Binomo Review: Is Binomo Broker Good?
Broker overview and general information
Binomo is a forex broker that offers trading in binary options, forex, contracts for difference (CFDs), and cryptocurrencies. Founded in 2014 and registered in Saint Vincent and the Grenadines, it is operated by Dolphin Corp LLC. It offers trading in currencies, stocks, commodities, and cryptocurrencies. The broker has its own proprietary trading platform that is easy to use, featuring advanced charting tools, a wide range of technical indicators, and customizable trading settings.
Broker Licensing and Regulation
If you ask whether Binomo is good, you must first consider the license factor. The broker has the following licenses:
FINANCIAL SERVICES AUTHORITY St Vincent & The Grenadines (FSA) License No. 915 LLC 2021 under Dolphin Corp LLC (a company incorporated under the laws of St. Vincent and the Grenadines with registered office at Euro House, Richmond Hill Road, Kingstown, St.Vincent and the Grenadines
⚠️Warning: Although the broker is regulated, many users are concerned about the FSA license because it is a Tier D license, which makes users feel uncertain about the supervision of this agency. There is no information from the broker to confirm that this license is in effect. Therefore, this factor should be considered again before investing.
Trading products and services
Trading products
The website simply states that it offers a wide range of trading assets, but does not provide any direct details about the trading products.
Trading Platform
Binomo's trading platform supports trading with a minimum balance of $10 and can be started from $1. It also has a special mode called “Non-stop Trading”, which allows users to trade continuously without any limit on the number of trades, and trading can be done over the weekend, giving users the flexibility to trade even during market closing times. Applications are available for iOS and Android.
However, the website does not provide much more details about the supported platforms.
Binomo Review: Account Types
On the Binomo website, there is no direct information and details about account types.
Deposit and Withdrawal Review
Binomo does not provide clear information on its website regarding the supported deposit and withdrawal methods. Generally, the minimum deposit amount is around $10. However, the lack of details on the supported payment methods may be inconvenient for users. To find out which payment methods are available, clients are advised to contact the broker’s support team directly for more information. This lack of clarity may make some clients hesitant, especially those who want transparency in their transactions.
Support and Customer Service
Binomo offers customer support via email.
Broker Overview Summary
Binomo is a broker focused on binary options trading, with an easy-to-use mobile application that is perfect for traders who want to make quick and convenient investments. However, there are also a number of disadvantages to consider for this broker, such as concerns about the reliability of its license, lack of support for the popular MetaTrader platform, limited educational resources, limited customer support options, and a lack of transparency in explaining account types and deposit and withdrawal methods, which can make customers feel unsure about using it.
Choose the safest and most suitable broker with TrustFinance reviews
Start trading Forex easily. Choose a safe and reliable broker with TrustFinance. A source of information and reviews of over 180,000 Forex brokers and financial companies, covering leading Forex brokers such as Exness, FBS, XM, IC Markets, IUX and many more.
Binomo Review Compare spreads, fees, trading platforms, deposit and withdrawal conditions and more with real user reviews to help you decide on the broker that suits your needs.
