Binomo Review – Is it a Scam? [South Africa, 2022]
Why we recommend Binomo in South Africa:
Binomo is an online trading platform established in 2014. It's owned by Dolphin Corp, located at St. Vincent and the Grenadines.
Today, the platform caters to clients from 133 different countries and is one of the most popular brokers for traders based in Indonesia, Turkey, Vietnam, and India. Additionally, it provides technical support in 12 different languages, like English, Chinese, Spanish, Thai, and more.
With over 995,000 active traders and over 30,000,000 successful trades every week, Binomo has become a go-to trading platform for beginners and professionals. Moreover, users have praised the trading application for providing high-quality access to the world's financial markets.
Many still hesitate to invest in the platform despite the wide variety of reliable trading options, varying account types, and other benefits. The main reason is the doubt behind the legitimacy of trading. Some may even have questions like 'Is Binomo safe or a scam?'
Considering their investment options for traders in the case of forex trading, cryptocurrencies, commodities, and stocks, Binomo has made significant efforts to uphold the legitimacy and authenticity of their platform. If we account for the fact that they offer a free-of-cost demo account loaded with limitless virtual funds, their concern for customer satisfaction and the customer's trading journey is crystal clear.
In this article, learn more about Binomo, its reliability, an overview of the trading platform, the registration methods, different account types, and more that'll make people understand its deserved popularity.
What is Binomo?
Binomo is an online trading platform traders use to gain more profits through shifts in exchange rates of currencies and other assets. The website allows users to bet on rising or falling markets with effective binary options.
In other words, traders have the opportunity to earn money within a short period. Moreover, there are plenty of additional features that'll help users in the trading market, such as:
- Wide range of financial assets for users to purchase and trade
- Some of the most advantageous trading terms and investment opportunities in the market
- Analytical trading services that explain the values of assets and promotes profitable strategies
- 20+ graphical tools to analyze your trading charts, history, and prospects
- Convenient for both experienced and novice traders owing to user-friendliness and exceptional UI and UX
- High-quality tutorials to educate users on trading and make smart investments
- Efficient and highly professional client support staff to resolve trading and account issues
- Access to standard tournaments allows you to participate in contests with rewards like bonus funds
- Funds are available in preferred methods of payment within a maximum of 3 days
- Traders could boost their portfolio's with up to 90% bonus
Binomo continues to gain more users every day and is on the course of becoming the number one trading platform globally. Therefore, they continue to update their features, response time, trading tools, and list of available financial assets for trading. This support enhances the trading experience for the users and ensures fewer issues.
Moreover, users get access to a series of chart types representing market activity. It simplifies the lives of traders by presenting highly accurate databases with stocks, forex assets, cryptocurrencies, and more. What's best, their in-house analytical capabilities make it easier to conduct concrete analysis based on multiple moving parameters such as time, budget, and market fluctuation.
Regulation by Finacom
Binomo is recognized and regulated by the International Financial Commission (IFC) and has been a Category A member since 2018.
Even better, the Financial Commission's expertise in financial markets comes with their independent authority to resolve disputes and act as a regulatory body for organizations such as Binomo. Being a Category A member of Finacom, Binomo's reliability and quality of service, along with the transparency offered in their services, makes them a resourceful and go-to choice for traders worldwide.
However, many may still doubt the platform as it's relatively new to the market and hasn't received approval from CySec. But, it doesn't mean that Binomo is a scam as they have proven their legitimacy in other departments.
For instance, FMMC has certified the trading platform as a safe and secure market for traders. Also, VerifyMyTrade, which collects data on various trading applications, regularly audits Binomo and hasn't found any suspicious activity occurring on this platform ever since.
The platform also uses SSL protocol to ensure that all data is encrypted and secure, meaning your funds will remain safe during all sorts of trading conditions. Moreover, various experts from the trading industry agree that Binomo is legitimate in every way.
In conclusion, Binomo has shown commitment to maintaining the highest standards of conduct and business practices with its users.
