Open a binary options trading account from only $10 and trade the financial markets
As should be the case when buying any product or service, and especially in financial services, it is important for binary options traders to do their research before choosing a broker with whom to entrust their trading capital. There is a variety of trading platforms available to choose from, some with very simple functionality and others with a host of tools and other extra resources built into them. Choosing one that best fits a particular trading style and personal taste is of course important, as is the wider customer service and security provided by a broker.
The explosion in popularity of binary options trading in recent years has meant a parallel surge in the number of online brokers providing trading platforms. There is also a spectrum of quality, especially when it comes to customer service and best practise custodianship of client funds.
Properly researching the numerous brokers it is possible to choose from can appear a daunting task. However, never fear, we’ve done much of the leg work for you in our brokers review section and have covered all of the most important categories of information on each broker in one convenient place.
In this review, we take a closer look at Binomo.
Binomo has been operating as a binary options broker since 2014, with the holding company behind the brand Seychelles-registered Tiburon Corporation. A third company, Cyprus-registered Stagord Resources, provides payment services to Binomo. One of the drawbacks Binomo should look to address is its opaque company structure and hopefully this is in process with the broker’s website stating that CYSEC regulation is ‘pending’.
However, several awards garnered by Binomo suggest that despite the company’s lack of solid regulation to date, the broker has a strong approach to clients. ‘Best Broker for Beginners’ at the 2015 Forex Expo Awards and ‘Best Broker for South Eastern Europe’ at the 2016 IAIR Awards sit proudly on the shelf – though whether that shelf is located in Cyprus, the Seychelles or elsewhere is a question Binomo would do well to clear up.
A tradable assets list of 70+ instruments across forex pairs, commodities, indices and equities covers most bases and will satisfy the requirements of the majority of traders. There are certainly brokers out there that offer more extensive asset coverage but most traders prefer to stick to more popular, liquid assets and what is available on Binomo’s trading platform will certainly cater to most requirements.
Bonuses & VIP programs
Binomo provides traders with a strong range of bonuses and other promotional incentives. The standard bonuses on first-time deposits for new traders to the platform and also regular bonus schemes for account top-ups are covered, as would be expected. More innovative are the free-to-enter tournaments that Binomo puts up a cash prize fund for. These are targeted at beginners, with entry-fee tournaments with much bigger prize funds also run for more experienced traders and are a great way for traders to gain experience in a fun but competitive environment without risking real money. The competitive element makes it a more realistic environment than simply trading on a demo account.
A VIP account bonus is also awarded to traders who deposit at least $1000. This comes with several perks such as withdrawals being processed within 4 hours, rather than 3 days, slightly higher maximum payouts and access to free coaching sessions with an analyst.
The Binomo trading platform sticks to the basics but does them very well. It’s more minimalist than many trading platforms and doesn’t boast the same range of extras as some, such as news feeds, technical analysis tools etc. However, while some will consider that a minus others will appreciate the focus on the core trading functionality and the lack of noise. It’s also a proprietary platform so something unique in a market dominated by 2 or 3, admittedly high quality, white label trading platforms.
Placing trades is intuitive and even complete beginners will have no difficulties in getting to grips with the platform from the get go.
The platform also comes in native Android and iOS app format, with mobile versions now almost obligatory for any serious binary options brokers. The apps have been built to a high quality level and with the full desktop version already stripped-back there is very little difference to the lay-out and overall trading experience when switching to the app.
Fees, Payouts and Trading Features
One of Binomo’s major target markets is beginner traders and this is reflected in terms of the low level of fees applied. Withdrawals are not charged, as they are by many brokers, unless a deposit has not seen a relatively modest trading turnover of twice its value. In this case a 10% charge is applied to withdrawals. There are also no fees attached to shorter periods of account inactivity though if an account has seen no activity in at least 6 months Binomo does reserve the right to close it and claim any outstanding balance.
Payout levels are around average, with payouts on the majority of binary options positions set at somewhere between 70% and 80%. Gold (deposit of $500 minimum) and VIP (deposit of $1000 minimum) account holders take advantage of slightly higher maximum payouts, up to 86% and 87% respectively.
Another appealing quality to Binomo as a binary options broker is that binary options positions can be taken from a minimum of $1. With most brokers setting the bar at a minimum of $10, with many as high as $25, this will clearly be considered a major plus for beginners or those that simply prefer to trade with lower stakes.
Deposits and withdrawals
Minimum deposit and withdrawal levels also continue the theme of low barriers to entry and an account can be opened with a deposit of just $10. The minimum withdrawal is also $10. There is also a maximum deposit than can be made with one transfer which is set at $1000, though there appears to be no ceiling set on withdrawals.
Bank transfer and e-payment providers are unfortunately not supported as deposit or withdrawal methods, which must be made using a Viza, Mastercard or Maestro debit or credit card. Withdrawals are not charged unless x2 minimum turnover of the deposit value has not been reached, in which case a 10% charge is applied.
Skype, onsite chat, a UK-based telephone number and email are the options available when it comes to getting in touch with a Binomo customer service representative. Customer service agents that speak the dominant language of all of the major territories that Binomo operates in are available.
Extra features and resources
As already mentioned, Binomo does not offer much in the way of additional features and add-ons to the trading platform. However, for most traders this will not be a major issue as most of the features that can be built in to trading platforms can be found for free elsewhere online. A number of tutorials on Binomo’s trading platform and binary options trading more generally are available as is a good variety of content covering different trading strategies.
As a broker and trading platform Binomo will be most appreciated by beginner traders who prefer to keep things simple and also minimise expenses while they learn. The platform’s real selling points are the low level of minimum deposits and withdrawals and $1 minimum investment stake for opening a binary options trade. More experienced traders who dislike the ‘noise’ created by platforms with lots of added tools and resources will also favour Binomo’s approach, while the opposite will be the case for traders who appreciate extras.
If Binomo makes strides in addressing the regulation ‘elephant in the room’ and CYSEC regulation moves from ‘pending’ to reality, this broker could make some real strides when it comes to being a favourite of new traders.
- » $1 binary options
- » $10 minimum deposit
- » $10 minimum withdrawal
- » No charges applied to most withdrawals
- » Easy-to-use trading platform
- »Not yet fully regulated
- » Turnover requirements applied to bonuses are steep
- » Broker will claim outstanding balance in accounts inactive for at least 6 months
Is Binomo a scam binary options broker?
Although Binomo is not yet fully regulated there is also no evidence the broker is a scam and they have won a number of industry awards.
What is the minimum deposit to open an account with Binomo?
Minimum deposit set at just $10 is a major plus of Binomo as a broker
How long does it take to withdraw funds from a Binomo account?
Withdrawals processing takes 3 working days for standard account holders and 4 hours for VIP account holders
How much does it cost to place a binary options trade?
Binomo offers binary options positions starting from $1