Buzz
Owned by Tiburon Corporation Limited and registered in Seychelles, the binary options trading platform Binomo commenced operations in 2014. It has developed its own trading platform and is also a member of the Financial Commission. However, it's worth noting that this organization isn't a top-tier financial regulator.
Evaluating the Transparency of Binomo
Transactions and payments of Tiburon Corporation Limited, managed by Stagord Resources Ltd and located at Irene Building, 4th floor, Nicosia, Cyprus, registration number HE 338508, are currently in operation.
- Download Binomo for iPhone
- Download Binomo for Android
Despite being a fairly popular trading platform today, the burning question many users ask is whether Binomo is a scam or not. Hence, we need to assess Binomo's transparency to verify the credibility of this trading platform.
Evaluating Binomo's Transparency
Is Binomo a scam or not? This is the question that most users are currently pondering. This arises because the parent company of this binary options trading platform is based in Cyprus, a country under the supervision of CySEC, yet Binomo lacks any regulations or policies.
Furthermore, the trading platform's homepage doesn't provide a support phone number like legitimate exchanges do. Overall, these factors contribute to users' fears that Binomo is a fraudulent trading platform.
Fundamentally, Binomo is not a scam or fraudulent trading platform. If you intend to invest a large sum of money and want to avoid losses on Binomo trading, Mytour advises waiting until CySEC implements customer protection regulations or policies. Additionally, Binomo allows opening a Demo account with a minimum deposit of 10 USD, enabling you to try trading on this binary options platform.
Advantages of Binomo
The greatest advantage of Binomo is its ability to enable users to trade quickly and easily through shortcut keys. Moreover, the charts are supplemented with popular indicators such as MACD, Bollinger Bands, MA, and RSI. Users can also choose from various trading tools such as trend lines, triangle patterns, Fibonacci, etc., to analyze the market.
Limitations of Binomo
Alongside the advantages mentioned above, Binomo also has some limitations. Specifically:
- The trading platform lacks customer protection policies and terms. Therefore, in case of loss, customers may not know whom to turn to.
- Term 2.14 of the trading platform only allows customers to withdraw an amount less than the initial deposit, with a withdrawal fee of 10%: 'If a customer deposits money into their account and then decides to withdraw all or part of it, and the trading profits (the total of all trades since the last deposit) do not exceed 2 times the total deposit amount, and the withdrawal fee is 10%.'
- The live chat support is currently not operational.
- Additionally, the online assistance form on the trading platform supports Russian rather than English.
Is it advisable to open a Binomo account?
Binomo allows users to open a Demo account for trial use, with the option to switch to a live account at any time. Additionally, the trading platform enables users to use shortcut keys for trading, activating this feature allows users to execute trades without needing to use the mouse.
The charts on the platform include various timeframes, such as 5s, 15s, 30s, 1 minute, and 5 minutes. To zoom in or out of these timeframes, simply use the scroll button. Other options allow users to trade Turbo (60s) and various high-low trading options.
The timeframes for high-low investment trades include intervals of 15 minutes, 30 minutes, and 60 minutes. Alternatively, users can choose up to 6 minutes before the current time. For example, if the time is 15:24, you can select 15:25, 15:26, 15:27, 15:29, and 15:30.
To open a demo account, simply deposit a maximum of 10 USD. The trading platform allows users to practice trading 10 times with direct brokers.
For withdrawal transactions, your transactions will be processed within 3 days for Standard accounts, and within 4 hours to 24 hours for VIP accounts (requires a minimum deposit of 1,000 USD). Additionally, if you change your mind and want to withdraw the entire amount or a part along with trading profits, the withdrawal amount must not exceed 2 times the total deposit amount, with a withdrawal fee of 10%.
In this article, Mytour has introduced you to the Binomo trading platform, as well as evaluated Binomo's transparency. Furthermore, if you don't know how to deposit money into Binomo using a phone card, you can refer to some articles on Mytour such as All about Binomo, a binary options trading platform to learn more information.
