A complete review of the Binomo platform in South Africa

There is a big buzz around Binomo, and many people are asking whether the trading platform is really safe or scammed. This review will tell all you need to know about the website and how it works, and why the investment company is legit and cannot be called fraudulent. You will also learn more about how to trade on www.binomo.com and use the mobile app.

What’s Binomo?

Binomo is an online platform set up by Dolphin Corp., whose head office is located in St. Vincent and the Grenadines. In addition to investments in more than 70 assets, the company offers extra income for partners of its affiliate program. Binomo is an international organization so that you can log in to the site or the app using one of 13 languages, including English.

Where to download the app?

You can install the Binomo trading app from Google Play or App Store. Be guided by the official yellow logo to avoid downloading fraudulent apps. If you are experiencing problems, there is no need to hack the app. To invest and trade from your mobile/tablet, download the APK from official website.

Note! The trading app isn’t available for PC on Windows or Mac software. Use the desktop version of the website Binomo.

Reasons why Binomo is safe and reliable

There is a lot of proof that Binomo isn’t a scam or illegal. The company has been regulated by the International Financial Commission since May 2018. It guarantees each trader up to €20,000 from the Compensation Fund in the event of a dispute. Verify My Trade conducts a monthly audit of 5,000 trades and confirms their quality with a certificate.  You can verify that Binomo is legal in South Africa by reading about its regulation on the website. Reviews on the net, for instance, on brokers’ forums, will also help you determine if the platform is real or fake.

Login and training

With your email, you can quickly register on Binomo. All you need to do is enter the correct address and develop a strong password. There are two other ways to sign up Binomo, namely:

• Google: You can sign in to your account by clicking the corresponding icon on the webpage or the Binomo app. You will be automatically redirected to provide your login details.
• Facebook: The procedure is similar to the one for the Google account.

Note! You won’t be allowed to change the currency selection after registration unless you close your Binomo account and then re-register a new one.

New users also need to read and accept the Client Agreement and Privacy Policy to ensure that they don’t violate the rules of Binomo. The protection of your Binomo account demands verification. You may not be required to verify your personality at the point of registration. But once a check is required, you won’t be allowed to withdraw money until you complete it.

Note! Previously, verification could take several days, but now the automatic service of Binomo allows traders to complete it in a few minutes (vs. IQ Option).

A demo account

Binomo is one of the most user-friendly platforms for seasoned and amateur traders because of its tutorials and training tools. Users get a demo account credited with $1,000 upon the first login.

Note! Demo account holders cannot withdraw their profits as they are virtual.

Tutorials on how Binomo works

Another add-on for traders is the availability of comprehensive educational materials. While the platform doesn’t give tips and signals, some sections will help develop trading skills. New users should check out the tutorials to understand how Binomo works.

The Help Center 

The Help Center is a kind of Wikipedia of the platform, where you can know all about what is Binomo and how does it work. This section offers answers to FAQs such as how to close the account, invest money in Binomo, complete the verification, what deposit methods are available, etc. There will be no information on how to play or make money on Binomo because this is a trading company, not a gaming one.

Note! Contact cool chatbot Cody or switch to a live support agent if further questions. In addition to the chat, you can write to support via email.

Strategies

The platform offers a wide variety of tactics for novice and experienced traders. However, trading is impossible without a thorough market analysis; therefore, you need to develop an approach to price forecasting yourself.

Note! Binomo isn’t a betting platform, so there is no winning strategy to guarantee 100% success.

Tournaments

The tournament is a fantastic opportunity to test trading skills and adds to your income on Binomo. Participation in the contests is enabled using virtual currency. All Binomo traders, including demo account holders, have access to the “Daily Free” tournament. Unlike the rest of the competitions, it doesn’t require an entry fee.

Invest and trade on Binomo

Binomo supports various payment methods in South Africa, such as bank transfers, cards (MasterCard, VISA), and e-wallets (Skrill, Perfect Money, Advcash). The company doesn’t cooperate with PayPal. You can start real trading by opening a Standard account with a minimum deposit of $10. There are also Gold and VIP accounts with more benefits, which include, for example, personal no-deposit bonuses for VIP clients. Do you want to increase your trading potential? Binomo gives all new clients a 25% first deposit bonus. You can also apply free coupons or codes. The terms of use depend on the type of bonus and conditions of the promotional program.

What are Fixed Time Trades?

Traders can get additional income by making a forecast of an asset price. To open FTT:

1. Select an asset and indicate the investment amount.
2. Choose the time you want the trade to close (between 5 and 60 minutes).
3. Make a forecast of whether the price of an asset will move up or down.

If the forecast is correct, you profit.

How to withdraw funds

Withdrawing money from Binomo is quite a simple process. For security reasons, the platform has restricted withdrawal options to those you used to deposit. The minimum withdrawal is $10. There is no commission, unlike other trading platforms. For example, IQ Option vs. Binomo charges a commission of $31 for wire transfer.

Note! You can find out about the maximum withdrawal limits in the Сlient Agreement.

Depending on the provider, payment may take up to 3 days or more after request. But you can get funds within a few minutes or less than 3 days, depending on the Binomo account you are using. Withdrawals for VIP and Gold clients are processed faster than for Standard accounts.

Total about Binomo 

We hope that we could touch on the fundamental questions, including “How does Binomo work and is this investment company safe?”. But the security of the trading platform doesn’t mean that you won’t lose funds if you make an incorrect forecast. There is no single winning strategy, and you risk losing your deposit. Since your financial empowerment is entirely up to you, learn and practice on a demo account.