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Is Binomo a scam? Binary options industry can be profitable but with the right broker. Binomo is a relatively new broker in the field so in order to fully check it we go through many aspects to make sure it’s safe for traders.
In the Binomo review we’re going to take a closer look at reasons why you should stay away from it or the other way around – why would it be a good choice when it come to binary option trading. Read further to find out more and if you already have an experience with the broker please let us and other traders know in the comment/rating section.
Asset of The Day. Every day when you log into your account you’ll see that there’s going to be an asset that has an increased which gives you an opportunity to earn more from every trade you make on the particular asset.
Regulated. The broker is currently regulated by Financial Market Relations Regulation Center. There’s also a pending application at CySEC and CPO regulation.
No withdrawal fees. Usually brokers charge at least a small amount in fees when withdrawing funds. Binomo withdrawals are free of charge.
Low minimum deposit. Binomo is one of the brokers that offer a very low minimum deposit which is set to 10 EUR / USD. It’s the lowest possible option in the market for a real trading account.
Rapidly growing. The broker is growing very quickly and gaining a lot of popularity among online traders.
Free demo account. If traders don’t feel comfortable with a broker, there’s an option to open a free demo account and play around with features without risking real money. The account is going to be deposited with $1,000 virtual money.
Quick ‘Cancel’ option. If you accidentally selected a wrong direction, amount or anything else, you’ll have 3 seconds to cancel the deal. It’s very useful if you make a lot of trades because mistakes may come up once in a while.
Simple platform. The platform is very simple and anyone who’s interested will be comfortable with it after making few first trades. It’s intuitive.
Minimum withdrawal amount. The minimum withdrawal amount is set to 10 USD / EUR. If you invest the minimum amount and lose some trades, you won’t be available to withdraw the remaining balance.
Maximum account balance limits. If you’re looking to invest larger amounts then Binomo is not going to be the right choice. The company has set the account maximum to 10,000 USD / EUR.
Country restrictions. Unfortunately traders from the following countries are not accepted: United States, Canada and Japan.
Relatively new broker. Binomo is a relatively new broker in the binary options market, hence why there’s not that much information from active traders yet.
As the broker entered the market later than first comers, the platform has been fully thought through and most popular features are covered. With addition of multiple useful features such as ‘Majority opinion’, which help traders understand in which direction assets may go based on other trader investments.
For more advanced traders features like Moving Average, Moving Average Convergence/Divergence, Bollinger Bands, Alligator and Relative Strength Index are also available.
Trading Platform and Option Types
Binomo trading platform is very similar to IQ Option platform. Very similar features and trading rules. Traders can change the way it looks, select multiple indicators and graphs and even draw lines.
Turbo – Turbo binary options are very quick deals from 30 seconds up to few minutes. This type of trading in most cases it not recommended because it’s difficult to predict market conditions in such period of time.
Binary – Binary trading is the most popular trading type and also chosen by advanced traders. These trades are usually longer and go up to an hour.
Binomo Account Types
Demo account – demo accounts can be used to play around with a platform and to get familiar with features without risking real money. These account are free of charge and traders are not required to make a deposit before trying the platform.
Real trading account – real trading account can be opened from as low as 10 USD / EUR. It’s very low and is considered as the lowest deposit requirement among binary option brokers.
How to Get Binomo Demo Account?
In order to get a demo account, you need to go the website and click on the “Sign Up” option at the top of the page. Once you enter your email, password and accept the Terms and Conditions, you’ll need to select a Demo account option below the registration form. That’s it!
The platform is available in the following languages:
Both mobile operating platforms are supported (Android and iOS) and traders can download the app free of charge.
Is Binomo a scam?
The broker has been around only since 2014 and based on current regulations the broker is only regulated by Financial Market Relations Regulation Center which is a Russian third party institution for financial service providers. Binomo has also pending application at CySEC and CPO regulation. Once these applications go through, we believe that the broker is going to be safe for trading binary options.
First appeared online on the Web
Binomo first appeared on the Web in 2014, however, there’s very little information available about the launch.
Good news for Binomo traders. There are no more withdrawal fees and most popular withdrawal options are also supported. Traders can receive their money to Credit Cards, Bank account or to online wallets.
Binomo Signals or Trading Alerts
We’ve identified that there are no trading alerts or signals available at Binomo.