Binomo is a trading platform whose black and yellow logo is increasingly seen on rickshaws in India. Its popularity is because everyone can freely receive additional income here. In this article, we will look at the pros and cons of the platform, account types, and other information to convince you that Binomo is the best choice for any trader.
- About the Binomo trading platform
- Trade types
- Binomo account types
- Standard account
- Gold account
- VIP account
- Binomo demo account
- Assets available on Binomo
- What is the Binomo app?
- Spreads, commissions, and leverage
- Deposits and withdrawals
- Is Binomo legal?
- Customer service and helpline
- Pros and сons of Binomo
About the Binomo trading platform
We highly recommend you to check the Binomo official website to get more information about the company. The website supports Hindi, English, and many other languages – you are free to choose the most comfortable way to discover the platform.
Binomo is a unique online platform that offers opportunities to trade wherever a trader wants. It is simple and user-friendly to use the Binomo website and app. Their main advantages include:
- 24/7 active support team;
- Free educational materials;
- Unlimited training on a demo account;
- News about promotions and tournaments on the platform.
Binomo is open all the time for you. You may get a chance to earn extra income even on the weekends.
Binomo offers its users to use of Fixed Time Trades (FTT), which is more straightforward than Forex trading. Using this mechanic, you may receive additional income with some asset price change.
There are two different types of trades:
- Short-term trades;
- Long-term trades.
Short-term trades expire within 5 minutes, while long-term ones last up to 60 minutes.
Let’s take a closer look at how to use FTT:
- Choose an asset, then set the amount of the trade.
- Decide the end time for the trade (between 1 to 60 minutes).
- Forecast the subsequent movement of the selected asset. If you forecast it to go UP, then press the green button. If you are sure that the price will go DOWN, you may press the red button.
- You will earn extra income if your forecast is correct; if not, you will lose the investment.
Every Binomo trader is free to choose the most attractive trade types to skill up and practice anytime every day.
Binomo, as a legitimate online trading platform, is required to meet standards set by authorities. The company has been a certified category “A” member of the Financial Commission since 2018. Any trader can receive compensation of €20,000 from the commission in case of a dispute with Binomo.
Also, Verify My Trade checks 5,000 trades made on the platform monthly and confirms their quality with a certificate.
Binomo account types
There are three types of real accounts on the Binomo online trading platform:
Each account has different advantages and requirements. It is crucial for the traders to have an appropriate account type. If you are a beginner, we recommend you start with a Standard account, and then you may upgrade to a Gold one. It is the best variant for those who are already familiar with trading. For advanced traders, we recommend a VIP account.
This account type is created for beginners. It is required to invest only $10 (or $5 if you are in India) to start real trading. A Standard account provides you with more than 40 assets. It can help you not get confused in the market and minimize possible losses.
The Standard account has the following advantages:
- Deposit bonuses are up to 100%;
- Profitability is up to 85%;
If you have a Standard account, you also can participate in paid tournaments and compete with other traders for the prize funds.
A Gold account is one level higher than a Standard account. It provides more assets which means more opportunities to get additional income. The list of Gold account benefits is:
- Access to more than 60 assets to trade;
- Deposit bonuses are up to 150%;
- Profitability is up to 90%;
- Access to paid tournaments with higher rewards;
- Processing time for a withdrawal request is up to 24 hours;
- Сashback of up to 5% for the unproductive weeks.
If your total deposits exceed $500, your account will automatically be upgraded to Gold.
VIP is the highest account level on the platform and is suitable for seasoned traders. Its benefits are given below:
- Access to more than 70 assets for trading;
- Deposit bonuses are up to 200%;
- Profitability is up to 90%;
- Access to a special tournament with an increased prize pool;
- The assistance of a personal manager;
- Investment insurance;
- Risk-free trades;
- Processing time for a withdrawal request is up to 4 hours.
Every trader who deposited at least $1000 can get a VIP account.
Binomo demo account
You don’t have to make a deposit right away to trade on Binomo. A demo account is opened immediately after registration. It will help you learn how to trade. You can freely choose any strategy and test it on the free account without worrying about losing real funds. The $1,000 on the demo is virtual and cannot be withdrawn.
Assets available on Binomo
Binomo has more than 70 assets, depending on the account type. They include indices, gold, oil, currency pairs, etc. The trading platform does not offer binary and Forex trading capabilities.
