Most trading platforms charge high commissions when traders buy and sell. Their approach is not very customer-friendly. By charging too much, those platforms hurt traders. Binomo does not operate in that manner. Binomo wants you to succeed. As a result, you can expect little to no fees when you trade with Binomo.
Binomo Deposit Fees
Deposit fees are charges for deposits. Binomo does not charge deposits fees because we want you to trade. Charging you for deposits will discourage you. So go ahead and deposit any amount of money.
The least amount you can deposit on Binomo is $10/€10 (depending on your local currency). Binomo offers a wide range of deposit options. To make a deposit, follow the steps below.
- Click the Deposit icon in the top-right corner of your trading page.
- Next, search for a payment channel that works for you. Then, select it and make payment.
Remember, you can only withdraw through the same channel you used to make a deposit.
Binomo Withdrawal Fees
Withdrawal fees are charges you pay when you withdraw funds. Binomo charges withdrawal fees. But you can avoid paying for it. Here’s how:
If you double your deposit, Binomo will not charge you a withdrawal fee. Therefore, make it your aim to trade till you double your deposit. If you withdraw before doubling your deposit, you will be charged 10% of the withdrawal.
The minimum amount you can withdraw from Binomo is $10/€10 or an equivalent of $10 (depending on your local currency). Also, you can only withdraw through the channel you used to make your deposit. For example, if you made your deposit with debit cards, you can only withdraw via debit cards. You cannot deposit with debit cards and withdraw cryptocurrency. To make a withdrawal, follow the steps below.
- Click the icon showing your initials. You will find it in the top-right corner of your trading page.
- Next, click Cashier.
- Finally, click Withdraw funds.
Remember, select the method you used to make the deposit.
Binomo Trading Fees
Some platforms charge traders for each trade. But Binomo does not charge trading fees. Therefore, you can buy and sell without any charge. Also, Binomo offers lower fees and faster execution than other trading platforms.
Binomo Refund Fees
Refund fees are charges you pay when you ask for a refund. Binomo doesn’t offer the option of refunds. You see, Binomo is a low fees platform. The platform offers free deposits. It also offers free withdrawals when you double your deposits. Allowing refunds will increase Binomo’s transaction costs. If you want to withdraw before you double your deposit, you will pay a 10% withdrawal fee.
Binomo Chargeback Fees
A chargeback occurs when a payment processor reverses a transaction on your behalf. For example, let’s assume you made a card payment to Binomo. If you request a chargeback for that transaction, you may pay a fee.
The chargeback fee does not go to Binomo. Rather, it goes to your payment processor. Also, the amount of the chargeback fee depends on your payment processor.
If you discover someone used your bank card for fraud, contact your card issuer for a chargeback. But Binomo will not refund money that has been used for trading. Therefore, protect your account.
Always remember to log out from your trading account to prevent fraud. To log out, follow the steps below.
- Click the icon showing your initials. You will get a drop-down menu.
- Finally, click Sign out.
Binomo Transaction Fees
Transaction fees refer to the commission paid to the trading platform on each trade. But Binomo doesn’t charge transaction fees. This is one of the customer-friendly features that make many traders choose Binomo.
Some online investment platforms charge account opening fees. Binomo does not charge account opening fees. However, Binomo charges a flat $10/€10 fee on inactive accounts to encourage more trading. Inactive accounts are accounts that have no trades in 30 consecutive days. If you make a single trade in a month, you will avoid this charge.