When I started in the world of financial markets, one of the brokers that caught my attention was Binomo. In fact, for a while, I promoted this broker. However, after acquiring solid knowledge of the market and the existing scams, I removed the promotion I had in this post when I realized the dangerous scam it is.
Binomo is sold to us as a Binary Options Broker where anyone can make money, even without market knowledge. However, behind this façade lies the loss of their customers’ money, exaggerated advertising promising substantial earnings, and, according to some of its clients, an alleged manipulation on their platform to make the majority lose. Nevertheless, it cannot be guaranteed that this is true.
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Is Binomo regulated?
YES, engrave this in your brain. BINOMO BROKER IS REGULATED. However, despite all the regulation they have, their customers claim that they manipulate prices within their company. To this day, the regulatory body has not conducted a thorough investigation of Binomo’s activities, so it cannot be openly stated that this broker is a scam.
The fact that a broker is regulated does not mean they cannot manipulate prices. The only thing I can do for you, my dear traders, is to tell you to be careful about where you deposit your money to trade and avoid any unpleasant experiences.
Despite its regulation, Binomo has received multiple complaints regarding alleged price manipulations and difficulties in withdrawing money. So, I repeat once again: “It cannot be asserted that this broker is a scam, but you should be prepared for any situation, and it’s best for you to stay away from this platform.”
The Truth Behind Binomo
As interest in Binomo grows, so do concerns. Several financial regulators and experts have warned about the high risk associated with trading on this platform. The complexity of the options and the aggressive marketing tactics used by this broker to promote itself have raised doubts about its transparency and reliability.
It is essential to understand that any investment carries risks, and this is something that Binomo does not inform about. Thus, their target audience is typically inexperienced individuals who are the easiest to captivate by promising them significant and quick profits. All these factors, along with the complaints, create a great distrust of this broker, and therefore, I do not recommend it to you.
The Hidden Risks of this Broker
Here I will reveal the hidden risks you should be aware of regarding Binomo:
- Aggressive Marketing Tactics: Binomo often uses aggressive marketing tactics to attract new investors. These tactics often emphasize potential profits without properly mentioning the associated risks. It is important not to be swayed by exaggerated promises.
- Complexity of Binary Options: Binomo indeed offers a wide range of investment options in the field of Binary Options, but they do not inform about the complexity of this product and market it as an easy way to make money.
So, is Binomo a scam or an investment opportunity?
By this point, you should be clear that Binomo is not a scam, but it cannot be taken for granted that it is not one, so stay alert and do not trust anyone, as this is a very delicate matter. It is important to note that Binary Options are an investment product that closely resembles a bet. However, they are legal and marketed as investments. Very few people are truly profitable with binary options, as most lose money due to their inexperience in the field.
Even a professional Forex trader or someone with experience in any other financial market sees binary options as a bet and prefers not to get involved with this product. Those who do profit from binary options are very rare, and they do not trust brokers with as many complaints as this one. They prefer to choose brokers with more experience and recognition for binary options trading, such as Deriv or Olymp Trade.
In my other blog called WikiTradingPro, I posted an article explaining the risks associated with this broker. You can visit it and read it as well, although it’s similar to what you’ve just read here. Here’s the link: Binomo Broker: Scam or Reliable?. I also included a video on my YouTube channel: