Looking quickly on a search engine, it doesn't look good.
It's full of fake reviews and spammy blog posts from shitty websites just created for Binomo.
If the site is legit, I can say they really suck with their marketing strategy and the guys in charge of it should be fired without a notice....
This said I found
this comment, which looks more accurate on how Binomo really works. So instead of rehashing the same argument, I post it here
Is Binomo a legitimate/safe binary options broker?
NO!!!
There are multiple reasons why you should not touch Binomo with even a pole:
- First and foremost - it is very much a casino. And the one true rule in a casino is that the house always wins. The chart that they show for Crypto IDX or other currency charts are detailed till the 8th decimal. You can never check that data from outside. Hence you cannot check if the chart that is being shown to you in real time is real or fake. In most cases, it is fake and is manipulated based on the amount of money you have put in the trade. Check their definition of Crypto IDX and you will know it takes 4 bitcoin currencies into account and also their respective liquidities into play (making the index tough to analyze or predict) or even check against any real market instrument.
- Discrepancy in demo and real trading accounts. Yes, they provide a demo trading account in which you place virtual money on bets. In demo trading you will win 8/10 times but as soon as you switch to real money, they will make sure that you never win and keep losing your capital.
- For people who think these are similar to options in NSE - the explanation is: In options contract, there are 2 parties involved - one who buys and one who sells the option contract. So if you win, you get the money that the other person paid for the contract. But here, you are betting against Binomo on the chart that is controlled by Binomo to win money from Binomo. Now think about the odds of that happening. Why would Binomo want you to win in that case, when it has the power to control the charts.
- I am telling you these after experiencing the platform first hand. I was lucky as I was able to figure out their tactics with just a small loss of 600 Rupees. I took multiple trades, and while I was able to win money on trades with 70–100 Rs. As soon as you put more money, you lost that trade. Also, people trading at different locations reported different values on the charts, which clarified all my doubts that the CHARTS ARE MANIPULATED.
So a piece of advice: pls dont try this platform to make quick bucks. You will mostly end up wasting your time, money and peace of mind. Any reviews/promotions on Youtube or other platforms are just adverts intended to lure more people in on this casino. There is a reason why the Indian govt. does not want to get involved with these apps, and I think that’s a smart move.
Also another warning, if for some reason you are not able to get money out of the platform using withdrawals, you do not have any recourse against them. You cannot file any official complaint against them in India, as they are not regulated by any trading body in the country. So for your own safety, keep away fellas. Peace!!!