Binomo has received a couple of awards, which signify its growth as a respected trading platform. They've also received praise from various regulatory bodies, investors, and trading professionals. Here's a list of awards Binomo has received:
Winner of the IAIR Awards 2016: IAIR has recognized Binomo as one of the most reliable trading platforms in the industry. For those who don't know, IAIR Awards are rewarded for excellence in the industry of the global economy, finance, and sustainability.
Best Platform for Beginners at FE Awards 2015: The FE awards rewarded the trading platform because of its beginner-friendly interface. Additionally, the FE awards are given to the most reliable companies in the banking sector.
Binomo has received many more awards presented by esteemed organizations and trading regulatory bodies, assuring customers that it's a safe platform for trading practices.
Binomo has created an expansive range of profitable partnerships through its innovative and highly effective affiliate model. They also feature an experienced support system that provides top-class arrangements and facilities for their affiliates.
As a result, choosing Binomo's affiliate system is a no-brainer for aspiring traders that desire to gain profits based on market variations and trends. Here are some features that convinced organizations to partner with Binomo across the globe:
Interested in being a part of the Affiliate Program? Follow these steps to join the hype:
- Sign up on the BinPartner website.
- Contact the support team and follow their instructions.
- Listen to their advice to get started and receive promotional materials to engage new traders.
- Acquire strong earnings based on how you perform in the program.
The trading platform has also made several efforts to assure that they provide the best services to trading aspirants looking to invest in cryptocurrencies, forex, and more.
Now that you've learned about the company, let's deep dive into the application and website features.
Binomo Trading Platform: All You Need to Know
Binomo is a reliable trading platform that focuses on user-friendliness. Therefore, there are plenty of handy features to assist you on your trading journey. These features you're equipped with present valuable trading insights and tools to turn investments into profits.
For instance, there is a wide range of trading tools, like chart layouts, stock screeners, candlestick analysis, market change notifications, etc. Above this, the primary charts display the changes in commodity value over time, and users who want to make any transaction can use the interface on the screen's right-hand side.
Users can utilize the upper section to study the list of assets and their available trading balance. Overall, the interface is straightforward and beginner-friendly, offering even amateur or first-time traders a welcoming experience.
If you still aren't impressed with the trading platform, here's a list of elements you should know about:
With 70+ unique assets available, Binomo allows people to choose from a series of forex currency pairs like ADA/USD, EUR/USD, and so much more. You can also trade with massive companies such as Facebook, Intel, and Starbucks.
Those intrigued by the cryptocurrency scene can invest in assets like Bitcoin and hundreds of Altcoins with seamless withdrawal and deposits. Also, watch out for the happy hour feature that multiplies certain assets during specific hours on the platform.
Furthermore, you can purchase physical commodities like gold and silver to diversify your trading portfolio. In conclusion, traders can pick from a large variety of trading instruments, and the right choices can lead to huge profits.
Charting tools make it simpler for users to recognize and predict the potential path of an asset in a visual format. Using this information also assists traders in the process of planning and preparation for implementing their trading processes.
These charting tools have different variations, like Candles, Bars, Area, and Line. Above that, Binomo presents the ability to use graphical tools on them. With a little knowledge of graphical analysis, Binomo's graphical tools can make you rich!
In other words, draw patterns like Line or Arrow to identify trends on the chart. This allows traders to preset resistance levels or identify breakouts, which increases the overall analysis potential and creates an environment of consecutive profit generation.
These features help traders to study, pinpoint and track trends. Some technical indicators in Binomo include Moving Average, Parabolic SAR, ATR, ADX, and CCI.
There are additional settings to adjust the color, standard deviation, and time on the graph table. While these are generated from the algorithm and displayed on charts, applying a fusion of these features can personalize your trading and analysis methodology to suit your trading style.
Above all, traders can rely on indicator combinations for accurate conclusions, considering how market movements are fairly predictable.
Many users may find it difficult to convince themselves to invest in certain currencies. To help, Binomo has offered trading signals available to all consumers. They give consolidated information from technical analysis tools to ensure you receive spot-on guidance.
