Binomo is an online binary options broker which was started in 2014. It is owned by Tiburon Corporation Limited and offers binary options investment and trading to its clients. There are mixed reviews on Binomo and we are here to set the record straight. If you are considering registering with this broker, make sure to read our Binomo trading review before you sign up.
Regulation is important whether it is a binary options or forex broker. Binomo is an unregulated binary options broker, however, there are claims of it having pending CySEC regulation. While we understand this can be a costly and time consuming process, given the fact that Binomo lacks the proper regulation, we would advise you steer clear.
There is evidence that shows that Binomo holds a CROFR certificate issued by the Financial Market Regulations Center (FMRC). However, this organization does not have the legal power to implement any action against Binomo if it was to violate the terms made by the FMRC. In fact, the CROFR certificate is merely a false sense of security. The only power that the FMRC has is to revoke Binomo’s membership and nothing more. This “regulatory” body does not have the power like CySEC or other well known regulatory bodies such as the FCA or MFiD. The Binomo scam is not a regulated broker as it claims to be because FMRC cannot regulate it.
Binomo Customer Support
You can get in touch with Binomo through:
- Online form
- Live chat
The lack of a telephone number can also be considered rather suspicious as a telephone number is often the primary contact method for local clients and just a standard contact option.
What was frustrating and a recurring issue was the disrespect that Binomo customer support agents had for clients. While doing our preliminary research, we came across numerous Binomo reviews where traders spoke of their not so helpful experiences with Binomo customer support. It seems the customer support agents at Binomo have no actual regard for clients’ wellbeing.
There were also complaints of poor English and communication from Binomo’s support agents which left many traders frustrated and annoyed. It seems the people who were supposed to help traders, only made things much more difficult for them which is the entirety of Binomo’s existence.
The Binomo broker offers three different types of accounts:
- Standard Account ($10 minimum deposit)
- Gold Account ($500 minimum deposit)
- VIP Account ($1000 minimum deposit)
The Standard Account has the lowest minimum deposit. There is a promised fixed profit of 85% along with the ability to make trades by only investing a $1. There are also no limits on top-ups, withdrawals in 3 working days and participation in tournaments.
Gold Account users have a significantly higher minimum deposit than Standard Account holders. There are claims of added benefits, however, such as an “extended” list of assets available. The withdrawal time is reduced from 3 working days to 24 hours and the yield on trades is 86%. There is a weekly cashback of 5% along with analytical support, consultation with a personal manager and investment insurance bonus instruments.
VIP Account holders receive 100% bonuses along with fixed trade profits that peak at 87%. The withdrawal time drops from 24 hours to 4 hours while the asset list is increased and there is also “analytical support” through Skype. Weekly cashback is doubled to 10% and there are also promises of other features only available to VIP Account holders.
The Binomo binary broker only offers one trading platform and that is its own custom platform. In binary options trading, there are a number of well known platforms used by brokers such as SpotOption and TechFin. It would have been good if Binomo offered other platforms to give traders a choice but unfortunately that is not the case.
From what we have read, the major issue with this broker beyond a limited asset list is that fact that there is a time delay. Traders spoke of a delay between when you place an order and when Binomo actually takes the order and the fact that the order is usually made in the position you intended which results in slippage and loss. It seems Binomo’s platform, like its other features, is failing to prove its competence.
Binomo Review Conclusion
Is Binomo legit? That is the question you had in your mind when researching this broker and it is sad to say, Binomo is not. From what we have seen, Binomo has a long way to go before it can even be considered a half decent binary options broker. Despite the fact that it has been around for 3 years, it still lacks proper regulation, has a poor customer support staff and still has a faulty broker. We advise you to stay from this broker and save yourself the stress.