If you’re into binary options trading, chances are you’ve come across Binomo. I’ve personally seen a lot of binary options brokers come and go as a trader with over five years of experience. Yet,  Binomo has managed to stick around and gain attention. But is it really worth your time and money? Or is it just another trading app making big promises? Well, I’ll answer these questions and much more in this Binomo review. This article will help you get a clear picture of what Binomo offers and what it doesn’t.

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Key Takeaways

• Binomo is a user-friendly platform with various account types, including Demo, Standard, Gold, and VIP.
• The platform has competitive payout ratios, especially for VIP accounts, reaching up to 90%.
• Deposits and withdrawals are flexible, with no platform fees, though withdrawal processing times vary by account type.
• Binomo provides trading signals for additional insights, though they do not guarantee profits.
• Overall, Binomo is accessible for beginners and experienced traders alike, but starting with the demo account is recommended to become familiar with the platform.

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What Is Binomo?

Let’s start our Binomo review by introducing the broker first. Binomo has been around since 2014. It’s become quite popular among traders, especially in places like India, Indonesia, and Brazil. The broker is run by Dolphin Corp. This company operates in Saint Vincent and the Grenadines.

From my perspective as a trader, Binomo stands out because it has a decent trading environment. The focus is clearly on simplicity. This is actually a big plus, especially if you don’t want to get overwhelmed or you’re a beginner.

Moreover, the Binomo trading app is quite user-friendly. I’ve used the app myself, and it’s clear they’ve prioritized accessibility. You can trade binary options on Binomo for a lot of different asset classes. These include currencies, commodities, and even a few of the biggest crypto coins. Moving forward, I’ll provide a deeper Binomo app review, and you’ll get what I mean by simplicity.

Binomo Account Types

There are several different account types for binary options trading on Binomo. Each of them is, of course, suited for a certain type of individual. It’s essential to break down each account type in this Binomo review:

Demo Account

The free Binomo demo account is the risk-free simulated account that you can practice on and get the hang of things. It also allows you to test the different tools and features on the platform.

The Binomo free demo account balance is $10,000. It’s quite the sweet spot for many traders to test their binary options strategies. The presence of such binary options demo account, and for free, is one of the advantages Binomo offers.

Read More: The Best Binary Options Demo Accounts in 2024

Standard Account

The standard account is the basic Binomo account for real trading, using real money. The Binomo minimum deposit is $10 for using the standard account. Over 40 different pairs are tradeable on this account, from currencies, indices, and commodities to crypto.

On the standard account, you can also participate in Binomo tournaments. The maximum profit ratio is also around 84%, which is quite decent. Withdrawals are also processed within three business days.

Gold Account

The Binomo Gold account is for the more serious binary traders. The minimum deposit for this account is $500, and the benefits include faster withdrawal times and more tradeable assets. Profit ratios are also higher for Gold accounts.

Withdrawals from the Binomo Gold account typically take less than 24 hours. You’ll be able to trade binary options on over 50 different assets. Other interesting features include a personal account manager (provided by Binomo) and access to exclusive trading strategies and signals.

VIP Account

The VIP account is the top-tier Binomo trading account. I personally think it’s geared toward the full-time binary options traders. Note that the Binomo minimum deposit for VIP accounts is $1,000.

The VIP account has all the benefits of the Gold account. Yet, profit ratios are even higher, around 90%. Binomo withdrawals by VIP users are also prioritized and can be processed within four hours. There are also exclusive bonuses, a personal manager, and unique features like risk-free trades and special offers. I have to admit, while I’ve not traded with the Binomo VIP account, it seems pretty interesting.

Binomo Deposits Review

The first step for trading binary options on Binomo is, of course, depositing funds into your account. In this section of our Binomo review, I’ll fully explain all the details you need to know.