Nonetheless, they don't always guarantee a profit but can significantly increase your chances of a successful trade. To top it up, investors can use their technical and fundamental analysis with signals to design more trading strategies via identifying common trends.
For those who don't know, here's how to use trading signals in Binomo:
Pick a trading instrument from the categories. You can choose between currencies, indices, commodities, or stocks.
Pick a time interval on the price chart of the selected instrument. It can vary from one minute to one day.
The summary appears below as a forecast based on the data of several technical indicators.
Using signals effectively can be a key to discovering new assets to invest in and gain more profits. They help traders make a correct forecast and execute a successful trade at the best possible time.
In this feature, if users go through unsuccessful trades and their real account balance reaches zero, Binomo compensates for a part of the lost investment. What's best, the insurance is free of cost for real account holders. The only thing they have to do is apply it before indulging in the trading business.
The amount of compensation depends on the amount of investment:
The application settings allow users to tweak the interface as per their preferences. Also, you can change your profile name and images to create a persona among other Binomo traders.
For in-app personalization, you have the freedom to alter timezone, email alerts, notifications, and the overall comfort features to study prospective investments in the trade room.
Those that feel overwhelmed or want to learn about the settings in-depth can use the help center option on the trading platform.
Beginners who want to learn more about the trading business should check out the tutorials offered by the app. They can gain knowledge of a plethora of basic trading principles, tools, instruments, and strategies through videos and glossaries.
In addition, there are professional-level strategy guides with tips and tricks that even veterans could add to their skills. The best part is that you can access these tutorials for free. Keep in mind; the only requirement is to make a Binomo Account.
Those with any issues related to this trading platform have several options to reach out to the Binomo customer support.
- Chat: On their website and app, there's a window that provides you the ability to relay your problems and questions through live chat. Moreover, it's robust and supports multiple languages.
- Email: Users can email customer support for concerns that don't require immediate attention. Just send your queries to firstname.lastname@example.org, and they'll reply as soon as possible.
All in all, Binomo has taken extensive measures to provide satisfactory customer service and keep its customers alert at all times.
In short, Binomo offers users a wide range of trading tools and features. There are also interface, tool, and profile modification options to personalize the journey to a great extent.
They continue to listen to their customers to ensure they don't have any complaints or inconveniences. Therefore, don't doubt the platform's authenticity and try it out for yourself!
Registration for Binomo: Step-by-Step Guide
Those ready to begin trading through Binomo can choose between four registration options based on the device and digital registration mode.
Let's take a look at each one of them:
Regardless of the method, users will receive a demo account with USD 10,000 of dummy money to use in trading to understand the platform's specifics. We recommend that traders invest in different assets and utilize the real-time chart viewing mechanics to create a foundation for their trading journey. This free, dummy cash proves to be your only resource to make mistakes without taking the slightest of financial hits.
Account Types at Binomo
Binomo gives users the choice of opening four different types of accounts to cater to their trading needs. The decision revolves around a person's trading preferences.
However, take some time to use the demo account first, as it's specially designed for beginners. What's more, it allows you to learn the ins and outs of the platform without any fear of errors or potential losses.
It's also a valuable tool for professionals to come across a series of brand-new assets and investments that'll influence their decision-making with no risk of investing their hard-earned money.
Now, let's talk about the four account types that you can choose on Binomo:
1. Free Training Account
It's a free demo version that permits users to access the features of a regular Binomo account. What's best, there isn't any compulsion to input your credit/debit card details to use it.
2. Standard Account
You need to deposit 10 USD to open a standard account in Binomo. It allows users to invest in 48 different assets. These include company equities, goods like gold, and indices. Moreover, users could participate in tournaments against other Binomo users after they own a standard account.
As a standard account holder, you also gain these benefits:
- Three-day withdrawal time
- Deposit bonuses up to 100 USD
- Profitability ranges up to 85%
- Access to Happy Hour offers
- Freely switch between your training balance and standard account
Note: Happy Hour is the time on the platform where the profitability of some assets increases massively.
