Binomo Commission or Brokerage Charges – Review, Plans, FAQs & more
Check out in detail about Binomo Commission or Brokerage Charges here. Binomo is one of the best options for the young and budding traders out there.
A platform laced with functionality that one can consider to be the best in the industry. To introduce Binomo, Binomo is an online binary option trading app.
It prides itself on the rookie-friendly environment and features. Moreover, it is famous for some of the high-paying, low-volume trades.
This article will go into detail about how its commission plan functions. Generally, it’s very well-known that Binomo does not charge trading fees from its customers.
With this, we’ll delve deeper into the payment plans and payout options available on Binomo.
Binomo Commission or Brokerage Charges
The commission is a very important factor in the mind of any trader.
It is because the commission cuts into your margin as a trader.
Hence, it should be on your mind before starting any trade. Here, Binomo would come to your rescue with its low fees and commissions.
Binomo does not charge any trading fee at all. For the uninitiated, trading fees is the commission charged from the trader for a trade.
Hence, there is no Binomo commission for most of the process. Moving on to account commission, Binomo is also set apart from other brokers in the market.
Binomo charges no commission for the opening of a trading account with Binomo. They do this to lure rookie and beginner traders.
There is no deposit commission either, so you can pump in as much money as you want without any cutbacks.
Do note that there is a limit of the minimum amount which you can deposit, but none of it is commissioned by Binomo.
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Types of Binomo Commission Plans
|Types of Commission Plans|
|Account Type||Standard account||Gold Account||VIP account|
|Initial Deposit||$10||$ 500||$ 1000|
So the question arises: how does Binomo make money? As mentioned before, Binomo does not charge any brokerage.
To reveal the secret, Binomo functions on the principle of making money for traders who’ve made a profit.
Its entire policy is actively encouraging more and more trade. One can easily observe this from their money-making commissions.
The channels through which Binomo makes money are as follows.
Primarily, there is a withdrawal charge. The concept of withdrawal charge is not without any terms and clauses.
The entire revolving principle is that any trader who has doubled the profit on his deposit can withdraw the amount without any withdrawal charge.
If he has made a profit but has not yet doubled his deposit and wants to withdraw some amount, he’d have to pay a 10% withdrawal commission. This actively encourages prolonged trading.
Another channel that generates revenue for Binomo is the subscription charge.
The broker charges a subscription fee of $10/€10 on an account that has been inactive for 30 consecutive days. The same amount would be charged for every subsequent month of inactivity.
All the policies of commission and revenues are uniform for all the Binomo traders. So, the type of account you have or the assets you own, do not play any role here.
So to sum up the commission charges:
- Trading charges: None
- Account opening fee: None
- Deposit Commission: None
- Subscription charges: $10/€10 for every 30 consecutive days of inactivity
- Withdrawal commission: 10% if you haven’t doubled your deposit.
Binomo Account Opening Process
The easy-to-use user interface of the Binomo online trading app extends to the ease of opening and operating an account.
Here are the steps for opening a Binomo account and taking your first steps into the trading world.
- First, you need to register on the website. Go to the Binomo website and click on the register. An online form will pop up.
- Enter your email ID and a password. Follow up with your choice of currency and then accept the terms of conditions. This ends the registration part.
- You can also register using your Google/Facebook account.
- Login to your registered email ID and follow up on a confirmation email to activate your account. This will formally complete the registration process of your account.
- When you go on to the trading window of Binomo, you’ll observe that you have a demo account. This comes with an arbitrary virtual amount that you can start trading with.
- But, for real trading, you need to switch onto your real account, and for that, you have to deposit some money.
- Click on the deposit button on the top-right of your window. There are many payment options through which you can select your choice.
- After selecting one, you can then proceed to deposit any amount that you’d like. The minimum deposit is $10.
- This concludes the account opening process on Binomo. Now you can start trading and profiting. The trading procedure is also pretty straightforward. You can start it by going back to the trading window and exploring.
Binomo Payment or Withdrawal Methods
|Deposit Options||Credit Card, Mastercard, Perfect Money, Skrill|
|Withdrawal Options||Credit Card, Mastercard, Perfect Money, Skrill|
Binomo provides a vast number of payment options for both deposits and withdrawals. The broker only inforces one restriction.
The money that you deposited using a particular channel would be withdrawn to the same channel.
As mentioned above, the Binomo brokers do not charge any payment fee. In fact, the withdrawal fee is also very nominal and conditional.
This is regardless of the payment option. So, you have the flexibility to choose any option as per your wish and convenience.
Let’s look at some global payment options which are available in the Binomo platform.
They accept MasterCard/Maestro, VISA, CEPbank, Neteller, QR Code, Advcash, Jeton Wallet, Webmoney WMZ, Perfect Money, Payeer, etc.
Besides, every region would have its own popular means of payment included. The Binomo user base is spread across 133 countries.
So, there are a large number of diversified payment options for each region. For reference, let’s take a look at the payment options for Indian regions.
- Phone Pe
- Google Pay (UPI)
- Jio Money
- Indian Exchanger
These are the options available in India for deposits and withdrawals.
Note that these are the options available along with the other popular global options such as MasterCard, VISA, etc.
