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BINOMO REVIEW

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

The success of online trading, asides from the skill involved for successful trading, depends on the choice of the broker. The features a broker has can make or break a good trading strategy. 

This review covers the trading features that Binomo has, when the broker started, its regulations, its range of assets, the tools and charts available, and some other features that traders find it helpful. 

Overview

Binomo is owned by Dolphin Corp., located in St. Vincent and the Grenadines. The brokerage company was established in 2014 and has grown to be one of the largest brokers in its coverage and services. The broker is regulated by the International Financial Commission (IFC).

The IFC regulates brokers offering financial market services, and it also has a compensation fund for all its members. The VerifyMyTrade branch of IFC also audits Binomo, making it pretty hard for the broker to indulge in fraudulent activities.

Aside from the regulation, the proprietary trading platform uses an SSL protocol that ensures that all clients’ data are encrypted and secure. No wonder it is trusted in over 133 countries worldwide and has close to 1 million active traders. 

The web-based trading platform is user-friendly, making it an excellent choice for beginners and professional traders. The broker offers professional CFD trading services having a wide range of instruments that traders can pick from. 

The broker offers currency pairs, stocks, cryptocurrency; I have also noticed some indices and commodities like oil, gold, silver, and some other assets of the same class. The quotes provided are real-time quotes, these real-time quotes make it possible to trade CFD on a very competitive real-time pricing, and this is also complemented with the zero spreads available on the platform. 

From my study, I have discovered that the broker has won several awards like the IAIR awards and FE awards and partners with top agencies to provide professional services.

ProsCons
24/7 trading 
Potential 90% payout
$10 minimum deposit
Responsive customer support 
No social trading
limited number of assets
Does not accept U.S. and U.K. traders
Limited trade type 

Who Binomo is for?

The Binomo platform is for both beginner traders and professional traders who are interested in CFD trading. The broker provides gold, standard, and VIP accounts to cater to the client’s different needs. 

With the nature of trading in Binomo, I believe it is more suited for short-term traders interested in taking short trades to make a consistent profit.

Rating: 4/5

Sign-up bonus: The broker gives a 100% deposit bonus to standard account holders and 200% to VIP accounts.

Is Binomo Safe? 

Yes, Binomo is safe. The brokerage firm is a legitimate online trading platform used in 133 different countries by thousands of traders. Binomo is a category “A” member of the International Financial Commission (IFC).  

Asides from overseeing and checking the activities of brokers, the commission includes up to $20,000 protection funds for its members for case disputes. With its IFC membership, Binomo affirms its commitments to high standard business conduct and practice.

Speaking of safety, many scam brokers do not attend to customers’ requests. Binomo, on the other hand, has reliable customer support. You can also reach out to the broker in the case of any complaint or inquiries by using the chat option on their website and app or by sending an email to [email protected] The replies are quite fast too.

Rating: 4/5

Year founded:2014
Publicly traded:No
Licenses:Category  “A” member of IFC
Backlist:No

Offerings of Investment

Unlike brokers who offer underlying forex pairs, cryptocurrency, and other assets, trading at Binomo is via CFD products. The table below summarises the different investment products available to Binomo customers.

The assets (especially cryptocurrency) available to be traded are also limited. This might be a little discouraging to some professional traders.

Rating: 4/5

Forex: Spot Trading       Yes
Currency Pairs (Total Forex pairs)  Yes
Social Trading / Copy-Trading No
CFDs instrumentsforex, stocks, crypto, commodities

Commissions & Fees 

Binomo’s overall pricing is in line with the financial industry average. It also trails the best CFD brokers in terms of active trader pricing.

Spreads: For the EUR/USD, the Binomo platform has a dynamic that averages around.

Bonuses: There are rebates (cashback) of 10% for the VIP account and 5% for the good account 

Rating: 4/5

Minimum Initial Deposit$10
Average Spread EUR/USD – Standard     0.03
All-in Cost EUR/USD – Active       N/A
Minimum withdrawal$10

Platform and Tools

The platform is a properly designed one. It has appropriate customizations that make it easy for users to navigate the site without having a hard time.

  • Ease of use: The web trader is designed and focuses on simplicity. This makes it easy to use for new traders to find their way around the platform before moving to a more complex 
  • Charting: The chart patterns are easy to understand because they are clear. There are different chart patterns; the common ones that many brokers have (candlestick, line, and bar chart patterns) are available. But there is one other one that I saw and seems unique: the mountain chart pattern. It was strange to use at first, but it has become one of the most important parts of my trades because I like how it shows the recent highs and lows of the market in a mountain-like pattern.
  • Technical indicators and drawing tools are also available for technical analyses.
  • MetaTrader 4 and 5, Algo-trading copy trading: Binomo offers a proprietary trading platform, so MetaTrader is not offered. The trader also does not support algorithmic trading and social copy-trading.

Rating: 4/5

Virtual Trading (Demo)Yes
Proprietary Platform  Yes
Desktop Platform (Windows)Yes
Web Platform Yes
MetaTrader 4 (MT4)  No
MetaTrader 5 (MT5)  No
Charting – Indicators / Studies (Total)Yes (Over 25 )
Charting – Drawing Tools (Total)Yes (16)
Charting – Trade From ChartNo
Order Type – Trailing StopYes

Research 

Binomo offers a research feature like an economic calendar but does not offer basic research features like market commentary and constant webinars.

New and Research: Asides from the economic calendar, research is not found inside the Binomo trading platform. The broker does not have technical or fundamental analysis research content. 

Rating: 3/5

Education 

Binomo offers free education, and it could be said to be extensive because it contains over forty educational videos that contain different trading strategies that traders can use to make money in the market.

Binomo started to roll out educational video content https://binomoblog.com/education some months ago and has more than 40 videos available. From my overview of the videos, they are quality videos. 

The educational content contains videos that are helpful for trading forex, cryptocurrency, and stocks CFDs. I won’t say that the videos are exhaustive, but they offer some value.

Rating: 4/5

Mobile Trading

The broker has a professional trading platform making it easy to make trade analyses on the web trader. Asides from analyzing the website, it is also possible to analyze on android and IOS phones. The app has advanced trading tools and functionality and should be able to challenge the industry leaders. 

The chart from the web syncs is similar to that of the mobile phone both on android and apple. Though I still believe that many things could be worked upon by the broker to make the platform more professional.

While Binomo has improved on its charting and making many indicators available on the trading app, the broker still has plenty of improvements to add in terms of the number of features. For example, The broker could add more trading news, research, and some other advanced tools.

Rating: 4/5

Mobile devicesi.e. apple, android, etc
Featuresi.e. allow making trade,, watchlist, charting, alert, etc.

Final Thoughts 

The broker does not have research instruments available, and this might leave active traders wanting to make an extent. This, on the other hand, does not cut Binomo off as a leading broker, especially for short-term traders and traders who are less experienced and desire simplicity and ease of use.

The broker had a low minimum deposit, different trading assets, first deposit bonus, table trading conditions, balanced web and app platform, and many more.

 Binomo undoubtedly provides a healthy market to explore the world of online trading for those who would like to open account with the broker, this link https://binomos.net/registration/  should be useful. 

Overall rating: 4/5

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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