In the world of binary options brokers, Binomo is one of the more unique sites you will come across. It is based in Nicosia, Cyprus, and operated by a company called Stagord Resources Ltd. Right from the moment you navigate to the homepage, you will notice the site design and the trading platform are very different from what you may be used to.
Is Binomo a good broker or a bad broker? It is very much a mixed bag, as you will see.
First, I want to talk about regulation. Binomo is largely geared towards Russian traders, and lists a certificate from FMRRC (Financial Market Regulations Center). Note that this is not an official government regulatory status! You may see other third-party reviews that claim that it is, but they did not do their research. FMRRC is a non-commercial organization. Belonging to it is more akin to belonging to a derivative-related version of the Better Business Bureau. How reliable this organization is would be hard to say. Regardless, you should not confuse it with real regulatory status.
Great Deposit and Withdrawal Terms, Flexible Trade Amounts
The best aspect of Binomo is the wonderful flexibility they provide, especially for traders with small accounts. You may not trade here if you are from the USA, but if you are located internationally, you may open an account and make a deposit. The minimum deposit is just $10, which is outstanding if you are starting out with very little. Most brokers require $100 or more.
You can trade as little as $1 or as much as $2,000 (it used to be $1-$1,000) on Binomo—again a huge range, and very refreshing to see. It is crazy to set a minimum deposit amount of $10 and then require a $5-$10 minimum investment, as some companies do. Even traders with very small accounts can responsibly manage their money on this site.
Withdrawal terms are also great. The minimum withdrawal threshold is set at $10, which is very reasonable, especially if you deposit more than the minimum. There is a turnover requirement, but it is only double your initial investment. There are no fees if you meet the turnover requirement to withdraw your money. Otherwise, you owe a 10% fee. Most sites do charge you fees all or most of the time, so this is great once again. It should not be hard to double a very small account. If you turn $10 into $20 and want to withdraw without any fees, you can.
Sorely Lacking in the Way of Tools or Resources
Unfortunately, most of what I like about Binomo ends there. This is an extremely bare-bones broker. There is no page for different account tiers and services. Evidently, everything that is advertised is all you get access to. There are match bonuses and risk-free trades as well as other promotions and contests, but there the support seems to end. Educational materials are limited to a glossary, FAQ, and general how-to pages. There are no tutorials or eBooks on trading. There are also no trading tools like signals. Even double up, rollover, and early close are missing. These are tools you should expect pretty much anywhere—it is bizarre to see them absent here.
You can trade on your Android or iOS mobile device, but you should note that there is no demo account. There is a “Demo” on the front page, but this is not a real demo account. It really is just a demonstration of the platform and how it works. You can select “High” or “Low” (the green or red button), and the “Demo” will behave as if you are in a trade. A certain period of time will elapse as you stare at the chart, and then the website will tell you how much you could have won if the trade had been real.
Note that this “Demo” does not use real-time data. You can run it over and over again and it will always report you could have won $182, and then prompts you to open an account.
This is potentially misleading—not only because this is not a real demo (your decisions have absolutely no impact on the outcome), but because the amount won seems inaccurate. When you are selecting an asset to “trade” on the Demo screen, 82% is listed as the potential payout.
If you invest $100 and you win a payout equal to 82% of that, you should win $82. $182 is 182%, not 82%. Reporting to you that you would win $182 is thus deceptive. It is like they are trying to tell you that your original investment is money won, as opposed to money not lost. This may just be a mathematical error, but if so, it is one that could easily confuse site visitors who are not that familiar with how trading works.
As best I can tell, the only types of options available to trade on Binomo are High/Low and Turbo options—not a very diverse array. Types of assets appear to be pretty standard (commodities, currencies, stocks, and indices).
Customer service is available through telephone, paper mail, Skype and email. There is no live chat function on the website.
Conclusion: Questionable, But Potentially Useful for Practice
Binomo is an odd broker. Whereas most brokers are simply mediocre, Binomo is a mixture of very good and very bad. The total lack of education, tools, and resources is terrible, and the “Demo” is misleading.
But there is no denying that the deposit and withdrawal terms as well as the low minimum investment size could be very handy. I would not at this point recommend Binomo as a broker for a trader with even a $100 account, but they may be useful if you are looking for a way to “demo” without going totally free. In other words, if you want to practice trading with a $10-$50 account and just place very small trades, this could be a good platform to learn with minimal risk.Binomo,