Binomo Investment Assets
|Total Tradable Assets||NA|
|Number Of Currency Pairs||NA|
|Number Of Cryptocurrencies||NA|
|Number Of Stocks||NA|
|Number Of Indices||NA|
|Number Of Commodities||NA|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
Binomo offers a very diversified range of assets for traders to choose from.
Remember, Binomo operates on the principle of allowing their customers to invest their money in a diverse range of assets.
The asset list on Binomo consists of many currency pairs, market indexes, cryptocurrencies, and company shares.
All the assets are not available to everyone. Depending upon the type of account you have, you may have locked or unlocked a set of shares.
Assets available for Basic Account
Starting with the most basic account.
Here are the set of assets you’re allowed to trade from your demo account as part of your trading practice.
- GBP/USD (OTC)
- Crypto IDX
- EUR/USD (OTC)
- Altcoin IDX
- EUR/CAD (OTC)
- USD/JPY (OTC)
- AUD/CAD (OTC)
- GBP/JPY (OTC)
Assets available for Standard Account
Once you monetize your account by depositing some money, you gain access to a ‘Standard’ account. Here are the set of assets accessible to the standard account.
- Coca Cola
Assets available for Gold Account
If you deposited more than $500, you’re eligible for a ‘Gold’ account. Now you can trade even more assets. Here is the list of the extra assets you’ve unlocked.
- Yum Brands
- JPMorgan C
Assets available for VIP Account
Finally, after a deposit greater than $1000, you’ve unlocked the ‘VIP’ account.
This makes you eligible for all the assets offered by Binomo, plus a bunch of other great perks.
Here is the list of the last remaining assets accessible only by VIP account.
Binomo Commission – Conclusion
This article explained the commissions and fees charged by the Binomo brokers.
Binomo being a trading charge-free website forms a very lucrative opportunity for the traders. Its policy of not charging fees for the losses of the traders is certainly appreciable.
In fact, all the charges that the broker charges are present in a fairly transparent pipeline. Through the whole process, the customer is kept in the loop with no suspects of any foul play.
Thus, Binomo commissions are fair and affordable in rates.
They earn their revenue from the traders making a profit, not the other way around.
Binomo Brokerage Charges or Fees – FAQs
Here are various FAQs relatd to Binomo Brokerage Charges or Fees –
Do Binomo charge commission?
Binomo does not charge a trading commission. Simple because it does not believe in making a profit from the traders making a loss.
There is no charge you’d have to pay for opening or closing a position. You also would not have to pay to open an account, or for depositing money into it.
How much does Binomo charge brokerage?
Brokerage is not part of Binomo, as Binomo does not charge any brokerage for the traders done.
But, it does charge for the withdrawal of the amount from your account, and that too is conditional.
The only other charge is a subscription fee, which is also dependent on your account usage.
How much is the minimum deposit required in Binomo?
The minimum deposit required for any customer is standardized at $10. $10 gets you the standard account which allows you the basic trading and limited assets.
For a greater number of assets, greater perks, and greater deposit bonuses, you can deposit upwards of $500 or $1000 to get Gold or VIP accounts respectively.
How much leverage does Binomo provide?
Since Binomo does not provide the classic forex, CFD, or cryptocurrency trading, and only provides the option to trade in binary options on a fixed number of assets, the concept of leverage is not applicable for the trading in Binomo.
There are many assets, but all of them only provide binary options trading.
How much is spread at Binomo?
Just like leverage, the concept of spread is also not applicable to the Binomo trades since they do not provide classic forex, CFD, or cryptocurrency trading.
They only provide trading in binary options over a fixed number of assets.
Since you cannot bid any price for the foreign currency in Binomo, there is no concept of spread.
What type of commission plans are available in Binomo?
As mentioned above, Binomo does not charge a trading fee from the customer. Hence, there are no commission plans.
The fee charged from you at the withdrawal is conditional based on your turnover, and the different account types do get different bonuses and benefits, but the commission charged for withdrawal and subscription is the same for all
Does Binomo provide cryptocurrency for investment?
Yes, Binomo has a bunch of cryptocurrencies as assets for your investment.
Cryptocurrencies in recent years have proved to be a very dynamic way of investing money, and by the options of Bitcoin, Altcoin, and Litecoin, Binomo provides you the option of riding the crypto wave from the comforts of your home.
Is Binomo a legit forex broker?
No, Binomo is not a forex broker. Binomo provides functionality for binary options trading.
So, you can find a given number of currency pairs in the asset list.
However, it does not play the role of a traditional forex broker, and it is not flexible on the number of currencies provided, so it cannot be considered as a forex broker.
Can I invest in Binomo with $5?
As mentioned above, the minimum deposit amount for your Binomo account is $10.
So, unless you can deposit $10 in your account, there is no trade possible.
However, if somehow you deposit $10 in your account, then the minimum trade amount is $1.
Thus, you can easily trade with Binomo for $5 Binomo.
Are there any hidden charges available with Binomo?
No, there aren’t any hidden charges in Binomo. Binomo operates with full transparency on their charges.
This includes no trading fee, no account fee, and no deposit fee.
There are only two kinds of commission, and both are revealed by the broker.
They are the subscription fee and the withdrawal fee. The conditions on both are also clearly declared by Binomo.
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