Binary options are one of the simplest trading methods to understand. Traders worked with a fixed set of options and a fixed payout. They will either be correct with their assumption and receive the fixed amount or they will be incorrect and receive nothing. In either case, it’s easy to understand risk, profit, and potential outcomes.
Yet, despite this simplicity, many newcomers struggle to succeed with binary options. Many of them failed to prepare before investing their capital. Others hoped to take the easy route with an automated trading tool that promised to make millions. There are a lot of reasons why a person might fail when diving into the binary options market.
Luckily, there are also plenty of tools, platforms, and programs that can help. Some of these provide educational materials, others provide a platform for traders to communicate and share ideas, and others provide affordable brokerage services to novice investors.
Some websites manage to provide a combination of two or more of these services with a few unique features of their own. Finding those helpful websites is often what helps the first time trader avoid failure.
Before you go any further, it is important to add that binary options trading is not available to residents of the European Union/EEC. It is also not available to people who live in Canada, United States, Australia, Mali, Laos, Cyprus, Switzerland, Israel, Singapore, Hong Kong, New Zealand, Iran, Japan, Russian Federation, and Belarus. If you live in countries such as India, South Africa, United Arab Emirates, Thailand, Brazil, Vietnam, or many other countries around the world not mentioned in the list of restricted countries, then Binomo’s binary options trading is available to you.
Is Binomo A Helpful Website?
Binomo claims to be one of these websites that is helpful to novice investors. And from the outside, they do seem to offer a lot of helpful services. They work as a certified options broker with low entry fees and a library of introductory information. They also provide new users with a demo account that can simulate trading on the real market with virtual currency. It’s a great tool for learning the market and the software.
According to their website they nearly 940,000 traders trade on a daily basis, from 133 different countries, who have generated over 32 million successful trades in the past week, (as of 13th July 2020) with a 90% maximum earning on a trade.
Approachable Price Points
One of the biggest factors that prevents newcomers from breaking into the options market is the deposit requirement that most major brokers place on new accounts. Some brokers require new clients to deposit thousands of dollars before they can start trading with their firm. That might be a fine approach for a seasoned trader with plenty of capital, but it’s a huge risk for a first-time trader.
Not to mention, many new traders simply may not have that kind of capital around. The deposit requirements and account levels used by Binomo allow for growth over time. A new client can start with the cheapest account level and increase their level with additional deposits as they earn or save more money. As they increase their level they will gain access to additional assets, faster withdrawal times, increased deposit bonuses, and higher cashback rates.
Binomo accounts are divided into four levels. They are as follows:
As the name implies, this type of account doesn’t require any form of deposit. All that you need to do is provide an email address and create a password. What’s the point of a free account with no capital? Access to the Binomo demo trading account. The demo account will let you test out all of Binomo’s best features without risking any of your own money. You can decide for yourself whether it’s the right trading platform for you and then upgrade your account.
This is when you’re ready to start putting money on the line. Opening a standard trading account only requires a deposit of $10. That’s incredibly little compared to the minimum requirements most brokers enforce. It’s definitely not enough capital to make millions but it’s enough to begin learning the website or the smartphone app while making a few bucks. It’s more rewarding than a demo account without adding much risk.
You’ll naturally progress to a gold account as you become more comfortable trading and decide to deposit more money in your account. Reaching the gold levels requires a total deposit amount of $500. At this point, you have more capital to swing around and your trade profits are becoming noticeable. You have access to more features on the site that will help you grow further and eventually reach the next level.
This is the highest tier possible for a Binomo account. It has access to the largest variety of assets, the biggest bonuses, and the fastest withdrawals. It requires a total deposit amount of $1000. Only the most serious traders reach this point even if those same traders only started at $10. We’ve read plenty of reviews from customers who have made the climb and enjoyed success.
Reaching VIP status is an important goal when using the Binomo system. One of the great things about the platform is that you don’t have to wait and grow if you don’t want to. If you’re already familiar with binary options trading and comfortable with the market, then you can simply deposit $1,000 from the beginning, enjoy a hefty bonus, and begin trading as a VIP.
