No. Of Assests:
Types of assets:
Depends on deposit
Currencies, Commodities, Indices
Binomo has established innovative and a user-friendly platform for traders with few keystrokes only. The firm also offers interesting charts with key indicators, including, Bollinger Bands, MACD, RSI and MA. Its website has several other technical tools which include: triangles, trendlines, pitchforks, Fibonacci and much more.
Is Binomo a Scam?
Although, Binomo is not yet certified by CySEC and British FCC, the firm has been waiting pending approval from both authorities. However, it is certified from CROFR. This means that the firm has insured all risks of the clients, making it a safe broker according to the current rules on CROFR. It is always important for brokers to hold several key certifications from regulators to increase the trust of trades. The firm is also registered with FMRRC, which is a broker’s regulatory authority in Russia.
Binomo has the strong and attractive website, making it a stronger broker platform compared to its competitors. The minimum deposit requirement is yet another key factor that has been attracting clients to use this platform. Traders can expect to get VIP protocol and services if they open the account with $1000, which is the maximum limit for this broker. Free demo account, tutorials, and annalistic tools are making it easier for beginners to expand their trading strategies.
They offer $1000 on demo account to improve traders trust on the platform. They got Forex expo award back in 2015. This award was the result of its high-quality services.
Deposits and Withdrawals
Traders can fund their account using several different methods, including credit or debit card, Yandex, bank transfer, Money, WebMoney and Neteller. Traders also have an option to trade in the currency of their choice.
There are three different type accounts that Binomo platform offers to investors:
1. Standard: $10+
2. Gold: $500+
3. VIP: $1,000+
Although they offer $1000 for demo account, they do not offer bonuses to traders who plan to create a standard account. Bonuses are only available to VIP clients. Trades can expect bonus up to 100% according to the size of their deposit in the VIP account.
Trades can expect payouts in the range of 85% on winning trades. They have also been arranging tournaments to expand trader’s skill, which is a new feature, compared to other trading platforms. Traders can withdraw their funds from the standard account in 3 working days.
If traders use their gold platform, they can expect their payouts to increase to 86%, higher from 85% that is offered to standard customers. Gold account holders can withdraw their funds within the period of 24 hours. In addition, they offer additional support services to their gold clients.
On the other hand, the payout rate increases to 87% for VIP clients. The withdrawal time for VIP customers is as low as 4 hours. They offer significant support services to VIP clients, including the ability to insure their trade and assistance on Skype.
There are several complains about this broker because of the lack of customer services. They do not offer quick chat to traders. Instead, they request clients to send emails to the support center. The second drawback was their low grip on the English language. Traders from Russia can easily get customer representative response, but they hold quires for a longer time from international clients due to language barriers.
Binomo does not charge any commission in general. They only charge 10% fees on withdrawals that haven’t exceeded their trading volume double the amount of their deposit. The payout is also different for different clients and it can increase to 87% for VIP clients.
Binomo has the simple and innovative platform for traders. They offer a different type of services to each client depending on the nature of their account. VIP traders can get several top rated privileges and perks, but standard customers get low perks, excluding a $1000 on the free demo account. It is not yet registered with CySEC, which makes it a risky place for foreign investors. However, Binomo looks like a safer place for Russian traders, as it is registered with Russian FMRRC.