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Binomo Review - is it scam or safe?

Binomo Review - is binomo.com scam or good binary options broker?

RATING: 1.5 / 0 REVIEWS
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Basic Information

 

Minimum deposit  Min. bet size Payout % Trading platform Regulation
$10 $1 Up to 85% In-house No

 

Binomo is a binary options broker, offering trading in wide spectrum of financial assets on its custom trading platform. It originates from Russia and its trading conditions seem quite competitive; we will discuss them in detail below.

 

Besides, as most binary options brokers, this one also provides a helpful section of trading tutorials. Its website is available in Russian, English, Chinese, Vietnamese, Thai, Indonesian Portuguese, and Spanish.

 

Trading Accounts

 

There are several account options with Binomo, depending on the initial deposit: Standard, Gold & VIP.

 

Account type Min. initial deposit Payout % Weekly cashback
Standard $10 Up to 85% -
Gold $500 Up to 86% 5%
VIP $1 000 Up to 87% 10%

 

In addition, there are a number of exclusive features that are only available to VIP-clients, as well as a welcome on-deposit bonus of up to 100%.

 

The Company. Security of Funds

 

Company

Country

Regulation

Tiburon Corporation Limited

Seychelles, Russia

FMRRC

Stagord Resources Ltd 

Cyprus

N/A

 

There are two companies behind the Binomo brand:  Tiburon Corporation Limited and Stagord Resources Ltd. Stagord Resources Ltd. is registered in Cyprus, but is not licensed by CySEC. Tiburon Corporation Limited on the other hand is registered offshore, in the Seychelles. We have explained multiple times about the risks involved in investing with offshore brokers.


>> The risks of trading with an offshore forex broker <<

 

Nonetheless, Tiburon Corporation Limited is a member of the Financial Market Relations Regulation Center (FMRRC) in Russia. This is an independent self-regulatory organization without any government involvement. Therefore, brokers licensed by it are required to comply with a set of rules and guidelines that are informal and the center is not entitled to initiate legal actions against any member broker for alleged misconduct or violations. Nonetheless, FMRRC has certain dispute resolution powers and maintains a compensation fund, so in case a FMRRC certified company is declared bankrupt, its clients are promised payout of the funds in their accounts.

 

To sum things up, Binomo is not licensed by a reliable financial regulator, but yet FMRRC membership is better than nothing. Besides, we checked in several popular sites and forums and it seems that the reputation of this broker is pretty bad. Customers complain of rude and incompetent customer support, denied withdrawals, cold calling, etc. So, maybe it’s better to stick with brokers licensed by Cyprus’ CySEC – the most popular regulator among binary options broker.

 

Trading Conditions

 

Trading Options: Call/Put, 60 sec

Assets:  Currencies, Stocks, Indices, and Commodities

 

The trading options with Binomo is quite limited, while most binary options brokers offer a wider range of binaries. For example, CySEC-regulated binary options broker BDSwiss offers its clients Call/Put, 60 seconds, Pairs, Long term, One Touch, and Ladder options.

 

Minimum Initial Deposit

The minimum initial deposit for clients of Binomo is just $10, which an attractively low amount. Binomo, however, is not the only binary options broker, with which you can open an account with 10 bucks. FinaCom member Grand Capital requires the same amount as a start.

 

Min/Max bet size

The minimum bet size with this broker is also among the lowest in the industry, amounting to $1. Nonetheless, this is the way it should be. Why put large amounts of money in a brokerage that is not properly regulated? Besides, low minimum bet sizes allow better risk management.

 

Payout amount

Binomo`s highest return percentage is 85% (87% for VIP account holders), which is average for the industry. By comparison, payout percentage offered by Grand Capital is up to 86%.

 

Trading Platform

 

Binomo offers its in-house trading platform where its clients can trade with just one keystroke if they want to. The platform is easy to use and offers the most popular indicators (Bollinger Bands, MA, RSI, etc.), as well as useful trading tools like Fibonacci, trend lines, pitchforks and more.

 

The charting on Binomo’s platform is typical, charts come in several time frames (5s, 15s, 30s, 1 minute and 5 minutes) and you can apply to them the tools and indicatoes mentioned above.

 

Promotions

Binomo is one of those brokers who have special offers for their clients all the time and come up with different ideas for promotions, tournaments, etc.  

 

Currently Binomo offers First deposit bonus in the form of bonus transactions worth up to $/€150. After their first deposit, its clients are able to participate in tournaments and win various cash and bonus prizes.

 

Indeed, many traders seem to be constantly on a quest for bonuses, rebates and contests and that is why large number of forex and binary options brokers offer such. However, you should keep in mind that almost all scam brokers use promotions to lure their clients. And even if a broker offering bonuses does not fraud its clients, in order to withdraw the profit from the bonus funds, one has to meet high trading volume requirements, which significantly multiply the risks of losses.

 

Methods of Payment

 

There are several payment methods available to Binomo’ clients: Bank Wire and the following Credit cards: Visa, MasterCard, and VPay. Popular e-payment systems like Skrill  Neteller Webmoney, Yandex.Money, QIWI, Neteller are also supported by this broker.

 

Conclusion

 

Binomo is a binary options broker, whose trading conditions on its proprietary platform appear attractive – low minimum deposit required, low bet sizes available, competitive payout amounts. Nonetheless, doing business with it is risky, as Binomo is not properly regulated and its reputation in the industry is not good. To sum up the above, here are the advantages and drawbacks in relation to this broker:                                            

 

Pros Cons
FMRRC license No decent regulation
Low minimum deposit required, low bet sizes available Limited trading options
Competitive payout amounts Rather negative reputation
Easy to use proprietary trading platform  
Forex
Latest news about Binomo
Forex
Broker Country Regulation Min deposit Max payout Review
Seychelles FinaCom $10 86% Review Website
Australia ASIC $50 88% Review Website
Cyprus CySec $200 89% Review Website

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Traders` reviews for Binomo

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