Binomo Review 2021 – Is it a scam or a legal broker?

From this complete and honest Binomo review 2021, you will find out if this binary options trading platform & app is safe or scam. We will show all the pros and cons, as well as the pitfalls in legal terms & conditions and bonus rules.

Binomo is an investment company that provides binary options trading services for traders. This company is one of the leaders in the industry and occupies high positions in many ratings.

The broker has been providing services for a long time and you can find a lot of real and fake information about it. It has unconditional pros and cons. They offer trading conditions that will suit many traders, but not all. Soon you will understand whether it will suit you.

Trading conditions

Official site	https://binomo.com For Indonesia: https://binomo-R.com
Year of foundation	2014
Regulated by	Financial Commission
Trading instruments	40-50+ assets Binary options on currency (Forex), cryptocurrencies, stocks, indices, OTC
Average and maximum profitability of BO	70%-80%, up to 90%
Options expiration time	30s – 1h
Most popular	Binomo in Indonesia, Nigeria, Kenya, Vietnam, Brazil, India, South Africa, Ghana, Peru, Mexico, Ecuador, Argentina, Venezuela, Colombia
Provision of services in the US, UK, Canada, European Economic Area

Firstly, you should pay attention to its honesty and reliability. Some people call Binomo a scam and a fake, is that true?

Is Binomo a legit broker?

The company was founded in 2014. Currently, Binomo operates in more than 140 countries around the world on a legit basis, and over a 50 million clients registered on this investment platform.

In general, binary options brokers are not regulated by a government regulator (there is one in the US, but not about that now). And therefore, the possibility of scam and the number of fake brokers is increasing. Some binary options brokers acquire licenses from non-government regulators. This is exactly what Binomo did.

Binomo is regulated by the Financial Commission.

It is a member of the Financial Commission Category “A” and received a quality certificate “Verify My Trade”. Broker guarantees honest and transparent trading, and ensures the reliability of your funds. In case of proof of scam on the part of Binomo, the Financial Commission guarantees payments of up to $ 20,000 per claim for traders.

It’s important to realize that the Financial Commission is a non-governmental organization. Generally, any company that makes an entrance fee can join it. Its main purpose is to resolve disputes and disagreements. The Financial Commission does not follow any legislation when making decisions. Therefore, FinaCom is not trustworthy. But that’s better than nothing.

Is Binomo a safe or scam and fake broker?

It’s impossible to say whether Binomo is safe or scam according to reviews of traders on the Internet. Too many fake comments and very few real comments. But the negative attitude towards the broker prevails.

We found a few bad points in the Binomo’s legal documentation.

Some of the rules allow the broker to block the trader’s account, or cancel the profit made in case of platform errors. These are paragraphs 4.9, 5.17 and 5.19. Note: most brokers have similar points.

It’s better not to leave your account without trading activity for more than 6 months (paragraph 4.12).

Binary options trading isn’t legit In some countries. In paragraph 9.2, the broker disclaims responsibility for the use of the platform in such countries.

In general, we were satisfied with the result of personal testing of trading on Binomo. There were no problems with the withdrawal of funds, but identity verification was required.

Our team agreed that Binomo isn’t a scam or fake broker. However, Binomo is also not safe and reliable. It is a low-trusted and high-risk broker, like most binary options platforms.

For Indonesia only, the company’s official website has a different domain binomo-r.com.

Trading platform and offers

Now to the review of the Binomo trading platform.

The big advantage of Binomo comparatively with other binary options brokers is its own trading platform. It’s modern and has an very user-friendly interface. There are 15 main trading indicators and 16 instruments on the investment platform. In fact, it provides a quick transition to any trading asset or section.

Binomo platform has very good average and maximum profitability for binary options. Almost always, for currency pairs, it is not lower than 70-80%. The maximum profitability of more than 80% (depending on the type of account) is for about 8-10 assets, depending on the time. There are about 40-50+ assets available for trading, on weekends you can trade on OTC assets and Crypto IDX. The profitability for binary options on crypto (bitcoin, litecoin, etc.) is very low, but good for stocks (Apple, Twitter, Google, Microsoft, McDonalds, etc.).

Binomo has a small choice of options expiration time (30s-1h), so it is only suitable for short-term trading. But the main disadvantage is 1-2 second delays when opening positions. In addition, there is a delay after the expiration date. This can greatly affect trading.

Features of the Binomo trading platform.

Trading 24/7
Many trading indicators for technical analysis
One-click trading
Ability to open multiple tabs with different tools
Available in web version for PC and mobile applications for iOS and Android
Display of all open trades on the chart
Quick access to deposits, withdrawals and demo account
Delays and lags when opening/closing trades.
Few trading indicators for technical analysis

For Indonesia only, the company’s official website has a different domain binomo-r.com.

Tutorial how to work with the broker

This section is for beginners only and shows how to work with Binomo investment platform.

Initially, you need to login Binomo. To go to the official website, use the link above. To login, you need an email address and a password. After that, you get to the main screen of the trading platform.

From the main screen there is quick access to all the functions necessary for successful binary options trading.

To open your first trade, add a trading asset (24) and select it (25). Opposite the asset, its profitability is indicated, which you receive in case of a successful transaction. Then, select the investment size (5) and the time to close the position (6). Now you decide whether the asset price will be higher (9) or lower (10) relative to the current one at the time you choose (6). If the outcome is correct, you make a profit (7), otherwise you lose your investment (5).

For Indonesia only, the company’s website has a different domain binomo-r.com.

Account types

Depending on the deposit for the entire time, traders on Binomo are assigned different statuses. The higher the status of a trader, the better trading conditions are provided for him.

