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

Is Binomo safe?

The safety of Binomo is questionable and depends on your individual risk tolerance. Binomo is an offshore broker that is not regulated by any governmental or major financial authorities like SEBI, CySEC or the FCA. This lack of strong regulation means that Binomo traders have no guarantee of fair trading practices or capital protection against fraud or bankruptcy. As a result, Binomo users often complain about delayed or denied withdrawals, unresponsive customer support and call Binomo a scam on platforms like Trustpilot, Reddit and Quora.

However, Binomo operates legally from St. Vincent and the Grenadines, where online trading brokers do not require specific licenses from the local regulatory body, SVGFSA. Binomo uses standard data protection measures like encryption and two-factor authentication to protect user information and is a category "A" member of the International Financial Commission (IFC). The IFC is a self-regulated organization which offers some protection like a €20,000 compensation fund and regular audits through VerifyMyTrade, but it does not replace the security provided by government authorities. 

As a conclusion, Binomo is not considered a scam, but it's a high-risk trading platform, so we suggest alternative brokers like Olymp Trade or Exness (read our Exness review here)

Is Binomo legal in India?

No, Binomo is not legal in India because it is not registered with the Securities and Exchange Board of India (SEBI). A SEBI registration is mandatory for all trading platforms operating in India, so not having one clearly means that the broker is not operating legally in the country.  As a result, the Reserve Bank of India (RBI) listed Binomo on its alert list of "unauthorized electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018."

Binomo is not explicitly banned in India, so Indian traders can technically open a Binomo account, but it's important to understand that they will not have the protection of Indian regulatory authorities like SEBI or RBI in case of disputes or financial losses. So you should decide on your own whether you want to take this risk or not.

Is Binomo legal in Pakistan?

No, Binomo is not legal in Pakistan because it is not registered with the Securities and Exchange Commission of Pakistan (SECP) which is required for all legally operating trading brokers in Pakistan.  Furthermore, the State Bank of Pakistan (SBP) has issued advisories against offshore trading platforms like Binomo, classifying them as "prohibited and against the laws of the land" under the Foreign Exchange Regulation Act, 1947 (FERA). According to the SBP, these platforms "pose significant risks to Pakistani investors. These risks include potential scams, financial losses, and the inability to seek legal recourse within Pakistan."

If you are a Pakistani trader, you can still open a Binomo account, but you are not protected by local authorities like the SBP or the SECP in case of disputes with the broker.

Binomo Trading Platform Overview

The trading platform of Binomo is designed to be user-friendly, particularly for beginners, offering a simplified interface accessible through web, desktop, and mobile apps. It provides access to over 70 assets, including currency pairs, cryptocurrencies, commodities, and stock indices. Traders can utilize various chart types, over 20 technical indicators, trading signals for analysis and implement ready-made trading strategies. However, experienced traders might find the platform's tools and asset selection somewhat limited.

Available assets

Binomo currently offers 75 different assets across various categories, including currency pairs (Forex), cryptocurrencies, commodities, and stock indices. However, the number of available assets varies depending on the account type of the trader:

• Standard Account: Gives access to 48 assets.
• Gold Account: Provides access to 61 assets.
• VIP and Prestige Accounts: Offer the full range of 75 assets.

Here are some examples of each asset class available at Binomo for tradring:

• Currency Pairs (Forex): Binomo offers a wide range of major, minor, and exotic currency pairs, such as EUR/USD, GBP/USD, and USD/JPY.
• Cryptocurrencies: Binomo does not offer trading in individual cryptocurrencies like Bitcoin or Ethereum, but it provides access to Crypto IDX, a synthetic index that tracks the combined performance of several popular cryptocurrencies.
• Commodities: gold (XAU), silver (XAG), and oil (BRENT, WTI), and more.
• Stock Indices: major stock indices, including the S&P 500, Nasdaq, and Dow Jones Industrial Average, and more.
  

Trading types

Binomo offers three main types of trading: fixed-time trades (FTT), 5-second trades (5ST), and Contract for Difference (CFD).

Fixed-time trades (FTT)

Fixed-time trading (also known as binary options) is the primary trading instrument of Binomo. With FTT, you predict whether the price of an asset will rise or fall within a short timeframe (typically 1-5 minutes). FTT is available for all 75 assets offered by Binomo and Standard accounts get an average payout of 80% in case of a successful trade. Binomo does not charge any fees for fixed-time trades, the profit of the broker comes from the difference between the payout (80%) and the potential loss (100%).

