Binomo is an offshore broker that offers assets of following asset classes: currencies (FOREX), cryptocurrencies, stocks, and commodities.

Is Binomo a scam or legit broker?

No, it is not safe to trade with Binomo. Binomo is owned by Dolphin Corp., which is an offshore company registered in St. Vincent and the Grenadine.

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax-300, JustForex and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

According to the website, Binomo is a member of the international Finance Commission. However, the Financial Commission is not financial regulatory body from any Government. It is an independent self-regulatory organization. 

From our source, It costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for the traders. 

In addition, the broker has recently been blacklisted by the Cyprus Securities and Exchange Commission (‘CySEC’):

“CySEC wishes to inform investors that the website binomo.com, does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

We advise all investors and traders to avoid Binomo and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.com.

You can also share your trading experience with Binomo by commenting on this review.

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