Binary options is an “analog” way of trading the forex market. This mode of trading is not offered by most brokers as it is a relatively unconventional way of trading. Binomo is one of such brokers that offer binary options trading. Read through this Binomo review to gain knowledge about the broker’s operations.
Overview and Background Information
Binomo is a binary options broker offering brokerage services to about 133 countries. They offer a total of 49 assets to clients with a maximum of 90% yield on investment. They also run bonuses and tournaments for their clients to participate in. Binomo is present in about 133 countries across the globe.
Binomo is run by Dolphin Corp. located at the first floor St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent, and the Grenadines. Pollack Trade Ltd is a payment agent of Dolphin Corp and also a part of the Binomo group of companies.
Binomo is regulated by the International Financial Commission (IFC). The Financial Commission is a neutral and independent dispute resolution organization that specializes in the financial markets.
Binomo is a category “A” member of the International Financial Commission and has been since May 2018. By virtue of this membership, clients are allowed a compensation of up to €20,000 per case should a member (Binomo) refuse to adhere to a judgment from the Financial Commission.
Deposit and Withdrawals
Deposits and withdrawals can be made through different payment options including bank cards and online wallets.The lowest deposit amount is $10.
Binomo offers a proprietary online trading platform. This platform has features expected of trading platforms with analysis tools such as charts and technical indicators, and account overview.
Binomo also offers mobile apps on android and iOS which allows you to trade on the go.Trading is also enabled on weekends for some assets.
Fees (Account and spreads/commission)
Binomo does not place spread on the assets to be traded. Instead, Binomo charges commission on every trade placed by the client.
Binomo’s trade execution was subjected to an audit by Verify My Trade (VMT) and passed. Verify My Trade is a dedicated service that guarantees the quality of trade execution. This organization cooperates with the Financial Commission.
Binomo has online client chat support. This allows clients to send messages to customer service agents and get feedback right away. Binomo can also be contacted through their email [email protected].
Binomo offers four account types to clients. These are namely VIP, Gold, Standard and Free.
VIP Account – The features of the VIP account are as follows: 49 tradable assets, a withdrawal processing time of 4 hours, and a 90% max yield on investments. Other features of the VIP account are access to VIP tournaments, 100% bonus, investment insurance, a VIP manager, and individual offers. To get this account you need to make a deposit of at least $1,000.
Gold Account – The features of the Gold account are 42 tradable assets, withdrawal processing time of 24 hours, and 86% max yield on investments. Other features of the Gold account are access to Gold tournaments, 90% max bonus, investment insurance and a manager. To get this account you have t make a deposit of at least $500.
Standard Account – The features of the Standard account include 39 tradable assets, withdrawal processing time of up to 3 days, and an 84% max yield on investments. Other features include access to Standard tournaments, and an 80% max bonus. To qualify for this account you have to make a deposit of at least $10.
Free Account – As the name suggests you do not have to make a deposit to have access to this type of account. The features are access to 18 tradable assets and free tournaments. Withdrawal is limited on this account.
In addition to these accounts the broker also offers “Demo” accounts which can be used for practice and familiarization with the trading platform.
Binomo offers binary options on a variety of instrument which include forex pairs, cyryptocurrencies, CFDs and Stocks. The VIP account with 49 tradable assets has the highest number of assets.
Education and Research
Binomo offers free training to clients through its knowledge base. The knowledge base consists of lessons and other materials. This is a great way to learn about binary options trading.
Binomo runs different promotions and tournaments which affords clients the opportunity to make bonus funds. Tournaments by Binomo are the Daily Free tournament (₦109,200.00 prize fund) and the Luxury tournament (₦14,500,000.00 prize fund).
In conclusion, Binomo is a regulated binary options broker which offers a good trading platform alongside training tools and a demo account.
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