Binomo vs 7Bforex

Binomo vs 7Bforex Comparison Table 2024
Binomo 7Bforex
3.4
1.8
United States Flag Traders from US not accepted
United States Flag Traders from US not accepted

Binomo is a beginner-friendly binary options broker that offers trading on forex, stocks and indices via high/low binary options on a simple web-based platform with payouts up to 90% and reliable service. The firm was launched in 2012 and is based offshore.

7Bforex is a broker-dealer geared towards Nigerian traders, offering a sign-up bonus and the MT4 platform.

Bonus Offer
₦10,000 Welcome Bonus
Comment by Reviewer
"Traders who enjoy straightforward, fast-paced trading on forex and stocks should check out Binomo's short-term binary options. The intuitive platform and joining requirements make the brand particularly attractive for newer traders."
Pros
  • Custom-designed platform that works quickly on mobile devices
  • Demo account available to all with no restrictions
  • Low minimum trade value from $1
  • Competitive payouts up to 90%
  • Thousands of daily traders
  • Low minimum deposit of $10
  • Clear tiered account system
  • Full range of investments
  • Low minimum deposit
  • MT4 integration
Cons
  • Contract expiry times of 1 minute to 1 hour are very short term for many traders
  • Limited extra features with no copy trading
  • Small selection of tradeable instruments
  • Weak regulatory oversight
  • No copy trading
  • Weak regulatory oversight
Instruments
Fixed Time Trades CFDs, Forex, Stocks, Indices, Commodities, Cryptos
Demo Account
Yes Yes
Minimum Deposit
$10 ₦5,000
Trading Platforms
  • Own
  • MT4
Payment Methods
Minimum Trade
$1 0.01 Lots
Margin Trading
No Yes
STP Account
No Yes
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No No
Mobile Apps
iOS and Android Android
App Review

The Binomo app distinguishes itself by offering a comprehensive toolkit, including a risk-free demo account and over 30 analytical tools for technical analysis, ensuring newcomers and seasoned traders can confidently navigate the markets. Moreover, its diverse asset offerings across various markets, coupled with the opportunity to leverage CFDs provides a range of opportunties, all while having access to 24/7 support.

Android App Rating
4.7
iOS App Rating
4.6
Auto Trading
BinomoBot tracks 12 moving and 5 technical indicators and can be set up in than 3 minutes. Expert Advisors (EAs) on MetaTrader
Copy Trading
No No
Social Trading
No No
Trade Signals
Yes
VPS Hosting
No No
Tournaments
No Yes
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$30
Islamic Account
No No
Account Currencies
  • USD
  • EUR
  • USD
  • NGN
Stock Exchanges
Commodities
CFD Trading
CFD trading not offered Leveraged CFDs can be used to go long or short on hundreds of popular markets.
Leverage
1:200 (Default), 1:1000 (Maximum)
FTSE Spread
From 2.1 pips (Standard)
GBPUSD Spread
From 2.1 pips (Standard)
Oil Spread
From 2.1 pips (Standard)
Stocks Spread
From 2.1 pips (Standard)
Forex Trading
Binomo offers a competitive suit of currencies from majors like EUR/USD to exotics like EUR/MXN. But with contracts spanning 1 minute to 1 hour, the broker is best for short-term forex binary options traders. Trade a wide range of currency pairs with floating spreads.
GBPUSD Spread
N/A From 2.1 pips (Standard)
EURUSD Spread
N/A From 2.1 pips (Standard)
EURGBP Spread
N/A From 2.1 pips (Standard)
Assets
19 60+
Cryptocurrency
Binomo offers 24/7 fixed time trades on a few major cryptos, including Bitcoin. However this is significantly less than alternatives like Focus Option which offers more than 80 digital tokens. Trade crypto-fiat pairs including major tokens like Bitcoin.
Spread
N/A From 2.1 pips (Standard)
Coins
  • BTC
  • LTC
  • BCH
  • ADA
  • BTC
  • ETH
  • XRP
  • DASH
  • BIT
  • EDO
  • ETP
  • IOTA
  • NEO
  • OMG
  • SAN
  • XMR
  • ZEC
  • EDO
  • LTC
  • TRX
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
Binary Options
Binomo offers binary options trading around the clock, including the weekends. You can speculate on the short-term price movements of popular markets, from stocks to currencies. Payouts are competitive climbing to 90% and contracts start from just 1 minute. Binary options trading not offered
Payout
90%
Expiry Times
1 minute - 60 minutes
Ladder Options
No No
Boundary Options
Yes No
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