Binomo is a binary options broker we originally checked out back in 2016. The site is owned and operated by Tiburon Corporation Limited, a company located in Seychelles. Since our initial review, the company has made a number of changes to its site and services, some large, others small. At first glance, we thought Binomo had improved, but taking a closer look, there are still some glaring problems.
In terms of rules and regulations, Binomo still does not accept customers from the USA. They are “regulated” by FMRRC (Financial Market Regulations Center) under the following certificate. To be clear, FMRRC is not a real regulator; it is a non-commercial organization. The company now lists that it is pending regulation from CPO and CySEC.
Opening Your Binomo Account
You can fund your account using credit or debit card, bank transfer, Yandex.Money, QIWI, WebMoney, or Neteller, and may trade in US dollar, Great Britain pound, euro, or Russian ruble.
Binomo now offers account tiers. In the past, they didn’t. You can choose from:
- Standard: $10+
- Gold: $500+
- VIP: $1,000+
As best as we can tell, bonuses are only offered at the VIP level (up to 100% match on your deposit). These bonuses are larger than the match bonuses which the company offered in the past.
At the most basic level, you can get profits up to 85% on winning trades. You may also participate in tournaments (which are new since the previous review as well). Profits can be withdrawn within 3 working days. Reportedly, if you top up your account, a “wide range of bonuses” are available.
At the Gold level, the assets list is expanded, trades yield profits as high as 86%, and withdrawals can be made within 24 hours. You also get a personal manager and get 5% weekly cash-back. At the VIP level, profits can range as high as 87%, and you can withdraw in under 4 hours. You get a wider asset list, analytical assistance on Skype, the ability to insure your trade, and 10% weekly cash-back.
Binomo now makes a demo account available as well so you can practice on their proprietary platform before trading live with real funds. This looks to be a great feature, because it seems to be unrestricted. You can use it as long as you need to and only risk real money when you are really ready to trade live.
Withdrawal rules are unchanged. There is a $10 minimum threshold (not bad). So long as you have turned over the funds in your account twice, your withdrawals are all free. Otherwise, you have to pay a 10% fee.
Trading on Binomo
Binomo’s proprietary platform looks much as it did last time we looked at it. It has a sleek, minimalist vibe, and stands out visually from other trading platforms which are commonly used by competitors.
Binomo originally had a $1 minimum trade size and a $1,000 maximum trade size. They then raised this to $2 minimum and $2,000 maximum. Since then, they have dropped it right back down to $1 and $1,000 respectively. This is sensible and in keeping with the small account holders that Binomo is targeting with its services. After all, you only have to deposit $1,000 to get a VIP account with top tier benefits.
Trade tools like early close, double up, and rollover are still absent. There have however been some useful new educational features added which can help you with your trading. There is a knowledge base, video tutorials (those are really basic though), and strategies. There are actually quite a few strategies, so that is one of Binomo’s better features.
Customer Service Remains Quite Useless
In theory, you can reach customer service on Binomo via Skype, email, web form, paper mail, or live chat. There is however little reason to have any faith in the company’s staff given my experiences.
Over a year ago, we had sent the company an email asking them for their full asset list. We have never received a reply.
Today we started a live chat and asked another simple question. The agent, one “Nikolay,” left us a form response stating, “Hello. Please send your message to our e-mail (email@example.com), the English-speaking manager will answer it as soon as he’s back to work.”
This inspired no confidence, being as we have previously emailed a question to the company and received no response in over a year. So we wrote back telling the agent as much.
The agent then left the chat without another word, which essentially confirmed exactly what we had said. We realize if he really did have a language difference, perhaps we are being overly critical here, but if he didn’t, what he did was blatantly unprofessional. Regardless, between these two incidents, we are not impressed by Binomo’s customer service, which seems virtually nonexistent.
Conclusion: Binomo Has Improved in Some Departments, Remained the Same in Others
Binomo has certainly evolved in certain respects. The demo account, tournaments, and new account tiers all are definite steps forward when it comes to improving features. Educational resources have been expanded, and new promotions like cash-back add value to the account packages.
But nothing has redeemed Binomo’s terrible customer service. In fact, the team has remained consistently useless. We would not feel at all comfortable sending money to a company that cannot be bothered to answer the simplest question, and which leaves the chat line without waiting for us to leave first (after ignoring our last statement).
At this point, we would give more or less the same recommendation we did in the past. We will not say you should definitely avoid Binomo, but if you do trade at this site, do so with great caution. Use the site to demo test or to trade with a minimal investment. Otherwise, consider heading elsewhere; there are many brokers offering better service and where we would feel more comfortable referring traders.Binomo,