Archives: Brokers

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

Is Ocean Markets Scam or Legit Broker?

Ocean Markets is not a legit broker. It is impossible to find any information about the broker’s license or its regulations.

• On the Ocean Markets website it is mentioned that it is owned and operated by Valep Ltd, Marshal Islands. In contradiction, the contact number is British which leads to doubts. Moreover, the terms and conditions of the broker are close to European regulations.
• Trading with Ocean Markets might put the client’s investment at risk since it is not a Regulated Broker and clients are not protected by any tight and reliable regulations. 

Marshal Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, there are almost no regulations and rules present. Therefore, it became an offshore zone for shady forex brokers such as Millennium FX, Umarkets, and more.

What Is Ocean Markets?

Ocean Markets claims to be a developing broker in the global trading market. They boast of providing the best conditions for investment and trading, as well as the most up-to-date information on economic and political events to investors. Ocean Markets offers its users CFD, Forex trading, commodities, indices, and other assets.

Ocean Markets gives access to an array of innovative tools. It provides 24/7 customer service.

• However, no matter how attractive Ocean Markets’ offerings are, it is still an unregistered and unregulated broker, and signing in with it means putting the investment at risk.
• Besides, based on our research, we have accumulated a large number of complaints regarding Ocean Markets’ withdrawals. Clients complain that they are not able to withdraw their money even after months of trading and depositing. 

Overall Ocean Markets Ranking 

Taking into account our revelations on the safety of Ocean Markets, we do not rank positively Ocean Markets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Ocean Markets Overall Ranking is 3 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.

Ocean Markets Alternative Brokers

Based on our finds and issues with the safety of Ocean Markets, here are much better Alternatives to Ocean Markets with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• BlackBull Markets – Good for High Leverage Trading
• HFM – Low Forex Spread Broker
• IC Markets – Excellent cTrader Broker

Account Types

Ocean Markets offers a range of account types, designed to meet traders’ expectations. For beginner traders, the broker offers Starter’s account. The minimum deposit for this account type is $500. Silver or Gold accounts have a higher entry threshold, but they offer more options and provide access to additional services. Experienced traders choose either Platinum or VIP accounts.

Ocean Markets Deposit & Withdrawal

Ocean Markets offers different funding methods, including Visa/MasterCard, Neteller, and Skrill. The minimum deposit is $500 for Starter’s account. The broker also offers different bonuses that are determined by the volume of trades.

• To get access to the earned money on the account, traders need to reach a certain limit to withdraw the funds. In case, traders decide to withdraw the money before the limit is reached, all the funds on the account will be cleared.
• It is worth mentioning that clients have a lot of complaints regarding the withdrawal process. Many cannot withdraw their money even after months of trading and depositing.

Trading Platforms

Ocean Markets offers a range of different trading platforms: xCritical online - mobile and desktop platforms, MetaTrader4, MetaTrader5.

• xCritical online offers more than 170 trading instruments, built-in technical advisor Autochartist, the ability to lock and duplicate positions, online support chat, etc.
• With Ocean Markets traders also have access to the popular MT4 and MT5 platforms, enabling access to modern development technologies and a user-friendly interface, providing the best tools and features for favorable trading.

Ocean Markets Review Conclusion

Based on our professional experience and conducted research, we do not recommend Ocean Markets. There are many questions in regard to the trust of the Ocean Markets company services and the manner they do operate the online trading itself. Besides, many traders shared their negative experiences with numerous complaints and were asking us to assist with resolving, see Ocean Markets Inquiry here. 

We strongly advise opening a trading account only with tightly regulated brokers with good standing (UK brokers or brokers in Australia), that will provide a safe and secure trading environment, such as HotForex, and BlackBull Markets.

• Overall ranking and experience for Ocean Markets is Negative

Ocean Markets Update

We discovered that the Ocean Markets website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from Ocean Markets and staying alert in case of any proposals. 

Is Trade Global Market Scam or Legit Broker?

Trade Global Market broker is a Non-Regulated Broker. It is NOT SAFE to trade with this company. We have checked the company and there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Trade Global Market?

Trade Global Market claims to be a leading online trading brokerage specializing to provide individuals and organizations with services in international financial markets. The broker offers to trade with various currency pairs, as well as in Gold (Spot), Silver (Spot), and CFD as well as indices.

However, it is not safe to trade with Trade Global Market. It is owned and operated by TGM Financial LLC, and claims to be located in Tbilisi, Georgia.

• According to the website, Trade Global Market is a regulated entity and it provides a registration number. Since the broker is located in Georgia, we have checked this number with its local regulator register, the National Bank of Georgia. There is no record of Trade Global Market or TGM Financial LLC being registered in Georgia. Also, the broker provides contact numbers with British phone code, which could mean the company is based or somehow associated with the UK and therefore should be authorized by the UK's Financial Conduct Authority. However, it doesn't hold an FCA license and is not authorized to offer its financial services in the country.
• We have also noticed that the company's address provided on the website actually belongs to Zixipay Limited, a Georgian-based Payment Service Provider registered and authorized by the National Bank of Georgia. It means that Trade Global Market has been using the address of the authorized entity to delude the customers.

Overall Trade Global Market Ranking 

With our finds and issues with regulations and safety of Trade Global Market, we do not rank positively Trade Global Market, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Trade Global Market Overall Ranking is 2 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.

Trade Global Market Alternative Brokers

Based on our revelations on the regulations and safety issues with the Trade Global Market, here are much better Alternatives to Trade Global Market with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Trade Global Market Deposits and Withdrawals

To fund your Trade Global Market account a minimum initial deposit of at least 100 USD is required. Funds should be transferred to Trade Global Market by bank wire, It takes 1-3 business days to process and credit the funds to the client's account by wire transfer.

• To do a wire transfer, clients are required to log in to their Trader Board, fill out the invoice, and present or send the wiring instructions to their bank.

Trade Global Market Review Conclusion

We advise all investors and traders to avoid Trade Global Market and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com. Check out the Xtrade review and FXPRIMUS Review.

Trade Global Market Update

We found that Trade Global Market was not active for an extended period. It restarted its activities after a lasting inactivity.