Binomo Review – Is it Safe and Legal in India? (Updated: 2024)

Quick Summary

Is Binomo Legal in India?

The regulation of online trading is a very complex question in India, so let us give you a clear picture of the situation.

Let's expound on this topic as two separate questions.

Is Binomo a Legit Trading Broker Worldwide?

Yes, Binomo is a legit trading broker on a global scale. It's officially registered in St. Vincent and Grenadines, where the regulating authority is the Financial Services Authority of St. Vincent and Grenadines (SVGFSA). According to their statement(1), online trading brokers don't require a license from the SVGFSA to operate legally.

So from the "home regulation" perspective, Binomo is a 100% legal trading platform.

Is Binomo SEBI registered in India?

No, Binomo is not SEBI registered, so it does not have a valid license from the Securities and Exchange Board of India, India's regulator for securities markets.

SEBI is very strict about Forex trading. Without going too in-depth about it, it's basically due to the Reserve Bank of India trying to stop the outflow of the INR from the country. 

After all, with currency pairs, you're changing INR for other currencies, like USD or EUR.

But rather than being put off by the lack of licensing, it's very common for offshore brokers to operate illegally within India. 

Now the next logical question arises: is Binomo safe if it is not licensed in India?

Is Binomo Safe?

Yes, we consider Binomo a safe platform to trade on. Here are four reasons why we think that:

1. Regulated by the International Financial Commission

Binomo has been a category "A" member of the International Financial Commission (IFC) since 2018.

The IFC is an independent dispute resolution organization that's involved in regulating financial markets and institutions.

This organization protects traders up to €20,000 if their funds are compromised due to something happening to Binomo.

Dolphin Corp (the owner of the Binomo brand) is also currently in the process of getting a license from the Cyprus Securities and Exchange Commission (CySEC), a reputable regulator in the online trading industry.

All these licenses and auditing assure traders that Binomo is kept in check by other organizations.

2. Regular audition by Verify My Trade

Binomo is also audited monthly by VeryfyMyTrade.com to ensure continuous compliance and quality of services.

VMT is a specialized service that works with The Financial Commission. They continuously check Bimono's trade quality by auditing 5,000 of their executed trades per month.

3. Binomo won several awards

Binomo received the FE Award in 2015 for being the best trading platform for beginners.

Meanwhile, Binomo is also a recipient of the IAIR Awards in 2016, which are given to companies that showed excellence in global finance and economy.

4. Binomo is prominent in the global trading world

Binomo operates in 133 countries and has hundreds of thousands of daily users. The platform also assists in millions of successful trades a week, so it's simply not worth it for the broker to scam anybody and lose the trust of millions of traders.

Binomo Trading Platform Overview

Binomo's online trading platform used to run on third-party software. But the company has eventually moved it to a private and more efficient interface.

Their current platform uses SSL protocol to keep your data encrypted and secure. After all, they deal with sensitive financial information such as credit card numbers and bank accounts. 

Binomo has a quick refresh rate, letting you take advantage of opportunities when they appear.

Trading Options

Binomo has at least 60 different assets that traders can utilize. These include:

• Stocks
• Commodities
• Commodity Pairs
• Indices
• Currency Pairs

But, admittedly, this is pretty limited compared to their competitors.

As a binary options broker, Binomo offers only High/Low trading contracts.

Although the platform is quite limited, it makes up for it through the quality of the service. Binomo also has 24/7 trading availability.

Tools

Binomo has more than 20 graphical tools and indicators to help traders analyze trading charts and history. Some of their tools include:

• Candlestick chart analysis
• Economic calendar integration
• Moving average
• Parabolic SAR
• Stochastic
• Hotkeys (for quick access and quick online trading)
• Popular trading indicators like RSI, MACD, Bollinger bands, etc

These features are scalable. They're also updated regularly to give you the best trading conditions possible.

Mobile App

You can get the Binomo app from the Apple Store, Google Play, Huawei App Gallery, Samsung Galaxy Store, Aptoide and Apptoko. However, these apps have limited functionality and indicator selection.

