Should you trust Binomo?
It’s been almost two decades since financial products brokers started making an appearance on the World Wide Web. Over the years, a lot of these brokers were forced to shut down due to much stricter laws and restrictions put in place by the government. But although many were legitimate businesses, it can’t be denied that some of them were just fake platforms built to scam aspiring traders out of their hard-earned money.
Binomo is one platform that has successfully managed to withstand the test of time. That said, just because it has been around for a while doesn’t automatically mean that it’s no longer a scam, right? In this article, we’ll let you know if Binomo is indeed a legitimate financial products broker worth checking out.
What is Binomo?
Binomo is an online broker that specializes in financial derivatives. This means Binomo is a Option broker.
It was established in 2014 and is currently owned by the name of Dolphin Corp. The site receives almost 900,000 visitors daily and completes almost 30 million successful trades each week. It’s also a rather popular trading platform in countries such as India, Indornesia, Vietnam, Ukraine, and Turkey.
Is it possible to earn money by trading on Binomo?
People who sign up for the platform understandably expect to earn money by trading, but just like any other platform out there, simply investing on Binomo doesn’t mean that you’ll earn a lot of money.
If you really want to make it big in the world of trading, you need more than just a good broker. You also need to come equipped with the skills needed to be a successful trader. Without these skills, trading is nothing more than just another form of gambling. In fact, similar to real gamblers, most traders end up losing more money than they will ever earn by doing trades.
Meanwhile, the select few that do manage to earn do so by using tried and tested techniques, continuously researching and studying about the topic, and making sure that they never let their emotions get the best of them.
Binomo: legit or scam broker?
Binomo may not yet be a household name when it comes to online trading platforms, but it’s not something to scoff at either.
As of March 2020, Binomo has a category rank of 150 based on SimilarWeb rankings. This means that out of all investing-related sites in the finance niche, Binomo holds the 150th spot worldwide.
As you can see in the screenshot below, 19.02% of all Binomo visitors are from India, with Brazil coming in close second with 18.66%. Meanwhile, Vietnam makes up almost 15% of all visits, and Ukraine and Turkey together account for another 15%. The remaining 32% of visitors come from the rest of the 133 countries where Binomo is accessible.
Binomo site traffic based on country of origin
Who regulates Binomo?
Although Binomo has been around since 2014, the truth is that is still doesn’t have a lot of regulators backing it up. At the moment, Binomo has only received approval from one regulator.
Nonetheless, there’s no need to be worried since Binomo does have a certification from the International Financial Commission, also known as FinaCom or IFC. This means that there is still at the very least a regulatory body that oversees Binomo.In addition to this, Binomo has also been a Category A member of the IFC since 2018.
With this certification, traders are protected for up to €20,000 in case things go wrong, such as if Binomo compromises funds. According to Binomo’s official website, traders should first contact Binomo support. If the issue resolution fails, they can then appeal to The Financial Commission within 45 days of contacting Binomo.
The only downside is that IFC can’t legally punish Binomo if they mess up. They can only go as far as to provide compensation to victims and remove the company’s certification if it is proven to be doing shady things. This is bound to be fixed in the future once Binomo finally gets approval from other reputable regulators, though.
How has Binomo developed over the years?
When Binomo first started out in 2014, it was only offering financial products to interested traders. Now, more than half a decade later, Binomo has evolved to a more inclusive broker that also offers other financial instruments like Forex financial products, cryptocurrency, stocks, and indices.
Currently, traders can access Binomo both on desktop and on mobile. There are also plenty of educational materials like tutorial videos and guide articles to help beginner traders learn the ins and out of trading.
Plus, if you ever encounter any problem on the platform, you can always send a message to the support staff on various social media channels like YouTube, Instagram, and Facebook and they’ll reply to you as soon as possible.
Binomo has certainly improved throughout the years
Downsides to Binomo?
There’s no such thing as a perfect broker. Even though Binomo offers plenty of benefits, it’s only natural that it does have a downside as well, just like any other online broker out there.
For Binomo specifically, many reviewers have mentioned their disappointment that Binomo doesn’t have a lot of regulators backing it up. However, it’s worth mentioning that IFC will be there to provide compensation to traders in case things go wrong at Binomo, which makes Binomo legit.
In conclusion, Binomo is a certified legitimate online financial products broker that is certainly worth checking out if you want to start trading yourself. If you’re interested, you might want to try creating a Binomo demo account first, just to see if it’s the right one for you. Good luck on your journey to the world of trading!