Binomo is a trading platform offering various products such as trading competitions, sign-up bonuses, tournaments, trading in currency pairs such as EUR/USD, etc. Further, the platform offers a safe and intuitive mobile app to its users. Here’s a brief summary of this Binomo review:
Table of Contents
- Binomo is an online binary trading platform with a client base in over 133 countries.
- It is a new platform regulated by the International Financial Commission and holds a certificate of quality of trades by Verify My Trade.
- Trading on it is simple. You have to predict a particular outcome of an event, and depending on your prediction, you’ll make money.
- Its demo account helps a naïve person learn the basics of trade without even losing any real money.
What is Binomo?
Binomo is an online binary trading platform that has a client base in over 133 countries. Binary trading means you (the investor) have to predict the result of a situation with only two available options. For example, let’s say that you are presented to forecast whether the price of a Crypto IDX will go up or down. The correct prediction you make will fetch you a fixed amount of money while going by the incorrect result would cost you all your investments.
Also, read MyConstant Review – Is it Legit or Scam?
Binomo Review: Features
Key Features involve the demo account, multi-payment options, bonuses, tournaments, and the Education section!!!! In addition, they have videos on trading in general, making deposits, trading on Binomo, etc. Everything is designed in a way that will help a beginner in the trading field. So let’s look at them one by one.
Binomo Demo Account
Demo accounts with an asset value of $1000 will let you trade without the fear of losing money and help explore the environment of a new platform. In addition, it will allow you to analyze and evaluate the forum and see if it offers everything you are looking for.
In short, demo accounts are an opportunity to test drive before buying. You can become familiar with the platform’s processes for making trades and the user interface layout.
Multi Payment Option
Binomo also allows several payment methods for your convenience. Cards and e-wallets are most popular, followed by region-based payment methods. The minimum deposit is $10. This makes it a very appealing choice for beginner and low-volume traders.
Bonuses and Tournaments
Offering bonuses and promotions for your first deposit is a trick used by many brokers/trading platforms. For example, Binomo provides bonuses in the Cashier section of the platform. They also have regular tournaments unique to the different account levels.
It is a feature of utmost importance considering how the youth think of trading as a game or a way to earn quick money. Truth be told, trading always involves risks, and these videos will help you reduce your mistakes by a significant amount, if not completely.
Is Binomo Safe?
Well, this is an important thing to talk about as many think of Binomo as a scam. Though we agree that Binomo isn’t regulated under any known authority or exchanges, this doesn’t imply it is a scam. Binomo is a legitimate online trading platform used by thousands of traders every day from 133 different countries across the world. (exact figures mentioned on the homepage of the website). It is a category “A” member of the IFC (International Financial Commission), which includes up to $20,000 protection for case disputes. It is also verified and holds a certificate of trades quality by Verify My Trade.
However one should start with very small amount if he/she is going to use any platform which he doesn’t trust.
Binomo Review: Fees
A subscription fee is a payment for servicing your account. It charges when you have no trading activity for 30 consecutive days. It is $10/€10 or an amount equivalent to $10 — depending on the currency of the account. The fee is charged off only from the balance of the real account.
One thing to note here is that the subscription fee can’t be more than the amount in the account balance. So if the amount of funds in your account is less than the monthly fee, your balance will be zero.
Also, read 7 Best Zero-Fee Crypto Exchange Platforms
How to use Binomo?
- First, you need to register on their website or their mobile app. The app is available for both Android and iOS users.
- Fill in your email and password.
- Select the currency in which you want to trade.
(NOTE: you cannot change the currency you have selected after registration, so keep that in mind)
- Read and accept the terms and conditions. Click on create an account.
- Voila! Your account is ready to trade.
- They will provide you with a demo account with an asset value of $1000 (or equivalent to the money you trade-in).
- All you have to do is choose an asset, set a time when the trade is finished, and make a forecast if the chart goes UP or DOWN. If the prediction is correct, you get extra profit; if not- the sum isn’t returned.
The crypto exchange platform Binomo offers its simple and easy-to-use mobile application on both Android and iOS. Moreover, you can download the app from over 6 application stores. Here are the download links for the Binomo app:
Binomo Review: Pros and Cons
|Proprietary trading platform||Unregulated|
|Demo Account||Limited funding methods|
|User-friendly experience||No standalone trading tools|
|Educational resources||No USA traders|
|Multiple trading instruments||Limited trading options|
To sum all of it up, we think of Binomo as a new platform that has the potential to outgrow many trading platforms with its amazing features and policies. Mobile trading offers an easy and viable option for new users to experience a new world of trading. Trading always involves risk, and that can never be fully discarded. But with Binomo, you can sincerely learn as many ingredients of a good trading mindset as possible. The cons are, however, what we look upon to get resolved.
Frequently Asked questions
Yes, Binomo is an entirely safe and legitimate online trading platform with a user base in over 133 different countries across the world. It is also verified and holds the certification of prestigious forums.
You can trade a variety of instruments with Binomo, which include the following:
1. Currency pairs, e.g., AUD/USD and GBP/USD,
2. Indices, e.g., CAC40 and DAX,
3. Crypto-currency, e.g., Bitcoin and Litecoin,
4. Stocks from famous companies, e.g., BMW, Disney, and Google,
5. Commodity pairs, e.g., silver/gold
No, it doesn’t charge any commission.
$10 is the minimum deposit.