In today’s dynamic environment, several billion people are connected to the Internet. During the last twenty years, the technology revolution has had an intense and irreversible impact on the world and the Indian trading market has also witnessed these changes. The internet has made financial products and services available to more customers and eliminated geographical barriers. Earlier investors were solely dependent on their brokers but nowadays they are participating more in buying and selling of shares with the help of the internet. E-trading has saved time, energy and money as it helps to access the market from anywhere at any time.
Among some of the more modern ways of trading, Indian citizens have started enquiring about online trading platforms to access different markets such as stocks and forex. One of the names that keep popping up in advertisements, trading forums and communities is Binomo. Let’s dive into what Binomo is and what kind of trading services it provides in this Binomo India review.
Binomo: A brief review
Binomo is one of the most reliable online brokers operating in India. It has grown in size in recent years since it was first introduced in 2014. Headquartered in St Vincent and Grenadines, the broker combines a powerful and reliable platform with an almost 90% payout rate in case of a correct forecast. Binomo is also a member of FinaCom and categorised under “Category A” under the IFC. Let’s take a look at some of what this platform has to offer. You can sign up to the platform by visiting Binomo.
- Trading platform: Initially using a popular third party trading platform, Binomo has since introduced its proprietary trading platform. It offers an impressive collection of twenty graphical tools for chart analysis, a user-friendly interface and high quality, fast execution.
- Mobile App: To help traders trade on the go, Binomo has released a mobile app for both iOS and Android. Traders are always notified of upcoming events via push notifications. The mobile platform makes the full functionality of the desktop trading app, offering a seamless transition between the two.
- Demo account: Binomo offers clients a fully functional demo account that can be accessed via a simple sign-up process. It provides users with $1000 worth of virtual funds which can be replenished at any time. Traders can practice in a real-time market environment using virtual money to improve their skills.
- Customer support: There are several methods of customer communication at Binomo, with the most preferred one being via live chat. The live chat service is integrated directly into the platform. Clients can also use a backup email support service.
- Security: The broker compensates up to $20,000 to protect users from frauds. Up-to-date SSL encryption is applied on their platform to ensure utmost security. They also use information from web server reports to protect client funds and block scammers from accessing their accounts.
- Easy Sign-up: Binomo offers a very easy account creation process. One simply has to click on the “Register” button to open an account. After that, they need to enter their desired currency out of the available options and accept the terms of the user agreement. Finally clicking on “open an account for free” will create a new user account. Binomo will send a confirmation email to the registered email address after which the account will be activated.
Is it Legal and does it accept Indian clients?
Binomo is indeed a registered and regulated entity in the brokerage market, operating across multiple countries including India. Indian traders can easily sign up and use this trading service, as there are no legal limitations for its operation in the country.
Regulations
Binomo is regulated by the Financial Commission, categorised as a category A member. The Financial Commission is an independent, neutral body that deals with dispute resolutions across financial markets in the world. As a member of the Financial Commission, Binomo is focused on maintaining the highest standards of online trading.
What kind of broker is Binomo? What are the tradable markets available?
Binomo can be best described as one of the leading short-term trading platforms which offer extremely high payout rates. It’s thus ideal for novice traders and even offers a fully functional demo account. The platform puts more focus on emerging markets like Indonesia, India and Brazil. The broker also provides ample educational material for newcomers through FAQs, blogs, video tutorials and a knowledge base. There are a range of markets that a trader can access at Binomo.
- Binomo offers a total of sixty distinct assets on its platform, specialising only in high/low trading.
- Trading forex by binomo is legal in India as there are a number of local deposit options which Indian traders can access. The broker offers currency pairs such as GBP-USD and AUD-USD.
- The broker also offers popular indices and stocks from popular companies.
- Binomo is not available to clients based in the U.K or U.S.
Minimum deposit
Binomo offers very easy funding methods that are far above normal country-specific services. Traders can fund their accounts using either Mastercard and VISA bank cards or a host of international payment systems as indicated in their website. The minimum deposit for Binomo is $10.
Account types
Along with the demo account, Binomo offers three different types of accounts that cater to the requirement of different traders.
- The standard account offers access to several financial assets with a fixed profit level of 85% and a minimum deposit requirement of $10. Traders can enter trades at $1. Binomo provides various bonuses for new customers and active traders.
- The Gold account has a minimum deposit requirement of $500. It offers yields up to 86% and allows users to access investment insurance bonus instruments. Professional traders provide users with analytical support via trading strategies. You can also get a weekly cashback of 5%.
- The VIP account is meant for large deposits as it’s an individual program account service. The brokers offer VIP clients bonuses of up to 100%. Profit withdrawals are also quicker as the whole process takes less than 4 hours.
Deposits and withdrawal timing and costs
Users do not need to deposit opening and using a demo account. Deposits are only required for the three account levels discussed above. Users can use a number of payment gateways and processors such as QIWI, Yandex, Neteller in addition to VISA and Mastercard. The minimum deposit as mentioned above is $10. Withdrawals with the standard account usually take 3 to 5 business days to complete. However, the Gold and VIP accounts offer a faster withdrawal time.
Other features
In addition to a massive educational section for newcomers, Binomo also provides a strategies section where they shed insight on strategies including Night channel trading, Binary Options news trading, Alligator trading and Bollinger Band trading. In addition to this, the broker also provides market news, technical analysis and investment ideas on a daily basis.
Binomo Pros and Cons
Let us now highlight some of the Pros and Cons of this platform.
Pros
- Free demo account available
- Regular bonuses
- Quick withdrawal times
- Relatively low minimum deposit
- Support from professional traders via skype
- OTC market is available on weekends and holidays.
Cons
- Technical indicators are comparatively less than other similar brokers on the market
- Support languages only include English and Russian
- No social trading services available
Final Thoughts
Binomo appears to be a trading platform that takes its customer support and service very seriously. They are comparatively cheap which allows newer and less experienced traders to hop on board. While it’s slightly limited in terms of technical indicators, the pros outweigh the cons. It is a carefully crafted trading platform that caters to both experienced and novice traders, something which is seldom found.