Most of us are constantly looking for additional sources of income. If you are searching for one too, this is the right place to learn about it.
Binomo was created to bring trading opportunities to every trader in over 130 countries from the financial market. With your mobile phone or any other internet-enabled device, you can now begin to trade in the financial market. Of course, people find it difficult to believe this and call Binomo a fraud.
So, let’s find out if www.binomo.com is a scam or legit in Pakistan.
Is Binomo real or fake?
Binomo is a real company. It was founded in 2014 by Dolphin Corp to enable traders to trade online without an intermediary. This information is public that can be verified by actually visiting the website. It also assures users that Binomo is a safe platform.
Furthermore, there are countless user reviews on many different forums and social media surrounding their experience on Binomo. Even the comments on Google Play and App Store can be used to verify the legality of the app. Many have already tested the trading platform and are satisfied with the provided features and functionality.
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Is Binomo legal in Pakistan?
Binomo is duly regulated by independent bodies and holds the necessary certifications to operate in Pakistan. Binomo has been certified by Verify My Trades. It is an independent organization that audits the legitimacy of trades on online trading platforms.
Binomo also received the FE Award in 2015 and the IAIR Award in 2016. These awards are a sign of the company’s dedication to fairness and users satisfaction.
Regulation and certificates
Binomo is regulated by the International Financial Commission. The ICF has placed Binomo in a category “A” status. It is also another independent body that regulates the activities of such platforms.
The IFC has set up a Compensation Fund that allows it to cover up to €20,000 for each claim against the platforms it regulates. Users can appeal to the ICF if Binomo has mishandled their case. If it is proved that the trader’s claims are justified, the compensation fund comes into force.
Why do some say Binomo is a scam?
You might find some traders proclaiming that Binomo is a fraud in your research. However, many traders support the platform as they understand that it is safe to trade. They also realize that it is necessary to learn and improve their skills to make correct forecasts and get additional income because Binomo is not a game!
You can lose your investment in Binomo under certain conditions:
- Violation of the platform rules may result in the loss of your account. Thus, if Binomo finds that any of them are violated, you will not be allowed to open a new account, and you will lose your investments.
- Financial transactions are delicate and need to be protected against information theft and cyber attacks. The SSL codes guarantee the Binomo traders safe deposits and withdrawals of funds without any inconvenience. However, cyber theft can still be a reason for a deposit loss. For this reason, you should not ignore the account verification process.
- Trading without a strategy or prior knowledge can also cause a loss. Binomo has made several educational resources so that you can avoid such situations. There is a demo account option for you to trade in real-time without risking real capital.
However, you can receive up to 5-10% cashback or insurance on losses depending on your account type. A personal manager can also be assigned to you if you have a Gold or VIP account type. Such managers can guide you through the platform to avoid making bad decisions.
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Binomo has earned the traders’ trust
Well, Binomo is not a scam, and it allows users to earn extra funds by applying their financial knowledge and training experience. It has been operating for more than seven years now and has a strong reputation in the financial world. If it were a fraud, it would be shut down by now.
But there is still risk around your investment. You can minimize this risk of losing funds exposure by learning more about the platform you are trading in, accurately analyzing the financial market and making correct forecasts with proper training.
