Binomo is an international market in online trading. The company was established in 2014 and is officially registered as a Cyprus offshore company. The platform is also certified by individual financial regulators operating in certain countries.
The name ‘Binomo’ has become entangled in the stories of online money scams and the legitimacy of the platform has become increasingly doubtful.
You will find many accounts on Instagram, Facebook, Twitter and even on a professional platform like LinkedIn, with names that end in “binomo investment”. Many of these accounts also post screenshots of supposed testimonies of people who have had their money doubled on the Binomo platform. This is used to persuade people to drop their hard money and often times, many have fallen prey of these scams.
However, what is Binomo really about, is it really just a sham? Is there a way Binomo works that many actually do not know about? Find out in this article
Binomo is a world-leading forex trading company. In 2018, the company decided to infiltrate the African and Asian market. It unveiled Nigerian and Chelsea footballer, Victor Moses as its official brand ambassador. Being an online trading platform, users can earn on rises or falls in currency exchange rates and prices for shares or commodities.
Awards and Recognition for Binomo
Binomo has won awards such as:
Best Broker for Beginners (2015 Forex Expo Awards)
Broker of the Year (2016 IAIR Awards)
The company is also rated ‘Category A’ by Financial Commission, an independent self-regulatory body, dedicated specifically to Forex.
Forex offers its users access to the most traded financial assets. Here are benefits of trading with Binomo:
- Binomo provides its users with helpful tips and free training so they can have maximum turnouts and performance.
- On Binomo, users are able to enter into trades with as low as N360 ($1)
- Users get technical support
- Users get a chance to participate in trader’s tournaments
- Users get technical support
- There are bonuses for new customers and active traders.
How Binomo works
Binomo provides a demo account for all registered users. With the demo account, one can start trading to see how performances go.
Binomo offers minimum starting requirements that you might not find on other trading platforms. You can have a real account opened starting with funds of $10 or more. Once an account is opened, you have access to all the features of the platform, including participation in traders’ tournaments.
Unlimited and limit-free demo account: The demo account helps one practice trading even more. It is an attractive option not only for beginners but also for skilled traders. Beginners learn how to trade while skilled traders are able to test high-risk strategies.
Company’s withdrawal policy: Transactions (buying and selling) are efficient on Binomo. People almost never complain about withdrawal issues. Financial transactions are always carried out within the stated time limits.
Different payment systems: Binomo supports a wide range of payment systems available in the trader’s country of residence.
Traders’ tournaments: This is one of Binomo’s unique competitive advantage. Trader’s tournaments are a priority on Binomo treats contests as a priority. This is a competition in trading on the Binomo website. The company holds a daily free tournament with a fund of $300–600. There are also paid tournaments with a fund of $1,500 to $75,000 and even more.
Traders take special interest in cryptocurrencies. This because you are able to earn profits as the price goes either up or down. With investments in assets, people make gains only when there are positive economic tendencies and do not have much control over how much gain is made.
The main thing a trader in cryptocurrencies needs to know is when the price on the chart goes up or down. If one’s forecast is right, the profit of is credited in full to the person’s account. One could earn an average of 75% to 85% of one’s investment.
You have three options to choose from when it comes to cryptocurrencies: Bitcoin, Litecoin, and CRYPTO IDX.
With Binomo, you do not only have to trade not only on personal computers. You can also make use of mobile devices such as tablets and smartphones. One can also make use of the web-based version. However, it is relatively easier to use on a device with a large display, not on regular smartphones. You can find the Binomo’s authentic mobile apps on the App Store and Google Play. Although many technical analysis indicators and tools are unavailable but one will still be able to open an important trade at the right time.
Account types and practice trading
Once you have signed up on the platform, you get a demo account. This enables them you to start trading right away, but only with virtual funds that you cannot withdraw.
Binomo offers 4 different accounts on Binomo, one is free and the other 3 are funded. These are:
Demo account: All that is required to have a demo account is that you sign-up. Here you have about 18 basic assets with a return of up to 85%. You also have access to all other platform tools for technical analysis.
Standard account: You can open a standard account with funds of $10 or more. With a standard account, you have access to all the features of the platform. You can also join the trader’s tournaments, make withdrawals and can trade in the real market too.
Goldaccount: With the gold account, you make a minimum deposit of $500. This is a great choice for beginners. Here you have a wider choice of about 38 assets, a personal manager and exclusive trading strategies You are also able to withdraw funds in 24 hours.
VIPaccount: You have a VIP account when you fund over $1,000. Here, you are granted maximum privileges and also get a personalised service.
How to create an account on Binomo
Creating an account on the Binomo trading platform takes just about a minute. All you need is an email and password. Ensure you choose your currency with special care because you cannot change this decision even through Customer Support.
How to fund and withdraw on Binomo
You can fund your account with VISA and MasterCard bank cards. International and local systems are also supported in a specific country.