Binomo Review 2022: Is it a Safe Platform to Trade Crypto or A Scam?
Binomo is indeed an online trading platform which provides clients from 133 countries as well as is among the most popular brokers among Indian, Brazilian, Indonesian, Vietnamese, as well as Turkish traders. Binomo was founded in 2014 and therefore is managed by Dolphin Corp, a corporation based in St. Vincent as well as the Grenadines. Binomo has been one of the largest brokers, including over 887,470 daily active traders including over 30,000,000 successful trades every week.
Is Binomo, however, the ideal fit for you? Can they be relied upon? The purpose of this post is to explain the Binomo platform and how to utilise it for trading. Take the time to learn how it works and whether it’s safe to use Binomo.
About Binomo Trading Platform
Binomo is a client-focused firm that is pioneering new opportunities in the world of leading trading technologies. On the way to building a world-class trading platform, they believe that providing the best quality support and services, such as highly professional tutorials, analytical services, as well as client support, should be a top focus.
They understand how crucial a trading platform’s quality would be to a trader’s success. And that’s why Binomo places such a premium on excellent customer service and a diverse range of intellectual offerings. Furthermore, the broker devotes a significant amount of time and effort to the professional preparation of novice traders, while also achieving the required level needs of the industry’s most experienced traders.
Binomo works alongside clients around the world, ensuring the best possible terms as well as high-quality access to global financial markets.
Their customer communication is entirely transparent, and their high-tech solution enables traders to observe the real picture of the global financial markets as well as objectively assess risk. Binomo is IFC-certified, and almost all of their clients’ risks have been insured in compliance with current legislation, making this one of the world’s major trading platforms. All of this instils the highest level of mutual confidence inside them and their clients, resulting in a pleasant investing environment at Binomo.
The regular High/Low trade type, often called call/put, as well as Turbo Trades are available on Binomo. The standard call/put derivative, High/Low, is commonly accessible from all online brokers.
Determining whether an asset’s final market price would climb above or fall below the price there at the beginning of a specific time limit is known as high/low. Turbo trades are comparable to standard trades, but with a relatively short time limit.
Binomo offers nonstop trading despite the fact that their platform doesn’t feature a large number of trade types. Because the marketplace never shuts, you may trade and do whatever you want, even on weekends, which sets them besides other online brokers.
In terms of assets, Binomo seems to have a similar selection to everyone else. You get access to 50+ different assets which cover a wide range of asset categories at the top account level of trade. You can determine what it is you are best comfortable trading by having a diversified portfolio of assets. Binomo has a wide range of assets, including:
- Currency pairs
- Commodity pairs
Trading Application of Binomo
If the organisation has a mobile app, that is one item to consider. You can trade from anywhere, at any time, using mobile applications.
A mobile trading platform is available from Binomo. The iOS software is available in the Apple Store, while the Android app is available in the Google Play Store.
The possibility to get alerts is one function offered on the app that is not available on the internet platform. Notifications can assist you by notifying you about market developments and informing you when particular transaction preconditions are met.
Binomo: Bonuses and Promotions
For your first investment, several brokers provide bonuses as well as promotions. Bonuses are available in the Cashier portion of the Binomo platform. They do hold tournaments on a regular basis, each one tailored to the various accounting levels. Based on the scale as well as type of tournament, admission fees range from free to $30. The tournaments have prize pools that start at $300 and go up to $40,000. There are other financial benefits available at the Gold as well as VIP account levels, as indicated in the accounts section.
Binomo: Regulation and Security
Since 2018, Binomo has become a Category A member of the International Financial Commission (IFC). The IFC is a non-profit organisation that assists with the regulation of financial markets, as well as the reality that Binomo has been both authorized and a Category A member testifies to their broker reputation.
The IFC maintains a compensation fund for many of its members, which is beneficial to traders. That implies that when something happened to Binomo and funds were compromised, traders would be covered up to 20,000€. This safeguard ensures that traders’ funds are protected and that Binomo recognises the worth of their resources.
Binomo is accredited by the FMMC in addition to being an IFC Category A member. They’re likewise inspected on a regular basis by the IFC’s VerifyMyTrade department. Such regular audits, as well as their independent certification, attest to Binomo’s brokering integrity.
Binomo is also in the process of acquiring a licence from CySEC. Regulation is important for international customers when choosing a broker, and all these certificates, audits, as well as regulations indicate that Binomo is a respectable broker with advantageous trading circumstances.
How to create an account on Binomo?
To create an account for Binomo, follow the instructions below. For customer convenience, the site is accessible in Hindi, English, as well as other languages.
- Go to Binomo’s login page.
- Make a note of your email address and password.
- Choose the currency you want to swap. After you’ve registered, you won’t be able to modify the currency of your account.
- Read as well as accept the Client Agreement’s conditions.
