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Binomo

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Binomo Review

  • Simple and straightforward trading platforms
  • Free demo account
  • Binomo is regulated by FMRRC
  • Binomo offers bonuses and promotions on a regular basis
  • The broker offers brokers the luxury of choosing from three different account types
  • The broker permits trading during the weekend as well as holidays
  • Binomo offers quick withdrawals
  • Different payment methods are available
  • The company provides traders with lots of technical analysis tools
  • Binomo has a low minimum deposit requirement
  • Binomo offers competitive payouts
  • Binomo is not regulated by a reputable regulatory agency
  • The platform does not support social trading
  • There are limited number of technical indicators available
  • Binomo does not offer a desktop trading environment
  • Poor customer support
  • Trading options are limited

Binomo is a binary options broker founded in 2014 to offer trading in a broad spectrum of financial assets. Binomo originates from Russia, with two firms behind the brand. The first is Tiburon Corporation Limited, a company which has registered offshore in Seychelles. In addition, Tiburon Corporation Limited is regulated by the Financial Markets Relations Regulation Center (FMRRC), an independent self-regulatory organization based in Russia. The second is Stagord Resources Ltd. Stagord Resources Ltd is registered in Cyprus but has not yet received CySEC license.

Binomo provides instant trading through its web-based platform and offers a free demo account which allows traders to test the firm’s trading platform as other features risk-free before they invest real funds. Besides the demo account, Binomo offers users the option of choosing from three different account types including standard, gold, and VIP accounts. The company’s website features a Help section that is dedicated to providing trading tutorials. The Cyprus company running the brand is located at Vasileos Pavlou, 60 Agios Dometios, 2360, Nicosia, Cyprus (Stagord Resource Ltd). Tiburon Corporation Ltd, which runs the Seychelles office, is located at Suite 1, Second Floor, Sound & Vision House, Francis Rachel Street, Victoria, Mahe, Seychelles.

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Trading Platforms

Binomo offers allows its traders to trade through the following platforms:

Binomo WebTrader Platform

Binomo offers traders a highly customized web trading platform that allows them to trade using one key stroke if enabled. The platform is highly responsive and its charts can be equipped with functional and popular indicators such as Bollinger Bands, MACD, MA, Alligator, as well as RSI. Also, traders can select from among several technical tools such as Fibonacci, trendlines, pitchforks, ellipse, doodle, crosshairs, triangles, and lots more for their analysis. In addition to having so many features, the Binomo web trading platform is easy to use. Assets are arranged with regards to payouts, with assets the highest paying assets ranked on the top and down to the least paying ones.

Binomo Mobile Trading Platform

In addition to the web trader platform, Binomo offers a mobile trading platform to enable users to earn money from anywhere. The software allows traders to stay in the know and get access to instant information on transaction closings, tournaments, and promotions, among other things. Like the web-based version, the mobile trading platform is swift, responsive and brings a lot of features that traders will find very useful. Android and iOS users can download the app for their devices from Google Play Store and Apple App Store respectively.

Trading Markets

Binomo offers trading services in up to 80 financial instruments, all of which are grouped under:

  • Currencies
  • Stocks
  • Commodities
  • Indices

Customer Support

Binomo provides its traders with support services through a number of channels. These consist of:

  • Live chat. Traders who are subscribed to the trading services of Binomo can contact customer support live chat if they have any concerns they want to be addressed. To reach the company’s customer support representatives through this medium, a client will have to visit the website at www.binomo.com, and then send a message via live chat.
  • Email. Alternatively, Binomo clients who prefer to reach support through email can do so by sending a message to the customer support staff at [email protected]
  • Telephone. Another option through which traders can contact Binomo customer support is through their contact number, +8 (800) 555 7185.

Security and Fairness

When it comes to dealing with a company whose regulatory oversight one isn’t quite established, one cannot be too careful. This is why it is highly recommended that you research on a company’s regulatory status before you trust your funds into the care. In the case of Binomo, the company is regulated by the Financial Markets Relations Regulation Center (FMRRC) in Russia. FMRRC is a self-regulatory body, and as such, runs without any government intervention. Brokerage firms licensed by the FMRRC are required to conduct their businesses in compliance with a set of rules and guidelines established by the organization. As such, the rules guiding the operations of such brokers are informal. Also, FMRRC is not allowed to initiate any legal actions against its member brokers in the event of an alleged violations or misconducts. However, the center reserves dispute resolution powers as well as maintains a compensation fund which enables it to issue payouts to clients if their broker is declared bankrupt. In addition, some online sources claim that Binomo has an unresolved CySEC and Commodity Pool Operators (CPO) regulations.

Conclusion

Binomo has lots of offerings and promotions that traders may find inviting, not to mention the fact that their trading platforms are highly responsive or that they process withdrawals at speed of light. In spite of all of these advantages, we would encourage traders to exercise caution, especially as CySEC is yet to issue an operating license to this company. FMRRC does not pull a lot of weight as a reliable financial regulator and for obvious reasons, does not possess a lot of powers over the brokers it is overseeing. Besides that, the internet is littered with several complaints from Binomo clients about the poor, rude, and incompetent customer support they are receiving from the firm. This is in addition to issues such as cold calling and customers being denied withdrawals.

So use Binomo with caution. The company would do well to address some of these complaints if it is to compete favourably with other brokers in the industry.

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Binomo Reviews by Traders
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RudyardK
122 reviews
Review date 13/06/2018
1 2 3 4 5 6 7 8 9 10
Binomo does have a low deposit minimum and some other attractive extras. They also have a range of about 80 assets to trade. Not bad.
Binomo has some limited trading options. Combined with their lack of proper regulation and weak customer support I don't favor this broker.
Peterpan1
153 reviews
Review date 11/06/2018
1 2 3 4 5 6 7 8 9 10
Binomo has a low deposit minimum compared to other brokers. Binomo also guarantees fast withdrawal.
Binomo is unregulated and has poor customer support. Their trading options are limited.
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