Trade binary options products with a Binomo account
Choosing a broker is clearly an important decision for a binary options trader regardless of whether they are a complete novice or seasoned expert. A broker should be reputable and a trustworthy custodian of the funds held in a trading account as well as providing the trading experience that fits the requirements of the individual trader. That can include the range of tradable assets on offer, trading platform, minimum and maximum value of binary option positions and minimum and maximum value of deposits. Banking conditions and customer service are also important.
Assessing all of these factors can be a time consuming process with so many binary options brokers now on the market. Luckily, in our reviews section, we’ve done much of that work for you. We’ve compiled information on all of the key areas that you will want to assess when choosing a broker.
In this particular review we cover Binomo.
Binomo has been in operation since 2014. The brokerage brand is owned and controlled by Seychelles-registered Tiburon Corporation, with payment services run by Cyprus-based Stagord Resources. The company’s ownership is thought to hail originally from Russia and the broker started out by being successful in Eastern Europe before moving into the Western European and Asian markets.
As of the time of writing, Binomo is an unregulated broker but the company’s website does state that regulation with the Cypriot financial services regulator CYSEC, the only regulator in the EU that covers binary options trading, is pending. Binomo is certified by CROFR, a non-profit voluntary regulator based in Russia, however this should not be confused with a genuine government-controlled financial regulator.
Despite its lack of regulation to date, Binomo appears to be taking the correct approach to its clients and its trading platform and brokerage service has won a number of awards including ‘Best Broker for South Eastern Europe’ at the 2016 IAIR Awards and ‘Best Broker for Beginners’ at the 2015 Forex Expo Awards.
Binomo account holders can choose to trade binary options from across 4 different asset classes, with 70+ individual assets offered under currencies, commodities, indices and equities. While not a small selection of tradable assets, covering the vast majority of regularly traded financial instruments, there are brokers with a wider selection. However, unless a trader has more specific requirements on particular assets they like to trade that fall out with the most common options, the list available with Binomo will more than suffice.
Bonuses & VIP programs
Bonuses are awarded on deposits made when an account is first opened. These start at 20% of the initial deposit’s value for small deposits and rise to 100% deposit matches on account values of $1000 or more. Bonuses are also regularly offered for fixed time periods for traders topping up funds in their account with new deposits. VIP account status is awarded to accounts where the holder has deposited at least $1000 and comes with various perks such as higher payouts, reduced withdrawal times and sessions with an analyst.
Finally, Binomo regularly runs free-to-enter tournaments with a winners’ prize fund worth up to several hundred dollars. Bonuses applied to deposits do, however, come with turnover requirements before subsequent withdrawals can be made so traders should make sure they understand and are happy with the terms before accepting bonuses.
Binomo’s trading platform is a proprietary product and takes a stripped-back, minimalist approach. There aren’t a lot of bells and whistles and additional features such as news feeds and advanced charting tools may be missed by some but the flip side to the platform is that it executes its core functionality excellently. Even complete beginners will have no issues in placing and monitoring binary options trades. The minimalist approach the platform takes will be what many traders love about it, anyway preferring to use third party resources for news, charting etc. The simple usability of the trading process itself will appeal. It may also put others off who are used to trading platforms that offer a range of functionalities, tools and add-ons.
Binomo’s trading platform is also available in Android and iOS app format. As a result of the full desktop version being stripped-back to start with the mobile version of the platform not only retains all of the functionality of the regular format but retains an almost identical layout. This means that migration between desktop and mobile trading platforms is seamless.
Fees, Payouts and Trading Features
One of the major advantages to the minimalist approach to binary options trading that Binomo takes is that the lack of expensive extras to be subsidised means that fees are kept to a minimum. While most binary options brokers do not charge any fees to open or maintain an active account, and neither does Binomo, many make charges against account withdrawals. Binomo provides free account withdrawals on the condition that trades made against the value of the deposit have been to at least twice of its value. Below that a 10% charge is levied but with minimum deposits of $10, this is not a major issue.
One minus is that the broker retains the right to claim any outstanding balance on an account that has been inactive for at least 6 months.
Payouts made on winning binary options positions are roughly the equivalent of industry averages with holders of Gold and VIP accounts taking advantage of upper payout levels that are a few percent higher, up to 86% and 87% respectively, of those afforded to standard account holders.
Additional features are minimal and only the standard binary options format is available. The minimum trade value, however, is a tiny $1, which is great for beginners.
Deposits and withdrawals
The low value level of minimum deposits and withdrawals is a real strength of this broker with the bar set at just $10, or the equivalent in one of the other base currencies an account can be held in, for both. No charges are also applied unless a withdrawal is requested prior to a deposit having seen trading turnover of x2.
Both deposits and withdrawals can be made via Mastercard, Viza and Maestro debit and credit cards though one drawback is that at present neither bank transfers nor e-payment processors are supported.
Customer support is accessible by Skype, a chat box available within the trading platform and on the website, a UK-based telephone number and email. A number of languages are supported, including English, French, Spanish, Russian, Turkish, Mandarin, Vietnamese, Thai and Indonesian.
Extra features and resources
The only real extra available to Binomo traders is access to a demo account loaded with $1000 of virtual currency for traders to either gain experience or test the platform. In terms of resources, a number of tutorials are available to beginners on how to place binary options trades and there is also a good resource detailing a wide variety of different trading strategies.
Binomo’s minimalist approach to its trading platform and rock-bottom minimum deposit and withdrawal levels will appeal hugely to a particular group of traders, particularly beginners. The lack tools and a news feed, alternative binary options formats or a particularly rich variety of tradable assets will put others off. For traders who just want to trade, stick to the more popular assets and don’t want a raft of extras Binomo is a good choice.
It also has to be noted that this broker’s lack of regulation is an issue that will hopefully be soon addressed but despite that the company appears to have a solid reputation.
- Binary options positions from just $1
- $10 minimum deposit
- $10 minimum withdrawal
- Free withdrawals
- Unlimited use of demo account
- CYSEC regulation pending and not yet complete
- Bonuses come with turnover requirements
- Inactive accounts can see the broker claim any outstanding balance after 6 months
Is Binomo a safe broker?
While not regulated, Binomo has a good reputation as a binary options broker and has won some awards. With low deposits of as little as $10 and free withdrawals from $10 it is also not necessary to hold a lot of money on a trading account at any one time, something which increases security from a trader’s point of view.
What are minimum deposit and withdrawal levels with Binomo?
Both minimum deposits and withdrawals are set at $10, unbeaten anywhere in the binary options industry.
How can I make a deposit into a Binomo account?
Deposits and withdrawals can be made with Viza, Mastercard and Maestro debit and credit cards
Does Binomo provide educational materials and/or training?
Binomo does offer a good selection of content detailing different trading strategies binary options traders can employ and VIP account holders are offered free 1-to-1 mentoring with an analyst.