- 8 Money Management Techniques - January 4, 2021
- What Is the Best Possible Time to Trade - October 26, 2020
- How To Identify Seasonal Patterns in The Stock Market - September 16, 2020
In this review, we will go through what Binomo has to offer and if it’s really worth considering. The broker promises traders the use of an innovative binary trading platform in addition to VIP treatment to those who deposit above a certain amount.
According to Binomo’s website, they are supposed to be the industry leader and also have a demo account. A demo account is one feature that we love and should never be underestimated. If anything the demo account is an educational and experimental tool which helps both beginner and advanced traders.
In this Binomo review, we will introduce readers not just to their demo account but also to their so-called special features, customer support, and software support. We will also evaluate and weigh it against their competitors.
One of the best additions to Binomo as a broker is their demo account. The demo gives traders $1000 of free virtual money. This is considered to be the optimal amount for demo trading in the industry. It happens to be enough for a trader to test the platform right down to its last feature and yet its small enough so that it does not appear to last forever.
$1000 is enough for most traders, and we couldn’t ask for more. However, the demo account will require that traders register but they are not charged because its free. The broker offers many other perks in addition to the demo account. Perhaps the most important one is their special promotion in which traders get ten binary options trades worth $150.
The broker’s website states that this offer is for a limited time only, so traders are urged to take advantage of it right away. However, our advice is to please read the terms and conditions prior to agreeing to them. Keep in mind that every promotion is subject to special terms and conditions.
However, the default trading volume number is around 35x for a bonus which is 50% of the amount in your account or perhaps 40x. The minimum deposit required to be eligible for this special bonus is above $50.
You can’t withdraw more than $50 when you avail a no deposit bonus via email, and they are active for just around 5 days. In the event that your strike price is the exact same as the option’s expiration price, the trade will not be added to the trading volume requested. So, that’s where understanding all the terms and conditions come in prior to accepting the bonus.
Using the Binomo Trading Platform
Binomo takes great pride in knowing that they stand out from the competition because they are unique. To start with, they have a proprietary platform while most of their competitors use the hugely popular MetaTrader 4 and 5 platforms.
When you log-in to the platform, you’ll get a pop-up window which reads ”asset of the day.” Those who don’t know this is a sort of binary options signal that you can use to trade, or you can even choose to skip. The other pop up will be a bonus offer after registration. After signing up for the service, we received a 25% bonus offer.
Towards the upper left-hand corner of the platform, there is a drop-down menu which lists all the assets. The broker offers both gold and currency pairs. Using these additional assets would be great for any trader who wants to diversify their trading portfolio. On the left side of the margin, there are special promotions, gifts, tournaments, and messages.
The chart in the center of the platform allows you to follow as well as find predictions for various options. While the trades are placed by traders towards the right-hand side of the screen. Traders will find the so-called ’Hotkeys’ feature very helpful. The feature enables traders to execute trades via just the keyword without using the mouse.
Binomo Customer Support
In our experience, Binomo’s customer support is very different from what is offered by other brokers in the industry. They have a live chat option which can be accessed by traders who first need to choose the preferred language. The broker’s support is available in French, Russian, Spanish, Turkish, Bahasa Indonesia, English, Chinese and Russian.
The chat window has a full list of options from which to choose. Also, if you have chosen your native country or that in which you are based you will then receive localized support which will provide you all the information required in your language if it is part of the supported languages.
Our Binomo review shows that this broker certainly does not lack the educational material we’ve seen with other new and even some established brokers in the industry. So, this makes understanding and learning about binary options easier. Apart from the FAQs, traders can avail or make use of other learning opportunities and also use the demo account.
The knowledge base by the company takes the form of a dictionary which delivers relevant information on various trading terms and types. The company also has a strategy section that offers several binary options available for trading with an explanation.
That said we’d want to see the company make these sections more visible. Binomo does not offer daily news to traders. So, you’ll have to find your own source of reliable financial and market news.
When reviewing Binomo one of the first things we checked were the payment options, they offered traders. The company is owned and run by Tiburon Corporation Limited. So, all the payments are taken care of by Stagord Resources LTD. The company is a regulated broker and bears the FMRRC license number RU0395AAVv0106.
The company has a minimum deposit level set at just $10, and the same goes for their minimum withdrawal which is also $10. However, depending on the type of account you choose the withdrawal can take anywhere from just 4 hours to many days excluding the transfer days.
The number of days partly depends on the account and factors such as your country, the day of the week during which you execute the withdrawal, bank type and public holidays. The broker usually does not charge a fee.
However, when going through the terms and conditions, we found a mention where it says that if a trader does deposit money and is unable to reach their required trading volume which is 2x larger than the deposit, then they are charged a 10% processing fee.
The currently available withdrawal and deposit methods include Master Card, Webmoney, WMZ, FasaPay, Visa Card, Yandex, Netteler, and Qiwi. Once traders deposit money, they are provided the option of choosing a bonus offer from the list on the deposits page.
In our investigation, we found no evidence of Binomo being a scam. It has many attractive features to new users, and while a lot could still be improved, what is there now is a solid foundation to build upon in the future.
- Has a Demo Account
- Various Innovative Features
- Supports Many Payment Methods
- No Daily News
- Mobile Trading Could Use Some Work