5-second trades (5ST)

5-second trades offer extreme profitability with extreme risk, even compared to other binary option transactions. We can safely say that the outcome of 5-second trades  are based on pure lack as no trading strategy can predict price movements for such a short timeframe. 5-second trades are limited to the Crypto IDX asset, offering the same 80% payout for standard accounts as FTT.

Contract for Difference (CFD)

CFDs allow traders to speculate on price movements without a time limit, unlike fixed-time trades and 5-second trades, which have fixed expiration times and predetermined payouts. Binomo traders have very limited options when trading with CFDs as the broker only offers 4 assets in total (including gold), traders can only use a leverage up to 10x and there are no stop-loss or take-profit options. For these reasons, Binomo is not a good fit for experienced CFD traders.

Binomo charges a 0.02% fee for closing CFD positions, which is considered pretty high. Good CFD brokers like Exness offer commission-free CFD trading on certain accounts.

Trading tools and features

Binomo offers a relatively wide range of trading tools and features that are built around the main purpose: to make trading as simple and engaging for beginners as possible.

Binomo offers common technical analysis tools, basic educational guides, trading signals (for VIP accounts), regular tournaments and ready-made strategies that can be implemented with a single mouse-click. Let's go through each of these features one by one:

Technical Indicators and Educational Materials

Binomo offers a variety of technical indicators, including popular ones like Moving Average (MA), Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD), to help traders analyze market trends. The platform also provides basic educational videos and articles that explain how to use these indicators. While these resources can be helpful for beginners, experienced traders will find them too simple.

Ready-Made Strategies

Binomo offers a selection of ready-made strategies to simplify the trading process for beginners. These strategies come with pre-configured indicators and instructions on how to open and close positions. However, it's important to note that these strategies do not guarantee success!

Tournaments

Binomo tournaments are competitive events where traders can test their skills against each other for a chance to win prizes. Binomo offers various types of tournaments, including regular tournaments and 1v1 competitions, where traders compete directly against one other trader under equal conditions. These tournaments have a fixed start and end time, with a guaranteed prize fund that is distributed among the top-performing participants. Participants have access to the same trading tools and indicators as in regular trading, allowing them to apply their strategies effectively.  To join a tournament, you must have a real Binomo account.

Click here to learn more about Binomo tournaments!

Trading Signals

Binomo offers proprietary trading signals on its platform, but these are exclusive to "VIP" and "Prestige" members. To access this feature, you need a cumulative total deposit of $1,000 in your Binomo trading account.

Binomo Mobile App

The Binomo mobile app is a great tool for traders who want to access the platform on the go. It provides almost all the functionality of the desktop version, with additional features specifically designed for mobile use like real-time alerts about price movements, a personalized feed and a social trading function.

Here are the limitations of the Binomo mobile app compared to the web version:

• Simplified user interface optimized for smaller screens
• Fewer chart types (no candlestick, bar, or Heiken Ashi charts)
• Limited multi-chart view capabilities
• Slightly fewer technical indicators and drawing tools

You can get the Binomo app from the Apple Store, Google Play, Huawei App Gallery, Samsung Galaxy Store, Aptoide and Apptoko.

Note: If Binomo is not available in your country's app store, we suggest you to download the Binomo APK app. This version bypasses geo-restrictions and offers nearly all the functionality of the web interface.

How to get started with Binomo?

The account opening process of Binomo is pretty straightforward, just follow the steps below:

1. Register a new Binomo account

Go to the Binomo website or download the Binomo app from the App Store or Google Play Store.

You can register a Binomo account through your email address, Google or Facebook account. If you're registering using your email address, just 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

Binomo gives a free demo account with $10,000 of virtual currency (and unlimited refills) to practice trading, risk-free. with The free demo account allows you to explore Binomo's user interface and tools without risking your own money. 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.

3. Make your first deposit and start trading

Once you feel comfortable with the demo account, you can make your first deposit to start trading in real money.

If you need any assistance while trading the 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.

Deposit and Withdrawal Methods

Binomo offers a variety of international and local deposit and withdrawal methods, making it convenient to fund your account and access your earnings.