Minimum Deposit Requirements

The Binomo minimum deposit is $10, as already mentioned. Yet, this is only for the standard account. For the Gold and VIP accounts, the minimum deposit rises to $500 and $1,000, respectively. You can also deposit the equivalent in your local currency.

Deposit Methods and Processing Time

To deposit funds into your Binomo binary options trading account, you can use various payment methods. This is clearly a requirement for an international binary options broker. The payment methods include:

• Bank Cards: Visa and Mastercard.
• E-wallets: Skrill, Neteller, and others.
• Bank Transfers: Available in certain regions.

Regarding the Binomo deposit processing times, you should know that they are typically processed instantly. So you can start trading without delay. If you encounter any problem regarding the deposits, make sure to contact Binomo customer support.

Deposit Process

To deposit funds into your Binomo account, you can follow the steps below:

1. Log in to your Binomo account.
2. Go to the “Cashier” section and select “Deposit.”
3. Choose your preferred payment method.
4. Enter the deposit amount and follow the on-screen instructions to complete the transaction.

Binomo App Review

The Binomo trading platform is accessible both via a web browser and the Binomo mobile app. While I personally prefer to trade on the desktop platform, let’s take a brief look at each interface.

Web/Desktop Interface

You can use Binomo directly in your web browser. You can also download the desktop app for both Windows and MacOS. Both interfaces are nearly identical, so the details I present apply to both.

The platform’s layout is straightforward and especially easy to use if you have binary options trading experience. All essential features are neatly organized. The range of assets available includes currency pairs, stocks, commodities, and a few select cryptocurrencies. If you also like trading outside typical market hours, the Binomo OTC market allows you to even trade on weekends.

Moreover, the charting options on Binomo are customizable. You can adjust chart types and select timeframes that range from 5 seconds to daily. Essential indicators and drawing tools are also just a click away.

The trading panel on the right side allows you to choose trade duration, set your investment amount, and place trades. Your potential earning (which depends on the profit ratio) is also demonstrated. On top of that, there are also buttons that allow you to quickly switch between the Binomo demo account and real accounts.

So, to execute a trade, just set your preferred expiration and amount, then hit the buy or sell button. The process is very simple and quick.

Mobile App

The Binomo mobile app is available on both iOS and Android. Most of the features available on the desktop and web platforms are accessible on the Binomo app. You can trade the same range of assets, add indicators and drawings to the cart, and manage trades. While trying to write this Binomo app review, I also noticed that alerts and push notifications are available.

Read More: Quotex Review 2024

Binomo Fees and Trading Limits

First off, Binomo does not charge commissions or fees on trades. The minimum trade amount on Binomo is only $1 for all accounts. On the other hand, the maximum trade volume to open a trade varies based on your account type. For standard accounts, the maximum volume per trade is $1,000, and for Gold and VIP accounts, it increases to $2,000 and $5,000, respectively.

Moreover, Binomo’s payout ratio varies depending on the asset being traded and the type of account. For Standard account holders, payouts can reach up to around 84%. Gold and VIP accounts have higher maximum payout ratios of around 86% for Gold and 90% for VIP.

Binomo Withdrawals Review

Withdrawals are always a point of discussion and often argument when it comes to binary options brokers. Let’s continue our thorough Binomo review by analyzing the withdrawal process and details:

Withdrawal Limits

The Binomo minimum withdrawal amount is $10 or its equivalent in your country’s currency. The maximum withdrawal amounts are also structured as follows:

• Per Day: Up to $3,000
• Per Week: Up to $10,000
• Per Month: Up to $40,000

Note that these limits may vary depending on your payment provider and account type.

Withdrawal Methods and Processing Time

Binomo withdrawals can be made using the same payment methods as deposits:

• Bank Cards: Visa and Mastercard.
• E-wallets: Skrill, Neteller, and others.
• Bank Transfers: Available in certain regions.

Moreover, the processing time for Binomo withdrawals is different depending on your account type:

• Standard Accounts: Up to 3 business days.
• Gold Accounts: Up to 24 hours.
• VIP Accounts: Within 4 hours.

