee of $25 to get a tournament account. This tournament is currently underway and is set to end in 27 days.

  • Three Days Race

You have to pay a participation fee of $10 to take part in this tournament. This gets you a tournament account and you stand a chance of sharing the prize fund set at $5232. The tournament is underway set to end in 12 hours.

  • Fortnight

This tournament is set to start in one day. You have to pay a participation fee of $30 to take part. The prize fund is set at $25000.

  • Diamond

Play a participation fee of $15 to get a tournament account and take part. The prize fund is set at $10000. It starts in two days.

  • Week

The prize fund for this tournament is set at $7000. You have to part with a participation fee of $10.

  • Two Days

The participation fee for this tournament is $7 which gets you a tournament account. The prize fund is set at $2000.

  • Daily Free

With this tournament, you don’t pay any fee to participate. The prize fund is set at $300.

Binomo Mobile & App

Mobile apps have become very common: Forex brokers and trading companies are making them more functional. Binomo App functions effectively giving you the best trading experience. You don’t have to spend the better part of your day in from of a desktop. Simply download it to your smart mobile device be it the smartphone or tablet. You can log in to an existing account and deposit money on it. Then proceed to place trades on the markets available to you.

The assets you can access depend on the type of account you have. Through the app, you can also create a new trading account easily. This makes it so convenient to trade while going about your day. The app frees up your time as you wait for the outcome of your placed trades. The design of the app is very appealing and makes you enjoy your trading experience. The app is available on both the Apple Store and Google Play Store.

Creating an Account on Binomo: Step-by-step Guide

How to Open Account

As a new user, you have to create an account to start trading on this platform. Thankfully, the whole process is fairly easy. It only takes a few minutes from start to finish.

  • On the homepage of the website www.binomo.com, click on ‘Sign In’ after loading it.
  • Choose ‘Create Account’
  • There are three options to use to open a new account. You can opt to fill in the registration form, or open through your Google or Facebook accounts.
  • When you opt to register on this platform, fill in the requested details.
  • Input your email which will be used to verify your account.
  • Create a unique password and choose the currency you want to use while trading.
  • Click on the checking box to accept the terms and conditions of this platform. It’s best to read and understand them first before you accept it.  
  • Click on ‘Create Account’ to complete the process.
  • Head to your email to verify your account then log in.
  • Proceed to deposit funds into the account which determines the type you’ll end up using.

Deposit and Withdrawal

You only have the option of using a Visa or Mastercard to deposit funds into your trading account. You can opt to trade using a free account but this limits you in terms of the number of assets you can access. The minimum amount you can deposit is $10 which gets you a standard account. It’s very easy to transact using these cards as they take very little time to process your transaction. You have to keep in mind their minimum amount which you can transact using each.

  • Open a blank browsing page and input the website
  • Once the homepage loads, click on the Cashier section
  • Pick a payment method
  • Fill in the amount you wish to deposit into your trading account
  • Click on ‘Credit’ to proceed to the payment page.
  • Follow all the instructions given on this page and complete the transaction.
  • The money will soon reflect in your account and you can start placing trades.

Withdrawing uses the same methods. There is a limit to how much you can withdraw depending on the type of account you have. Request a payout but remember that the rate at which you receive the funds is different depending on the payment method and the type of account you have.

Customer Support

You can choose to contact customer support for Binomo on their social media pages. They are available on Facebook, Instagram, and YouTube. These are better options given that there is no Live Chat feature on this platform. Another mode of communication to use is the customer support email [email protected] If you are in the area where they are located, simply walk to their offices.

Pros and Cons

Pros

  • Popular in India with localization into Hindi language
  • A variety of assets to choose from
  • Four types of accounts, including Binomo VIP
  • Have a free demo account with $1000 virtual funds
  • A member of the International Finance Commission
  • Reliable because it’s fully licensed and regulated
  • Website is translated into several languages
  • Safe and secure trading environment
  • Accessible on social media sites

Cons

  • Lacks a live chat session on the website for easy customer support

Binomo India: Frequently Asked Questions

  • Is Binomo legit?

Yes, this is a legitimate online trading platform. It is fully licensed to operate and regulated by the International Finance Commission. A company has to very honest and transparent in its operation to gain membership with this governing body.

  • What is the minimum deposit and trade amount?

You can deposit any amount as long as it’s not lower than $10 into your trading account. This is the minimum for the standard account. For Gold, you have a minimum of $500 and VIP is $1000. Trading can be done with as low as $1.

  • How are the terms and conditions of Binomo’s trading platform?

The terms and conditions are very straightforward detailing exactly what to expect from this trading company being that it’s very transparent with its operation. Read and understand them before registering for an account. You can contact the customer support for any questions.

  • What methods can you use to deposit and withdraw?

The only two methods you can use are Visa and Mastercard.

  • Is Binomo an award-winning trading company?

Yes. The company has won several awards including recently in the 2015 FE awards.

  • How do you contact customer support in India (Hindi)?

You can use several ways to communicate with the customer support team. One option is to send an email, another is to contact them through the chat sessions on their social media pages. Lastly, you can pay a visit to their offices for a face to face conversation if you’re within the area.

  • Does Binomo platform have an app for Android and iPhone?

Yes, Binomo.com has an app that you can easily download on your smartphone or tablet. It’s compatible with Android and iOS devices and can be found in both Apple and Google Play stores.

  • Is Binomo popular in India, Nigeria, Kenya?

Yes, Binomo is popular in India, Indonesia, Nigeria, Kenya, Tanzania and 20+ other countries.

Conclusion

About Binomo

Binomo is popular in India among the top trading platforms and has a wide range of assets to choose from. The website is well-designed and very easy to lead and navigate. You can opt to start by using the demo account which has $1000 in it in the form of virtual funds. This amount is low as compared to other trading platforms in the market. There are four types of accounts to choose from depending on how much you’re willing to deposit. You can only deposit and withdraw using Visa and Mastercard. These two are reliable but the company should look into adding more options.

Risk Warning: We understand the Forex industry is huge and volatile for people who lack basic knowledge about online trading. If you are a beginner, you should make this site your companion (and please practice trading skills on free demo accounts, don’t invest real money if you are beginner: remember, Forex trading, as long as trading binary options, crypto or CFDs, carries a risk of losing money due to leverage. About 77% of retail investors lose money when trading CFDs). (Read in other languages: RU, VI, PT-BR, ES.)