But how do you find a platform you can trust? Binomo is committed to solving this problem. In the review, we will consider what kind of platform it is, what benefits it provides for investment and trade in South Africa, as well as the opinion of real traders about binomo.com.
Binomo trading platform – what is it?
The Binomo company has existed since 2014, and during this time traders from more than 130 countries of the world began to trust it with their investments. It is registered and has a local address in Saint Vincent and the Grenadines. Each trader can contact a Binomo specialist via chat on the platform or by email.
So, Binomo is an online asset trading platform. It is intended for both experienced and novice traders. In the review, we will also talk about the free training offered by the broker. These tips and a demo account will help you understand how Binomo works and get real experience without the risk of losing your deposit.
Sign in and Login
To understand how Binomo works, you first need to create an account on the platform and go through training. There are two ways to log into a trading account on PC or app:
- Use your Google or Facebook account by clicking on the suitable logo on the Binomo login page.
- Use your email address: click Sign in – Sign up, enter email, create a password, select the account currency for trade (cannot be changed later), read and accept the terms of the Client Agreement.
Note! You can select your preferred language on binomo.com (for example, English) when you login or at any other time.
Account types
By logging to the binomo.com website or app, you will immediately get access to a demo account. Here you can practice trading with unlimited virtual funds for free and improve your skills in a safe environment.
When you are confident in your abilities, you can switch to one of the real accounts:
- Standard – available to traders from $10. The account gives access to more than 40 assets, a bonus of up to 100% on the deposit.
- Gold is a cumulative account available with a total deposit of $500, access to over 50 assets and a deposit bonus of up to 150%.
- VIP is also a cumulative account, but from $1000. 60+ assets are available for trading, a bonus of up to 150% on a deposit, a personal manager, insurance and the possibility of risk-free trades.
The profitability of trades also depends on the type of account selected. If the forecast is correct, it will be up to 85% for Standard, up to 90% for Gold and VIP.
How does Binomo work?
The essence of trading on Binomo is as follows:
- Select an asset to trade.
- Indicate the amount and trading time.
- Make a forecast: the chart will go UP (green button) or DOWN (red button).
If the forecast isn’t correct, then you will get nothing. But if it is correct, then the trade will bring you up to 90% profit, depending on the account type and the selected asset.
Note! How to play Binomo is the wrong question. This is not about winning some kind of a game, but about trading where you need to use strategies and analysis in order for the trade to be successful.
Tutorials
After logging into the Binomo account, which was explained in the review above, you can get free trading education. First of all, use a demo account to understand how to use the Binomo platform, invest and trade. Secondly, visit the Help Center. This is a kind of FAQ, where you can find answers to frequently asked questions of traders.
Strategies
In addition, the Binomo website has a Strategies section to help you understand the different trading methods. But no strategy can guarantee a 100% result. For each trade, you need to choose your own strategy.
Tournament
Binomo offers another opportunity to get additional income from tournaments. They are paid and free (available to traders with a demo account only on the site). The tournaments have different participation costs, number of prizes, etc. To register, you need to click “Register” on the tournament page and have an amount not less than the registration cost in your account.
Affiliate program
But if you don’t want to trade, there is always the possibility of getting additional income on www.binomo.com through an affiliate program. You can find detailed information about the program benefits on the BinPartner website.
Deposit methods
Now let’s find out what Binomo investment is all about. You can deposit your account through the “Cashier” section on www.binomo.com. You can use different deposit methods in South Africa (e-wallets or bank cards):
- VISA
- Skrill
- MasterCard
- Perfect money
- Advcash, etc.
The minimum deposit for traders is $10 or the equivalent option in the account currency.
Bonuses
Binomo users are three types of bonuses:
- A welcome bonus of 25% that all traders get after registering (even on a free demo account). The bonus percentage is fixed, in contrast to the deposit bonus.
- No deposit bonus will be added to the account automatically. It has a fixed amount, just like the free welcome bonus. To get a no deposit bonus, you don’t need to enter various coupon codes in your personal account.