What is the Binomo app?
In addition to the website, Binomo offers a mobile app for Android and iOS users. You may download it from Google Play or the App Store and start trading on the go. Note that the Binomo app does not provide some assets available on the web version, but it does not affect your trading.
If you face any problems while installing the app, you may download the APK via QR code on the Binomo official website.
Binomo cares about its users and offers bonuses to increase their trading potential. Bonus types include:
- The welcome bonus is available for use within 30 minutes after you create an account. You may increase the first deposit by 25% by applying it.
- The deposit bonus. Depending on your account type, it can be up to 100-200%. It also depends on the number of funds invested.
- No-deposit bonus. It is a number of funds that can be added to the account without making any deposits. You may receive this bonus during the promotions or from a personal manager (if you are a VIP trader). It is even possible to receive it in a newsletter.
- A promo code or a bonus coupon could be received via promotions and newsletters or from a personal manager.
For VIP clients, personal managers can also provide risk-free trades.
Spreads, commissions, and leverage
Binomo is a user-friendly trading platform that does not take commissions for its services. But it charges a $30 fee if the account stays inactive for 90 days.
Another important thing is that you cannot withdraw extra income received with the help of Binomo bonuses until you complete the required trading turnover. Here is the formula to calculate it:
The amount of the bonus х The leverage factor
The leverage ratio can be seen in the bonus conditions. If it is not specified, the following conditions apply: for bonuses less than 50% of the deposit, the leverage is 35. For rewards over 50% of the deposit, it is 40.
Deposits and withdrawals
Traders are free to start real trading on the Binomo platform with at least $10 in an account. In India, this amount is set to be $5.
One of the best advantages of Binomo is a simple deposit and withdrawal from the accounts. There are many methods, such as e-wallets, bank cards, and bank transfers. These methods may change depending on the country where the trader is based.
You may withdraw your funds only by using the same payment method you used to deposit. Also, there are differences in the time of withdrawals. VIP clients have priority and are served first. For the rest, the withdrawal time could be up to 3 days or more.
Binomo does not charge any commission for your withdrawals, but payment providers may charge some amount for your transactions.
Deposits and withdrawals are protected with SSL that has already been integrated into the Binomo website. SSL is there to keep all of the data encrypted.
Is Binomo legal?
Some people ask whether Binomo is a scam or not while seeking information about the online trading platform. It is essential to understand that Binomo is a legit company that operates in more than 130 countries and has more than 3 million users.
The trading platform is working under Dolphin Corp. Its head office is located in St. Vincent and the Grenadines. For those who doubt its legitness and would like to visit the company personally, here is the address: First Floor, First St. Vincent Bank Ltd, James Street, Kingstown.
Also, Binomo received FE and IAIR Awards. In India, you may find Binomo on the Forbes list. It shows that the trading platform is reliable and worth a try.
If you still have doubts about Binomo, you are free to check forums like Quora. You may also join Telegram groups to get more information about the platform.
Customer service and helpline
If you have any inquiries or requests, you may contact the support team through the email@example.com email address. But we recommend you first use a chatbot that supports several languages like English and Hindi. If it does not help you, send an email to the manager. There is also a helpline for you to leave your requests or questions (+18499366003).
In addition, there is the Help Center, where you may find all the information you need to get started with the trading platform.
Pros and сons of Binomo
Let’s take a detailed look at the advantages and disadvantages of Binomo.
The platform pros are:
- Demo account for unlimited practice;
- 24/7 support;
- Free and paid tournaments to participate in;
- Trading at any time of the day;
- Rapid withdrawal of funds;
- $5 minimum deposit for Indians, $10 for the others;
- $1 minimum amount to open a trade;
- Up to 90 percent profitability.
Like any other trading platform, Binomo has disadvantages, for example:
- There are 70+ assets on Binomo, but there are some platforms that have more assets;
- It does not provide its services in Australia, the United States, and Europe;
- There are no trading signals.
We would like to point out that you should check out the Binomo platform and decide whether to trust it or not.
Binomo offers many opportunities for traders worldwide. You are free to choose whether to trade on the site or in the app, which trades to open, and how much to invest.
We would like to indicate that trading is risky, and you may lose your investment if you are not experienced enough in trading. You can reduce the risk only by studying Binomo training materials and practicing on a demo account.