Are you curious about Binomo, the online trading platform that’s been making waves in the financial world? You’re not alone. With its promise of quick returns and easy-to-use interface, Binomo has attracted millions of users worldwide. But is it a legit platform or just another scam?
In this article, we’ll delve into the ins and outs of the Binomo trading platform, examining its features, legitimacy, and how it stacks up against other trading platforms. By the end of it, you’ll have a clear understanding of whether Binomo is the right platform for you. So, buckle up and get ready for the answer to the question: “Is Binomo Legit in Kenya?”
What is Binomo?
Binomo is a globally recognized online trading platform that has been in operation for several years. It’s known for its transparency, reliability, and user-friendly interface, which has made it a popular choice among traders in Kenya and beyond.
The platform is certified by the International Financial Commission (IFC), a respected international organization that sets standards for online trading services. This certification ensures that Binomo operates in a fair and transparent manner. The IFC certification further indicates that Binomo is a legit online trading platform.
As a member of the IFC, Binomo is subject to the IFC’s dispute resolution process. This means that if traders have a dispute with Binomo, they can bring their case to the IFC, which will act as a neutral third party in resolving the issue.
How Does Binomo Work?
The core of Binomo’s trading process is predicting whether the price of an asset will rise or fall within a specified time frame. If your prediction is correct, you make a profit; if not, you lose your investment. Here’s how you can get started:
- Choose an Account Type: You can start with a demo account to practice without risking real money or jump into real trading with a live account.
- Select an Asset: Binomo offers a range of assets, and each has a profitability percentage that indicates potential profit.
- Set Your Trade Amount: You can start with as little as $1, which is great for testing the waters without significant risk.
- Decide on an Expiration Time: This is the time when your trade will close, and you’ll find out if your prediction was correct.
- Make Your Forecast: Use the green button for a price increase prediction or the red button for a decrease. Wait for the Outcome: If your forecast is correct, you earn a profit; if not, you lose your investment
One of the things I appreciate about Binomo is its commitment to educating traders. The platform offers a variety of strategies and tutorials, divided into beginner, experienced, and professional levels. This means you can grow your trading skills right alongside your portfolio.
What To Expect from the Binomo Trading Platform
As a beginner looking to start trading on Binomo, there are several things you can expect from the platform.
First of all, creating a trading account on Binomo is a straightforward process. You’ll need to provide your email address and create a password. After this, you’ll need to verify your account by uploading a copy of your ID and proof of address.
A significant advantage of Binomo over other online trading platforms is the low entry requirements. Binomo allows a minimum deposit and withdrawal of just $10, making it accessible for beginners or those with a smaller trading budget.
- User-friendly interface: Binomo’s interface is intuitive and straightforward, perfect for both beginners and experienced traders. The design is clean, ensuring you don’t get overwhelmed with too much information at once.
- Diverse Range of Assets: Binomo provides a variety of assets to trade, including stocks, commodities, currencies, and indices. This diversity allows you to spread your investments and not put all your eggs in one basket.
- Free Demo Account: One of the best features of Binomo is the free demo account. It allows you to practice trading with virtual funds, helping you understand the platform’s mechanics without risking real money.
- Low Minimum Deposit: You don’t need a large amount of money to start trading. Binomo’s low minimum deposit makes it accessible to a wide range of traders, allowing you to start small and increase your investment as you gain more confidence and experience.
- Mobile Trading: With Binomo’s mobile app, you can trade anytime, anywhere. This flexibility is great for those who aren’t always in front of a computer.
- Educational Resources: Binomo also offers a wealth of educational resources. These include courses on trading strategies, market analysis, and risk management, as well as guides on trading psychology, fundamental and technical analysis, and trading systems. These resources can be incredibly helpful in improving your trading skills and understanding of the market.
Binomo Account Types
Binomo offers four types of accounts:
- Demo Account
- Standard
- Gold, and
- VIP
Each account type comes with its unique features and benefits, providing a tailored trading experience for every trader.
Demo Account
The Free account, also known as the demo account, is a fantastic starting point for beginners. It allows you to practice trading without risking real money. This account gives you access to the full Binomo functionality for studying assets, work tools, and practice strategies. It’s a great way to familiarize yourself with the platform and hone your trading skills before diving into real trading.
Standard Account
The Standard account is the next step up. It’s available for traders with experience at any level and provides a full range of trading assets.
This account type is an ideal choice for beginner traders as it offers a profitability rate of around 85% and allows trading with 39 types of assets.
Gold Account
The Gold account is for more experienced traders. To gain access to this status, you need to deposit at least $500 in your Binomo account.
Gold account holders enjoy additional benefits such as 13 extra assets available for trading, withdrawal request approval within 24 hours or less, increased profitability during Happy Hour, and a 5% cashback compensation of weekly losses.
VIP Account
The VIP account is the highest status you can achieve on Binomo. It’s designed for large deposits and offers the most privileges.
