BINOMO SCAM OR NOT? – BROKER REVIEW 2020
Is Binomo a scam or a reliable Broker for Binary Options? – Read more about it in this review of 2020. Nowadays it is hard to find a good broker because diversity is quite large and there are some scams outside. In this review, I will show you the facts and conditions of Binomo for traders. Is it worth to invest real money or not? – Find it out in this article.
WHAT IS BINOMO? | THE BROKER PRESENTED
Binomo is an international broker for Binary Options. The company was founded in 2014 and is based in Seychelles. The website is running by Tiburoan Corporation Limited and they got branches in different countries around the world. At the moment the most active countries are India, Indonesia, China, Brazil and Asia. The broker is regulated by the IFC (International Financial Commission) and certified by the CROFR. This information about the broker makes a first good impression on me.
The broker provides you the opportunity to bet on rising or falling markets with Binary Options to get a high profit in a short time horizon. They offer a diversity of more than 200 assets to invest. The customer base is rising continuously since the start of the company. In addition, the Binomo always tries to improve their service and offers for traders.
- Broker since 2014
- Based in Seychelles with different branches
- Start with a small deposit
- High asset profit
- No hidden fees
Is Binomo regulated ? – Regulation and safety of the broker
Many traders are asking: Is Binomo safe? – The truth is that the company is regulated by the IFC (International Financial Commission) since May 2018. In addition, the broker is certified by the CROFR. That makes Binomo one of the safest in the CIS. The regulation is very important for international traders. If there is a fraud, the broker would lose the license quickly.
The IFC is an independent and neutral commission for the financial markets. The broker is a member of category “A”. This is the highest level you can achieve by this regulation. In other words, there are different benefits for traders now:
- Protection: Clients funds are protected up to 20.000€. This is a compensation fund which covers the amount. For the unlikely event, the fund would cover you if the broker goes bankrupt.
- Court: Traders get access to neutral and international tribunal and judgment. If you got any problems with the broker, you can complain to the IFC.
- Fast Support: The IFC provides you with fast service and support. There are working employees all around the world.
Review of the conditions and offers for Binomo traders
Binomo offers to invest in rising or falling markets with Binary Options. It is like betting on a certain time horizon (read more below). There are more than 100 different assets to trade. You can trade Forex, Stock, Commodities, and Cryptocurrencies on the platform. Another point to mention is that the broker works 24/7. You can trade on the weekend with a high return on investment.
The asset profit is high to 87% for Binary Options. You can trade short-term or longterm trader. There is a big diversity of expiry times. If you add more than 1000$ to the account, you will get a VIP-status with a higher asset return. Besides, there are no hidden fees for you! They do not charge you any commission of deposit or withdrawal funds.
Beginners or advanced traders can start with the minimum deposit of 10$. This is a very small amount of money and clearly an advantage of Binomo. Also, the minimum investment amount for a trade is 1$. You can trade any asset with only 1$ and without fees. In conclusion, the conditions are one of the best in the world compared to other Binary Options Brokers.
TEST OF THE BINOMO TRADING PLATFORM
Is the trading platform of Binomo good as it looks? In this section, I will show you transparent the platform and the functions for traders. Binomo offers a web-platform and a mobile app. On the platform, you get direct access to more than 100 assets. The platform works 24/7 and you can trade on the weekend Cryptocurrencies. Binomo provides video tutorials and guides for beginners to learn more about the platform. In addition, you can ask support for help.
The platform is unique and programmed by the broker. The platform looks clear and well structured for the first impression. It is possible to customize it and do an extensive analysis of the chart. Use different chart types, indicators or other tools for technical analysis of the asset. After that, you can make your forecast and earn a high amount of money.
Furthermore, the trade execution of Binomo is one of the fastest. There are no lags or connection problems. The platform works smoothly and is very flexible too. You can customize the chart as you want.
