Overview of Binomo
Binomo is a forex broker that is registered in Saint Vincent and the Grenadines. It was founded in 2014 and is owned and operated by Dolphin Corp LLC,. The broker offers trading services for a range of financial instruments, including currencies, stocks, commodities, and cryptocurrencies.
Binomo offers three account types, depending on the initial deposit the trader makes. These are the Standard, Gold, and VIP account types. Each account type has different features and benefits, such as higher profitability rates, personal managers, and access to additional trading tools.
When it comes to trading platforms, Binomo provides traders with its own proprietary trading platform, which is available on both desktop and mobile devices. The platform is user-friendly and provides traders with advanced charting tools, a range of technical indicators, and customizable trading settings.
Binomo offers customer support via email, phone. They have a team of multilingual customer support specialists who are available 24/5 to assist traders with their inquiries and issues.
Is Binomo legit or a scam？
Binomo is registered in St. Vincent and the Grenadines and is not currently regulated by any major financial regulatory authority. It is important for traders to be aware that trading with a non-regulated broker can come with increased risks, as there is no regulatory oversight to ensure fair practices, client protection, or financial stability. Traders should always do their own research before trading with any broker and be cautious when dealing with unregulated companies.
Pros and Cons
Some of the advantages of this broker include a user-friendly trading platform, low minimum deposit requirement, free demo account, wide range of payment options, 24/7 trading availability, and mobile trading app. However, there are also some limitations, such as a limited range of trading instruments, no MetaTrader trading platform, limited educational resources, limited customer support options, limited regulation and oversight, no social trading features, limited language support for the platform, and no live chat support available.
Market Intruments
Binomo offers a variety of market instruments for trading, which can be categorized into the following types:
Commodities: Traders can also access commodity markets through Binomo, with popular options including gold, silver, and crude oil.
Indices: Traders can also trade on the value of major stock indices, such as the DowJones IA, AEX, NSDAQ 100, and more.
Cryptos: Traders using Binomo can invest in a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, among others.
Overall, Binomo offers a diverse range of market instruments for trading, which can provide traders with a range of investment opportunities and diversification options.
Account Types
Binomo offers a demo account and a live account for traders to choose from.
The demo account is designed for beginners to practice and develop their trading skills on the platform without risking real money. It provides access to all trading features and tools, allowing traders to test their strategies on the platform with virtual funds.
The live trading account is for traders who are ready to trade with real money. There are different types of live trading accounts offered by Binomo, including the standard account, gold account, and VIP account. Each account type has its own benefits and requires a different minimum deposit amount.
How to open an account？
To open an account with Binomo, you can follow these steps:
Go to the Binomo website and click on the “Sign up” button located in the top right corner of the page.
Fill in the registration form with your name, email address, and password. You also need to select your account currency and tick the box to confirm that you are over 18 years old and accept the company's terms and conditions.
Click on the “Create account” button to complete the registration process.
Once you have created an account, you can log in and fund your account using one of the available deposit methods.
After funding your account, you can start trading by selecting one of the available assets and choosing your preferred trading strategy.
Leverage
Binomo offers leverage of up to 1:1000, which means that traders can potentially control a position 1000 times larger than their account balance. For example, if a trader has a balance of $1000, they could potentially open a position worth $1,000,000 with 1:1000 leverage.
While leverage can amplify profits, it also increases the risk of losses. The higher the leverage, the more capital is at risk, and the quicker losses can accumulate. Therefore, it is important for traders to have a good understanding of leverage and risk management before using it in their trading strategies.
Spreads & Commissions (Trading Fees)
Binomo offers variable spreads, which means that the spread can change depending on market conditions and the asset being traded. However, the broker does not specify the exact spreads on its website.
In terms of commissions, Binomo charges a commission on each trade, which varies depending on the type of account and the asset being traded. For example, the commission for forex trades ranges from 0.004% to 0.035% depending on the account type and trading volume.
Non-Trading Fees
Binomo is a binary options broker that charges some non-trading fees to its clients. Here are some of the non-trading fees associated with this broker:
Deposit and Withdrawal Fees: Binomo does not charge any deposit fees. However, they may charge a withdrawal fee depending on the payment method used. For example, the fee for withdrawals via bank transfer is $10.
Inactivity Fees: Binomo does not charge any inactivity fees to its clients.
Currency Conversion Fees: If you deposit funds in a different currency than your account currency, Binomo may charge you a conversion fee.
