BROKER REVIEW

Comments Rating 1 (1 review)

GENERAL INFORMATION

Broker Name:

Binomo

Broker Type:

Forex

Country

​St.Vincent and the Grenadines

Operating since year:

2014

Regulation:

IF​C (International Financial Commission)

Address:

N/A

Broker status:

Offshore Regulation

CUSTOMER SERVICE

Phone:

N/A

Email:

N/A

Languages:

N/A 

Availability:

N/A

TRADING

Trading platforms:

NO

Trading platform Time zone:

N/A

Demo account:

YES

Mobile trading:

YES iOS and Android

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

N/A

ACCOUNT

Minimum deposit ($):

$10

Maximal leverage:

N/A

Spread:

N/A

Scalping allowed:

N/A

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GENERAL INFORMATION

Binomo is a broker founded in 2014. Ever since then, they’ve been operating with a custom trading platform,and under multiple different regulations.

The broker is based in St.Vincent and the Grenadines.  The firm’s address is Dolphin Corp, First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown.

What that usually means is that the broker didn’t really have a license, and it was really just for show. In the meantime, they’ve dropped the act and got IFC to regulate them. IFC, or the International Financial Commission, is, keep in mind, an offshore regulator.

So the broker has already shown some suspicious behavior, which we’ll further elaborate on later. But let’s put that aside for now and look at some of the best features their customers can enjoy:

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• INTUITIVE WEBSITE

The website, compared to some other brokers, is quite easy to navigate. There’s also less visual clutter on the screen than with other broker websites, which makes it easier to look at.

• TOURNAMENTS

Somewhat of a rare feature in online brokerage, Binomo allows its users to participate in trading tournaments. The competitions mostly have a participation fee and have a generous prize fund, which is split among top competitors.

• A CUSTOM PLATFORM

Some prefer familiarity over innovation, and as such, might view the platform Binomo uses as a bad thing. That’s up to the customer to decide, but we consider it a nice effort at least.

• FREE TRAINING

Binomo also has a knowledge base set up for traders to improve their skills. While especially useful for the inexperienced, even long-time traders might find out something they didn’t know, or simply refresh their memory.

FUNDS TRADING AND SECURITY

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As we mentioned, Binomo has already shown some shady behavior as far as their licenses are concerned. The broker is currently regulated by IFC, an offshore regulator. Offshore regulators, bear in mind, don’t necessarily need to be a negative, but most do raise suspicion.

And that leads us to the history of malicious behavior the service provider has shown towards its users. Wherever you look, there’s complaints about delayed or impossible withdrawals, closed accounts, and unresponsiveness on Binomo’s part. The accusations date back quite some time, so the broker has been trucking its users for quite some time now.

There’s one more thing on their website that left a sour taste in our mouths. There’s a graph on their site which has two buttons next to it. They allow you to predict whether it’ll go up or down. If you press down, you get a try again screen, and if you press up, it says you would’ve won x amount of money and asks you to sign up. It’s simply a marketing trick and is nowhere near the level of the previous two transgressions, but it just comes off as scummy.

Overall, Binomo paints a pretty clear picture about itself being a scam.

TRADING ACCOUNTS

As far as trading accounts go, there’s not much special to note about the service Binomo provides. They have a free account, which is a stand-in for the demo account you’ve come to expect. As for live accounts, the selection is very limited, with standard, gold, and VIP variations.

The curious thing is that the VIP account doesn’t seem to have the same weight as it does with other brokers. Normally, those types of accounts are reserved for only the most loyal traders and provide significant benefits. At Binomo, it really just feels like a small upgrade over the gold account, and to achieve VIP status, you simply need to deposit $1000.