- The amount of the deposit bonus depends on the account status: up to 100% for Standard, up to 150% for Gold, up to 200% for VIP.
To withdraw the bonus, you need to make a trade turnover. Details can be found in Binomo’s terms and conditions.
How to withdraw from Binomo?
If your forecast is correct and the trading was successful, it is important to know how to withdraw money from Binomo. First of all, you need to familiarize yourself with the platform’s policy. This will help you withdraw your profit without any problem.
Secondly, you need to remember the withdrawal time. Secondly, please be aware of the withdrawal time from Binomo. It takes from a few minutes to 3 days or more, depending on the type of account and the chosen payment system.
Thirdly, for security purposes, you must use for withdrawal one of the payment methods that you used for the deposit. So, if you adhere to the withdrawal conditions, then soon the money will go to your bank card or e-wallet. And that is proof of Binomo’s reliability.
Note! In addition, there is no commission when withdrawing funds from the platform. For example, IQ Option vs Binomo charges a commission of $31 for wire transfer.
Limit
The minimum withdrawal is $10. Also, Binomo has a withdrawal limit:
- per day – up to $3,000;
- per week – up to $10,000;
- per month – up to $40,000.
It should also be borne in mind that some payment systems set their own withdrawal limit.
Sometimes a company may request documents proving the ID of the account holder. Previously, the verification took several days, but now the SumSub automatic verification service is available on Binomo and it takes a few minutes (vs Olymp Trade).
Binomo trading app
Another advantage of Binomo is the ability to download a trading app (not for PC). Let’s take a look at how to download thе app to trade anywhere, anytime.
For iOs and Android
You can trade on the Binomo platform not only from a PC, but also from a smartphone or tablet. To do this, the company offers to download an app for iOS or Android through the AppStore or Google Play.
If you’re having trouble installing the Binomo app on Android, there is another option. No need to hack, just download the Apk file at the link: https://binomo.com/en/promo/android.
Note! You can log into the Binomo app the same way you log into the desktop version of the platform.
For PC
You cannot download the Binomo trading app for PC, because it is only for mobile devices. Users can trade on the platform through a browser. This is the only way for PCs.
Is Binomo a scam or not?
Any investment and online trading is the risk of losing funds. This is why begginers ask if Binomo is a scam or legal in South Africa. But it gives a few solid proofs about how the platform runs safely and legit. Let’s look at the facts to make sure this is not a scam.
Binomo belongs to category “A” of the International Finance Commission, so the question “Is it real or fake” isn’t relevant. This membership guarantees traders protection from an independent dispute resolution organization.
In addition, Binomo received the FE Award in 2015 and the IAIR Awards in 2016 as the best trading platform. It shows that investment and trade is legit here.
Finally, Binomo broker has a certificate quality trade by Verify My Trade. So, it is not a scam, and this is proved by many years of work in more than 130 countries.
Traders’ reviews
Not only awards and certificates prove that investment and trading on Binomo is real and safe, but also good reviews from Binomo traders on various forums, Quora or YouTube.
Saloni B.: “Good app for trading purposes and they really help you to grow. No fraud, no scam, try the Binomo app if you really want to invest and trade safely”.
Sarah K.: “Binomo’s services are very good, they know how to handle their clients and appreciate everyone, no matter how much someone invests.”
Nick Fors: “Everything is in order. By the way, you can look at strategies in the Strategy section and try free on a Binomo demo account”.
How to close a Binomo account?
To temporarily block your Binomo account, go to your personal page:
- Select “Block your account”.
- Enter the password to confirm the action.
- Please provide a reason for blocking your account.
- Click the “Block Account” button and wait for the confirmation message.
You can only block an account via the Binomo website. This cannot be done via the app.
Conclusion
The review helped to understand how does Binomo really work, is it legit or a scam in South Africa, what are the benefits or IQ Option, and more. The broker Binomo will really allow you to legit invest and get additional income.
At the same time, keep in mind that investment and trading always carries the risk of losing your deposit. To minimize it, you need to constantly improve your trading skills (for example, use tutorials and a demo account at binomo.com). When you are confident in your abilities, you can start real trading.
