Binomo is a binary option brokerage, which was launched in 2014. As such, it is obviously no longer a new player on the binary option stage. Its unique trading platform proved to be a major hit in Russia, which is where most of the broker’s traders are drawn from. The fact that it features very attractive minimums on trades and on the first deposit, is obviously also a major factor in this regard.
Who is Behind Binomo?
According to the “contact us” section of the official Binomo website (binomo.com), the corporate entity behind the brokerage is Tiburon Corporation Ltd. based at Suite 1, Second Floor, Sound & Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles. The company handling the financial issues associated with the operation is Stagord Resources Ltd. This latter company is the one that actually created the first one for the purpose of launching binomo.com. Stagord Resources is based in Cyprus, at Evagorou, 27, Irene Building, 4th Floor, Flat/Office 44, Trypiotis, Nicosia, 1066.
The regulatory status of Binomo is a little unclear. While some reviewers state that the brokerage is licensed in Russia, by FMRRC, under license number RU 0395 AA Vv0106, the official website only mentions CROFR certification. CROFR is an independent Russian organization and it is indeed the same as FMRRC (which is the English acronym for Financial Market Relations Regulation Center). Its trade is the regulation of the quality of services offered by brokerages and financial service-providers. It is not a governmental agency, or a branch of the Russian financial authority, as far as one can tell from its official site.
Apparently, some 31 online financial service providers are currently certified by the FMRRC.
The website (binomo.com) is registered to Tiburon Corporation Limited, more precisely to Oksana Melnikova. Obviously, the registrant info is public, which means that those behind the operator are not looking to hide their actual identities.
Binomo support can be reached through a multitude of channels. The email form feature on their contact page is the most obvious way, but there is a subtle live chat feature too, as well as an actual email: firstname.lastname@example.org, and a Skype ID: support.binomo.
In addition to all the above, the brokerage can be contacted through a multitude of social media pages: they have a presence on Facebook, Twitter, VK and Google+.
According to Alexa.com, binomo.com’s global traffic rank was a very impressive 4,039 at the time of writing. The majority of the traffic (some 37% of it) seems to come from India and Vietnam, while at 11%, Thailand is also responsible for a sizable chunk of the traffic the site gets. Alexa information is notoriously inaccurate though, so all this needs to be taken with a grain of salt. Turkey, China and Russia also seem to be major traffic sources for Binomo.
Much of their traffic is referral traffic from local sites, such as the Thai series24hr.com, the Russian skiles.link and the Vietnamese bomtan.org.
They are also promoted on social networks, especially YouTube and Facebook.
Binomo Account Types
There are three types of accounts available at binomo.com, including the Demo account, because, indeed, the operator offers a full-featured demo account as well. As a matter of fact, site visitors can put the unique, proprietary platform of the broker to the test straight from the homepage, without the need to actually create an account for this purpose.
Accounts which actually require real money deposits are two: the Standard account and the VIP account. The VIP account then features several tiers, dependent on the amount of money one deposits.
The Standard account brings all the sales points of the brokerage into the limelight: it only requires a $10 deposit, so it is indeed accessible to all. Minimums on trades are $1 across the board. Such cheap trading has its costs though: standard account owners will have their returns limited at 80% and they will have to wait a full 24 hours for the processing of their withdrawals. Perhaps most importantly though: only 14 underlying assets are available for those on the Standard level.
The good news is though that all Standard accounts can be upgraded to VIP ones, by simply depositing enough money to reach a $1,000 balance.
Profitability on the VIP accounts goes up all the way to 95%, which is quite a significant difference indeed. Withdrawals are processed within the hour, some 42 tradable assets become available and VIP members are entitled to 10% weekly cashback. What’s more, traders on this account level are also entitled to bonuses and various special promotions. Deposit insurance and the services of a personal account manager round out the VIP deal.
Apparently, the bonus one gets as a VIP member depends on the size of his/her deposit. Those who only hit the minimum required $1,000 mark, get 60%. Balances that reach the $2.5k mark are entitled to 70% bonus. $5k balances are worth 80% in bonus, while those exceeding 15k get their deposits matched 100%.
Deposits and Withdrawals
As said above, the minimum required deposit is $10. Account balances can be replenished at any time. The accepted deposit methods are VISA and MasterCard, but money transfer solutions such as Qiwi, Yandex.Money, WebMoney and even Neteller are accepted.
The same methods are accepted for withdrawals. Apparently, Binomo prefer withdrawals to be made through the same method the trader used for his/her deposit.
The minimum amount set for withdrawals is $10. Additional documents are indeed required for withdrawals, such as a passport scan, a credit card copy or even a photo of the trader holding his/her passport, with the front (photo) page visible.
As said, the Binomo trading platform is a proprietary one. Its uniqueness is currently one of the main selling points of the operation. The platform only supports binary options, and as such, it is attractive and easy on the eyes, with most option types available. Some of the higher risk/higher payout options (like One-Touch and Range) are missing though.
Binomo’s tradable assets cover currency pairs, stocks and indices as well as some commodities. That said, only 42 such assets are available for VIP account holders, and only 14 for the rank-and-file traders.
Binomo Review Conclusion
Featuring an attractive but simple trading platform, Binomo does not excel in asset-selection or in the number and diversity of supported binary option types. Its main draw is obviously in the attractive minimums it features on its Standard account deposits and trades.
If you decide to go ahead and open an account with Binomo, or with any other binary options broker, make sure to read these guidelines for dealing with brokers first.
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