Binomo Review

Binomo
Based upon deposit amount
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Overview

Binomo is a Seychelles based binary option broker that was launched in 2014. They accept clients from around the globe, however not from the UK or EU. From our research,… more

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Details

Broker Binomo
Website URL https://binomo.com
Founded 2014
Headquarters Mahe, Seychelles
Support Number N/A
Support Types Email, Live Chat
Languages English, Russian, Indonesian, Vietnamese, Korean, Ukrainian, Portuguese, Turkish
Trading Platform Proprietary
Minimum 1st Deposit $10
Minimum Trade Amount $1
Maximum Trade Amount $1000
Bonus Based upon deposit amount
Payout 140-185%
Free Demo Account Yes
Deposit Methods Credit Cards, Neteller, QIWI Wallet, Crypto
Withdrawal Methods Credit Cards, Neteller, QIWI Wallet, Crypto
Trading Currency USD, EUR, IDR
Account Currency USD, EUR, IDR
US Traders Allowed No
Overall Score 72/100

Screenshots

Screenshot 1 Screenshot 2

Full Review

Binomo is a Seychelles based binary option broker that was launched in 2014. They accept clients from around the globe, however not from the UK or EU. From our research, they promote themselves heavily in Asian countries (Indonesia, Malaysia, Thailand and Vietnam) and Russia.

Website and Trading Platform – 16/20

The front end of the Binomo website is packed with information and interactive elements. We were quite impressed with this aspect and the site was available in multiple languages.

The Binomo trading platform was your standard binary options trading platform (check the screenshot above). As experienced traders, we found it easy to use, however it’s not that intuitive and is fairly cluttered with features.

Registered users can switch between their live and dedicated demo accounts.

Assets, Payouts and Expiry Times – 14/20

A fairly wide variety of assets are offered on the Binomo platform including forex, commodities and stock indices. The company also offers weekend trading on Bitcoin and a crypto index.

Payout rates offered were reasonable and varied from 140% to 185%

One downside is that the Binomo platform only offers short term binary options. We noticed time frames from 1 minute up-to 1 hour, meaning it may not be suitable for traders who trader longer term time frames.

Deposit, Payment Methods and Bonus – 13/20

Binomo offers a fairly wide variety of deposit and withdrawal methods, including credit cards, major ewallets such as Neteller and some local bank payments depending on your country.

Binomo Deposit Methods

One aspect we always frown upon at BinaryScore is brokers who use deceptive bonuses to trick unsuspecting traders. The Binomo Terms & Conditions for bonuses is lengthy (make sure you read before accepting a bonus!). Traders are required to trade the bonus amount 35-40 times, this is crazy in our eyes. 

Here is an excerpt from the T&Cs:

7.6 The mandatory amount of trading turnover is equal to the bonus multiplied by its leverage factor. If the bonus leverage factor is not indicated in the promotion conditions, it should be considered equal to 35. For bonuses that amount to 50% or more of the Client’s total trading account balance, the leverage factor is 40.

Trust and Regulation – 14/20

Binomo is regulated by a non-government entity called The Financial Commission which is run from Russia (although also incorporated in Hong Kong). We don’t give too much weight to their credibility.

In terms of Binomo reviews elsewhere on the internet, we didn’t find a great deal positive or negative in English. The ones we did find were mixed. Negitave reviews are mostly from individuals who accepted the Binomo bonus funds but did not read the Terms and Conditions.

Customer Service – 15/20

Binomo customer service is fairly standard – email and live chat.

Live chat support is offered in multiple languages: English, Russian, Vietnamese, Indonesian, Spanish and Hindi

Summary

Binomo is a reasonable choice for traders looking for a binary options broker. Particularly if you are based in countries where they offer local payments and ewallets, such as Russia.

We do however caution traders to make sure they understand the Terms and Conditions before accepting any Binomo bonus funds. Finding their capital trapped due to large turnover requirements (35-40x) is a common trap traders find themselves in.

Binomo overall score = 72/100

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One Response to “Binomo Review”

  1. Online trading becomes quite easy if you use a platform as good as Binomo.com. It is one of the best platforms I have ever used.

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