VIP account holders enjoy a 10% return in real money as cashback, withdrawal of trading funds in 4 hours, a personal analyst, and a set of specialized and exclusive conditions for trading and cooperation with the broker.
Prestige Account
For those traders who are looking for even more benefits and privileges, Binomo offers the Prestige account. This account type encompasses all the advantages of the VIP account while introducing additional benefits.
The Prestige account is a special offer for traders whose monthly investments exceed $3,000. Once you reach this investment threshold, the Prestige Club will be available to you the following month.
To upgrade your account, you need to make a corresponding deposit to your Binomo account. The required deposit amount is indicated in each account type. After making a deposit, your status in the account changes automatically.
Deposit and Withdrawals on Binomo
Depositing and withdrawing funds on Binomo is a straightforward process. Here’s a complete guide to help you navigate through it.
To deposit funds into your Binomo account, follow these steps:
- Log into your Binomo account.
- Click the “Deposit” button in the top right corner.
- Select your region from the drop-down “Country” menu.
- Choose a deposit method. In Kenya, Binomo accepts M-Pesa, Airtel Money, and Binance Pay.
- Select a recommended deposit amount or type in a custom sum.
- Fill in your M-Pesa number, then click “OK”
- You’ll get a prompt on your phone requesting you to enter your M-Pesa pin to complete the transaction
Depositing funds on Binomo is generally a quick process. In most cases, the platform credits the funds to your account within an hour or even instantly after the deposit has been made. The minimum deposit amount is Kes 1000, and the maximum amount is determined by your account type. Binomo does not charge any extra fees for deposits.
You can only withdraw funds to an M-Pesa number or payment method that you have already used to make a deposit. The minimum withdrawal amount on Binomo is $10, and there is no maximum withdrawal limit.
If you encounter any issues during the deposit or withdrawal process, don’t hesitate to contact Binomo’s support team. They’re available 24/7 to assist you with your trading and withdrawals.
How Does Binomo Work?
Binomo works by allowing traders to invest in various assets and predict whether the price of the asset will go up or down within a certain time frame.
If the trader’s prediction is correct, they will receive a payout, which can range from 70% to 90% of the investment amount
If your prediction is incorrect, you will lose your investment.
To start trading on Binomo, you need to create an account, deposit funds, and have a minimum trade amount of $1.
You can access the trading platform on your PC or mobile device by installing the web-app version or using the Binomo app.
Here are the key features of the Binomo trading platform:
- Trading instruments: Binomo offers a wide range of trading instruments, making it a great option for traders using various strategic models
- Account types: Binomo offers 3 types of accounts: Demo, Standard, Prestige, and VIP. Depending on the account type, you can get access to various benefits, tools, and bonuses
- Educational resources: Binomo provides free tutorials and practice on a demo account, as well as several avenues for trading education
- Mobile app: Binomo has a mobile app that is streamlined, intuitive, and easy to navigate. It has almost all the same features as the web version, including educational materials and the support service
Tips for Successful Trading on Binomo
- Do your research and only trade with reputable platforms like Binomo.
- Be wary of promises of high returns and never invest more than you can afford to lose.
- Use an accurate binary options trading strategy and stick to it.
- Keep track of your trades and analyze your performance.
- Stay up-to-date with market news and events that may affect the assets you are trading.
How to Sign Up for Binomo in Kenya
Signing up for Binomo in Kenya is straightforward. You can visit the official Binomo website and create an account by providing your personal information. Once the account is created, you can deposit funds and start trading.
To start trading on Binomo in Kenya, there are a few requirements that traders need to meet.
- Create an account: You’ll need to create an account on the Binomo website by providing your personal information.
- Deposit funds: You’ll also need to deposit funds into your Binomo account to start trading. The minimum deposit amount is $10.
- Minimum trade amount: The minimum trade amount on Binomo is $1. This means that you can start trading with a small amount of money and gradually increase your investment as you gain more experience.
- Trading platform: You can access the Binomo trading platform on your PC or mobile device by installing the web-app version. The Binomo app is available for iOS and Android devices.
Payment Options Available on Binomo
Binomo offers several payment options for both depositing and withdrawing funds. Here are the payment options available on Binomo:
Payment Options for Depositing Funds:
- Mpesa
- Bank transfer
- Debit card
- E-wallets (such as Neteller, Perfect Money, Payeer, Jeton Wallet, CashU, PayTM, ADVcash, Skrill, and others depending on your location)
Payment Options for Withdrawing Funds:
- Mpesa
- Bank transfer
- Bank account
- E-wallets (such as Neteller, Perfect Money, Payeer, Jeton Wallet, CashU, PayTM, ADVcash, Skrill, and crypto-wallets)
How to Avoid Binary Option Scams in Kenya
While Binomo is a legitimate platform, there are many fraudulent binary options trading platforms out there. To avoid falling victim to a scam, traders should do their research and only trade with reputable platforms like Binomo. They should also be wary of promises of high returns and should never invest more than they can afford to lose.
