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

Published by: Matt Xavier Nono

Last updated: June 12, 2024

Binomo is a binary options and CFD broker launched in 2014 by Dolphin Corp LLC, a St.Vincent and the Grenadines based company. Binomo serves over 3 million active traders from 133 countries (including India since 2018), providing users with a variety of financial assets including currency pairs, cryptocurrencies, indices and commodities.

Binomo's growing popularity stems mainly from its intuitive, fast-paced, beginner-friendly binary options trading platform which offers potential profits of up to 90% for successful trades.

Although this high profitability attracts many Indian traders seeking to diversify their income streams and realizing huge gains on market movements, especially beginners should understand the potential benefits and risks involved in trading on Binomo.

In this guide, we will discuss Binomo's pros and cons and all the potential legality and safety concerns you might have as a beginner trader.

Recommended

Our Trust Score: 6/10

Beyond2015's Verdict:

  • Binomo is suitable for beginner traders because of the low, $10 minimum deposit, its free $1.000 demo account and very user-friendly trading platform.
  • Binomo offers a very high earning potential of up to 90% per trade but that also comes with a high risk.
  • It is easy to get started with Binomo, as it offers a wide range of payment methods and a simple verification process.
  • However,  Binomo is not legal in India, because it doesn't have a license from the Securities and Exchange Board of India (SEBI). 

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Who Should Trade at Binomo?

Binomo is a good broker for traders looking for a fast-paced, action-packed trading experience. Binomo offers a straightforward and user-friendly trading platform, a free $1000 demo account, a 100% welcome bonus and a very low $10 minimum deposit requirement, which is ideal for beginners.  A

Although Binomo is offering CFD trading with leverage of up to 1:500, their signature trading type is their binary options platform (or "fixed time trading" as they call it) where traders can gain up to 90% profit in just 5 minutes, in case of a successful trade.

Binomo is an exciting choice for those who thrive on high-risk, high-return trades. However, it's crucial to be aware of the gambling-like risk involved in binary options trading. The potential for high returns can be a strong motivator, but it's essential to approach it cautiously and clearly understand the risks involved.

We don't suggest Binomo for professional traders because it only provides basic indicators and analytical tools. Instead, we suggest choosing an alternative platform like Exness.

Binomo homepage

Quick Summary

Company name

Dolphin Corp LLC

Company address

First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St.Vincent and the Grenadines

Reg. Number

915 LLC 2021

Year of Inception

2014

Regulation

Regulated by IFC (International Financial Commission)

Indian Traders accepted

Yes

Payout Option

up to 90%

Minimum Deposit

$10

Demo account

Yes, $1000 with unlimited refills

Available apps

Google Play, Apple Store, APK, Galaxy Store, App Galery, Aptoide, Apptoko, Mac OS and Windows (for Google Chrome users)

Platform type

Self-Developed

Trading fees

No

Available assets

Stocks, Commodities, Indices, Currency Pairs

Is Binomo a safe broker?

No, we don't consider Binomo a 100% safe broker that can be fully trusted, so we gave it a medium, 6/10 trust score.  Although Binomo is a real online trading broker with millions of traders worldwide, it is a controversial platform and we are not convinced that the funds of the traders are properly protected.

Let's analyze Binomo's legitimacy and safety below.

Why we consider Binomo trustworthy:

  • Strong global presence
  • Won multiple awards
  • Financial Commission Membership

Why we don't fully trust Binomo:

  • Lack of proper Regulation
  • Agressive, often misleading marketing practices


1. Strong global presence

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.