For full functionality, we highly recommend you download the Binomo APK app!

When you download their mobile trading platform, you get notifications regarding market trends. The trading app also alerts you when you meet preconditions for some trades.

Binomo doesn't offer an official desktop version. However,  you can download the Binomo trading platform using Google Chrome if you follow the above link.

How to use Binomo?

After going through this Binomo review so far, are you interested in starting online trading? Here are steps to get you started on your account:

1. Register a new Binomo account

You can register through your email address or Facebook.

If you're registering using your email address, go to Binomo's website and follow these steps:

1. Put your email address and a reliable password.
2. Choose your account currency.
3. Accept the required client agreement.
4. If you're using a Gmail account, you can directly authorize the icon on your screen.
5. You can log in with the credentials you used.

If you want to register through Facebook, your device should be Facebook-authorized before you go through the sign-up process.

2. Practice on a demo account

The free demo account allows you to explore Binomo's user interface and tools. You'll also be able to practice trading risk-free.

The company gives you $1000 of virtual (fake) currency to practice with.

Once you feel like you have a good grasp on things, you can switch to a real trading account.

You can go back to the free account if you want to test something out first. You can even trade on both real and free trading accounts at the same time.

3. Make your first deposit and open a real-money account

Outside of the demo/free account, Binomo has three different types of trading accounts:

Standard Account

If you're fresh from the demo account, a standard account type would be best.

You'll only need to deposit $10 to start trading at this level. 

Admittedly, you get access to only 48 assets. However, that means you can concentrate on getting used to watching actual market trends — rather than be overwhelmed by your choices.

A low-entry cost means you're not risking too much either.

Other things you can expect from a standard account are:

• 80% maximum bonus
• 84% maximum yield
• 100% maximum deposit bonus
• Access to Standard tournaments
• 3 days waiting time for payout withdrawal

Gold Account

You'll need a $500 deposit to start trading with a Gold account. This gets you 61 assets to choose from.

Gold account holders will also have the following:

• 90% maximum bonus
• 86% maximum yield
• 150% maximum deposit bonus
• 5% cashback through real stocks as weekly damage compensation
• Access to Gold tournaments, which have higher potential earnings than Standard tournaments
• 24 hours waiting time for payout withdrawal
• Investment insurance
• Manager to help with your account and give a bonus deposit of matching funds
• Analytical assistance verified by more experienced traders

VIP Account

This is the highest account tier. VIP account holders have access to everything Binomo has to offer.

For a $1000 deposit, you get all 70+ assets, plus the following:

• 100% maximum bonus
• 100% maximum yield
• 200% maximum deposit bonus
• 10% cashback through authentic capitals as weekly financial decline compensation
• Access to VIP tournaments
• 4 hours of waiting time for payout withdrawal
• VIP manager for support and assistance, as well as possible bonus offerings
• Access to risk-free trades and other prizes
• Individual offers

4. Have a proper trading and money management strategy

Online trading can be exciting, but without a good trading strategy and the proper management of your trading balance, you won't have a long future in this industry.

So, we strongly advise you to study the different strategies, technical indicators, webinars, and tutorial materials Binomo has to offer. You should switch to real money trading only once you totally understand how the platform works.

Deposit and Withdrawal Methods

How much you deposit depends on what kind of account status you want.

The minimum deposit you can make is $10 — which will land you a Standard account.

For a Gold account, you need at least $500. But for a VIP account, the minimum investment is $1,000.

To give you some examples, you can deposit money through:

• Visa
• MasterCard
• Wire Transfer
• Jeton
• Neteller
• and more.

For Indian users, Binomo offers additional payment options, such as:

• NetBanking
• PayTm
• UPI
• GlobePay
• Indian exchanger
• PhonePe

Click here to see the full list of available deposit methods in India and a step-by-step guide on how to deposit money into your Binomo account.

