Abstract：Binomo is a Seychelles registered offshore Forex and CFD broker, established in 2014 to provide services to short-term traders and is not currently subject to any effective regulation.
General Information & Regulation
Binomo is a Seychelles registered offshore Forex and CFD broker, established in 2014 to provide services to short-term traders and is not currently subject to any effective regulation.
With Binomo, traders can get access to forex currency pairs, stock, indices, etc. Tradable assets available on the Binomo platform seem not that rich compared with many other brokers, as some popular assets like cryptos, ETFs, and precious metals are not available.
Binomo offers three types of live accounts: Standard ( with a minimum initial deposit of $10), Gold ( with a minimum initial deposit of $500), and VIP, which requires a deposit of $1,000/€1， 000 or currency equivalent. Moreover, Binomo also offers tournament accounts as well as demo accounts (containing 1,000 USD of virtual cash).
Leverage related information cannot be found on the Binomo official website.
Binomo seems somewhat vague about its transaction fees, or spreads, commissions. According to sector standrads, the spread on EUR/USD pair is around 1.1 pips to 1.5 pips.
Binomo offers traders its own internal trading platform and a trading platform with a Mobile App (for tablets, iOS, and Android).
Deposit & Withdrawal
Binomo supports traders to deposit and withdraw funds to their investment accounts via VISA, MasterCard, Advcash, WebMoney, Perfect Money, Bitcoin, and Litecoin payment methods with a minimum deposit amount of $10/￡10 or equivalent amount of other currencies.
Binomo Disadvantages Include:
1. No regulation
2. Non-MT4 trading platform
3. No information on product spreads provided
4. Not providing services in popular regions such as the United States, Canada, Australia, etc.