On the right side, you see the trading dashboard for the execution of traders. It is clearly structured and you can use hotkeys for trading. This is a unique advantage of Binomo. On the left side, you get access to different options of the broker. Look at your trading history, learn new strategies, use the news calendar and more.
On the upper side, you can choose any asset for trading. It is possible to use multi charts and open more than 1 chart. So you can switch easy and simple between different assets to carry out different strategies. In conclusion, the trading platform is easy to use for beginners and advanced traders. There are a lot of functions for trading success.
Facts about the platform:
- More than 20 indicators
- More than 100 assets
- Mobile Trading
- Very fast trade execution
Professional charting and analysis is possible
For successful trading charting and analysis is very important. In the next section, I will show you the functions of the trading platform. With Binomo you can use more than 4 different chart types which a necessary for professional strategies. The best-known chart type is candlesticks. With special patterns, you can predict the turnaround of the market.
- Mountain chart
- Line chart
Use more than 5 different timeframes for the analysis. This is a little disadvantage because other brokers provide more than 5 different timeframes for the chart. It is important to choose the right timeframe for the setup of a Binary Options trade. The financial product depends on a certain expiry time.
- 5 seconds
- 15 seconds
- 30 seconds
- 1 minute
- 5 minutes
For technical analysis, you can use technical drawing tools or indicators. There is a huge range of different drawing tools which makes the broker unique. Use horizontal lines, Fibonacci, trendlines and more.
Also, more than 20 different indicators are available on the platform. Choose an indicator and customize it by yourself. You can choose different settings for the periods of the indicators and more. In addition, there is a description and tutorial for the indicator. In the section “strategies” you can read about the collaboration between different indicators. They are powerful tools to make a high profit with Binary Options.
In conclusion, the trading platform is user-friendly and flexible. Beginners should feel comfortable within a few minutes. The biggest advantage is the clear structure of the platform. I like the design. Furthermore, you can customize it very fast in a few seconds. Try it with the demo account.
Binomo Trading Tutorial – How does an investment work?
Binary Options is a simple financial product. In this simple and short tutorial, I will shoud you how to trade successful. You can bet on rising or falling markets at a certain time horizon. Choose the expiry time of the trade and go short or long. After the expiry time, the trade automatically closes and you get a high payout or you lose your invested amount.
Predict the price direction of an asset and trade in the direction you want. No matter how much the asset is moving in your direction the price only has to be upper or under your entry point to get a fixed profit. The profit depends on the traded asset.
The risk is limited to the investment amount. You can only lose your investment amount and win a fixed profit. This is an important point because there are not a lot of financial products where the risk is limited.
Example: GBP/USD – 85%:
You invest the amount of 100$ and make the forecast for the market. If you are right after the expiry time, you win a high amount of 185$. 100$ is the return of your investment and 85% is the profit. Binary Options are available on a different time horizon. It is possible to get a high profit in a short time horizon like 30 seconds.
Step by step trading tutorial:
- Choose any asset and analyze it
- Make a forecast of the price movement in the future
- Choose an expiry time
- Invest any amount starting 1$
- Click Call (long) or Put (short) to open your trade
- Earn a high amount of money if you make the right forecast
Losses and emotions are the biggest enemies of a successful trader. Therefore it is important to use sensible money management. If you lose a huge amount of money, you will trade irrational and lose more money in the future. Sensible money management should be not more than 1% per trade of the account balance. The advantage is that you can cope with a losing strike without getting emotions.
Binary Options are risky too. You should not invest money which you can not afford to lose. Profits are not guaranteed but there is a chance to earn a lot of money with the right knowledge.
Mobile Trading (App) for any device
Also, Binomo offers mobile trading for every client. The app is available for smartphones and tablets. You can use any devices whether it is Apple (iOS) or Android.
Nowadays mobile trading is very important. React directly to market news or proof your portfolio on road. It is possible to earn money with your smartphone. The app works smooth and structured like the web version. The execution of trades is very fast and you can use the same functions as in the web version. The offer of mobile trading completes the portfolio of Binomo.
