You can trade cryptocurrency, binary options, CFDs, and Forex on the Binomo trading platform. The broker has clients from over 100 countries. Moreover, it happens to be the most popular broker amongst traders in Brazil, Vietnam, Turkey, Indonesia, India, and Russia.
Since its establishment, the company has accumulated more than 800,000 active traders per day and over 30,000,000 successful weekly trades. Therefore, it happens to be among the largest brokers in the world. But is Binomo a legal and reliable trading platform? Below is an in-depth review of the broker.
Binomo Trading Platform
Binomo has a proprietary trading platform that it uses for all its customers. The platform ensures data security through the use of the SSL protocol. It ensures that the entire client’s data is secure. Therefore, you have a guaranteed safety on your cash during all trading conditions.
You cannot deposit or withdraw funds without certain sensitive information such as bank information, credit card numbers, and other personal details. With the first protection layer, the trader benefits as the broker preserve its reputation.
Other than the basics, the broker’s platform has several important beneficial components to improve your overall experience of online trading. Hotkeys fast refresh rates, and charts can significantly raise your payouts.
The platform has over 20 varying graphical tools to assist you in analyzing trading charts and history. Hotkeys are relevant for faster execution of trades, and they are outstanding at this broker. You are not likely to come across them anywhere else. Moreover, Binomo offers economic calendar incorporation and independent tabs that you use with the different charts.
The platform is efficient and streamlined. Besides, it includes many scalable elements and the option to commence trades with a single click. Ther is no need for confirmation. That, together with the fast refresh rate, allows discerning traders to grab opportunities as soon as they arise.
The platform full of features is enough proof to show that the broker has set aside its time and resources to evaluate and integrate the most crucial elements to binary options investors.
Regulation
Binomo operates under the regulation of the International Financial Commission. It has been a member of Category A since 2018. IFC is an independent establishment that assists in the regulation of the financial markets. With Binomo being a regulated broker and being a Category A member is enough to show its reputation.
Traders benefit in that IFC compensates for all of its members. If there are disputes with the broker, you have a protection of up to 20,000€. The protection is a safety assurance to traders.
Other than being a member of IFC Category A, the broker has a certification from the FMMC. Besides, they undergo regular audits by a branch of IFC by the name VerifyMyTrade. One of the recent audits was on 13th February 2020. The results were past the requirements for execution quality. Together with the independent certification, the regular audits are indicators of Binomo as a broker with integrity.
Moreover, the broker is on its way of getting a license through CySEC. For international clients, the regulation comes in handy in knowing the broker to select.
Trade Types
The broker provides the typical High/Low trade type options, referred to as Call/Put options. They are usually available from all brokers offering binary options.
It involves forecasts on whether the final asset’s price will move up or down compared to the start price for a particular time limit. There are also turbo trades similar to the High/Low options but differ due to too shorter time limits.
There is a limited selection of trade types on the Binomo platform. However, the broker provides an all-time trading availability. The market remains open throughout, meaning you can trade at any time, including weekends, which is a privilege you won’t find with other online brokers.
Binomo App
The broker has a mobile trading platform. You can use it with an Android or iOS device. One outstanding feature with the app that you won’t find in the web version is the notifications. They reach you timely and assist you in maximizing profits. You receive market trend alerts that let you know when you achieve particular trade conditions.
Binomo Account Types
· Standard
A standard account is the best match for those in their early phases of binary options trading. With as little as $10, you can begin to trade. You access 39 assets on the platform. Such a small number of assets are suitable for beginners, as it is less overwhelming. You can concentrate on understanding what you are trading with rather than the available number of options.
Moreover, the low entry requirements mean fewer amounts that you can lose in your early phases. Besides, you can participate in standard tournaments which may earn you bonus funds. The withdrawal process takes three days.
· Gold
Gold is the next entry point after the standard account and requires a deposit of $500. It gives you access to more assets compared to the standard account.
You will find 42 assets. That is three more than those on the standard level. Moreover, you will access your funds within 24 hours.
There are also gold tournaments that have a higher potential of winning. You get a manager who assists you in finance management and trading.
· VIP
It is the highest account in Binomo. You can easily access your money; there are more assets and bonuses. Besides, the yields are higher. You require a minimum deposit of $1000 for a VIP account. There are 49 assets, and the funds processing will only take you four hours. You also get a VIP manager who assists you in managing your account.
· Binomo Demo
Whenever you are about to trade real money in a new online broker, it is recommendable that you trade on a demo account to familiarize yourself with the platform. Besides, you will know whether it offers all the relevant tools and elements. To open a demo account at the broker, you need to sign up using your email. You will get $1000 virtual funds.
Conclusion
The broker uses numerous features and tools. Therefore, the platform is user-friendly and viable for traders interested in entering the binary options market. The mobile app is faultless and is highly effective with its notification feature. Generally, it would be ideal to state that Binomo is a reliable pick for trading binary options. The certifications, regulations, and audits show that Binomo is a reliable platform with good trading conditions.
