What is Binomo and Why is it Trending?
Launched in 2014 by Dolphin Corp. Limited Liability Company (LLC), Binomo is among the premier locations for traders and investors searching for a safe and secure platform to risk their hard-earned money.
Due to the stiff competition in the largely profitable trading industry, it has thrived on its mission statement to make available an innovative trading platform with a minimum investment to all types of traders, irrespective of their investing habits.
Despite the success story the platform has enjoyed so far, many potential stakeholders remain skeptical due to the numerous scamming and hacking incidents that continue to mire many trading platforms.
As a result, I want to use this report to take a comprehensive look at the trading platform with a primary focus on its features, pros, and limited cons.
The pros of using Binomo
The trading platform continues to trend online due to the following:
• It is fully certified by Verify My Trade (VMT). One of the worse things that can happen to you as a trader is to have your order on the waiting list while the intended value you had in mind continues to fluctuate to new highs and lows due to execution problems. A VMT certificate signifies the quality of trade execution services being overseen by the trading platform. While you may be interested in using many exchanges and platforms, speed of execution is one of the factors that I would like you to prioritize so that you can maintain your trading orders and see the appropriate profits reflected in your account.
• Binomo is an integral member of the Financial Commission. This agency was established in 2013 to serve as an external dispute resolution (EDR) body that helps brokers and traders resolve disputes associated with using platforms in a smooth, authentic, and unbiased manner. In May 2018, Binomo became a "Category A" member of the agency. As a result, you, as a trader, are protected from any potential problems that may arise as the Financial Commission is on standby to listen to any concerns you may have and resolve problems effectively.
• It is tailored to the needs and interests of low-budget traders. Unlike many trading platforms, which come with at least $50 in minimum deposits, Binomo investing has taken a different route. Due to the high volatility involved in the decentralized finance market and the uncertainty of the centralized financial market, potential traders can deposit a minimum of $10. Since traders are normally advised to risk 5% to 20% of their entire capital on trades, you can invest as little as $1. When you become an experienced trader, you can increase this accordingly.
• It supports many asset classes. As a brokerage platform, it offers access to several asset classes, including crypto, metals, and commodities. Therefore, you do not have to switch platforms if you are interested in trading other assets that could bring enormous gains to your investment portfolio.
• Binomo offers a range of payment methods. You can deposit and withdraw funds in many ways, including bank cards (VISA and Mastercard), crypto wallets that support USDT from Ethereum (ERC20) and TRON (TRC20), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and the US Dollar Coin (USDC) from Circle, and electronic wallets such as Perfect Money, Advcash, and Binance Pay.
• It offers a demo account. Demo accounts are valuable to the trading journey of a novice or beginner trader. When you sign up for an account, you will receive 50,000 in virtual funds of your country's currency. This can be used to trade contracts for difference (CFD), where you invest an amount of money into an asset for a period (buy or sell) and wait for the outcome of the trade.
• Binomo is highly accessible. Aside from accessing the brokerage on the web through a desktop application, the platform can also be accessed via the Binomo app. The mobile application is available on the Apple Store, Google Play Store, App Gallery, Galaxy Store, Aptoide, and Apptoko.
Cons of using Binomo
• For crypto traders interested in a large array of tokens, Binomo is not the trading platform for you. It does not support many cryptocurrencies.
Overall, it is a safe trading platform and one of the best brokerages for novices to experiment with their capital.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.