- Select “Create Account” from the drop-down menu.
Use the email as well as the password you created to sign in to Binomo afterwards.
How to Start Trading on Binomo?
Beginners may wonder how to make a profit on Binomo, but this really is inaccurate: you cannot make money on Binomo, but then you can earn extra cash, learn, as well as trade.
So, what exactly is this platform and how will it work?
Binomo Demo Account
Whenever trading on a main account with an online broker, it is indeed a good time to look out the company’s demo account. You may analyse the platform and whether it has all of the functions and functionalities you desire in an online trading broker by using a demo account.
Demo accounts allow you to try out a product before purchasing it. One could become acquainted with the platform’s trade-making processes as well as user interface architecture. A good broker, like Binomo, would provide users with a free demo account.
Using their demo account option, Binomo allows traders to develop methods and then become familiar with the platform. To open a demo account, simply provide your email address and you’ll be given $1000 in virtual cash.
These risk-free funds would help you to determine whether Binomo matches your trading requirements. If not, opting out is simpler than closing an account you’ve previously invested in.
Types of Accounts
While evaluating online brokers, among the first things you should do is look at the different types of accounts they provide. What is the needed minimum investment? What are the advantages of each access point?
With Binomo, customers can choose from three different account types to begin with or upgrade to. Each level has its own set of advantages, as well as the potential payouts as well as bonuses grow as your investment grows. Standard, Gold, as well as VIP are the three account levels in Binomo. Let’s take a look at each account, what it entails, and whatever you get once you sign up.
The regular account may be the ideal fit for you if you’re simply getting going with online trading. To begin trading at this stage, you simply need $10 and have access to more than 30 assets on the site. If you’re a newbie, having a fewer amount of items available may be less daunting. Instead of focusing on the quantity of possibilities accessible, you can concentrate on comprehending what you’re dealing with. Furthermore, the minimal entry cost means you do not have to worry about putting your money in danger. There are also the following features:
- 3 days to withdraw payouts: During three days, your funds would be accessible in your specified payment method. That might seem like a lengthy time, however some brokers have larger wait times.
- Standard tournaments include the following: Standard tournament service enables you to compete in contests that may award you bonus cash.
- Maximum output of 84 percent
- Bonus of up to 80%
The Gold choice would be the next step up for people with the financial means to make larger investments. A $500 deposit is required for a Gold account, compared to $10 for a Standard account. A Gold account provides you access to even more assets than just a Standard account, so you’ll get 40+ instead of 30, and then you’ll collect your money sooner. Rather than waiting three days to withdraw funds from your account, customers would be ready to do it in as little as 24 hours.
There are a number of other advantages to this account type which you won’t discover with Standard accounts, which include:
- Gold tournaments: Those tournaments have such a better earning potential than Standard tournaments.
- Compared to having somebody to help you with your account, having a leader has the added benefit of occasionally providing you with such a bonus deposit of matching funds.
- Protect your assets with investment insurance.
- Maximum output of 86 percent
- Bonus of up to 90%
VIP is indeed the highest account tier available. This account has most of the benefits that a VIP account should have. You receive faster access to your money, more trading assets, bigger yields, and much more bonuses. A $1000 investment is required to open a VIP account. You get access to more than 50 assets with nothing more than a four-hour wait period when withdrawing funds from your account using these funds. You’ll also get a VIP manager to help you to manage your investment. Your VIP manager is responsible for providing advice and support, and also the possibility of bonuses.
Other features and advantages which it includes:
- VIP tournaments
- 90% max yield
- 100% max bonus
- Investment insurance
- Individual offers
Is Binomo a Scam or Legit?
Binomo is not really a rip-off. Binomo is a genuine online trading platform used among thousands of traders from 133 countries each day. This broker is indeed an IFC (International Financial Commission) category “A” member, which provides up to $20,000 in instance dispute protection. Binomo underlines its commitment to high standards of conduct and business operations by joining the IFC.
However, the website is not upto the standard. I would not keep a lot of my crypto on this platform. The Binomo UI can be better.
Binomo is indeed a trading platform which prioritises customer service and support. Rather than charging exorbitant fees and making their services unavailable to newer and far less experienced traders, the company has decided to embrace their customer base with arms wide open.
Binomo is a good option for people just getting started in trading or those who desire the high level of service that comes with a VIP account. Although it may be limited, this just serves to improve the design as well as effectiveness of what they are doing
It has a lot of features as well as tools that make it a practical as well as user-friendly platform for so many traders as well as investors that want to trade online. Binomo, there’s something for each level of trader.
Its user-friendly mobile app is especially convenient, and with a $10 minimum deposit, even rookie traders who aren’t quite ready to spring through into the world of online trading can give it a try with next to no risk. Its charts as well as strategic tools, on the other hand, can still please the much more disciplined trader.