Withdrawal:

You can get your money the same way you deposited them. One important thing to mention is that Binomo does NOT charge you anything when you withdraw funds. However, you'll be charged a 10% fee if you fail to meet the minimum number of trades.

In terms of actually getting the money, how long you'll need to wait to receive it depends on the account type you hold.

Check out our detailed Binomo withdrawal guide, where we give you a clear picture of how you can withdraw your money, how much you should exactly wait and how to come around potential problems in the payout process.

Customer Support

Binomo customer support offers 24-hour live assistance.

The Binomo Help Center has a lot of useful articles on basically anything, but you can always send an email to support@binomo.com, and they'll usually reply within 24 hours.

The customer support also has a live chat option on their website and app. They have Indian customer support for English and Hindi, as well as support for other countries like Indonesia, Brazil, Vietnam, etc.

Binomo Pros and Cons

Let's quickly summarize the advantages and disadvantages of Binomo:

Pros:

The platform is great for complete amateurs and experienced people alike. 

Very user-friendly

The platform is great for complete amateurs and experienced people alike. The interface is easy to navigate and comes with tools to help you make informed decisions. There are also training materials to help you get better at trading.

The $1000 demo account helps you familiarize yourself with the platform's interface. This free account uses the real trading interface so you can practice trading strategies without handling real money yet. You can switch back and forth between account types.

A minimum investment of a $10 deposit and a $1 trade amount makes it easy for those starting with minimal funds to begin trading.

High earning potential

As a binary options trading platform, you naturally get quick high returns as long as you choose your moves correctly.  You can get a maximum payout of 90% — though you can only get this maximum when you have a VIP account. 

Lots of payment options

Binomo supports multiple payment and withdrawal options to make things as convenient for traders as possible, even if you trade from India.

Makes trading exciting

With bonuses, promotions, and tournaments, you'll always find something to look forward to with Binomo. There's a daily free tournament and different kinds of paid tournaments with prize funds that can reach $40,000. There are 60 prize places, and you're allowed re-buys. Binomo keeps the fun going by making trading available 24/7 — including weekends and holidays.

Regulated by IFC

Works as a safety net for traders in case f something would go wrong. Traders are protected up to €20,000 per dispute.

Cons:

High-risk due to the nature of short-term trading

Despite the extremely high earning potential, Binomo only supports short-term trades. Alongside that, binary options trading is an all-or-nothing kind of trading. With tournaments and promos, the platform builds on the excitement of trading, so traders should be careful with their emotions and not overestimate their financial capabilities.

But a good thing about binary options is that you're aware upfront of how much you can lose, how much you can earn and there's no risk of leverage either.

Not regulated in India

Any type of online trading is unlawful in India, so the government can't protect you if anything goes wrong during your interaction with the company. So trade at your own risk at any of the offshore brokers!

Limited trade types and assets

Unlike other trading platforms, Binomo doesn't offer many trade types and assets, so it's not a good broker if you are a professional trader or if you want to try multiple trading types like CFD.

Who Should Trade at Binomo?

Binomo can be a good broker for beginners who prefer a user-friendly platform over a wide selection of assets and advanced trading tools. 

It's also great if you're willing to undergo quick high-risk trade in return for higher rewards instead of slow long-term growth.

For professional traders, Binomo's offering is probably not rich enough, so for them, we suggest any of the alternatives below. 

Conclusion

Binomo is a great trading platform for beginner traders. It has a user-friendly interface, low entry limits, and tutorials on trading.

There are bonuses, promotions, and daily tournaments to look forward to. The platform also provides strategies tailored for experienced users.

Binomo provides opportunities for quick and extremely high-earning potential. However, this also comes with a very high risk. Not to mention you can get carried away and overestimate your financial capabilities.

Since Binomo offers binary options ONLY, so you can't choose a less risky type of trading. Because of this, they also have fewer assets and trading tools than other platforms.

If you're looking for similar alternatives to Binomo, Olymp Trade and IQ Option are BETTER OPTIONS as they offer higher payouts and more trading options.