This review is dedicated to a binary broker Binomo. Binomo is promising traders innovative binary options trading and special VIP treatment for traders who deposit a certain amount. Binomo claims to be a market leader and also promises a demo account – feature that should never be underestimated as it is a great binary trading tool that will provide you practical education and show how binary trading really looks like.
Binomo review will introduce you not only to demo account and special benefits but also features, software and customer support that is waiting for you with Binomo binary broker.
Account Features
Binomo is a relatively new broker on the market, that offers a variety of trading accounts.
Standard Account
- $10 deposit
- $1 minimum trades
- Tournaments
- Payouts up to 85%
- Special bonuses
Gold Account
- $500 minimum deposit
- Expedited withdrawals
- Yield on trades up to 86%
- 5% weekly cashback
- Advisory services and analytical assistance
- Benefits of Standard account
VIP account
- $1000 minimum deposit
- Withdrawals within 4 hours
- 10% weekly cashback
- Bonuses up to 100%
- Special VIP treatment
- Benefits of Gold account
Binomo has one great addition to their portfolio which is a demo account. Binomo demo contains virtual $1000. This amount is considered to be optimal for demo trading in binary options. It is high enough to give the trader an opportunity to test the binary platform to the last detail, but also small enough so it doesn’t look like a game. $1000 is fairly realistic and most traders find that this amount is more than enough to test the platform. Binomo demo account requires a short registration that is not charged, but completely free.
Binomo also offers several other perks. The most important one is a special promotion where they give up to 10 binary options trades in up to $150 worth. According to the website, this is a limited offer, so make sure to take advantage of it, but only if you have read terms and conditions and you agree with them. There are special terms and conditions for every promotion, but the default trading volume number is 35x for a bonus that is larger than 50% of the amounts at your account, or 40x. Minimum deposit in order to become eligible for a bonus is $50.
Withdrawals of no deposit bonuses rewarded by email are limited to $50, while all bonuses are active for 5 days only. In the case of a trade where the strike price is the same as the expiration price, the trade is not added to requested trading volume. Make sure to understand all terms and conditions before accepting a bonus.
Trading Software & Assets
Binomo is one of those binary brokers that takes great pride in being unique. For example, they have a proprietary platform.
Immediately after you log in, you will receive a pop up with the ‘asset of the day’ info. This can be considered to be a form of binary options signal, that you can trade if you like or skip altogether. Another pop you will receive after registration is a bonus offer. During a Binomo review, we received 25% bonus upon registration for a free demo account.
In the upper left corner traders will find a drop-down menu with a list of assets. Binomo review showed how this broker offers currency pairs and gold. Additional assets would be a great addition for every trader who prefers diversification. Along the left margin is a menu with tournaments, special promotions, messages, and gifts. You can use the chart in the middle of the platform to follow and predict binary options trades. The trades are placed on the right side of the platform.
There, traders will find an interesting addition called – Hotkeys. Hotkey allows traders to place their trades by using a keyboard and not mouse. They are also promising Android and iOS apps, but unfortunately, during the Binomo review, links were not active. Let’s hope that this is an addition they plan to make in the future.
Support Information
Binomo customer support is somewhat different than with other brokers. After they open live chat window, traders must first select the preffered language. Binomo supports following languages: Bahasa Indonesia, Chinese, English, Spanish, Portuguese, French, Turkish, Russian. The full list is available in chat window. After you have selected the country you will get localized support that will provide you with all the information in your native language, in case it is offered.
Binomo review showed how this new broker doesn’t lack detailed educational materials that can help traders to understand binary options on a higher level. Besides FAQ, there are many learning opportunities, and traders can always trade on demo. Knowledge base is more or less a form of dictionary that delivers additional information about terms related to binary trading. There is also a strategy section with several binary trading strategies explained. However it would be great if they made it more visible.
There are no daily news so traders will have to find the info on financial markets somewhere else.
Banking & Company Information
Binomo review showed how this binary broker is owned and operated by Dolphin Corp. All payments are carried out by Pollack Trade LTD. Since May 2018, Binomo has been a category “A” member of the international Finance Commission.
As already noted in Binomo review, minimum deposit with this broker is $10, and minimum withdrawal is also $10. Depending on the account type, withdrawal process may take from 4 hours to several days, with transfer days excluded. The number of days needed for the amount to be visible on the account depends on your country, bank, public holidays, the day of the week etc.
Binomo usually charges no fees, but in terms and conditions, we found a clause that mentions if the trader makes a deposit, and doesn’t reach trading volume in the amount twice as big as the deposit, he will be charged with a 10% fee.
Available deposit and withdrawal methods that were offered to us during the Binomo review are Visa, MasterCard, Qiwi, Netteler, Webmoney, Yandex, WMZ, and FasaPay. Also, once traders decide to make a deposit, they will immediately be introduced to different bonus offers listed on the deposit page.