A profitable strategy or binary options signals, good theoretical training and trading experience are certainly important success factors, but without the quality of the broker’s work, the result will be negative, regardless of the efforts made.
Slow processing of trading orders, non-market quotes, large spreads and requotes, the difficulty of withdrawing funds, up to their complete loss and other problems are well known to binary options traders. But there are reliable organizations, most of which are positive, such as the Binomo broker.
About the company and licensing
The company was registered in 2014 and positions itself as one of the leaders in the binary options market. Check this statement is difficult – the official website does not contain data on the number of accounts and the financial position of the company.
According to the “Client Agreement”, the company is registered in the offshore zone of Saint Vincent and the Grenadines. A license has been obtained from the local Financial Licensing and Supervision Authority (FSA).
The situation is normal: only the minimum of required licenses to start activity has been obtained. Although St. Vincent and the Grenadines have joined international agreements to monitor the activities of financial institutions, such steps are not essential for the average trader. In the case of disputes, the option of litigation is almost impossible, as always hope only for the decency of the broker.
In some countries, company services are not provided (for more details, see Client Agreement). If your jurisdiction is on the list, it is better to choose another binary options broker. Otherwise, if false information is detected, the deposit is blocked without a refund.
Account Types and Trading Assets
There are four types of trading accounts available, among which the trader can choose the most suitable for the deposit amount, a strategy used and trading goals:
Demo account (Free). It allows you to gain experience, tests new strategies and ideas without real financial investments. It is optimal for newbie’s, but there are significant differences from real trading: transactions are always executed at the stated price; there are no delays (slippage) and refusals to open (requotes).
Standard. The next stage for newbie’s, which allows you to switch from a demo account to real trading with minimal investment (from $ 10). Available 35 trading assets with a fixed profit of 85%, the minimum transaction amount of $ 1. A trader can:
- participate in tournaments;
- replenish your account without restrictions. Withdrawal of profit up to 3 days;
- receive bonuses for replenishment and extended technical support;
Gold. For professional traders, the first deposit amount is from $ 500. Trading conditions are the same as Standart accounts, new options are added:
- extended list of trading instruments with a profit of 86%;
- accelerated profit withdrawal (up to 24 hours);
- strategies tested by professional binary options trader;
- 5% cashback with real money every week.
VIP. Exclusive service for big deposits from $ 1000:
- accelerated profit withdrawal (up to 4 hours);
- maximum profit on all trading instruments;
- 10% cashback, deposit insurance;
- other services for VIP clients.
As trading instruments: currency pairs, cryptocurrencies (digital money), stock indices and stocks, metals (gold, silver, platinum), energy carriers (oil) are available. The binary trading platform offers only classic CALL / PUT options a duration from 1 minute.
On Saturday and Sunday, when the Forex market is closed, you can trade major currency pairs on OTC (Over-The-Counter) quotes. OTC prices are made by a broker and are not related to the real market. Use them only as learn binary trading options!
Options are opened only on binary trading sites, so only the latest version browser is enough. The platform does not work very fast, on mobile devices iOS/Android can be delayed opening the option up to 3-5 seconds.
The platform contains a section binary option for newbie’s, which presents a number of strategies to quickly start trading. For professionals, there is a set of standard indicators and graphical objects to create their own strategies and test free binary signals.
Analytics, affiliate program, deposit replenishment
The company provides traders with access to current webinars and analytical materials covering all financial markets: from currency pairs to futures and cryptocurrencies.
All the main ways to enter/withdraw funds into a trading account are supported: bank transfer, plastic cards, electronic currencies, including the most anonymous Perfect Money. When replenishing, only the Commission of the payment system is charged.
Replenishment is carried out with a minimum of personal data, and the withdrawal requires a verification procedure (confirmation) mandatory for Bank payments. Usually, if there are no problems with copies of documents, the process takes 5-10 days, but the support team may require additional information or check customers from certain regions in more detail. It is better to start verification immediately after opening an account before the first transfer of funds.
Promotions and tournaments are regularly held, the victory in which brings bonus funds to the deposit and you can start a full trade at all without investment.
As part of the loyalty program, Binomo provides a complete set of graphic and text advertising materials for rewards:
- for placing affiliate links on binary trading sites pages, groups on social networks, articles about the Forex currency market, paid indicators, strategies, automatic advisers;
- pay-per-click graphic banners for posting on specialized sites, forums and signal copy services;
- bonuses from referred customers: for the first replenishment of the deposit, trading volume, etc.
To summarize: if you decide to choose a career binary options trader, immediately develop a habit to check someone else’s opinion and believe only your own experience, even if you choose another broker, although there is no reason not to stay at Binomo. Reviews on the Internet never give a real situation, much more useful will be to open a Free or Standart account and start to develop the experience of real trading.