BrokersView
Sign In
English

Binomo

Newest

Popular

Do I need to make new account if I want to use Binomo mobile app platform ?

Lerry
Indonesia
2022-05-05
ANSWER Binomo is an UNLICENSED broker registered in the St. Vincent and the Grenadines, a famous offshore zone. The FSA of the St. Vincent and the Grenadines (SVG FSA) does not issue any licenses for forex trading or brokers nor does it regulate or license international companies engaging in such activities. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered in or regulated by SVG FSA as they are actually under no valid regulation. Binomo also claims to be regulated by the Financial Commission, and its subsidiary TITAWIN to be regulated by the Vanuatu Financial Services Commission (VFSC). Despite the provided regulation on its website, this broker is not under supervision, since the Financial Commission simply acts as an independent external dispute resolution (EDR) organization that does not regulate forex, and there is no regulatory details about TITAWIN in the registers of VFSC.   What's worse, the CNMV, CySEC and CVM have successively added Binomo to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV, CySEC and CVM against Binomo respectively. We would recommend traders stay away from unregulated brokers like Binomo and trade with licensed brokers.
See more

I'd like to know about the license of Binomo, can you please confirm it for me？

Steve
Mexico
2021-10-17
ANSWER Binomo is an UNLICENSED broker registered in the St. Vincent and the Grenadines, a famous offshore zone. The FSA of the St. Vincent and the Grenadines has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. In reality, it is of certain risk to trade with the offshore based companies as they don't provide any funds protection as well as withdrawals guarantee, nor do they comply with full requirements and strict rules, including numerous security and transparency obligations. Binomo also claims to be regulated by the Financial Commission, and its subsidiary TITAWIN to be regulated by the Vanuatu Financial Services Commission (VFSC). Despite the provided regulation on its website, Binomo is not under valid supervision, since the Financial Commission simply acts as an independent external dispute resolution (EDR) organization that does not regulate forex, and there is no regulatory details about TITAWIN in the registers of VFSC.   What's worse, the Spanish regulator CNMV, Cyprus regulator CySEC and the Brazil's regulator CVM have successively added Binomo to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV, CySEC and CVM on Binomo respectively. As per the red flags above, we recommend you to stay away from Binomo and choose properly regulated brokers.
See more

Hot Topics

Most Viewed

Download on the

App Store

Download on the

Google Play

Company Shop Application About Us Our Methodology Privacy Policy Contact Us

Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

Disclaimer:

The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website.