3. Gold Account
A gold account is perfect for users tempted to make more substantial investments. To gain access to this account status, you'll need to make a 500 USD deposit, which is quite a jump from Standard's 10 USD.
But, the account allows access to more assets, so you'll have options to invest amongst 60 different globally-traded assets. Users will also have earlier access to their funds. In other words, instead of waiting three days to withdraw payouts from your account, you can get them within 24 hours.
On top of that, Gold accounts have several other benefits that you won't get in the Standard version. These include:
- Take part in Gold Tournaments to gain the opportunity to have higher potential earnings than the Standard ones.
- Get 5% compensation for all the unsuccessful trades you've had over the past week.
- Get deposit bonuses up to 150% to increase your trading potential.
- Gain profitability of up 90%.
4. VIP Account
A VIP Account is the highest tier account traders can register in Binomo. Users have to deposit 1000 USD into the account to be a part of the VIP squad. In addition to the esteemed status, you get quick access to your funds, 70 different assets to trade, higher yields, and more bonuses.
Consequently, you'll get 10% compensation for unsuccessful trades you've had over the previous week. With deposit bonuses up to 200% and withdrawals within four hours, Binomo ensures you won't feel any regret if you invest in VIP status.
Also, those with a VIP account gain exclusive access to additional perks. They are:
Manager: A personal digital manager shall assist you with any troubles regarding the account. Moreover, they can sometimes provide you with a bonus deposit of matching funds.
Insurance: The application offers VIPs investment insurance to protect certain assets.
VIP Tournaments: Compete with other VIPs in tournaments with the highest potential winnings in the trading platform.
Risk-free Trades: VIPs will have the opportunity to receive risk-free trades or bonuses. These depend on the investment amounts they've made on the platform.
With a wide range of unique features and active customer support, don't hesitate to participate in this investment-promoting platform because of negative opinions!
Binomo ensures convenient and straightforward deposits to their traders and investors. With options like electronic payment system, wire transfer system, or credit and debits cards, the platform leaves no stone unturned in terms of deposits.
Above all, it readily accepts payment methods like MasterCard, Visa, UPI, Netbanking, e-wallets like Amazon Pay, and other payment modes.
You Can Check Our Detailed Article on Binomo Deposit to Get all Your Doubts Clear at Once
Those that would like to bring their profits to their bank accounts can request a withdrawal. Depending on their account status, users can get their money back in three business days, if not in a few minutes. Also, you have to enter the same account you've used to deposit in the platform.
However, if you haven't done the minimum number of trades, you may encounter a 10% fee. Despite this, since the website uses SSL, your data and money are safely transferred to the bank account.
You Can Check Our Detailed Article on Binomo Withdrawal and Learn the Process of Withdrawing Your Money Easily.
Mobile users can download Binomo through the App Store or Google Play. It'll keep traders alerted on the market trends and inform them when they meet trade conditions through notifications.
However, ensure that the system meets the requirements of an iOS 9 or Android 4.4 operating system. The app only takes 10MB of hard disk memory, so users shouldn't have any issues in that department.
Unfortunately, there isn't a Binomo app on Mac and Windows devices, but you can use the platform through a web browser.
You can Also Read: Download the Latest Binomo App for PC / Laptop, Android, and IOS
There are multiple strategy videos Binomo users can view on the website. But remember that no technique has a 100 percent guarantee of profit on the trade.
In other words, no trader should over-invest or risk too much capital on a single trade. Instead, invest and distribute your money among the list of unique asset types. Also, if short-term trades aren't working out, create some lump sum investments for the long run.
Finally, study more about the assets you're planning to invest in to ensure you make the right choices.
We have a dedicated article on Binomo Strategy through which you can learn many tips and tricks to become a successful trader.
Binomo Affiliate Program
The Binomo affiliate program, also known as Binpartner, allows you to attract traders to their platform and earn additional money based on their trading activity. It's widely popular among websites and other businesses due to its high pay.
