Binomo Review

Binomo is a digital options brokerage operates from St. Vincent & Grenadines, and has performed brokerage operations in the digital options market since 2014. The company also operates an office in Sofia, Bulgaria. Traders can trade digital options on FX pairs, cryptos, metals and indices on its simple, easy-to-use platform.

I. Background and Company Overview of Binomo

Binomo has won some industry awards, two of which are the 2015 FE Best Platform for Beginners Award, and the 2016 IAIR Platform of the Year Award. The company is also a category A member of the Financial Commission, which it joined in 2018.

Binomo presents a digital options (Call/Put) market to its clients. As the only trade type that its traders can use, the use of expert advisors does not come into play. Rather, the trader must perform analysis on a chosen asset and choose whether the asset will remain above a determined strike price (Call) before expiry, or below that price (Put) when the trade expires, Expiration times range from 5 seconds to as high as 2 days.

Some of the features that continue to attract traders to Binomo are:

• An unlimited demo account with $10,000 is provided to enable traders to practise their trades.
• Via the membership of Binomo in the Financial Commission, clients of the firm are covered by a maximum insurance amount of €20,000 per claim in the event of broker insolvency, or a wrongful dealing judgement awarded to the trader.
• Depending on the account type, traders can get a weekly cashback payment from Binomo for an unprofitable week of trading. II. Trading Platforms and Tools

Binomo offers its clients a trading application for use in trading the Call/Put digital options. Two versions are recognized: the webtrader and the mobile app.

The webtrader for binary options trading is the only platform offered by Binomo. It is also optimised for display on mobile devices.

The mobile version of the Binomo platform is the Binomo app. The app is downloadable on the App Store, Google Play store and other mobile application stores such as the Galaxy Store, Getapps and App Gallery.

The following tools are available on Binomo to enhance the trading experience of the firm's clients:

• There is a multiplier tool which can be used to magnify the payout beyond the original provided for the initial investment. A multiplier of 10 on a $100 investment would give a payout equivalent to a $1,000 investment. Binomo offers multipliers of 1,2,3,5 and 10.
• Trade with the Fixed Time Trades mechanism to benefit from short-term trades (as low as 5 seconds) or long-term trades (up to 60 minutes).
• The Happy Hour (available to Standard, Gold and VIP account holders only) is conducted on Tuesday and Thursdays, and is characterised by increased payouts for profits for one hour on selected days. Use it to step up your profits.

III. Account Types and Spreads

There are five account types on the Binomo platform. These are:

• Free
• Standard
• Gold
• VIP
• Prestige

The Free account comes with 32 assets for trading. This is basically the demo account on which traders can practise their trades and optimise their strategies.

The Standard account comes with 48 assets, and gives the holder up to 100% in bonuses. The payout is 85%, but there is no cashback or risk-free trading facility. Withdrawals on this account type take three days.

The Gold account comes with 61 assets and gives the holder up to 150% in deposit bonuses. Payout percentage is 90% and users qualify for a 5% cashback. Withdrawals are processed in 24 hours. Gold account holders get 13 additional assets to trade.

VIP account holders have access to a 200% deposit bonus, and 75 assets with a 90% payout percentage. They also qualify for a 10% cashback, trader insurance, a personal manager, and risk-free trades. Withdrawals are processed in 4 hours. In addition to the 13 added assets that Gold traders enjoy, VIP traders get 12 more assets.

The Prestige account is an elite account that presents 75 assets for trading. The payout is 90%, and holders can get up to 300% of their first-time account deposit. Account holders get a 10% cashback, a high priority personal manager, risk-free trades and a Cashback Plus reward of 5%. Withdrawals are processed in 4 hours.

IV. Contract Specifications

Here are the contract specifications on Binomo.

• Users get a free demo account worth $10,000 of virtual funds.
• The minimum trade amount is $1 while the maximum trade amount is $1000.
• All accounts qualify for the happy hour giveaway.
• Users also qualify for refunds of 10% for losses.
• The minimum deposit amount is $10.
• All digital options trades are unleveraged.
• Trades are not subject to early closure.

V. Security and Regulation

The Binomo brand is owned and operated by Dolphin Group LLC, a company registered and based in St. Vincent & Grenadines. There is no official government regulation of the digital options market in this island nation.

Residents of the US, Japan, Israel, Belgium, France, Canada and other nations where the trading of digital options is prohibited cannot open or operate accounts with Binomo. Binomo also prohibits citizens of countries under financial sanctions from opening or operating accounts on its platform.

VI. Customer Support and Education

You can reach Binomo's customer support team using the following channels:

• Email: support@binomo.com
• Facebook: facebook.com/BinomoBrand
• Instagram: instagram.com/binomo/
• Twitter (X): twitter.com/page_binomo
• Telegram: t.me/binomo

Conclusion

Binomo is strictly for digital options trading. Open an account with Binomo and get access to the company's compendium of trading strategies which will shorten your learning curve.