Deciphering the Legitimacy of Binomo Broker: Is it a Scam?

Introduction

Binomo is a binary options broker that has been in operation since 2014. The company is based in Seychelles and is owned by Tiburon Corporation Limited. Binomo has gained popularity in recent years, especially in Asia and Africa, due to its user-friendly platform and low minimum deposit requirements. However, there have been concerns about the legitimacy of the broker, with some traders claiming that it is a scam. In this article, we will examine the legitimacy of Binomo and provide valuable insights to help traders make informed decisions.

Background

Binary options trading is a form of financial trading where traders predict the price movement of an asset within a specified time frame. If the prediction is correct, the trader earns a profit, and if it is wrong, the trader loses the investment. Binary options trading has gained popularity in recent years due to its simplicity and high returns. However, it is also a high-risk investment, and traders can lose their entire investment if they make the wrong prediction.

Binomo is a binary options broker that offers trading in various assets, including currencies, commodities, and stocks. The broker offers a user-friendly platform that is easy to navigate, making it popular among novice traders. Binomo also offers low minimum deposit requirements, making it accessible to traders with limited funds.

Regulation

One of the main concerns about Binomo is its regulation. The broker is based in Seychelles, which is known for its lax financial regulations. Seychelles does not have a regulatory body for binary options trading, which means that Binomo is not regulated by any authority.

However, Binomo is a member of the Financial Commission, an independent organization that provides dispute resolution services for the financial industry. The Financial Commission is not a regulatory body, but it provides a level of protection for traders by ensuring that brokers adhere to ethical business practices. Binomo is also a category A member of the commission, which means that it has a high level of financial stability.

Security

Another concern about Binomo is its security. The broker uses SSL encryption to protect its website and trading platform, which ensures that traders’ personal and financial information is secure. Binomo also uses segregated accounts to ensure that traders’ funds are kept separate from the company’s funds.

Binomo also offers two-factor authentication, which adds an extra layer of security to traders’ accounts. Traders can enable two-factor authentication by linking their account to their mobile phone, which means that they will receive a code via SMS every time they log in to their account.

Trading Platform

Binomo offers a user-friendly trading platform that is easy to navigate. The platform is web-based, which means that traders do not need to download any software to use it. The platform offers various trading tools, including technical analysis tools, trading signals, and an economic calendar.

Binomo also offers a mobile trading app, which is available for iOS and Android devices. The app offers the same features as the web-based platform, making it easy for traders to trade on the go.

Customer Support

Binomo offers customer support via email, phone, and live chat. The broker’s customer support team is available 24/7, which means that traders can get help whenever they need it. Binomo also offers a comprehensive FAQ section on its website, which provides answers to common questions.

Conclusion

In conclusion, Binomo is a legitimate binary options broker that offers a user-friendly platform and low minimum deposit requirements. While the broker is not regulated by any authority, it is a member of the Financial Commission, which provides a level of protection for traders. Binomo also uses SSL encryption and segregated accounts to ensure that traders’ personal and financial information is secure. The broker’s trading platform is easy to navigate, and it offers various trading tools, including technical analysis tools and an economic calendar. Binomo’s customer support team is available 24/7, and the broker offers a comprehensive FAQ section on its website. Overall, Binomo is a reliable broker that traders can trust.