Binomo is a binary options broker that claims to offer a variety of trading instruments, such as cryptocurrencies, stocks, indices, and commodities. The company was founded in 2014 and is registered in St. Vincent and the Grenadines. Binomo is also a member of the Financial Commission, an independent organization that provides dispute resolution services for the financial industry.

In this Binomo review 2024, we will examine the pros and cons of this broker and see if it is a reliable and safe option for binary options trading.

Pros of Binomo

• A low minimum deposit of $10
• User-friendly web-based platform and mobile app
• Non-stop mode allows you to open the next position without waiting for the previous one to close
• Trade on weekends
• Free demo account with $1,000 virtual funds
• Various tournaments and contests with cash prizes

Cons of Binomo

• Not regulated by any reputable authority
• Limited number of assets and expiry times
• High withdrawal fees and slow processing times
• No advanced trading platforms like MT4 or MT5
• Poor customer support and communication
• Numerous reports of manipulation, fraud, and scam

Binomo Regulation and Safety

One of the most important factors to consider when choosing a binary options broker is its regulation and safety. Unfortunately, Binomo does not meet the standards of a trustworthy and secure broker in this regard.

First of all, Binomo is not regulated by any reputable authority, such as the CySEC, FCA, ASIC, or CFTC. Instead, it is registered in St. Vincent and the Grenadines, a notorious offshore jurisdiction that does not have strict rules or oversight for financial companies.

This means that Binomo can operate with minimal transparency and accountability and that traders have no legal protection or recourse in case of any disputes or issues.

Secondly, Binomo is only a member of the Financial Commission, which is not a regulatory body but rather a self-regulatory organization that provides dispute resolution services for the financial industry. While this may sound reassuring, it is important to note that the Financial Commission has no legal power or authority to enforce its decisions or sanctions. Moreover, the Financial Commission has been criticized for being biased and ineffective in handling complaints against its members.

Thirdly, Binomo has been the subject of many negative reviews and complaints from traders and experts alike. Some of the common issues reported by users include:

• Manipulation of prices and charts
• Rejection or cancellation of trades
• Delay or denial of withdrawals
• Unauthorized charges or deductions from accounts
• False or misleading advertising and promotions
• Spamming or phishing emails and calls
• Account blocking or termination without explanation or justification

These allegations suggest that Binomo is not a reliable or safe broker, but rather a scam that tries to deceive and defraud its clients. Therefore, we advise you to avoid this broker at all costs and look for more reputable and regulated alternatives.

Binomo Trading Platform and Features

Another factor to consider when choosing a binary options broker is its trading platform and features. Binomo offers a web-based platform and a mobile app that are both user-friendly and easy to navigate. The platform has a simple design and layout, with various tools and indicators for technical analysis. The platform also supports different types of charts, such as lines, candlesticks, bars, areas, etc.

Features in Binomo

One of the unique features of Binomo is its non-stop mode, which allows you to open the next position without waiting for the previous one to close. This can be useful for traders who want to take advantage of short-term market movements or volatility. However, this feature also comes with higher risks and fees, as you may end up losing more money than you expected or paying more commissions than you earned.

Another feature of Binomo is its various tournaments and contests that offer cash prizes for the top performers. These events can be fun and exciting for traders who want to test their skills and compete with other traders. However, these events also have some conditions and requirements that may not be favorable for some traders. For example, some events require you to pay an entry fee or make a minimum deposit to participate. Moreover, some events have specific rules or restrictions that may limit your trading options or strategies.

Binomo Account Types and Fees

Binomo offers four types of accounts for its clients: Standard, Gold, VIP, and Demo.

a). Standard account

The minimum deposit for the Standard account is $10, which is relatively low compared to other brokers. The Standard account gives you access to the basic features and services of Binomo, such as the web-based platform, the mobile app, the non-stop mode, the tournaments and contests, and the customer support.

b). Gold account

The Gold account requires a minimum deposit of $500, which is quite high compared to other brokers. The Gold account gives you some additional benefits and privileges, such as faster withdrawals, higher returns, cashback, personal manager, and analytical support.

c). Vip account

The VIP account requires a minimum deposit of $1,000, which is very high compared to other brokers. The VIP account gives you the maximum benefits and privileges, such as priority withdrawals, maximum returns, maximum cashback, personal manager, analytical support, and risk-free trades.

d). Demo account

The Demo account does not require any deposit and gives you $1,000 virtual funds to practice and learn trading on the platform. The Demo account is a good way to test the platform and features of Binomo before investing real money.

Binomo fees and commissions

Binomo charges various fees for its services, such as withdrawal fees, commission fees, inactivity fees, etc. The withdrawal fees depend on the payment method you choose and range from 3% to 10% of the withdrawal amount. The commission fees depend on the asset and expiry time you choose and range from 0.1% to 10% of the trade amount.

How to invest in Binomo

• Sign up for a free account on Binomo’s website or app. You can choose the currency of your account and get $10,000 in a demo account for practice.
• Make a deposit to your real account using one of the available payment methods. The minimum deposit is $10, and you can get a bonus of up to 100% depending on the amount.
• Select an asset from the list of available options. You can see the percentage of profitability and the expiration time for each asset.
• Enter the amount you want to invest in the trade. The minimum trade amount is $1.
• Predict whether the price of the asset will go up or down by clicking the green or red button, respectively. You can also use various tools and indicators for technical analysis on the platform.
• Wait for the trade to expire and see the result. If your prediction is correct, you will get a fixed return based on the percentage of profitability. If your prediction is wrong, you will lose your investment amount.

Binomo Customer Support and Education

Binomo provides customer support via email, phone, live chat, and social media. However, the quality and responsiveness of the customer support are not very satisfactory. Many users have reported that the customer support is slow, unprofessional, rude, or unhelpful. Some users have also complained that the customer support does not respond at all or ignores their queries or complaints.

Binomo also provides some educational materials and resources for its clients, such as video tutorials, webinars, strategies, news, etc. However, the quality and quantity of the educational materials are not very impressive. Some of the materials are outdated, incomplete, or inaccurate. Some materials are only available for Gold or VIP account holders.

Conclusion: Binomo Review 2024

Any reputable authority does not regulate Binomo and has been accused of many fraudulent and unethical practices by its clients and experts.

Binomo has a limited and mediocre trading platform and features that do not meet the expectations or needs of most traders. To add on, it has high and hidden fees that can reduce your profits or increase your losses. Poor customer support and education that do not provide adequate assistance or guidance for its clients also contribute to its cons.

Therefore, we advise you to look for more reliable and safe brokers that offer better trading conditions and services for binary options trading, and if this suits you it is also well and good. We hope this Binomo review 2024 was helpful and informative for you. Thank you for reading!