Binomo review: is the broker legit or scam? How does binomo cashback work? Make sure to read this review to the end or fall Victim
Binomo is a forex, CFDs options and cryptocurrencies broker. Founded in 2014 as online trading platform that allows investors earn on rises or falls in currency exchange rates. With binomo, you can trade on stock prices and indices, commodities, and other assets. Binomo is regulated by the International Financial Commission (IFC). However not just the regulation but involve as a Category “A” member since 2018. Looking at the broker, they have a good trading platform. The fast increment in popular is an evidence that they offer good service. A good advantage is trading guide provided by the broker. They teach you how to trade in the financial market without losing your money.
Binomo Account Types
They offer traders multiple account types they are free, standard, gold and VIP account.
Free Account: In the free account, you get only 23 assets and tournament.
Standard Account: The standard account is good for beginners and those with little amount of money. The minimum deposit $5, with up to 41 assets. Deposit bonus is up to 100% and profitability up to 85% and withdrawal is in 3days.
Gold Account: This account types is best for advanced traders. With this account, you get cashback up to 5%, withdrawal is in three days. There’s 150% deposit bonus and 90% payout, the number of assets available is 54. Withdrawal is in 24 hours, there’s a risk free trades and personal success manager.
VIP Account: This account type is highest level of binomo trading account. It carries all the features at binomo like 200% bonus. Withdrawal is in 4hours with 10% cashback, The number of assets is 61. More-so this account come with risk free trade, happy hour, and personal manager. Othe benefits might be attached to this account.
Trading Platform
Binomo offer the best trading platform on binary, its very simple to use. In the process of binomo review, we checked all platform and features. However the current trading platform have intuitiv interface. It’s an inbuilt trading platform but very fast in execution. When I checked, there’s PUT/CALL, which they replaced with red and green buttons. However the most important part is indicators. The platform comes with full features on indicators to help traders succeed. The minimum trade size is $1 and payout depends on the account size.
Is Binomo Legit?
Is binomo legit or scam? Well, the platform is very nice like we have said. It’s as well regulated by IFC and also a category ‘A’ member. But for we won’t recommend binomo however we recommend BDswiss. The reason why we fail to recommend binomo is because we’ve tried the platform. With what we saw, binomo platform might not give you true access to the financial markets. Therefore binomo is not legit as of now. Ither brokers like that are binarymate and finrally. To make a wise choice, look into videforex platform.
Deposit And Withdrawal Methods
Binomo broker offer multiple payment methods to investors. You can deposit via credit/debit cards, bitcoin/LTC; perfect money, astropay, web-money and other local banks.
The minimum deposit is $5 and the deposit bonus start from 25%. However the minimum deposit and bonus depends on the account type.
Customer Support
They offer traders customer support via email and phone. All this support are 24/5, but we checked this platform customer support last year and they were rude. Even though they had live chat then, but now they no longer offer livechat. However, there’s a guide for trading and some minor possible case solved. Therefore, you can use the knowledge base for quick understanding. More-so you can use the FAQ and help yourself.
Binomo Cashback
How does binomo cashback work? The broker offer up to 10% cashback. Now, what is cashback? Cashback is a compensation from a broker to trader who lost much while trading. However, some brokers affiliate can pay whether you win or lose. Therefore, at binomo, when you trade and lose they pay you from 5% to 10% of your lost. However this offer is for specific account and not everyone.
Conclusion
Finally, we will conclude our binomo review by giving you alternative broker to invest. If you are looking to trade binary option ,go for iqcent binary broker, you can read the review here. However binomo no longer offer livechat support. And even the one they offer does not come from good agents. We all know that every broker support should at least be live so you don’t wait on critical issues. Well if you want to make money trading forex, CFDs and options or even cryptocurrency, try iqcent.