Account Termination Fee: If you want to close your account with Binomo, they do not charge any account termination fees.
Trading Platform
Binomo provides a user-friendly trading platform that's designed to make trading binary options accessible to both new and professional traders. The platform is available as a web-based platform and as a mobile application, which can be downloaded on both iOS and Android devices.
The platform's interface is intuitive and straightforward, designed with a user-friendly interface that's easy to navigate. It comes with different trading types, including classic binary options, long-term options, and pairs trading, enabling traders to select their preferred trading style.
The platform is also equipped with several trading tools, such as technical indicators, trading signals, and economic calendars, to help traders analyze the market and make informed trading decisions.
One of Binomo's innovative trading features is the “Non-Stop Trading” feature, which allows traders to open several trades simultaneously, opening up more opportunities for profits. The platform also supports social trading, where traders can follow and copy the trading strategies of successful traders.
Bonuses Offered
Binomo offers a variety of bonuses and promotions for its clients, including a 30% welcome bonus on the first deposit. This means that when a new trader deposits funds into their account, Binomo will credit an additional 30% of the deposited amount as a bonus. In addition to the welcome bonus, Binomo also offers other bonuses and promotions from time to time.
However, it is important to note that bonuses often come with certain terms and conditions, such as minimum deposit requirements and trading volume thresholds that need to be met before the bonus can be withdrawn.
Deposit & Withdrawal
The minimum deposit amount is typically around $10. It appears that Binomo does not provide information about the deposit and withdrawal methods that they support on their website. It is unclear what payment methods are available for clients to use.
While it is not uncommon for some brokers to not disclose their supported payment methods, it can be inconvenient for clients who prefer to use certain payment methods. It is recommended that clients contact Binomo's customer support team directly to inquire about the available payment options.
Without clear information about the payment methods available, clients may have to take additional steps to fund their accounts or withdraw their profits. This lack of transparency can be a drawback for some clients who prefer to have more clarity about their trading experience.
Customer Support
Binomo does not offer an online chat feature at this time. Instead, they offer support through the following channels:
Email: Traders can email Binomo's customer support team for any questions, issues, or complaints.
Phone: Binomo's customer support team is available 24/7 via a phone hotline. Traders can find the phone numbers for their region or country on the broker's official website.
Social Media: Binomo is present on several social media platforms such as Facebook, Instagram, and Twitter, and traders can reach out to them via these channels.
Below are the details about the customer service.
Language(s): English, Chinese, Turkish, Portuguese, Bahasa Indonesia, Arabic, Russian, Thai language, Vietnamese, etcetera
Email: support@binomo.com
Phone Number: +18499366003
Address: Dolphin Corp LLC, Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines
Social media: Instagram, YouTube, twitter
Educational Resources
According to their website, Binomo does offer educational resources for their clients. These resources include a help center that covers a variety of topics related to trading, as well as a traderoom where clients can access market news and analysis.
In addition, Binomo provides a variety of educational materials, including video tutorials and articles that cover topics such as trading strategies, risk management, and technical analysis. These resources are designed to help clients improve their trading skills and make informed trading decisions.
Conclusion
Regarding Binomo, the broker offers several features such as a user-friendly trading platform, convenient deposit and withdrawal methods, and a responsive customer support team. However, it is worth noting that the broker does not offer certain features such as online chat support that some traders may prefer.
Binomo may be a suitable binary options trading platform for traders seeking a regulated and reliable trading environment, but it is essential to exercise caution and thoroughly research before engaging in any trading activities.
FAQs
Q: What trading instruments are available on Binomo？
A: The trading instruments available on Binomo include classic binary options, long-term options, and pairs trading. Binomo also offers a free demo account for traders to practice their trading skills.
Q: Does Binomo offer any bonuses or promotions？
A: Yes, Binomo offers several bonuses and promotions, such as a welcome bonus and tournament bonuses. However, traders should note that these bonuses come with terms and conditions that must be met before they can be withdrawn.
Q: Can I trade on Binomo using my mobile phone？
A: Yes, Binomo has a mobile application that can be downloaded on iOS and Android devices, allowing traders to trade on-the-go.
Q: Are there any educational resources available on Binomo's platform？
A: Yes, Binomo provides educational resources such as trading strategies, video tutorials, and articles to help traders improve their trading skills and knowledge.
2022-12-06 17:04
2024-07-08 11:41