Free status

As soon as you register and login to the Binomo platform, you will receive a free status. After that you have access to 23 assets, a demo account, and a free daily tournament. Binomo provides a free and unlimited demo account. This allows you to learn trading strategies and evaluate the platform. But there are very few assets for trading on a free account.

Standard status

When you top up your account between $ 10 and $ 499.99, you get standard status. You get access to 41 assets, a maximum deposit bonus of 100% and a maximum return of up to 85%.

Gold status

When you deposit your account from $ 500 to $ 999.99, you will receive a gold status. You will get access to almost all the features of the binomo trading platform, namely:

VIP status

After depositing your account for $ 1000, you are assigned a VIP status and access to the best conditions of the Binomo trading platform.

In addition to the increased deposit bonus and 10% cashback, you will have access to risk-free trades that you will receive in the course of trading.

Deposit and withdrawal

Binomo has excellent conditions for deposit and withdrawal funds. The broker does not take a fee and carries out transactions as soon as possible, up to a maximum of 24 hours. Money arrives most quickly to e-wallets, however bank transfers take longer. The minimum deposit and withdrawal at Binomo is only $10/€10.

For example, there are Binomo payment options in Nigeria and Indonesia.

The broker charges a monthly service fee in the amount of $10/€10 if there is no trading activity for more than 30 days.

Deposit bonus and tournaments

Binomo offers a deposit bonus for all traders. You can get your first bonus after registration, when you deposit your real account balance. Bonus funds cannot be immediately withdrawn to your wallet, but only after a certain trade turnover, which depends on the size of the bonus (most often x35-x40).

It can also be obtained as a result of entering a promo code, which is often posted on social networks. Sometimes Binomo clients receive special offers and promotional codes by email. They are more often received by traders with VIP status.

For Indonesia only, the company’s website has a different domain binomo-r.com.

Each trader can take part in Binomo tournaments with real prizes. All funds that you win in the tournament can be immediately withdrawn to your wallet. you need to make a deposit in order to participate in most tournaments.

In fact, it’s almost impossible to win in their tournaments. In that case you need to multiply the initial tournament deposit hundreds of times. Therefore, sometimes there is a feeling that there are a large number of fake participants who take prizes.

But there is also one free daily tournament with a prize pool of $ 300.

Binomo mobile app for Android/iOS

	Binomo app	Binomo web platform
Maximum of selected assets	1	11
Chart timeframes	5secs – 5min	5secs – 30days
Trading indicators	3	14
Graphical tools		16
Economic calendar
Tournaments
Strategies

Firstly, in the Binomo mobile application, you can only select one asset per panel. As a result, you cannot quickly switch between trading assets as in a trading platform.

Secondly, you cannot see the movement of an asset on a long timeframe.

There are also few tools for technical analysis, no economic calendar and no tabs with tournaments and strategies.

However, the Binomo app is safe, it clearly shows the main chart of the selected asset, and it is also possible to quickly open buy and sell options.

With a good Internet connection, options open instantly or with a slight delay. When closing an option, you can sometimes observe that the notification about its closing comes 2 seconds later. During this time, the asset can go in the “right direction” or not.

You can download the Binomo app for Android and iOS devices, but it is not available for PC.

Research and Education

The description of the market research by the broker Binomo will not take long. Because there is almost no market research. In general, the broker only provides an economic calendar with important economic events. There are no own market analytics and economic news.

Pros and Cons

Conclusion of the Binomo review

The Binomo review 2021 shows that it’s an acceptable broker for binary options trading.

One way or another, almost all binary options brokers are highly risky and have dubious reliability. At least Binomo has been operating since 2014 and offers good trading conditions.

Among the advantages, it’s worth noting high profitability at any time and a good loyalty program (bonuses, account types).

Binomo also has enough drawbacks. The most important of them are a small selection of expiration dates and lags when opening and closing deals. Therefore, the broker is only suitable for short-term trading. Also, the broker does not have a PC app and the mobile app lacks many features.

So, Binomo ranks third in our ranking of the best binary options brokers.

Accepted countries

The broker operates in more than 140 countries around the world.

Overall, Binomo is the most popular among traders from Indonesia, Nigeria, Kenya, Brazil, Vietnam, Ghana, Cambodia, India, Ukraine, Venezuela, South Africa, Kazakhstan, Mexico, Peru, Ecuador, Colombia, Morocco, Chile, Saudi Arabia.

Prohibited countries: the entire European Economic Area, USA, Canada, North Korea, Thailand, Australia, Malaysia, Iceland, Liechtenstein, UK, UAE, Andorra, Vatican, Monaco, San Marino, Switzerland, Israel, Syria, Singapore, Hong Kong, New Zealand , Iran, Saint Vincent and the Grenadines, Japan and the Russian Federation, Belarus.

Binomo in Indonesia, Nigeria and India

Most notable is the huge popularity of Binomo in Indonesia, Nigeria and India compared to other binary options brokers. It’s difficult to find an explanation for this. Perhaps this is the result of Binomo’s clever advertising campaign in Indonesia, Nigeria and India. The broker often uses well-known local personalities to promote it.

This is also possible due to the large number of partners who present the broker in an exclusively positive way. They say little about its flaws and argue that the regulation of the Financial Commission makes Binomo a reliable and safe broker. But this is not the case.

Another interesting fact is the very frequent change of the Binomo domain in Indonesia. It changes almost every month. There were a lot of them: binomoidn.com, binomoworld.com, id-binomo, binomoindonesia and many others. At this time, the actual site for Indonesia is Binomo-R.com. It looks like they are being blocked for some reason.