Binomo is a broker suitable for short-term daytraders, as the Fixed Time Contracts here run from 1 minute to a maximum of 60 minutes. The Binomo Fixed Time Contracts are very similar to Binary Options, so if you are used to binary options you will quickly understand how they work.
Examples of underlying assets and products that you can gain exposure to here are stocks, forex, cryptocurrency, commodities, and indices. All trading takes place on the proprietary Binomo platform, which opens directly in the browser window. Mobile apps are available for both iOS and Android.
The minimum trade size is $1 and the minimum deposit is $10.
Binomo was founded in 2014. It is owned and operated by Dolphin Corp, a company based in Saint Vincent & the Grenadines, a small island nation in the Caribbean.
Open a free Demo Account
Instead of buying a pig-in-a-poke and make a first deposit blindly, you can start by checking out what Binomo has to offer by signing up for a free demo account. It comes filled with $10,000 in play-money which can be topped up at any time.
Use to play-money to make play-money trades on the platform and see if you like the interface before you decide if you want to use this broker for real-money trading. A demo account with play-money is also a great way to learn how to use the platform without losing any real money on beginner mistakes.
With Binomo, you will be using Fixed Time Trades which are essentially binary options. Both the High/Low version and the Boundary version are available. Smallest trade size is $1 and the contracts with the highest payout have a payout of 90%. Contracts are available with a lifespan from just 1 minute to 60 minutes.
Examples of underlying asset and product types:
- Stocks. The assortment is focused on big companies listed on world-famous stock exchanges such as Nasdaq and the New York Stock Exchange.
- Indices, e.g. the Dow Jones Industrial Average.
- Commodities, including both metals and energy
- Foreign currency. There are circa 20 different currency pairs to speculate on here, including heavily traded pairs such as the GBP/USD.
- Cryptocurrency, e.g. Bitcoin, Bitcoin Cash, Litecoin, and Ada.
Does this broker give traders Negative Account Balance Protection?
No, it does not.
Trading hours at Binomo
On this platform, trading takes place around the clock, seven days a week. Exactly which underlying assets that are available for speculation in any given moment will vary, e.g. depending on the trading hours for the global forex market, for the various stock exchanges, and so on. Cryptocurrency trading is not centralized and crypto speculation is available continously.
The trading platform
Type of platform
The proprietary Binomo trading platform is the type of platform that opens direclty in the computers browser window. There is no software do download and install for trading on a desktop computer – you´ll do all the trading directly in the browser window.
If you want to trade on your mobile devices, apps are available to download and install for iOS devices and Android devices.
Are there tools for technical analysis built into the Binomo platform?
Yes, there are tools available, such as various charts and 20 graphical aids.
Can I use trade signals with Binomo?
Is automated trading available?
Yes, check out the BinomoBot if you are interested in auto trading. It tracks 12 moving and 5 technical indicators.
Is copy trading available?
Is social trading available?
Can I use third-party trading platforms?
Some brokers will give their clients acccess to third-party platforms (e.g. the famous platforms cTrader, MT4 or MT5), but Binomo is not one of them and with your Binomo account you will only be able to trade on the proprietary Binomo platform.
When Binomo first opened they utilized a third-party platform, but this is no longer the case.
There are three account levels
There are three acount levels here:
- Standard Account
- Gold Account
- VIP Account
A minimum deposit of $10 is enough to open a Standard Account and get access to all the trading opportunities, technical analysis tools, etctera on the platform. If you deposit $500 or more (in one go or gradually over time), your account will turn into a Gold Account. This does not unlock any “secret chambers” on the platform, but will provide you with a personal account mananger and a few other perks, including faster processing of your withdrawal requests. The same is true when your account becomes a VIP Account – it does not impact your trading ability directly, but you will get perks – including more personalised service. To get a VIP Account, you need to deposit a minimum of $1,000 (in one go or gradually over time).
Can I sign up for a speciality account?
No, Binomo does not offer speciality accounts of any type.
Muslim / Islamic / Halal / Sharia 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
How big is the minimum deposit?
The minimum deposit is just $10.
Which transaction methods can I use?
This broker accepts a lot of different transaction methods, including a selection of debit/credit cards and e-wallets.
Examples of accepted transaction methods:
- JCB Card
- Doku Wallet
- Perfect Money
Phone number: +1 849 9366003
Email address: email@example.com
Live chat: Live chat support is available on the trading platform
Ownership and regulation
Owner: Dolphin Corp
Company registration number: 25151 IBC 2018
Company address: Dolphin Corp, First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent and the Grenadines
Binomo is a member of the International Financial Commission. This is not a governmental agency or similar; it is just a private organisation.
About the regulator
Saint Vincent and the Grenadines is an island nation in the Caribbean. It is not considered a strict legislator when it comes to online brokers. They are for instance still permitting the sale and distribution of binary options and similar to non-professional clients, and online brokers can legally offer leverage to non-professional traders without giving them Negative Account Balance Protection. Today, many binary options brokers are based in Saint Vincent and the Grenadines.
Questions and answers about Binomo
Is there a welcome bonus?
Binomo often runs time-limited welcome bonus campaigns.
Does Binomo offer CFD trading?
No, Binomo does not offer Contracts for Difference (CFDs).
Is P2P trading available here?
Does Binomo offer VPS hosting?
No, this broker does not offer Virtual Private Server (VPS) hosting.