Binomo is an online broker, with a relatively long track record, owned by Tiburon Corporation Limited and registered in Seychelles. The company started operating in 2014 and developed their its unique trading platform. Binomo is a member of the Financial Commission. What this means exactly is still a bit vague because these are not high-profile financial regulators.
Editor’s Note: Why Binomo Sucks in 50 Words
What I dislike the most is point 2.14 in their terms and conditions:
“2.14. If the Client has deposited money into their account but later decides to completely or partially withdraw funds, and their trade turnover (the sum of all transactions since the last deposit) has not exceeded double the size of the deposit, the withdrawal fee will be 10%.”. Furthermore, their live chat was not working and they are not CySEC regulated. Sure they say it’s “pending” but there are brokers who have had pending regulation for years and are still the same old sucky broker.
Why Doesn’t Binomo Suck in 50 Words
I like their customized platform that offers you to trade with one keystroke (if you enable it). The charts themselves can be equipped with the most popular indicators like MACD, Bollinger Bands, MA, and RSI. In addition, you can select among many technical trading tools like trendlines, triangles, Fibonacci, pitchforks and many more to choose for analysis.
Is Binomo a Scam?
The first question is, how reliable is a Financial Commission membership? Is that something to compare to a CySEC or FCA Regulation? On the bright side, according to their website, they show “pending CySEC and CPO regulation”. But on the other hand, that “pending” regulation has been on their site for quite a long while without any new developments, so…
In the bottom line, this broker is probably not a scam but I would wait for a CySEC regulation before making a serious investment here. If you still wish to try them out, they offer 10$ deposits which are a small risk to take.
Should I Open an Account with Binomo?
The platform itself seems great and I love the fact that you get to open a demo account with just an email address! You can, at any time, replenish the money in the demo account or switch to your live account. One unique feature I have never seen anywhere else is the ability to use “Hotkeys” for trading. If you enable this feature, you may increase or decrease your investment amount, change your expiry and execute trades without using your mouse. You just need to memorize which keys do what. So before you switch to Hotkey-mode, make sure you know which keys do what to avoid any accidents.
The chart on the platform comes in several time frames, 5s, 15s, the 30s, 1 minute and 5-minute candlesticks and you can zoom in and out using the middle mouse button. As mentioned earlier, you have a vast selection of technical tools and the most popular indicators to apply to your chart.
Regarding option types, you can only trade turbo (60 seconds) and high and low options.
Expiry times for the high and low are 15 minutes, 30 minutes and 60 minutes. However, you also get to choose up to 6 minutes ahead of the current time with 1-minute increments. For example, if the time is 15:24, you can pick 15:25, 15:26, 15:27, 15:29 and 15:30 expiry which I think is pretty cool.
Should you open an account with Binomo? Overall, I feel like this broker is making a decent attempt in order to stand out. The last piece of the puzzle to make this a more reliable broker will be a CySEC regulation. To open a live account, you only need a deposit of 10$ and the minimum investment size is only 1 dollar which gives you room for 10 trades to try out the broker live – after you feel satisfied with their demo account. They also claim that your withdrawals will be processed within 3 days for a standard 10$ account and 4 hours up to 24 hours for VIP (requires deposits above $1,000). On the downside is the 10% fee in case you change your mind and wish to withdraw all your funds before you made trades that exceed twice the size of your deposit. For a 1000 deposit, what would be equal to 100$ fee which is way too much if you ask me.
The company address is Stagord Resources Ltd Vasileos Pavlou, 60 Agios Dometios, 2360, Nicosia, Cyprus and Tiburon Corporation Limited Suite 1, Second Floor, Sound & Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles.
Stagord Resources Ltd is the payment processor and operator for Tiburon Corporation Limited. They are located at Evagorou, 27, Irene Building, 4th Floor, Flat/Office 44, Trypiotis, Nicosia, 1066, Cyprus and are operating under the legislation of the Republic of Cyprus, registration number HE 338508.
The broker seems to mainly target clients in Asia and primarily Russian citizens. The broker seems to mainly target clients in Asia and primarily Russian citizens, which makes sense because the FMRCC thing is Russian based. This makes it hard for us to find complaints written in English but I managed to find one on YouTube (also in Russian). What I could make out of it was a withdrawal issue that seemed to be connected with bonuses. In this case, I could not fully make out who was really at fault. Some commentators had mentioned it was the trader’s fault while others mentioned they didn’t feel like investing with Binomo after seeing the video. In the end, I think it was the typical complaint about not being able to withdraw and not having read the terms and conditions. If you understand Russian, here is the video about Binomo.
Binomo Regulatory Warnings And Announcements
18/12/2017: The Comision Nacional del Mercado de Valores (CNMV) (Spain’s financial regulator) has warned that Tiburon Corporation Limited (binomo.com) is not authorised to provide investment services. See full warning here.
Their bonus offers changes from time to time but as a general rule, it seems to be ranging from 25% up to 100% (VIP account holders can get a 100% bonus). You need a turnover of at least 35 up to 40x times your deposit depending on the size of your bonus. If the bonus is below 50%, the turnover is 35 and all bonuses above 50% will have a turnover of 40 times. Until the turnover is reached, the client will be unable to withdraw any money from the account.
Withdrawals are not charged for according to their website FAQ. However, the terms and conditions clearly state that should you wish to withdraw your funds before trading amounts up to at least twice the size of your deposit you will be charged a 10% fee. How much time the withdrawal takes depends on your account. Expect anywhere between 4 hours up to at least 3 days. Just make sure you have verified your account first by sending the required identification documents.
User Friendly 17/20
The website comes in 17 languages including English, Russian, Polish, Spanish, Portuguese, Indonesian, Bahasa Melayu, Chinese, Vietnamese and Thai. There are free guides and strategies that are pretty good for beginners. The platform is explained under the “video section” but there are no other videos there. Demo accounts are available and so are mobile platforms.
Number of assets and expiry times 16/20
There are only two option types: 60 seconds and high and low. The expiry times for the high and low are 15 minutes, 30 minutes and 60 minutes. However, you also get to choose up to 6 minutes ahead of the current time with 1-minute increments. For example, if the time is 15:24, you can pick: 15:25, 15:26, 15:27, 15:29 and 15:30 expiry. The number of assets depends on the account type. VIP account holders get to trade the entire asset list while standard account holders only get to trade a handful of assets. There is no asset list on the site but according to other unverified sources, there are around 70-80 assets in total.
Commissions, Support and Effective return 17/20
There are no fees in general but if you have not exceeded trading volumes above twice of your deposit size, you are due to pay a 10% fee for the withdrawal. The live chat was not working so a thumbs down for the live support. Regarding payouts, the maximum percentage seems to be 87% which is very good. Gold clients can get up to 5% weekly cashback and the percentage increases to 10% for VIP clients.
Deposit, Payment and Bonus 16/20
Minimum deposit is just $10. The available deposit methods are as follows: VISA, MasterCard, Yandex.Money, QIWI, WebMoney, Neteller systems and Mobile Commerce. Withdrawals may take anywhere from 4 hours up to 3 business days to process, depending on the account type. There are various bonus offers and the required turnover is between 35 up to 40 times your deposit or depends on the bonus offer itself.
Website Extras 15/20
The biggest extra here is the “Hotkeys” feature which enables keyboard trading. You can choose the direction, increase or decrease your expiry and investment size with the already programmed keys. There are also tournaments and offers to the left of the platform. Traders can simply click them to read more about them.
Binomo Overall Ratings (79) + Regulation (Financiel Commission +1) = 80/100