Binomo gets a 4/10 rating for regulation based on the fact that the broker states that it in the process of applying for CYSEC regulation, which is ‘pending’. The choice of tradable assets is a little below average for binary options brokers but does cover all of the main bases and will satisfy most traders. Payouts are average for the industry, hence 7/10 and 8/10 for the trading platform software which is very easy to use and visually attractive in desktop and mobile app formats. Bonuses are on first impression quite good but let down by the fact that x35 turnover on bonus value is required before withdrawals can be made after a bonus has been awarded. The demo account is good and there are also a good range of customer service communication channels available.
With so many binary options brokers now on the market, traders taking the time to assess the strengths, weaknesses and overall suitability of the different options available to them can be time consuming. Brokers can vary quite significantly in terms of the range of asset classes offered, the trading platform itself, payment methods, value added tools and resources provided and of course reputation and regulatory regime.
Each trader also has their own preferences which will vary both according to trading style, level of experience and personal opinion. We’ve taken the time to cover all of the key information on a wide range of brokers in one place. We hope this will provide some additional insights while also making the research process more efficient by having all of the key information on binary options brokers conveniently to hand. In this particular review we cover Binomo.com.
Binomo was established in 2014 and is owned and operated by holding company Tiburon Corporation Limited, which is registered in the Seychelles. Payment services are provided Stagord Resources, a company registered in Cyprus. Binomo is not yet regulated by an official financial regulator such as CYSEC or the FCA. Binomo is certified by the CROFR, a non-profit, independent Russia-based organisation whose members are assessed for best practise in their relationship with traders. The broker’s website state’s that it has CYSEC and CPO regulation pending.
Binomo has won a number of awards for its trading platform and related resources, including ‘The Best Broker in South Eastern Europe’ at the 2016 IAIR Awards and ‘Best Broker for Beginners’ at the 2015 Forex Expo Awards.
Binomo doesn’t offer the widest range of tradable assets among the binary options brokers on the market, but with over 70 assets spread across forex, commodities, indices and equities the choice on offer will satisfy most requirements.
Bonuses & VIP programs
Binomo offers both deposit match and cash back bonuses with an additional bonus of free options with a value of up to $150 for new account holders. Bonuses are not fixed and are offered at the broker’s discretion over the timeframe specified as part of the bonus offer. Bonuses also come with conditions attached to subsequent withdrawals, with conditions varying between bonuses. The default bonus condition is that the value of a bonus must be traded by a multiple of 35 before withdrawals can be made from the trading account. The bonus balance is also considered to have been traded after other funds in the account have already been used. Traders should consider carefully whether they wish to accept any bonus offers as this could prove restrictive when attempting to make future cash withdrawals from the account.
Binomo also runs regular trading tournaments in which traders start with a virtual account balance and compete against each other to earn the highest returns over a set period of time with cash prizes awarded to the winners. Beginner tournaments are free to enter but there are also tournaments that involve varying levels of an initial buy-in.
VIP trading accounts are awarded to traders who have deposited at least $1000, or the equivalent in another base currency. Advantages include bonuses of up to 100% on the deposited sum, higher payouts on winning positions of up to 87%, reduced withdrawals processing time and weekly cash back on losing trades of up to 10%.
Binomo’s trading platform is a custom offering and not one of the major white label platforms most common to binary options brokers. The trading platform is quite minimalist and is very easy to use, one of the factors that has made this broker particularly popular with beginners to binary options trading. A platform which is unique is also a refreshing change from the usual white label versions of 2 or 3 popular platforms and the fact that it is also well-designed is of course crucial.
Binomo’s trading platform is additionally available in mobile app versions for Android and iOS devices, including smartphones and tablets. These app versions have been built to a high-quality level and provide all of the functionality available on the main desktop version of the software.
Fees, payouts and Trading features
Opening an account with Binomo is free and there are no fees or commissions attached to placing binary options trades. There are also no monthly or annual account administration fees charged. However, if a client account is inactive for a period of at least 6 months the broker retains the right to withdraw any funds remaining to its own benefit.
Payout levels offered by Binomo are roughly in line with industry standards and can reach up to 87%, though this upper level is reserved for holders of VIP trading accounts. However, even standard trading account holders can hit payouts of over 80% of the initial invested capital.
Binomo’s trading platform only offers standard binary options and innovations such as One Touch and Ladder options are not available. This may be considered to be a disadvantage by a small number of traders who have a particular affinity for these alternative formats but the vast majority of binary options traders stick to the standard format in any case.
There are, however, a good range of expiry times available to choose from though with options of between half an hour and a few days available. One big advantage offered by Binomo is that options can be opened by traders from as little as $/€1.
Deposits and withdrawals
Deposits and withdrawals can both be made via Visa, Vpay, Mastercard and Maestro. The minimum value of deposit that can be made is $10 or €10, which is significantly lower than with most other binary options brokers. The maximum sum that can be deposited with any individual transaction is $/€1000.
The minimum withdrawal level is also $/€10 and no charges are levied on withdrawals, which is an advantage over many binary options brokers. One condition that is attached to withdrawals is that if one is requested before trading turnover has reached twice that of the deposit made, a 10% charge is levied on the withdrawal.
When a withdrawal has been requested the funds should be transferred to the client’s account within 3 working days of the request having been made.
Customer support channels include a Skype contact, email address, UK telephone number and onsite chat. 9 customer support languages are supported and are English, Spanish, French, Turkish, Russian, Vietnamese, Indonesian, Thai and Chinese (mandarin). Not all languages always have support agents 24-hours a day. However, in the event that support is not currently available in a preferred language a customer support representative who speaks the language will respond to the request as soon as available.
Extra features and resources
Extra features and resources available to Binomo traders include a handful of video tutorials on general binary options topics and to using the Binomo platform. There is also a fairly extensive resource of materials explaining various trading strategies that can be employed. A demo version of the trading platform loaded with $1000 in virtual funds can also be used for an unlimited amount of time, which is very useful for beginners starting to get to grips with the platform or binary options trading more generally.
Binomo’s reputation as a binary options broker suitable for beginners is deserved based on the easy simplicity of its trading platform and mobile app (while they still have all of the functionality necessary for an enjoyable trading experience). The very low level of minimum deposits and withdrawals as well as trading positions starting at $/€ further reinforce that.
More experienced traders may well also appreciate the simplicity and flexibility of Binomo’s brokerage service though those who enjoy alternative binary options formats or prefer to have a particularly wide range of tradable assets may find alternatives more appealing.
If Binomo secures CYSEC regulation in the near future as the broker states it will, this will go a long way to helping traders feel more secure in using the platform and allow the company to build upon its strengths.
- Very easy-to-use trading platform
- Mobile trading apps
- $10 minimum deposit
- $10 minimum withdrawal
- 70+ tradable assets
- Demo account with $1000 of virtual funds
- Not yet regulated
- X35 turnover requirement on bonuses
- No alternative binary options formats such as One Touch available
Is it necessary to download software to trade with Binomo?
No, the trading platform is web-based so no software downloads are required unless you wish to trade on the go and then the mobile app should be installed on your smartphone or tablet.
What is the minimum deposit I can make to open an account with Binomo?
The minimum deposit level is set at $/€10
How long does it take to withdraw funds?
Withdrawal requests will be processed within 3 working days
Does Binomo provide a demo account?
Yes, the trading platform can be trialed using a demo account loaded with $1000 in virtual currency. There is no time limit attached to the use of a demo account.