Binomo in South Africa – Online trading platform review

Online trading in South Africa is primarily about choosing a reliable platform. As a rule, it is based on the reviews of traders and personal experience. Thus, the Binomo broker stands out today. In this detailed overview, you will learn what Binomo investment and trading is all about, how the platform works and is it legit.

What is Binomo?

The investment and trading platform Binomo is known not only in South Africa, but also in more than 130 countries around the world. More than 900k traders visit www.binomo.com every day, which already says that it is not a scam, but legit. In addition, Binomo has a legal office in St. Vincent and the Grenadines. You can contact support via email address or chat on the platform. So, the question of whether it is real or fake is closed.

Is Binomo legal in South Africa?

Let’s check if Binomo is a scam or not. So, the site provides information that refutes this opinion. Investment and trading company:

• is regulated by the International Finance Commission, an independent dispute resolution organization;
• has a quality certificate of trading after an audit by Verify My Trade (checks 5,000 trades in Binomo every month for correctness or scam);
• awarded the IAIR Awards and FE Awards as the best platform;
• has a demo account and free tutorials.

Thus, this convinces Binomo users that the platform is not a scam, but a real one for investment and trading.

Sign in and Login

To login a Binomo website or app, you can use Google or Facebook account or register by email:

1. Open the Binomo login page on your PC or app. Here you can also select a language (eg English).
2. Click “Sign In” – “Sign Up” buttons.
3. Specify email, password and select the account currency for depositing and withdrawing funds (cannot be changed after registration).
4. Read the Client Agreement and agree to its terms.

Click “Create an account” and activate it using the link from the Binomo email. Now, to log into your account for trading, you just need to use your email and password.

How to close a Binomo account?

If you decide to temporarily block your account on Binomo, then go to your personal account (only for the website):

1. Check the “Block your account” box at the bottom of the page.
2. Confirm this action with your password and the reason for blocking.
3. Click the “Block Account” button and wait for the confirmation message.

How does Binomo work?

Not sure where to start and still wondering how to play Binomo? Сalm down. First, remember that you are not playing on the platform – you need knowledge and experience to invest and trade. Binomo’s tutorial guides you through your first trade:

1. Choose an asset, trade amount and time, and make a forecast: the chart will go Up or Down.
2. If the forecast is correct, then the trade will bring you profit (up to 90% depending on the status of your account and chosen asset). If not, you won’t get anything.

Below in the review you can learn how to use the platform to reduce risks of losing funds.

Tutorials

You can find a lot of information about trading on thematic forums, Wikipedia, Quora and other places. But Binomo brings tutorials all together in one place. So what investment and trading tips can you find on the platform?

First of all, it is worth noting in the review the Binomo demo account. Just log in, open a demo account and start trading for free. It is a safe environment where you can practice with unlimited virtual funds and improve your trading skills.

Secondly, binomo.com has a handy Help Center. This is a kind of FAQ, where you can find answers to the most common questions about how to trade on Binomo. The section is available not only in English, but also in over 13 other languages.

It is also important to mention the Strategies section in thе Binomo broker review. These trading methods allow both novice and experienced users of the platform to trade more efficiently. The strategies are not 100% successful. It’s not about winning , but trading, because the strategies should be used along with your technical analysis and experience.

Binomo tournaments should also be classified as trading education. It helps to get not only a deeper trading experience, but also additional profit. There are 2 types of tournaments on www.binomo.com:

1. Free tournament “Daily Free” is available to all platform users, including demo account holders (only on the desktop, in the app it is not available).
2. Paid tournaments are open to owners with a Standard account and above. They have different prize pools, participation costs, etc. You can find out more about each tournament in a special section on the Binomo website.

All this information will help you understand how does Binomo really work.

Account types

In addition to the demo account, there are 3 more trading real accounts on the Binomo platform:

1. Standard – opens from $10, access to 40+ assets, bonus up to 100% on deposit, profitability up to 85% in case of a correct forecast.
2. Gold – cumulative account from $500, access to 50+ assets, bonus up to 150% on deposit, profitability up to 90% in case of a correct forecast.
3. VIP – cumulative account from $1000, access to 60+ assets, bonus up to 150% on deposit, profitability up to 90% in case of a correct forecast, personal manager, insurance and the ability to conclude risk-free trades.

Note! If you do not want to trade on a real account, you can earn additional income using the BinPartner affiliate program.

How to invest in Binomo?

After logging in and practicing on a demo account (if necessary), you can trade. The minimum deposit on Binomo is $10. Traders from South Africa can deposit funds into an account in different options, both by bank cards and e-wallets:

• VISA
• MasterCard
• Advcash
• Skrill
• Perfect Money, etc.

Bonuses

Binomo provides its users with various bonuses:

1. The first is a welcome bonus, which is given even to free demo account holders. Unlike the deposit bonus, it has a fixed amount of 25%.
2. The second is a deposit bonus, the amount of which depends on the status of the account.
3. The third type is a no deposit bonus that is provided as part of promotions. This bonus coupon contains a code that you need to enter into your account on the platform. It has a fixed amount like the free welcome bonus.

Note! According to Binomo’s terms and conditions, all bonuses must complete a trading turnover before they can be withdrawn.

How to withdraw from Binomo?

After trading successfully and getting a profit, the next step is to find out how to withdraw money from Binomo. Withdrawal money review:

1. To request a withdrawal, go to “Cashier” – “Withdraw funds”.
2. Enter the amount and select the bank card or e-wallet from which you have already made a deposit.
3. Submit your request and wait for the funds to arrive (this will be proof of withdrawal).

To protect your account, withdrawals from Binomo are made to the same payment methods that were used for the deposit. The withdrawal time is from a few minutes to 3 days or more. It depends on the selected withdrawal method and the status of your account.

Limit

Binomo’s policy terms and conditions set a minimum withdrawal amount of $10. Plus, there is no fee from the platform  (IQ Option charges a $31 fee for wire transfer, vs Binomo). But please note that the platform has a withdrawal limit of up to $3,000 per day, up to $10,000 per week, up to $40,000 per month. Also, the limit can be set by your payment system.

Occasionally, a company may request documents proving the identity of the account holder. During the verification, withdrawals are not possible, but other processes are not suspended. Also, automatic verification service SumSub is available on Binomo. The process takes a few minutes (vs IQ Option).

Download the Binomo App

For its clients, Binomo has released an app that can be downloaded from the official Google and Apple stores. But can you download it for PC?

For PC

The Binomo trading app cannot be downloaded on a PC. You can trade on the platform through a browser as this is the only way for a PC. However, you can download the app to your mobile phone or tablet.

For iOs

The Binomo app can be downloaded via the App Store on your iOS devices. You can login in the same way as through a browser on a PC.

For Android

Android owners can download the Binomo app via Google Play. If you have problems downloading, you don’t need to hack the app. Just download the Apk file from the link: https://binomo.com/en/promo/android

Reviews

The quality of a service is measured primarily by the opinions of its users. Therefore, below we will show you a few reviews of real Binomo traders: Victor M.: “I have been working with Binomo for about six months. So far, everything suits me.” Manuel P.: “I trade with Binomo all the time, because for me it is the best way to access the market online.” Sahaj Rn.: “So the conclusion is, there’s nothing wrong with earning extra with this platform. It’s work.”

Conclusion

The binomo.com review allowed us to answer the question of whether it is a scam or legit, and also to understand how the investment and trading platform works. However, traders need to exercise care and discipline when trading on any platform, as there is always risk of losing funds.