Here are some specifications about the different account types:

The live account types RoboForex offers are:

• FREE

No deposit

18 assets

Limited withdrawal

Free tournaments

• STANDARD

$10+

39 assets

Withdrawal up to 3 days

Standard tournaments

84% max yield

80% max bonus

• GOLD

$500+

42 assets

Withdrawal up to 24 hours

Gold tournaments

86% max yield

90% max bonus

Investment insurance

Manager

• VIP

$1000+

49 assets

Withdrawal up to 4 hours

VIP tournaments

90% max yield

100% max bonus

Investment insurance

VIP Manager

Individual offers

As you can see, withdrawal times and asset numbers become better as your account rank goes up. That’s quite a bad way to incentivize going for the more expenvice account type, as it ends up providing a poor experience to the budget account owners. Also, a lot of crucial info about account specifications is missing and even the info present is quite vague. That raises a new red flag, next to the apparent safety concerns.

TRADING CONDITIONS

Not much is known about the trading conditions at Binomo. Actually, there’s nearly nothing you can actually discern without signing up and trying the platform for yourself. There’s tournaments that can spice up the way you trade from time to time, and unlike many others, Binomo allows trading during the weekend, but that’s about it.

Withdrawal and deposit options can’t even be seen without signing up, but once you do, the variety is decent. There are options for cards, e-wallets, and some digital currencies. Withdrawal length, however, is painful for the standard account, becomes decent at gold, and is solid at VIP.

There’s not much else to be said. There are no fees on transactions as far as we could tell, and since the owners are hiding what the actual conditions are, that means they probably aren’t very good at all.

TRADING PLATFORM

Binomo uses its own nameless trading platform. Like their website, it’s intuitive to navigate and easy on the eyes, but that’s about it for the positives. The platform itself seems to serve more as a glorified advertisement rather than something you actually use to trade and is functionally poor in comparison to more standard platforms such as MetaTrader. At least they remembered to make a mobile version as well.

BINOMO’S TRADING PRODUCTS

The trading products are quite limited, and as with other key knowledge, exact information on them is difficult to find. Here’s what we did manage to figure out:

• Currencies and currency pairs – The selection is limited, but you’ll be able to trade for both single currencies and pairs using Binomo.

• Spot energies – The plural is a bit discutable since we only found oil in this section. There might be more once you upgrade to a higher account level.

• Spot commodities and commodity pairs – There are multiple different commodities and commodity pairs you can trade for, such as gold and silver.

• Spot shares – Naturally, the broker made shares available to trade, as there’s little chance anyone would even slightly succeed in the business without them.

• Digital currencies – Binomo also ensured that users could buy and sell cryptocurrencies such as BTC and LTC.

CUSTOMER SERVICE

Binomo’s support setup consists of the regular phone line, live chat and email trifecta. The odd choice, however, is to separate the phone number from the rest of the information on their website.

Also, entirely unsurprisingly, there’s no word on the work ours of the customer service team. Since trades are available 24/7, we’d assume support is too, but there’s really no way to be sure at a glance.

Phone number: +18499366003

Email: [email protected]

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CONCLUSION

Binomo is really special in that it’s difficult to find any positives to state about the experience it provides. Everything you want to know seems intentionally vague, and the things you can find don’t seem very good. Binomo’s biggest strengths are its design, tournaments, 24/7 trading, and a relatively short withdrawal period on VIP accounts.

However, the negatives are quite numerous. Most of the information you need is hard or impossible to find, and the services Binomo does provide aren’t even mediocre. For starters, there’s low account variation, so you can’t tailor your experience towards your needs. Next, there aren’t a lot of different assets you can trade, especially at the lower account levels. Lastly, their custom platform is very bare-bones, and while pretty lacks a lot of functionality.

All that is enough for any trader to decide that Binomo isn’t using. However, we didn’t even mention the worse part, the fact that the broker actively scams its customers. So even if you plow through the rest of the negatives, there’s a very real chance you’d never see the money you made if you decided to use the service.

Even if Binomo wasn’t a scam, the service it provides isn’t nearly polished enough to compete with alternatives. If you value your time and money, stay away from the broker.

COMMENTS

One Response

  1. Avatar Danielle Lalupe 20.08.2020

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