2. Binomo won several awards

Binomo has received several prestigious awards and recognitions since its foundation: 

  • FE Award in 2015 for being the best trading platform for beginners.
  • IAIR Awards in 2016, which are given to companies that showed excellence in global finance and economy.
  • World Business Outlook Awards: Binomo was honored with the "Best Trading Platform, Global 2023" and "Most Trusted Platform, Global 2023" awards
  • International Business Magazine Awards: Binomo received the "Most Trusted Platform, Global 2023" title for its advanced client experience and operational excellence
  • International Business Magazine: Best Trading Platform (LATAM)

3. Financial Commission Membership

Binomo is a member of the International Financial Commission (IFC), an independent self-regulatory organization for the financial markets. While the IFC is not a government entity, this membership offers some level of protection to traders. In the event of a dispute with Binomo, the Financial Commission can provide compensation of up to 20,000 EUR per case, acting as a mediator between the trader and the broker.

Is Binomo Legal in India?

No, Binomo is not legal in India because it does not have a license from the Securities and Exchange Board of India (SEBI). 

Binomo is not SEBI registered due to two main reasons:

  1. Binomo is mainly a binary options broker and offering this trading type is considered illegal in India because of it's extremely high risk. While it’s not mentioned explicitly in the Foreign Exchange Management Act (FEMA), 1999, the Reserve Bank of India (RBI) consistently clarified that binary options fall under unauthorized forex trading, making them illegal under FEMA. 
  2. Binomo offers assets and currencies that are not permitted for trading under Indian regulations. According to the Foreign Exchange Management Act (FEMA), 1999, forex trading is limited to the following currency pairs: USD/INR, EUR/INR, GBP/INR, and JPY/INR.

However, it's important to understand that the regulation of online trading in India is overly strict, with a staggering 99% of forex brokers failing to comply with SEBI's requirements.

In conclusion, not having a SEBI licence doesn't necessarily mean that Binomo is bad, unsafe, or untrustworthy, so let's evaluate these questions further below.


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, online trading brokers don't require a license from the SVGFSA to operate legally.

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

Binomo IFC regulation certificate

As part of the IFC membership, Binomo claims to be audited monthly by VeryfyMyTrade.com to ensure continuous compliance and quality of services. VerifyMyTrade 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.

4. Lack of proper Regulation

Binomo operates in a legal gray area. The broker is not regulated by major financial authorities like the Securities and Exchange Board of India (SEBI) or other strong international regulators like CySEC or the FCA. This raises concerns for potential traders about the platform's oversight and accountability.

Binomo's legal entity, Dolphin Corp LLC is registered in St. Vincent and the Grenadines, adhering to the standards of the local Financial Services Authority (SVGFSA). However, the SVGFSA does not mandate licenses for online trading brokers, which means Binomo operates legally within this jurisdiction but without the rigorous oversight associated with more strict regulatory bodies.


5. Agressive, often misleading marketing practices

Binomo has been associated with several aggressive and often misleading marketing practices, particularly through its affiliates.

Binomo's affiliates are often promising easy profits on Youtube or social media platforms, portraying trading on Binomo as a simple way to make quick and substantial profits. They use flashy visuals, testimonials, and claims of "financial freedom" to lure in inexperienced traders, while hiding the fact that binary options is a high risk-high reward trading type.

Indra Kenz and Doni Salmanan influencers (also known as "crazy rich Indonesians," ) are two former Binomo affiliates who heavily promoted Binomo on social media and television and convinced thousands of Indonesians that trading equals easy money.

Altough Binomo made its affiliate agreements stricter to fight such bad affiliate marketing practices, Binomo still does not have real control over the communication tactics of its partners, who receive a commission for bringing in new Binomo traders.

Binomo Trading Platform Overview

Binomo's trading platform was designed for simplicity and ease of use, making it very beginner-friendly.

Binomo trading platform

Here's a quick overview of the platform's features:

Trading Instruments:

  • Binary Options: Binomo's core offering, allowing traders to speculate on price movements of various assets within a set timeframe. Up to 90% profit incase of a succesful trade, in just a few minutes.

  • CFDs (Contracts for Difference): Available on a limited number of assets, offering leveraged trading opportunities.

