Is binomo safe? India trading platform Review
Binomo started in 2014 and established itself as a reliable and prominent name among online trading platforms in the world. One can trade and earn extra income based on the fluctuations of foreign currencies and other such assets.
Binomo provides a superlative platform for trading, which can be used by both experienced and relatively new users. How to use it for additional income and is it safe? All information about Binomo in an honest review.
Binomo India – what is it?
For the uninitiated, Binomo is an online trading platform that lets you trade in various assets. If you have googled on how to earn some extra income, you should be wary of ads, which probably is a scam. But Binomo is one of those genuine and trustworthy online trading platforms with relevant certificate of quality of trades from Verify My Trade (VMT), which ensure transparency in processes and safety for the customers’ funds. I will just briefly touch upon the processes to create an account, navigating through the site, understanding the types of accounts, training strategies and overall take about the platform.
It is not a fraud
Binomo is a member of the Finance Commission, which is an independent dispute resolution organization of repute and hence considered to trustworthy. This has helped instill a sense of faith in the traders for Binomo.
Sign in and login
On clicking https://binomo.com/, you land on the page that you see in the image below. Language can be changed by clicking on the flag icon on the top right corner of the screen. The current one is set as the Indian flag, which indicates that the language selected is Hindi.
You can Sign Up using either your Google or Facebook account or you can sign up by using your email. You have to choose a denomination and being from India, the default is set as rupee. Upon logging in, you get to the following page.
How to use Binomo?
You can see the following key points after registration:
- Demo account with Rs.65000 as demo cash. This is selected as default on logging in for the first time. This demo amount is for your training purpose so that you get to understand the features before you start investing actual money. This is one of the salient features of the platform.
- You can change this to real account by clicking on the DEPOSIT icon next to the demo account on the top right corner. There are many payment options available including the popular ones from India.
- Below the Deposit icon, you can input the amount and time to close the trade. Below that, you will see the possible earnings against successfully closing the trade on the said amount. Under this, you will see what the majority thinks about the possible trajectory of the graphs. This is just for reference as it shows the collective judgement of the traders and does not reflect what the actual outcome will be. Below this indicator are the key UP and DOWN buttons marked in Green and Red respectively. You have to select if the asset will go up or down in the timeframe that you select.
- The graph is in the center. The site shows the status of Crypto IDX. This asset is seen on the top left side near the BINOMO logo. You can click on the drop down and select other Assets there.
- The left hand side has important tools like History of trades, Upcoming economic event, Indicators and charts to select from, Gifts.
That is it. The user interface is as simple as that. Even if you are new to online trading or first time on Binomo, you can navigate with ease and understand the features.
Payment options and Withdrawals
Given in the site are the payment options available for India. The Withdrawals too can be made through almost all of these methods.
Given in the site are the payment options available for India. The Withdrawals too can be made through almost all of these methods. With a minimum deposit of $5, you can already register for an account in Binomo. The least trade amount is only $1.
How to withdraw funds from Binomo? First, you need to go to the cashier section and select withdraw funds. Fill in the necessary information for the withdrawal of your profits. Then, you need to wait for 4 hours to 3 business days for the funds to be credited (depends on the type of account and the trader’s payment system).
On clicking the drop down menu of the «Information» – «Statuses», you get an entire list of accounts.There are three other account types as of now other than the Free (Demo) account.
It is opened for a user after registration. This account is stocked with a virtual demo fund of $1000. The demo account allowing you to get an exceptional understanding of the system before trading in the main markets.
It is a real account and can be opened with a minimum of €5 (for India). Pros of the standard account:
- 40+ assets
- Profitability is up to 85% (in the case of a correct forecast).
- Deposit bonuses are up to 100%
- Withdrawals will get processed in 3 days or less depending on your withdrawal method.
The gold account requires a total deposit of $500 to start trading. Gold account holders receive the following benefits:
- 50+ assets
- It offers profitability levels of up to 90% if your forecasts are accurate
- Deposit bonuses are up to 150%
- You can get 5% weekly cashback (in some cases) and expert guidance from a personal manager.
- Withdrawals will get processed in 24 hours or less depending on your withdrawal method. Some withdrawal methods still require up to 3 days.
At the least, a VIP account requires a deposit of €1000. This account option gives the maximum benefits. They include:
- 60+ assets
- Trade profitability is up to 90% (in the case of a correct forecast).
- Deposit bonuses are up to 200%
- Withdrawal can occur in the four (4) hours or less depending on your withdrawal method. Some withdrawal methods still require up to 3 days
- A weekly cashback of up to 10% (in some cases) and analytical advice from a personal manager, insurance, risk-free trades, and prizes.
In short, the trading advantages you get increases as you climb up the ladder.
The Binomo app is available on the Playstore, Appstore and the app’s apk is available to download on the Binomo website (https://binomo.com/in/promo/android). This has come as a boon to those who love to trade on the go. You can trade on the app from wherever you are and whenever you want.
Binomo is one of the best and relievable trading platform. You have a 24-hour customer care facility available on chat (even in Hindi) or you can send your query on their email ([email protected]). Most of the traders were happy with this platform. But just like other investments, this one too needs some research and emotional investing is only going to backfire. That is too high a risk to take if you are a beginner. Start investing smaller amounts and try to understand the various tools available on the platform. Smaller risks means smaller returns but it also means smaller losses. Learn strategies, read about trading to earn extra income on Binomo!