Binomo: Investment Trading App Review 2021

5.0 / 5
5

One of the modern leaders in the online trading market is the Binomo platform. The main reason for the company's success lies in its customer-oriented approach to the provision of services. The platform's functionality is attractive to traders of all levels, including beginners.

General information

The Binomo platform first opened in 2014, and it has built a solid reputation over the years. The digital environment is supported and developed by the company's team of specialists. Active development has ensured rapid growth in the popularity of the platform. Binomo operates in over 130 countries around the world. About 1 million traders use the service every day. Since 2018, the company has been an active member of the International Financial Commission, ranked in category A (the highest level of reliability).

The Verify My Trade service (controlled by FinaCom PLC LTD) carries out a monthly audit of the quality of trade execution on the trading platform. Company representatives conduct testing by concluding 5,000 control trades. The latest audit information is posted on the organization's website. Membership in the Financial Commission gives users guaranteed neutral third-party protection.

Pros and cons

Pros:

  • Certification from The Financial Commission. Service quality control from a reliable international regulator of relations on financial markets. Independent compensation fund of up to €20,000 per claim.
  • An original functional platform. A web terminal for trading on computers and mobile devices, as well as official applications for iOS and Android. Support for indicators and technical analysis tools.
  • Accessible conditions to start. The minimum requirements for deposits and payments start at $10. Quick registration on the site and an interactive guide on the platform interface for new users.
  • Free training option. A demo account with a balance of $1,000. It can be replenished an unlimited number of times when the balance has been depleted. Access to the demo account is retained after making a real deposit; it takes 1 click to switch between accounts.
  • Regular trader tournaments. Large-scale competitions of traders with prizes that are credited to your real trading account. The prize fund can reach impressive amounts, up to $35,000 or higher.

Cons:

  • Lack of light theme. The terminal interface was designed to the smallest detail. It is a dark UI with contrasting elements which helps to reduce eye strain. However, having a choice of mode (day/night) would increase the comfort level for the user.
  • Limitations on trade expirations. The maximum duration of trade on the platform is 1 hour. Most traders, especially beginners, prefer to close trades with expirations within 1–15 minutes. However, some users may consider this limitation to be a disadvantage.

Trading conditions

Supported account currencies: the dollar, euro, as well as national currencies depending on the country of residence. The currency is selected when registering your account; it will be impossible to change it later, even though the support service.

  • Minimum investment — starts at $1
  • Profitability for a correct forecast — up to 90%
  • Duration of a trade — from 1 to 60 minutes

The Binomo platform is intended for generating additional income through online trading. The level of return on investment for a successful forecast and the duration of the trade are set in advance, before entering the market.

Tradable assets

The Binomo assortment is represented by a fairly extensive list of trading assets — 60+. It depends on the current time of day as well as on the trader's account level. It includes currency pairs (EUR/USD, EUR/CAD, GBP/NZD, USD/CAD, NZD/JPY, and others), indices, precious metals (gold and silver), and other trading assets.

Trading platform

Since 2015, Binomo has been developing and supporting its terminal. This modern platform is distinguished by functionality, simplicity, and high speed of operation. The terminal was implemented in a minimalistic style, but at the same time, all the necessary tools are available on it.

Functional features of the Binomo terminal:

  • 15 technical analysis indicators (Moving Average, MACD, RSI, Alligator, and others);
  • 16 chart analysis tools (lines, levels, channels, Fibonacci);
  • Economic calendar with financial news for fundamental analysis;
  • Chart with 4 modes, scaling, scrolling, and 12 timeframes starting at 1 second;

Regular quality control of trade execution is carried out. As mentioned above, VMT specialists from FinaCom PLC LTD conclude 5,000 control trades every month. Moreover, execution speed and other key parameters are also analyzed.

Mobile trading

Applications for mobile devices are available in the App Store and Google Play. You can also trade in a browser by opening the adapted version of the web terminal on the official website binomo.com. The difference between the mobile version and the full-featured solution is a reduced range of indicators and technical analysis tools due to the specifics of devices with small screens.

The mobile app is also available in the HUAWEI AppGallery store. Manual installation is possible using the APK package, which can be downloaded from the official website of the trading platform.

Account levels

Free (Demo). The basic account type for all new users after registering on the platform. It is a demo account with a reduced range of trading assets offered. It offers a great opportunity to master the platform interface or learn without incurring any financial risk.

Standard. The first level is for traders who have made a deposit into their real account. A basic assortment of assets is offered, payments take up to 3 days*, profitability for a correct forecast is up to 85%.

GOLD. Premium status for users depositing at least $500**. The difference is an expanded assortment of assets, an increased percentage of profitability on successful trades, as well as accelerated payments within up to 24 hours*.

VIP. The maximum level of service for users depositing at least $1,000**. The additional privileges include the maximum percentage of profitability on successful trades — up to 90%, the full range of assets (60+), payments from within a few minutes to 4 hours*, and bonuses of up to 200%.

*In some cases, payments may take longer. It depends on the payment system chosen by the user.

**The total amount of all deposited funds is taken into account from the moment of registration on the platform.

Deposits and withdrawals

The minimum amount for deposits and payments starts at $10. Bank cards and electronic payment systems are supported. The range of available payment methods varies depending on the trader's country of residence.

Payments are made within a period of a few minutes to 3 days. In some cases, withdrawals of funds may take longer. It depends on the chosen payment system. Withdrawals of funds are only made using the same means that the account was credited with.

Trader training

The main advantage of Binomo for beginners is the unlimited demo account. When the starting balance is exhausted, the account can be instantly replenished. There is also an informational section on the Help Center Binomo website to assist beginners. It provides an exhaustive amount of information regarding the use of the trading platform. Beginner traders will benefit from the ready-made market analysis algorithms with detailed step-by-step instructions.

The ready-made strategies from Binomo are presented for informational purposes only. All traders should understand the fact that there are no guaranteed effective strategies and their trading results are largely determined by their own experience. Therefore, when using a real account, you need to be especially careful and thorough in weighing your own decisions and assessing the potential risks.

Customer support

Users can be provided consultation by email or in the online chat available on the platform's official website and in the mobile application. The operators consult in many world languages and usually respond within a few seconds. They operate 24/7.

Users with VIP-level accounts can receive personal advice from an individual manager. However, before contacting the support service, it is strongly recommended that you familiarize yourself with the informational sections of the site, including Help Center Binomo. This will help you get answers to most of your questions.

Should you trade with Binomo?

Based on the results of this review, it is possible to objectively assess the level of the service offered to traders as high. Binomo meets the modern requirements for online trading platforms. From a technical point of view, the services offered are generally standard for this market segment. However, Binomo's unique strength is the regular trader tournaments it holds, including the daily $300 free event. This gives Binomo a unique personality and favorably distinguishes the platform from similar competitor services.

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