With this broker, you can utilize Fixed Time Trades to gain exposure to stocks, commodities, forex, cryptocurrencies, and indices. The Fixed Time Trades are very similar to Binary Options.
The minimum deposit is just $10 and the smallest trade size is $1, so you do not need a big bankroll to get started with this broker.
Binomo is suitable for short-term daytraders, as no contracts last for more than than 60 minutes. If you want to keep positions open for more than an hour, there are other brokers available online that will suit you better.
Bonuses
Binomo often runs time-limited deposit bonus campaigns; both welcome bonus campaigns and offers catering to those who are already doing real-money trades on the platform.
If you want to, you can turn on the alert feature and allow Binomo to send alerts to your mobile phone. That way, you will know about any new campaign as soon at it is being launched.
Trading plattform
With your Binomo account, you can only use the propriety Binomo trading platform. You will not get access to any third-party platform, e.g. MetaTrader4, MetaTrader5 or cTrader. (If you read older reviews of Binomo online, they may contain informaiton about this that is no longer corrrect, because when Binomo started out they were utilizing a third-party platform.)
The Binomo trading platform opens in your browser window. There is no software to download and install on your computer.
The Binomo platform is focused on short-term trading, with contracts lasting from 1 minute to 60 minutes. Streamlining the platform for this type of trading has helped Binomo create a platform that is efficient and very easy to use.
Technical analysis
The platform comes with tools for technical analysis, such as charting and 20 different graphical aids.
Can I use trade signals with Binomo?
Yes
Can I use Binomo for automated trading?
Yes, you can use the BinomoBot for this. It tracks 12 moving and 5 technical indicators.
Is copy trading available?
No
Is social trading available?
No
Can I use Binomo for mobile trading?
Yes, Binomo can be used for trading on smartphones and tablets. Trading apps are available for both iOS and Android.
You can turn on push notifications if you want to stay on top of transactions, promotions, etcetera.
Free Demo Account
You can sign-up for a free Demo Account and use it to explore what Binomo has to offer and see if you like it. You only need to enter your email address to sign-up; there is no need to provide the broker with more private information, e.g. your home address or a photo copy of your ID.
The free Demo Account is filled with play-money which you can use to make play-money trades on the platform. The account comes with $10,000 in play-money and can be topped up at any time.
Trading
Instruments
Fixed Time Trades, which are essentially either High/Low binary options or Boundary binary options.
The maximum payout is 90%.
The shortest lifetime is 1 minute and the longest lifetime is 60 minutes. This platform is not suitable for traders who want do carry out longer trades than one hour. There are other brokers available online that offer binary options with longer timespans, including intraday binary options.
Smallest trade size
$1
Underlying assets and products
At Binomo, you can gain exposure to stocks, forex, indices (e.g. DJIA), commodities and cryptocurrencies.
The stocks are from large and well-known companies listed at major stock exchanges such as NYSE and Nasdaq.
Around 20 different forex pairs are available. Examples of available forex pairs are GBP/USD and AUD/USD.
Examples of available commodities are gold, silver and crude oil.
Examples of available cryptocurrencies are Bitcoin, Bitcoin Cash, Litecoin and ADA (the native token of the Cardano platform).
Negative account balance protection
No
Trading hours
Trading takes place 24/7 on the Binono platform, but exactly what will be available at any given moment depends on the trading hours for the underlying assets. A binary option based on a company share will for instance have trading hours linked to the trading hours of the stock exchange where the share is listed, and so on.
Cryptocurrency trading is not centralized and speculation on cryptocurrencies takes place 24/7.
Account types
Binomo have a tiered account model with three levels: Standard, Gold and VIP. Your account level depends on your funding level. It is the accumulated deposits over time that matters, rather than how large your first deposit was or how much you have deposited in the form of one individual deposit at some point. Therefore, it is possible to gradually climb the levels even if you are only making small individual deposits.
Standard Account. Making the minimum $10 first deposit is enough to get you started with a Standard Account at Binomo. With a Standard Account, you get access to all the trading instruments.
Gold Account: When you have deposited a combined $500 your Standard Account will be upgraded to a Gold Account. A persoanl manager will be assigned to you and you will enjoy certain perks such as access to trading strategies and faster processing of withdrawal requests.
VIP Account: The VIP Account is for traders who have deposited at least $1,000 in total. This is the highest account level and it comes with more personalised services and the best perks.
Speciality accounts
Binomo does not offer any speciality account types.
Ethical Investment Account
No
Islamic / Halal / Sharia / Muslim Account
No
Indian Demat Account
No
ECN Account
No
DMA Account
No
LAMM Account
No
MAM Account
No
STP Account
No
PAMM Account
No
Deposits & Withdrawals
The minimum deposit is just $10, which makes this broker accessible even to traders who want to start out with a small first deposit.
Examples of accepted transaction methods:
Doku Wallet
Account currencies
USD
EUR
Customer support
The customer support can be reached through live chat and email. The live chat is available on the trading platform.
Email support address: support@bimono.com.
Ownership and regulation
Binomo was founded in 2014
It is owned and operated by Dolphin Corp, a company based in Saint Vincent & the Grenadines.
Company address: Dolphin Corp, First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent and the Grenadines
Company registration number: 25151 IBC 2018
Saint Vincent & the Grenadines is a small island nation in the Caribbean. Compared to places such as Australia, the UK and Malta, it does not have a very strict legislation when it comes to online brokers. It does for insance still permit the sale and distribution of binary options to non-professional traders, which is why so many binary options brokers are now based in this country. St. Vincent & the Grenadines does not require brokers to give their traders negative account balance protection for leveraged trades.
Binomo is a member of the International Financial Commission. This is simply a membership organisation and not a governmental agency or similar.
Questions and answers
Can I use Binomo for CFD trading?
No, this broker does not offer Contracts for Difference (CFDs).
Does Binomo offer P2P trading?
No
Does Binomo offer VPS hosting?
No, Binomo does not offer Virtual Private Server hosting.