Binomo Review | Fees, Security, Pros and Cons
The world of crypto might seem a little complicated for someone who is just starting up to be a part of the crypto trading community. It’s important to do a well thought out research before signing up for a wallet or exchange. In this Binomo review, we will take you through the major features of the trading platform, so that you can make the right choice.
Binomo Review: Exchange Overview
Binomo is an online trading platform that was founded in 2014, with its headquarters at Saint Vincent and the Grenadines. This platform is widely used by beginners as well as professionals who find themselves interested in the world of crypto. The platform lets users trade into an array of financial assets using an intuitive trading platform.
Binomo allows users to set up three different kinds of accounts with varying facilities and minimum deposit requirements.
- Standard – with a standard account, users can get access to 41 assets with a withdrawal time of 3 days. It also offers a deposit bonus of up to 100% and a profit rate of 85%.
- Gold – Gold members receive a few extra advantages like 54 assets, with a withdrawal time of 24 hours, a lump sum deposit bonus ranging up to 150% and a profitability rate of 90%. Along with that, they also receive an additional cashback up to 5%.
- VIP – VIP accounts have access to 61 assets where the withdrawal time is just 4 hours. These accounts can get a deposit bonus of 200%, with a profitability of up to 90%. The cashbacks go up to 10%. VIP members also get access to prizes and risk free trades.
Gold and VIP members also have access to tournaments, personal manager, insurance, and a happy hour.
Another unique feature that we must mention in our Binomo review is the demo account that is available when you create an account with Binomo. This feature is specially designed for people who are new to the world of crypto, and it can be considered as a “preparation account.” If you choose a free demo account, you instantly get a credit of $1000, using which you can buy and sell in the financial assets on Binomo. This demo account works perfectly for people who want to try their hands at crypto without risking fiat money.
There are no time limits as long as you are using the demo account, so you can take your time and get comfortable with the platform before you switch to real-time trading. Since, it is virtual cash in a demo account, you cannot withdraw what you earn. This demo account helps users to get familiarised with the technicalities of Binomo as well as the crypto world.
Supported Currencies and Available Countries
Binomo supports Crypto IDX (a mix of Litecoin, Bitcoin, ZCash, and Ethereum). Apart from that, Binomo also gives rise to multiple country currencies: Forex, equities, commodities, among other things.
The website is available in 133 countries all around the globe, some of them being – Argentina, India, and South Africa.
User Interface and Experience
Using Binomo is fairly simple because of its highly interactive user interface which works on all your devices. The platform lets you invest in financial assets along with serving you with live data of the price trends. So, you do not have to fiddle with another website even if you invest a dime. Binomo is compatible with all modern web browsers, and there is a mobile application that can be downloaded on Android and iOS devices free of cost.
How to Use Binomo
1. Create Account
Creating an account with Binomo is simple, all that you have to do is:
- Open the official Binomo website.
- Click on the “Sign in” option, which is available on the top right of the screen.
- In the pop-up, add your email address and set up a password.
- Go through the terms and conditions, and then if it deems well, click on “Create Account”
- It would ask you for a mobile number which you can verify later, along with your email address.
2. How to Deposit/Transfer and Withdraw
As you have logged in to the real account on Binomo, click on the “Deposit” option, which is available on the top right of your screen. It will take you to another screen where you will be able to select the task that you want to perform – deposit, withdraw, transaction history.
Select the option as per your wish and then proceed to select your preferred payment method along with the necessary details.
The users can use multiple payment methods as per their convenience, which includes the leading e-wallets like Google Pay, Globe Pay as well as the cards like Mastercard, VISA to name a few. The availability may change per the country selected.
We must mention in our Binomo Review, that no additional fee is charged by Binomo against withdrawals or deposits.
Binomo offers a 24/7 customer care chat support using which the users can get information or quick fixes. One can also get in touch with them via telephone, email, and social media.
Binomo Review: Verdict
As we move towards the end of our Binomo Review, we believe that Binomo has a lot of options for people who are novices and want to test their prospects in the world of crypto. It has won various accolades like IAIR awards, FE Awards. It also has a category A as per the financial commission and is also CFD certified. The platform offers direct assets from leading companies like Apple, Google, and Nexus, apart from being just a crypto trading platform.
Although, it can come off as a negative for people who want their platforms to be just crypto oriented. We must also mention that the platform is unregulated, so it somehow limits the trust factor when it comes to transactions of bigger value.
Binomo Review: Pros & Cons
Lastly, in our Binomo Review, we must also mention the final state of pros and cons about the trading platform.
- Demo account;
- Minimum deposit value;
- Tutorials for beginners;
- Investment insurance;
- Multiple financial instruments.
- Offshore location;
- Limited trading tools and payment methods.