Binomo is a legally registered binary options broker located in the Seychelles, but not regulated by any government agency.
Binomo is also a member of the international Financial Commission (FinaCom), an independent dispute resolution organization.
Binomo accepts clients from all over the world, excluding USA and some countries where restrictions apply.
Binary options broker offers the following underlying assets for trading.
|10+ Currency Pairs||Based on major world currencies.|
|2 Crypto BOs||Based on Bitcoin and Litecoin.|
|1 Crypto Indice BO||Based on a basket of different cryptocurrencies.|
|5 Indice BOs||Based on baskets of different blue-chip stocks.|
|1 Metal BO||Based on Gold.|
Binomo is a binary options broker located in the Seychelles, where it is operating as an unregulated brokerage company. Instead of being overseen by the government, Binomo has chosen to join FinaCom, which is a private and independent organization that can mediate disputes between traders and binary options & forex brokers.
Worth noting is also the fact that Binomo is a broker that has been around since 2014. This is therefore a broker with a certain track record in the industry, which certainly adds some credibility to its name.
As its name implies, Binomo is an online broker that is focused exclusively on binary options trading. As opposed to some other binary options brokers, Binomo has chosen to avoid traditional forex & CFD trading altogether. The broker thus has only a limited selection of underlying assets for binary options to choose from, which includes only about 10 currency pairs, a handful of stock indices, and a couple of other assets. Although this is in no way an impressive selection, it may still be enough for many new binary options traders in particular.
All trading on Binomo takes place on the broker’s own platform, which in many ways is similar to several other well-known binary options platforms. First and foremost, the Binomo platform is characterized by its ease of use, as is often the case for binary options trading platforms. This means that even completely new traders will quickly be able to learn how the platform works, and start trading live.
Unlike commonly used trading platforms like MT4, Binomo’s platform is web-based and can therefore be accessed from any computer. This is a great benefit for traders who are using other operating systems than Windows, or for those who want to have the opportunity to access their trading platform from several different computers.
In terms of barriers to entry, Binomo certainly makes things easy for new traders with a platform that is simplistic and easy to use, and a minimum deposit of just USD 10 to start trading.
Trading on Binomo can be done via one of three trading accounts that the broker offers; a Standard account, a Gold account, and a VIP account.
With a deposit of just $5, new traders will by default be assigned to the Standard account. By depositing a minimum of $500, the Gold account becomes available, and with a deposit of $1,000, you will be considered a VIP customer with this broker.
Deposits can be made with credit cards like Visa and MasterCard, as well as Neteller and a few other e-wallet services. Fortunately for cryptocurrency holders, both Bitcoin and Litecoin are also accepted. Strangely, however, international bank wire transfers are not accepted as a funding method by Binomo.
Binomo unfortunately still has a way to go in terms of its customer support. Besides a small section of its website dedicated to frequently asked questions (FAQ), there are not many ways to find answers to questions are a trader may have.
The only contact information given from the broker’s side is an email address and a live chat option on the website. No phone number to customer support is provided, and there are also no opening hours for support listed anywhere on the broker’s website. This unfortunately hurts the credibility of the broker, in a part of the industry where credibility is badly needed.
All in all, we believe Binomo may have what it takes for traders looking for a basic binary options trading experience. However, more advanced traders will likely find that the simplistic platform offered by the broker does not provide some of the analysis tools that they would like to have access to.