  • Other: The platform also offers trading on forex pairs, cryptocurrencies, commodities, and indices.

Platform Features:

  • Charting Tools: Basic technical indicators and charting tools, like RSI, MACD, etc

  • Education: Limited educational resources, including tutorials and strategies.

  • Tournaments: Regularly hosts tournaments with cash prizes.


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.

binomo mobile app

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:

Binomo account types

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.

Binomo é confiavel

Start Online Trading with Binomo!

Open a Free $1000 Demo Account and discover what the platform can offer you.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

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

  • Very user-friendly
  • $10 minimum deposit
  • High earning potential, up to 90%
  • Lots of payments options
  • Makes trading exciting
  • Regulated by IFC, trader protection up to €20,000

Cons

  • High risk due to the nature of binary trading
  • Not regulated in India
  • Limited trade types and assets

Binomo Alternatives

If you're looking for alternatives to Binomo,  Olymp Trade (our #1 recommendation), IQ Option and Exness are both better options.

Editor's choice

Olymp Trade

(our #1 recommendation)

Our rating: 4.9/5

  • Many well-known official partners like Ronaldinho, Honda (MotoGP)
  • Over $210 million in monthly trading volume, over 42 million app downloads
  • Traders statuses can make trading extremely exciting

or read our Olymp Trade review

IQ Option

Our rating: 4.8/5

  • more 100 million users
  • payouts up to 100% for successful trades
  • CySEC-regulated parent company
  • over 300 tradable assets, crypto and CFD trading

or read our IQ Option review

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

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, IQ Option and Exness are BETTER OPTIONS as they offer higher payouts and more trading options.

Binomo é confiavel

Start Online Trading with Binomo!

Open a Free $1000 Demo Account and discover what the platform can offer you.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

FAQ

Is Binomo a real or a fake broker?

Binomo is a real online trading broker with over 1 million active daily traders and a real company (Dolphin Corp LLC) behind it. However, Dolphin Corp LLC is registerd in St. Vincent and Grenadines, so it is not regulated by any major governmental financial authorities. 

Is trading on Binomo gambling?

No, trading successfully on Binomo is not based on pure luck but on understanding financial markets and forecasting market movements, so we don't consider it as gambling. However, binary options trading is often compared to gambling because of (all-or-nothing) nature of the outcomes and the short time frames involved, which makes it predicting the price movement very hard.

Is Binomo banned in India?

Yes, Binomo is banned in India and is listed by the Reserve Bank of India (RBI) - among 74 other trading platforms - as an unauthorized electronic trading platform for forex transactions. This doesn't mean however, that Indian traders can't open a Binomo account.

Can Binomo make you rich?

No, it's very unlikely that you will get rich from trading on Binomo. You can make significant profits using Binomo due to its short term trading mechanism and up to 90% profit rate for succesful trades, however, this trading mechanism involves very high risk and offers an unfair advantage to the broker.

Is Binomo halal?

No, Binomo is not considered halal. Binomo offers binary options trading, which is generally viewed as haram (forbidden) in Islamic finance as it involves excessive risk, speculation, and elements of gambling.



How to use Binomo?

How does Binomo work? (Intro)

How to verify your Binomo account?


Binoptionen Writer - Cody Walls

Author of this review: Matt Xavier Nono

Matt is Philippines-based FinTech writer at Beyond 2015. He brings firsthand experience in online trading, particularly CFD and cryptocurrency. He focuses on the regulatory framework of online trading, specializing in identifying trustworthy brokers and exposing scams.

Matt educates traders, and helps especially beginners to avoid "get-rich-quick" schemes and online trading scams. He combines knowledge from online courses and books like "Blockchain Revolution" and "Crypto Trading for Ambitious Beginners" with real-world trading experience. As an active trader himself, he follows industry leaders like Spiros Margaris, Brett King, Theodora Lau, and FinTech Insider Podcast to stay ahead of the curve.