Binomo Review

Is Binomo Scam or Legit Broker?

Based on our research Binomo is not a legit broker. It is owned by Dolphin Corp., which is an offshore company registered in St. Vincent and Grenadine.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, yet provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders.
• Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets, and more. Read more about St. Vincent and the Grenadines regulation by the link.
• 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 that has been granted authorization for the provision of investment services and/or the performance of investment activities."

What is Binomo?

Binomo works with clients all over the world, guaranteeing the most advantageous terms and providing high-quality access to the world's financial markets. Binomo is an offshore broker that offers assets of the following asset classes: currencies (FOREX), cryptocurrencies, stocks, and commodities. The broker states that their priority is to offer the highest quality brokerage services and support, including professional-level tutorials, analytical services, and client support.

• According to the website, Binomo is a member of the International Finance Commission. Nevertheless, the company operates without a proper license from the industry authorities like FCA (UK) (Also Read about Fortrade, an FCA Regulated Broker) or ASIC (Australia) that protect clients and delivers necessary regulation to the service providers along with the convenience to the users and, of course, their investments.
• Unfortunately, it is not the case with Binomo since the company only holds membership in the international Financial Commission (FinaCom). Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client. 

Overall Binomo Ranking 

Based on the revelations about safety and regulations issues of Binomo, we do not rank positively Binomo, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Binomo Overall Ranking is 4 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Binomo Alternative Brokers

Taking into consideration our finds and issues with the safety of Binomo here are much better Alternatives to Binomo with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• XM – Good for Beginners

Binomo in India

As per the Binomo website, it is legal to trade Binary Options (Check The List of Binary Options Brokers) with Binomo from India. Now, the addition of Indian payment systems like PayTM, UPI, NetBanking, IMPS, and Globe Pay assures its legal status in India.

Binomo in the USA

Binomo doesn’t accept traders from the United States (Find out Best Forex Brokers for US Clients) and European countries.

Deposit & Withdrawal

The minimum deposit required depends on the type of account traders want to open. They can get started trading with $10 with a Standard account, but for a VIP account, the minimum deposit is at least $1000. There might be a 10% fee for the withdrawal of the funds if a minimum number of trades were not made. 

• There are several payment methods available to Binomo’ clients: Bank Wire and the following Credit cards: Visa, MasterCard, and VPay. Popular e-payment systems like Skrill, Neteller Webmoney, Yaand ndex.Money, QIWI, Neand teller are also supported by this broker.

Apps

Binomo offers a mobile trading platform. It can be found in the Apple Store for iOS or the Google Play Store for Android. One feature available on the app that is not available on the web platform is the option to receive notifications. Notifications can help maximize thofits by alerting traders to market trends and letting them know when they meet certain trade preconditions.

Demo Account

Binomo offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. To create a demo account, all you need to do is sign up with your email, and you will receive $1000 in virtual money.

These risk-free funds will allow you to see if Binomo meets your needs as a trader. If not, it's easier to opt out than it is to close an account you've already invested in.

Binomo Review Conclusion

Overall, the cocompany'sffering is among the competitive ones along with its reputation, but generally, options are a high-risk investment due to its nature of trading, as well as the unlicensed environment of the Binomo company puts some question marks either to enter the trading or not. 

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 ForexTime Limited and XM.com. Read about InstaForex too. 

• Overall ranking and experience for Binomo is Negative