Binomo’s major appeal to newcomers also presents one of its few setbacks. It doesn’t allow much room for growth beyond the VIP tier. You’ll eventually want to leave the Binomo system for those larger brokers who require significant deposits.
Even so, Binomo is an excellent tool for growth until you reach that point. Many new traders will never get to work with those larger trading firms because they didn’t have a tool like Binomo to help them along the way.
Companies like these are often separated by the features they offer. Some websites load in every feature imaginable just to pump up the price. Others stick to the bare minimum and seem impossible to learn. Binomo walks a fine line between the two with plenty of useful features and very little “fluff”. Some of their more unnecessary features like tournaments are still a lot of fun and can be a source of motivation.
Most of the features Binomo provides are either restricted or limited according to the account level. Some of the features are reserved only for VIP members. These added or expanded features make it easier to profit from trades over time. They serve as a great motivating tool for trading more often and upgrading account levels.
Let’s take a closer look at some of the most important features provided.
This is one of the biggest factors that divides the different account tiers. Having access to a greater variety of access makes it easier to mitigate risks and increase gains. The list of available assets has continued to grow since Binomo was established in 2014. The standard account now has access to nearly as many assets as was once limited to the VIP accounts.
Their library will undoubtedly continue to expand at a steady pace, which is great for traders who are learning alongside the expansion. Here are the number of assets available to each tier of membership.
1. Free (Demo) Account: 23 Assets
2. Standard Account: 41 Assets
3. Gold Account: 54 Assets
4. VIP Account: 61 Assets
These assets are not limited to any specific region or market. This is a great range of options than most specialized brokers provide. The versatility is particularly beneficial to newcomers who want to experiment with different markets. Some of the option types include:
– Commodities Or Commodity Pairs
– Currency Pairs
– Major Stocks
Binomo is one of the few trading platforms that offers binary options for major companies alongside cryptocurrencies and commodity pairs. Binomo is still somewhat new to the cryptocurrency market and their variety in this area is lacking. We still believe it’s a major focus of the company and that they will add new cryptocurrencies in the future.
What Types Of Trades Are Available?
Remember, Binomo is a platform built for the novice. They strive to keep things simple as much as possible. That works great with binary options trading because it is possible to conduct in a very simple way. Binomo achieves this by limiting trading options to simple High/Low trades. There are no fancy options or trade strategies to worry about.
High/Low trades, which they refer to as Up/Down trades, work as simply as any binary options trade. The trader specifies an asset, the trade amount, closing time, and which way the chart will move. An Up trade means that the closing price is going to be higher than when the trade was opened. A Down trade means that the closing price will be lower. If the trader was correct, then they receive their investment back plus an earning depending on the asset.
Keeping the system simple allows traders to focus on the more important aspects of the market. They can focus on learning to read charts and predict movements rather than trying to choose which type of bid to use. By the time they are ready for more advanced options, their earnings will have accumulated and they will be ready to move to a new trading broker.
2. Graphical Tools And A Mobile App
This group of features is not limited by your account level. Everyone has access to the same desktop website, mobile app, and collection of over 20 graphical tools. This loaded visual interface is designed to promote efficiency, training, and proper analysis.
Many of the graphical tools available are designed to help with chart analysis. These tools will help you make smarter trades and avoid unnecessary risks. Of course, learning to read and understand these charts will take some time. Binomo makes that a little easier by providing you with plenty of manuals, guides, and training materials.
Binomo hit shelves immediately with a mobile app launch. They were fully prepared to provide this new generation of trader with what they want most: mobility. The ability to make big trades at any point during their day no matter where they are at. The freedom to roam around and still profit is a great feeling.
Mobility isn’t the only benefit that mobile apps bring to the table. Push notifications are also a powerful tool for the prepared trainer. Binomo can notify you of promotions, transactions, or chart movements almost as quickly as they occur. This will provide you with ample time to analyze the situation and choose the correct course of action. And you can even do it in the bathtub.