Again, note that you should take into account any delays and processing times your selected payment service might have.

Withdrawal Process

You can use the step-by-step guide below to withdraw money from your Binomo account:

1. Log in to your Binomo account.
2. Go to the “Cashier” section and select “Withdraw funds.”
3. Choose your preferred withdrawal method.
4. Enter the withdrawal amount and follow the prompts to submit your request.

Binomo Signals Service

Binomo offers a feature known as Trading Signals. Its purpose is to assist you in your trading. These signals are automatically generated by the Binomo signals bot and are based on technical analysis.

Keep in mind that the platform does not provide accuracy rates for these signals. So they do not guarantee profits. Make sure to have a binary options trading strategy in place and use these signals only for additional confirmation or to prepare to lose money.

User Reviews: Is Binomo Safe?

Perhaps the most important part of our Binomo app review is dedicated to user feedback on online forums. Many traders appreciate Binomo’s user-friendly interface and accessibility. For instance, some Binomo reviews on Sitejabber state that the platform runs well and has all the tools you need. Similarly, some users on Reviews.io mentioned how easy it is to trade on Binomo.

However, some Binomo reviews on online forums point out concerns regarding withdrawal processes and the platform’s legitimacy. Some also accuse Binomo of scamming them, but these reviews should be verified because it is a regular practice for competitors to bash each other in the binary options space. Additionally, some also are uncomfortable with the limited number of assets available to trade on Binomo.

Overall, while most Binomo reviews online praise the platform for its ease of use and trading tools, you should be aware of the reported concerns. Using the Binomo demo account and starting with small deposits to test the platform is something I’d recommend you do first.

Read More: Are Binary Options a Scam or Just Unfairly Infamous?

Is Binomo Regulated?

Binomo is a Category “A” member of The Financial Commission. This an independent organization that provides dispute resolution services for financial markets. This membership indicates a commitment to maintaining high standards of service and transparency. Moreover, Binomo is legal in India and is quite popular.

However, it’s important to note that Binomo is not regulated by major financial authorities. Therefore, while it has some level of oversight, it lacks regulation from top global regulators.

The Pros and Cons of Binomo

Let’s wrap up some key points we’ve learned in our Binomo review by providing the pros and cons of the platform:

Pros:

• User-friendly interface, easy for beginners
• Low minimum deposit requirement ($10 for Standard account)
• Multiple account types to suit different traders (Demo, Standard, Gold, VIP)
• Competitive payout ratios (up to 90% for VIP accounts)
• Accessible on both desktop and mobile platforms
• Fast withdrawals for higher-tier accounts (up to 4 hours for VIPs)
• Various assets, including currencies, commodities, and some cryptocurrencies
• Free demo account with $10,000 virtual funds for practice
• Trading signals to assist in decision-making

Cons:

• Limited number of assets compared to some other platforms
• No regulation by major financial authorities
• Withdrawal processing time can be slower for Standard accounts (up to 3 business days)
• Mixed user reviews regarding withdrawal issues and legitimacy
• No official support for automated or copy trading

Conclusion

After working with the platform for some time to write this Binomo review, I can confidently say it’s a solid platform for binary options trading. This is especially true if you’re looking for simplicity and accessibility. With a range of account types, flexible deposit and withdrawal options, and essential tools like trading signals, it’s more than equipped to meet your needs.

Of course, like any platform, Binomo has its pros and cons. But in my experience, the positives outweigh the negatives. Yet, if you’re a beginner, the Binomo demo account is an excellent way to test the waters without any risk. For those of you ready to take it up a notch, the Gold and VIP accounts can be more suitable.

After reading this Binomo review, if you feel you’re ready to dive in and see if the broker works for you, I encourage you to sign up and start trading by just clicking on the button below.

You can also visit our Brokers page for Binomo alternatives like Pocket Option.