Let's take a look at some of the extensive features of the program:
- The program takes an individual approach to each partner for maximum efficiency.
- Get assistance from a qualified support staff who are always ready to help through live chat and email.
- Choose from a wide choice of effective promotional materials.
- Get customized promotional materials to use on your website.
- Net revenue share up to 70%
- CPA/CPL is available for easier counts
- Earn 5% referral profit from your sub-affiliates
With a vast number of valuable features and with exciting commissions, you don't want to miss out on the opportunity to be a part of Binomo's affiliate program.
If you want to learn in detail about the Binomo Affiliate Program, then you can read our dedicated article - Binpartner: Binomo Affiliate Program
Binomo Account Statuses
There are four different account statuses on the trading platform: Free, Standard, Gold, VIP. Here's how to get them:
- A Free status is available to all registered users. With this, users trade using virtual funds on the demo account.
- You need to deposit 10 USD or more to get the Standard status.
- Deposit a total of 500 USD to get the Gold status on the platform.
- Invest 1000 USD and confirm your phone number to get VIP status in Binomo.
- Each status has unique benefits, like extra bonuses, additional assets, and a higher profitability percentage.
For a detail guide on account statuses check out our article: Binomo Account Statuses
Binomo Account Verification
You'll have to go through mandatory verification steps to start trading and place your account on the list of verified users. The procedure will require you to verify email, phone number, personal information, and specific bank details.
Once done, you'll be able to use the platform with no restrictions, and the process won't take over 1 to 5 business days. However you can read our detailed article on Binomo Verification if you still have any doubt.
Binomo holds various tournaments for traders to obtain binary and digital assets. The primary objective is to earn more money and increase the tournament's value. In the end, whoever gains the most profit ends up at the top of the list labeled as winners.
The trading platform holds these tournaments frequently, and users can enter them with a fee of 2 USD. In addition, the top traders will get financial assets as prizes, like bonuses and other tokens.
We can say that the Binomo Tournament is a best platform for the new traders to learn and earn, however if you want to learn more about the Binomo Tournament the you can read our dedicated article.
Binomo Account Settings
There are a series of Binomo account settings to guarantee that users cherish a safe and convenient experience while trading. Some features include the ability to change your email address and phone number.
In addition, traders can create a persona in the app by adding a profile picture and a nickname that others can view.
Binomo Blocked Account (How To Unblock)
Those that need to block their account can do it themselves on the web version of Binomo. To explain, you need to go to Profile, and at the very bottom of the page, an option called 'Block Account' will appear.
The website will prompt you to enter the account password and wait until it tells you they've blocked the trading account. On the other hand, reasons like repeatedly entering the wrong passwords, giving false information, or not submitting documents could lead to the platform blocking your account.
In such cases, contact the Binomo support team and answer or submit any documentation requested to unblock the account immediately.
Binomo don't just block accounts without any reason, However if you still want to learn in detail about the Binomo Blocked Account, you can read our detailed guide.
Is Binomo Legal?
Yes! Binomo is legal to traders in 133 different countries. The government hasn't imposed any restrictions regarding buying and selling assets on the trading platform. Moreover, it's regulated by the International Financial Commission (IFC).
In short, the trading platform has made all the arrangements for safe and legal trading among users. However, many still doubt the platform's legitimacy because it has only received certifications from trusted organizations like CySec.
To enhance the platform's trustworthiness, the Binomo team continues to try and get approval from companies other than FACC.
If you have any doubt whether Binomo is legal in South Africa or not, then you can read our dedicated article in which we discussed and shared various sources and proofs which will clear all your doubts.
Binomo offers a wide range of features and tools that make it viable and user-friendly for investors interested in entering the trading market. It's also turned into one of the most popular trading platforms in India, Vietnam, Indonesia, and other countries.
In a nutshell, their investments, global support team, and upcoming developmental plans make it a profitable platform for beginner and veteran traders alike. Fret not! It's a solid pick for your next trading broker.
Free $10,000 credit for demo account