Wanna see if Binomo is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw fund?
We provide answers to all the questions in this Binomo Review.
We checked Binomo licenses and regulation status, check if Binomo scam or safe. Compared Binomo fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.
What is Binomo
Binomo is Online Forex and CFD broker, established in 2014.
Binomo is a solely offshore broker based in St. Vincent and the Grenadines and is not regulated by top-tier financial authorities.
|🗺️ Regulated in||SVG|
|🛡️ Is Binomo safe to trade||No|
|💵 EUR/USD spread||1.4 pip|
Credit Card, e-wallets, Cryptocurrency
|💰 Minimum deposit||US$10|
Credit Card, e-wallets, Cryptocurrency
|💻 Trading platform||Proprietary Trading App Platform|
|💳 Trading markets|
Forex, Binary Options, Indices, Commodities
|📈 Number of product||61|
|📉 Live chat response||Relevant but basic answers|
License and regulation are the keys to traders’ fund security. There are two factors to be checked, what licenses the broker carries and how trader is protected if something goes wrong.
Is Binomo legit
Binomo brand belongs to Seychelles registered Tiburon Corporation, and the trading name Binomo is registered in another offshore jurisdiction. There is no strict regulations in these entities alike top-tier authorities FCA or ASIC provides.
Binomo mentions its membership in the Financial Commission (FinaCom), yet it is an independent resolution organization that does not align Forex Brokers trading operations to safe standards.
Binomo Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Dolphin Corp.||Saint Vincent and the Grenadines||–||–||Registered no regulations|
Is Binomo safe
No, we do not consider Binomo safe because it is operating only with offshore registration. Binomo has only one entity in offshore jurisdiction St. Vincent and the Grenadines that does not provide proper standards and requirements to brokers, so the trading environment is not considered safe.
The matter of entity also apply specific regulations, restrictions, overseeing and protection. Besides, the Board of CySEC and other regulations issued warnings agains Binomo.
Binomo Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|Dolphin Corp.||No compensation||No|
We do not recommend registering trading account with Binomo due to lack of serious regulations
Binomo does not provide negative balance protection or compensations, but being a member of FinaCom Binomo clients are protected for claims up to €20,000 in case Binomo refuses to adhere to a judgment from The Financial Commission.
Markets and Products
At Binomo you can trade popular instruments like Forex, Indices, Crypto IDX, Equities IBM and Goodle, and Commodities all traded as Options.
There is no advanced range of trading assets, Forex trading Stocks, Futures trading are missing.
Binomo offers 4 Account Types that differ in minimum balance, availability of assets and bonuses.
There is no much information about account types apart from the table listing with programs included into each package.
Free account is a Demo Account that gives only 1,000$ virtual funds and acess to 23 assets, so you will not be able to test properly all available conditions of Binomo.
Login Binomo is almost a click on the login page, you can get access to Free account just by filling in your email and password.
Fees and commissions
Binomo Fees can not be ranked properly since Binomo is solely Options trading broker.
The spread we collected for popular instruments from 6 markets and over 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
While trading Options your direct counterparty is Binomo, so there is no costs defined as trading costs.
Depending on the account and initial balance, you simply specify the amount you place for trade, choose the direction of the price either up or down on a certain timeframe, in return you either loose or win.
Binomo has low non-trading fees. Deposits and withdrawals are free of charge, but third party fees may be waived depending on the jurisdiction.
Binomo trading conditions are good. You can deploy any strategy however limited to options trading.
|Change Leverage Allowed||Yes|
Hedging and scalping – is not available due to the nature of options trading.
There is no MT4 offered so no Expert Advisors (Eas) and VPN available.
There is no Forex trading, CFD Trading or Futures Trading in Binomo.
Investing in the price direction of particular asset is how Binomo promotes its offering. Options trading is more similar to bet where you define the direction of the price.
Binomo supporting the use of leverage ratios that may be very high and considered extremely risky.
Binomo claims it has no deposit fees, but it may exclude third party fees.
You can use Credit or Debit cards, e-wallets and crediting by Coinpayments or Cryptocurrencies.
On the negative side bank transfer considered the most safe is not available.
|Deposit Method||Funding Time||Fee|
The Minimum deposit amount is 10$ for Standard account, Gold account will require 500$ and VIP a 1000$ as minimum balance.
Binomo adds no fees for withdrawals, yet similar to deposit may subject payment system fees to the trader.
Funds can be withdrawn using the same methods as deposits, where Binomo claims withdrawal processing within 3 days.
|Withdrawal Method||Withdrawal Time||Fee|
|Credit Card||Up to 3 business days||0$|
|e-wallets||Up to 3 business days||0$|
|Cryptocurrencies||Up to 3 business days||0$|
Binomo has various Bonuses and reward programs. There are ongoing promotions like deposit bonus, cashback programs and happy hours for higher account types, also from time to time there are additional Bonuses.
Binomo uses its own proprietary platform, there is no MT4 or other popular trading software.
Binomo platform is easy to navigate and use also solely Web Based and can be accessed by any device, including Binomo App for mobile devices Android and iOS.
Research and Tools
Binomo research tools are limited and including Economic Calendars and Indicators in the platform.
We found range of drawing tools inbuilt in the platform, with Trading Indicators and Strategies description. On the flip side there is no third party and top research materials.
Binomo Research tools available via:
- Binomo trading platform
- Binomo Trading section via website or platform
Binomo education content has Trading Videos and tutorials available on Trading section and divided by the category. Also, Binomo regularly helds Tournaments and Contests.
From the downsides there is no Technical Analysis and Fundamental Analysis also leading data providers.
At Binomo you can learn though:
- Demo account
- Educational videos
Customer service ranked – average, there are various ways to contact Support. Live Chat is accessible directly from the website and we got a general answer.
On the downside, agents are often offline and give rather generic answers avoiding details.
Binomo Customer Support is available in 9 languages via:
- Live chat
Binomo Live chat response is on average speed.
|Question Asked||We asked about regulation.|
|Time of Reply||We connect to Live Chat within 5 minutes.|
|Quality of Reply||The answer was basic, referring to FinaCom membership only.|
Binomo is not a safe broker to trade. While carrying research for this review we found numerous complaints claiming Binomo Scam, also it solely offers Options trading considered highly risky.
Binomo is based in offshore jurisdiction and provides rather limited trading offering through own trading app and small range of assets.
We do not recommend Binomo due to lack of top-tier and serious regulation, negative reputation and poor offering. It is better to select another broker alike Trading 212.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.