How to open your free demo account with Binomo
The demo account allows you to trade with virtual money. There are some different advantages of it which I will show you in this section. Especially beginners should practice with the demo account before they invest real money. In addition, advanced traders can use this account too to improve their strategies or learn to trade new assets. You trade without risk. The demo account is the best option for getting more knowledge about the trading platform and the financial product.
Binomo offers you a free demo account with a 1000$ deposit of virtual money. It is completely free and you can use this account as long as you want. It is unlimited. If you lose money, you can recapitalize this account with one click. On the other hand, you can change between the demo account in few seconds! Every good broker provides a free demo account. So Binomo is one of the best brokers.
Open your real account
The demo account is linked to the real account. Switch between these accounts with one click. For trading with real money, you have to fulfill the account form. The broker needs additional documents and personal information. For withdrawal profit, the account has to be verified. The verifications take some time of fewer than 24 hours. Just upload a photo of your passport and get the verification. After that, you can use all the functions of the real account of Binomo.
In conclusion, the account opening with Binomo is very easy. The sign up lasts only a few seconds. Use the account currency dollar or euro to open the account. There are no hidden fees for you and it is completely free.
Honest Binomo deposit and withdrawal review
The minimum deposit is only 10$ and the minimum withdrawal is only 10$. You can capitalize your account with different payment methods. Binomo offers Creditcards, E-Wallets or Cryptocurrencies for your deposit. Also, the withdrawal works with these payment methods.
The withdrawal process works fast as the deposit. If you make a profit, you can withdrawal it directly on the platform. Surprisingly there are no commissions for your transaction. This is a big advantage of Binomo. In addition, it is secure and the withdrawal system works fast. They pay out in less than 24 hours.
The Binary Options Broker offers you a bonus (read more below) too. It is possible to get a 100% bonus of your first deposit. Furthermore, there are different account types (read more below). In conclusion, I proofed the payment system and there was no scam for my deposit and withdrawal. It works very fast and reliable.
- Credit Cards (Master/Visa)
- Qiwi Wallet
- Cryptocurrencies (Bitcoin, Litecoin)
- Perfect Money
Bonus and conditions for traders
Binomo offers different types of bonuses for traders. The bonus for the first deposit is very popular because you can trade with more risk or money. Always before you activate a bonus you should read through the bonus requirements.
Example: You do a deposit of 5000$ in your account trade with the money management of 1% each trade. The investment amount is 50$. If you take a bonus of 100%, your account balance is 10.000$. Now you trade with the investment amount of 100$ each trade if you use the money management 1% of your account balance. The bonus allows you to grow your account more quickly.
The broker offers different types of bonuses and there are different requirements. The bonus can be deactivated only if you do not trade after the activation. The bonus cannot be deactivated after you start trading with it. The amount of the bonus depends on the promotion and the amount of deposit. For bonuses of the amount of 50% or more the turnover is x40. The turnover for bonuses less 50% is x35. Sometimes they offer a no-deposit bonus. Also, there are time limits for the activation. In conclusion, a bonus is one of the best tools to grow your account but you should read through the bonus conditions before you activate it.
Different account types are available
Binomo offers 4 different types of accounts. The status depends on the deposit amount. This is another good feature to improve the experience from the clients of Binomo. With a higher account type, you can get special features and more profit. In this section, I will show you the different types of account. See the advantages of a higher deposit.
Everyone who deposit the amount of 10$ get the standard account. You can use the full functions of the trading platform.
- Fixed profit to 85%
- Minimum investment amount is 1$
- Participation in tournaments and contests
- No limits
- Withdraw in less than 3 days
- Technical support
In the gold account there are more special events and privileges, which could increase the profit of a trader.
- More assets are available (100+)
- Fixed profit to 86%
- Get a higher bonus
- Personal account manager
- Education from professional traders
- New strategies
- Weekly cashback 5%
The VIP account offers you the best trading conditions.
