Binomo seems to be a good choice for the new trader because they offer a minimum deposit of $10 and a minimum trade amount of $1. Even if you were only to deposit $10, you would be able to execute ten trades to test the platform. Customer support seems reasonable, and the mobile trading experience is suitable for trading on the go. In our opinion, if you are looking for a broker that suits the first-time trader, then Binomo seem like a good choice.
Established in 2014, Binomo is a binary options broker registered in Seychelles. They seem to offer everything that you would expect from a top level firm. While still awaiting CySEC licensing, they do hold an FMRRC certificate. The minimum deposit amount and minimum trade amounts make them a low-risk choice for the new trader that doesn’t want to invest massive amounts.
In addition to low trade requirements, they offer many other features. Various timed welcome bonuses and a demo account with $1,000 are just two of the benefits that make this broker stand out in the crowd. They also offer comprehensive customer support and an excellent mobile trading experience for those who like to trade on the move.
To find out more about this broker and whether they are the right choice for you, we have put together our comprehensive review. Our financial experts spend time analysing every aspect of trading with this particular broker to ensure that your trading experience is a good one. Find out more about why we think Binomo is an excellent choice for new and inexperienced traders.
In this review, you will learn:
- What makes them stand out from their competitors
- The different trade types, payouts and assets available
- Why we think this broker is a good choice for traders
There are many account types available from Binomo, all of which require different deposit amounts and offer a range of benefits:
You can open a Standard account with just $10 and get all of the benefits of trading on the platform which include:
A Gold account requires a minimum deposit of $500. In addition to the above, Gold account holders receive an extended range of assets to choose from, faster withdrawals (up to 24 hours), increased bonuses, advice and analytical support plus a weekly cashback amount of 5%.
For those who are more serious about trading, a VIP account requires a minimum deposit of $1,000. VIP accounts give you, the account holder all of the above benefits plus bonuses of up to 100%, fixed trade profits of up to 87%, withdrawals in less than 4 hours and a weekly cash-back of 10%. It also gives you access to all assets on the platform.
Despite the platform offering a VIP account, the deposit is still low in comparison to other brokers who require a much larger deposit on their top end account. Low deposits further indicate that this broker is a fantastic choice for those that are new to trading.
The trade types available from Binomo are a lot less than you would receive from other brokers. They only offer High/Low Options and Turbo Trades. Expiry times for High/Low options are 15, 30 and 60 minutes. Another sign of a low entry-level focused on new or inexperienced traders is the inclusion of the simpler pair options.
They are also restrictive on the number of assets available with a maximum of 70 only being available to VIP account holders. Payouts range from between 70% – 87% which depends on the type of account that you have.
These are the classic types of binary options trades and are otherwise known as the Call/Put options. The aim of this is to predict whether the price of the asset that you select will go higher or lower than the current price by the expiry time.
The low deposit and minimum trade requirements add weight to their favourability.
Bonuses And Promotions
Rewards are available, but many are date sensitive and change from time to time. They are prominent on the website though so you don’t have to go looking for them. Welcome bonuses seem to range from 25% to 100%, but often they are a little more complicated. One example of this is the bonus that allows you to make a deposit and get up to $150 of free options.
Being able to trade on the move is make or break for a broker in this age of digital technology. Most brokers offer an app with others providing at least a mobile responsive tablet that recognised the device you are using. Binomo offers both an app which is available on the App Store, for iOS users and Google Play, for those using an Android device.
The beauty of using an app to trade is that you can set it up to receive notifications, something that you can’t do with the website version of the platform. So, with Binomo, wherever you are in the world, and whatever you are doing, as long as you have an internet connection you can carry on trading.
Standard Account holders can open an account with a minimum deposit of just $10. For Gold and VIP holders this is more. It is easy to make a deposit using one of many accepted payment methods including personal credit cards. Once you have made a deposit, the funds are available immediately to trade.
If you are making a withdrawal, you merely request the amount that you wish to withdraw. Ordinarily, there are no withdrawal fees however if you haven’t traded your deposit amount a required number of times, then you will be charged a 10% fee. The time it takes for the withdrawal to reach your account depends on the account status that you hold. For Standard Account holders, it is three working days. Withdrawals can be expedited to less than 4 hours if you have a VIP account.
Frequently Asked Questions
Is Binomo legit, will they scam me?
We have found no evidence to suggest that they might scam you, the trader, and the fact that they have now been trading for a few years without incident indicates that this is a safe broker.
Do they have a decent mobile or tablet app?
Yes, Binomo offers a mobile app for both iOS and Android users. Their website is also responsive. The apps are free to download and mean that you can trade on the move.
What bonus do they offer for new traders?
Binomo offers a variety of bonuses that change regularly. They range from 25% to 100% and are deposit match bonuses. Match bonuses mean that you will get a bonus depending on the amount of your deposit.
Can I start trading on a free demo account?
You don’t need to make a deposit, enter your email and you receive $1,000 of virtual funds. You can then use the virtual platform to get yourself familiar with its functionality.
What’s the minimum deposit and trade amount?
The minimum deposit is $10. The amount is low in comparison to other brokers. The minimum trade amount is just $1. Many brokers require a deposit of at least $25 with a minimum trade of this amount as well.