The minimum deposit at Binomo is $10 (or 500 INR in India) for deposits made via bank cards and e-wallets, but some payment methods like cryptocurrencies have a  higher minimum deposit requirement of $20 (or 1700 INR in India)

Deposit Methods:

• Bank Cards: Binomo accepts major bank cards, including Visa and Mastercard. Deposits are processed instantly and usually have no additional fees.
• Net Banking: If you live in India, you can directly transfer funds from your Indian bank account to your Binomo account through net banking.
• E-Wallets: Binomo supports popular Indian e-wallets like Paytm, PhonePe, UPI, Jeton Wallet, Perfect Money and Google Pay. Deposits through e-wallets are typically instant and free.
• AstroPay Card: This virtual prepaid card allows you to make deposits in Indian Rupees (INR). It's a convenient option for those who don't have a bank card or prefer not to use their bank account directly.
• Cryptocurrencies: Binomo accepts deposits in various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, USDC and Tether.

Withdrawal Methods:

The minimum withdrawal amount for Binomo is $10 or the equivalent in your account currency, regardless of the withdrawal method. However, you can only withdraw your funds using the same method you used to deposit to your Binomo account. For example, if you deposited using a specific bank card, you must withdraw your money to the same card. Binomo does not charge any withdrawal fees.

Withdrawal processing times vary depending on the chosen method:

• Bank Cards and Net Banking: Typically take 1-3 business days.
• E-Wallets: Usually processed instantly or within a few hours.
• AstroPay Card: Instant or within a few hours.
• Cryptocurrencies: Can vary depending on the blockchain network and transaction fees.

It's important to note that Binomo requires users to verify their identity and payment method before withdrawing funds for the first time. This is a standard procedure to comply with anti-money laundering regulations. 

Accounty types

Binomo offers four distinct account types based on the cumulated amount a trader has deposited into his Binomo account. Here's a comprehensive overview of each account type:

1. Free (demo) account

A risk-free practice account with $10,000 virtual funds, ideal for beginners to learn trading without financial commitment. You can trade with 32 assets in total and participate in free tournaments.

2. Standard Account

The Standard account is the entry-level real money account with a $10 minimum deposit, offering access to 48 assets, up to 85% returns, and basic features suitable for novice traders. 

The Stard account offers you:

• payout of up to 85% for successful trades
  
• 100% maximum deposit bonus
• Access to Standard tournaments
• 3 days waiting time for withdrawals

3. Gold Account

The Gold account requires a $500 minimum deposit, providing enhanced features like higher returns (up to 90%), faster withdrawals, and personalized support for more experienced traders.

Gold account holders will also have the following benefits:

• 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
• only 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

The VIP account is the premium account at Binomo with a $1,000 minimum deposit requirement, offering the highest returns, fastest withdrawals, exclusive trading conditions, and maximum support for professional traders

VIP traders gets the following benefits:

• 200% maximum deposit bonus
  
• 10% cashback through authentic capitals as weekly financial decline compensation
• Access to VIP tournaments
• only 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

To upgrade your account status, you need to make a corresponding deposit. The required deposit amount is automatically registered by Binomo, and your account status changes automatically upon successful deposit.

Conclusion

Binomo is a simple trading platform for beginner traders that offers a user-friendly interface, low entry limits, some basic tutorials and exciting features.

Binomo gives the opportunity for quick and extremely high-earning potential, however, this also comes with a very high risk. This high risk combined with the lack of proper regulation and advanced features raises concerns about its safety and trustworthyness.

For those who prefer short-term trading and are comfortable with the risks associated with binary options, Olymp Trade is a better alternative than Binomo as it offers a wider range of assets, higher payouts and a lot more features.

If you're looking for a CFD broker that has a strong regulatory background and very low fees, Exness is a strong alternative.

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. 

Can you really make easy money with Binomo?

Yes, it's possible to make money with Binomo, but it is much harder than some influencers might suggest and the majority of binary options traders lose money. While Binomo's trading platform is simple to use, success in binary options trading requires experience, a good trading strategy and proper money management. Even if you have all of these, it's very hard to predict price movements for the next few minutes due to high noise levels in financial data, market efficiency, and the complexity of influencing factors such as economic indicators and market sentiment. So it's very unlikely that you will get rich from trading on Binomo.

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 halal?

No, trading on Binomo is not considered halal because its fixed time trading type closely resembles gambling, involves excessive uncertainty (gharar), lacks real asset transfer, often functions as a zero-sum game where one party profits at another's expense, and may involve interest (riba) in certain scenarios, all of which are prohibited in Islamic finance principles.

However, some Islamic scholars argue that binary options trading could potentially be considered halal if conducted with a clear, analysis-based strategy rather than relying on chance.