- Bonus up to 100%
- Higher asset profit up to 87%
- Withdraw in less than hours
- More available assets
- VIP support and education
- Weekly cashback 10%
Review of the tournaments for traders
Also, Binomo offers contests for traders. It is a good way to earn a huge amount of money with a small investment. There are different types of contests. Some tournaments are free to use and some tournaments have to be paid. The participation fee depends on the contest.
Often the goal of the tournament is to get a maximum balance at the end. You compete with other traders on the platform. If you lose money, the contest is no over. You can rebuy and start again.
The prize fund is quite large compared to other contests. The winner does not get the whole prize fund. The money divided up to the first 30th places but it can depend on the contest. There are a lot of different conditions and each contest is unique. In conclusion, I like tournaments because the return of investment can be huge. Surprisingly sometimes you can win an iPhone XS or other valuable prizes.
The market for Binary Options is growing continuously. Binomo is an international broker who tries to accept more and more countries. There are some forbidden countries: EU, USD, and Canada.
After all the market in Asian and Africa is growing very fast. Now they offer support in more than 20 different languages: English, Thai, India and more. The most traders are from:
Is Binomo legal?
I can recommend that Binomo is a legal company. Binary Options are allowed to trade in India, Australia and more. It is like betting on a rising or falling market with fixed risk.
Are Binomo Robots, bots, and automated trading allowed?
There is no possibility to use automatic systems with Binomo because they offer a unique trading platform. For example, expert advisors are not possible to use. In addition, the broker does not provide signals or social trading for its clients. Binomo prefers that the traders trade with their own knowledge.
Automatic trading on the platform is prohibited and can block your account.
Be careful with Robots, bots, or automated systems for Binomo. They are a big scam for your money. Binomo can delete your account without warning if the broker finds our that you use a bot. Moreover, 99% of all robots and bots are a scam from my experience. They do not work profitable, so you should not try these programs.
But Binomo offers a big education center where you can learn different strategies by yourself. This is a good way to improve your profit and another option.
Review of the Binomo customer service and support
Binomo offers 24/7 support via phone, chat, email or skype. From my experience, the support works very fast and professional. There are specially educated employees who answer your questions. Furthermore, they offer an account manager for gold and vip clients. It is a personal manager. You can arrange a personal session to learning more about trading and new strategies.
All in all the support is reliable and very fast. I tested it in many ways and the live-chat is the fastest one. Just click on the symbol in your platform and you can directly ask questions. Finally, they offer a big FAQ and education center. There are video tutorials and guides for trading. More than 50 videos are available.
Conclusion of the Review: Is Binomo real or fake? – Good choice for an legit broker
Binomo is interesting for beginners and advanced traders. In this review, I showed you the conditions and offers for traders. After you read this review you should decide for yourself if you want to invest your money.
In my opinion, Binomo is a reliable broker for Binary Options. They offer everything a successful trader needs. Start trading with just 10$ in your account or try the demo account for practice the platform. Beginners should feel comfortable with the support and the education center. The service is diversified and professional.
The conditions are at its best with Binomo. Trade with a high asset profit and earn money in a few seconds. Binary Options are risky but with this broker, you are on a good way to earn money. Also, the broker is very safe because of the regulation and it can be used as recommending the company.
Should I create an account with Binomo?
Personally, I think it is a very good broker for financial investments. In this review, I showed you the advantages of the platform. There are no disadvantages and it does not look like a scam for me. Especially I tested the broker with real money and the platform works fine.
If you search for a professional Binary Options Broker, you should register with Binomo.
Advantages of Binomo:
Start with a small investment amount 1$
Flexible and user-friendly platform
Huge asset diversity
High profit of 87%+
Fast trade execution
Good service and support
Fast withdrawal system
Disadvantages of Binomo:
Little choice of timeframes on the trading platform