3. Profitability Features
There are a handful of features that are directly tied to how much money you can make with Binomo. As you might imagine, these features are closely linked to your account level. It’s a way for Binomo to make more money from deposits but overall they are worth the extra investment.
The first and most obvious feature is the available profitability of any given trade. The percentage of profitability available on a particular trade is going to directly affect how much money you earn if you purchase the correct option. A higher profitability percentage is also going to improve the risk/reward ratio of the trade.
There are only two separate tiers of profitability available. The first is available to 85 percent per trade and this is available to standard account holders. Gold and VIP members both have a profitability percentage of 90 percent on each trade. While important, this percentage is not the only feature that will increase your profits with higher-tier accounts.
Profitability on trades can be increased further with a feature called happy hour. This is a time during the day when the profitability percent on specific assets is increased by a significant amount. Happy hour is only available to Gold and VIP account holders. It’s one of the many exclusive features that makes the upgrade a worthy investment.
Bonus funds are another profitability feature worth mentioning. These are funds that are added to the account to generate additional trading power. Bonus funds most often originate as a deposit bonus. Standard accounts occasionally offer deposit bonuses of 100 percent. A gold account will increase that bonus to 150%. Finally, VIP accounts enjoy 200% deposit bonuses.
These bonus funds can certainly help improve profits but you can’t simply withdraw them the moment they hit your accounts. The funds are intended to be used as a source of trading leverage. You are required to generate a specific amount of trading turnover before you can withdraw the funds.
The amount of trading turnover depends on the amount of bonus funds and the amount of funds in the account. Accounts with a larger balance will generally have a lower amount of trading turnover required before bonus funds can be withdrawn.
4. Bonus Features
We’ve covered a lot of what Binomo has to offer and yet there is still plenty more. We wanted to cover a handful of their bonus features that help them stand out from the competition. Some of these are simple Quality-of-Life features while others could be an added source of income.
First, there is the tournaments feature. This is Binomo’s way of encouraging friendly competition among traders. It can also be a useful learning tool if you pay attention to what traders are doing during the process. There are daily free tournaments with very little risk attached. Signing up to the tournaments is easy and winning just requires earning big with your daily trades. There are even prizes available to the traders who make the most.
Cashback is a small feature that you’ll really appreciate after having a bad week. Every trader has a week or two where they miss their mark and trade in the red. Binomo makes it a little easier for those traders by refunding them a portion of their investments if they traded in the red during the previous week. The cashback amount for Gold accounts is 5% and that increases to 10% for VIP accounts.
Insurance is a similar feature that is also reserved for Gold and VIP account tiers. If a trader’s account balance reaches zero after a particular trade, then they can receive bonus funds equal to a percentage of that trade’s value. Signing up for insurance takes some communication with the Binomo staff but it is definitely worth it if you’re considering a significant trade.
And finally, there is the video tutorial section. The videos are designed to help you learn to use the platform effectively. You have videos that guide you through the registration process; explain the trading platform. Show you how to make your deposits, and how to trade. Along with a video explaining the trading charts, the tournaments, and finally how to trade like a pro.
Our Final Thoughts
Overall, we believe Binomo to be the “real deal”. They don’t make promises about creating millionaires or beating the stock market. They simply offer new investors an opportunity to start small and learn the binary options trading market as they grow. They provide the trading platform they need to profit and the learning materials that they need to improve. There are no hidden fees, expensive subscriptions, or other unsavory tactics intended to drain paying customers.
Whether you’re completely new to binary options or have some limited experience, we believe you could benefit from the Binomo system. And if you use the system the right way you’ll continue to learn and profit until you’re ready to leave the nest for more advanced trading platforms.
- A bare minimum deposit of only 10$.
- The demo trading account is great for learning the market.
- Your account progress can accumulate and grow over time rather than with a single deposit.
- Limited trades and assets don't allow for significant growth with major capital.
- Available cryptocurrencies are still limited.