Binomo Review - Is it Safe and Legit? [2025]
Safety Score: 1/5
We do NOT recommend trading on Binomo, here is why:
Binomo is an online trading broker that offers binary options (also called "Fixed Time Trading" or "FTT"), where users bet on short-term price movements of assets like currencies, commodities, and crypto.
Like most binary options brokers, Binomo offers a very simple, mobile-friendly trading platform with fast trade execution and a low $10 minimum deposit, which makes it very attractive for absolute beginners who are looking for easy ways to make money online.
Even though Binomo is a real, functioning trading platform that has operated since 2014, we do not consider it safe or trustworthy due to its unregulated status, and we suggest beginner traders avoid it.
Best Binomo alternative: IQ Option
IQ Option offers the same simple trading platform and the possibility to trade binary options, but unlike Binomo:
In this detailed Binomo review, we’ll show you exactly how Binomo works, why is Binomo unsafe and how its features can mislead you. But before we analyze the risks of Binomo, let’s look at what the broker offers and why so many people are attracted to it.
What is Binomo and How does it Work?
Binomo is essentially a binary options trading platform, where all trades are short-term (5 seconds to 60 minutes) predictions on price movement with fixed payouts and fixed losses. Binomo offers access to 70+ assets including major currency pairs (EUR/USD, GBP/USD), cryptocurrencies like Bitcoin, popular stocks, commodities, and several OTC synthetic instruments.
To open a trade at Binomo, just follow the below steps:
- Choose an asset like Gold, EUR/USD or Bitcoin.
- Set a trade amount and expiry time (usually 1-5 minutes)
- Predict whether the price will rise or fall by clicking "Up" or "Down".
When the expiry time ends, the position automatically closes: if your prediction was correct, you receive a fixed payout (typically 30–85% of your stake); if not, the full trade amount is lost.
Binomo is very attractive for beginner traders due to the following features:
Many beginners see Binomo as an easy way to start trading and make passive income, so let's analyze how safe Binomo is and can you really make money with it.
NOT SAFE
Why is Binomo not safe?
We don't consider Binomo safe because it is an unregulated offshore broker without any kind of investor protection or regulatory oversight.
Let’s analyse more in detail what this unregulated status really means for you and what are the practical risks of trading at Binomo.
1. Binomo is Not Regulated
Binomo is owned by Dolphin Corp LLC, an offshore company based offshore in St. Vincent and the Grenadines, a country with no proper regulatory framework for online trading. This means:
- Binomo is not monitored by any government financial authority.
- There is no investor compensation fund if Binomo withholds your money.
- Binomo does not hold trader deposits in segregated accounts, so they can invest your money or use it for operational purposes.
Although Binomo is a member of the International Financial Commission (FinaCom), it is crucial to understand that FinaCom is a private dispute resolution organization, not a government regulator. This means that FinaCom can help resolve your individual disputes after they happen, but the lack of a government regulator means there is no authority to prevent unfair business practices from occurring in the first place.
» Learn more about broker regulation here: How to Choose a Safe Trading Broker
2. Binomo’s binary options trading is similar to gambling
Binomo’s main trading products — Fixed Time Trading (FTT), 5-second trades, and Dynamic Range Trading (DRT) — are all forms of binary options trading, which many regulators (including SEBI, ESMA, ASIC, Bappebti, and multiple Latin American regulators) classify as gambling rather than financial investing, for two reasons:
- Binary options rely on chance, not meaningful analysis.
Most Binomo trades last 5–60 seconds, which makes price movement essentially random market noise, with a 50% chance of winning a trade. No trading indicator, Binomo strategy, or technical pattern work reliably in such ultra-short time frames. - The payout structure gives Binomo a built-in mathematical advantage, because
with every trade, you risk 100% of your investment, but profit only 70–93% in case you win. This means that to become a profitable Binomo trader, you need a win rate above 56–60% win rate, which is very hard for even professional traders.
This unfair "house edge" of the broker is why many regulators classify binary options as a gambling-like product and why binary option brokers are banned or restricted in many countries.
» Read our full binary options guide to understand what trading type you should use instead.
3. Misleading Tools and Direct Involvement in a Large Financial Scam
Binomo's marketing and tools are designed to create a false sense of security and high profitability while exposing traders to significant risk. Here are some examples:
I. Promise of high payouts
Binomo advertises payouts of up to 90%, but these are rarely available and apply to Gold, VIP, and Prestige accounts only, and standard traders usually see payouts in the 30%–85% range.
II. Unverified trading signals and “helper” tools
Binomo presents built-in signals with accuracy claims that are not backed by real methodology. These features mislead beginners into believing Binomo offers them real strategic guidance and guaranteed way of making money, but the real purpose is to increase trade volume.
III. Direct involvement in multiple high-scale financial scandals
Binomo's affiliate marketing model was central to multiple financial scams. For example, in 2022, high-profile Indonesian influencers Indra Kenz and Doni Salmanan were arrested for promoting Binomo through fraudulent investment schemes, money laundering, and spreading fake news. The investigations by Indonesia's National Police's Criminal Investigation Agency (Bareskrim) revealed that Binomo's most lucrative and widely used model was a revenue share based on client losses.
Binomo’s responsibility lies in the fact that its affiliate program mainly rewards its affiliates on a revenue share basis, which means that most Binomo affiliates are making money, when their referred traders are losing.
4. Binomo Has a History of Account Blocks and Withdrawal Issues
Many users on Trustpilot, Reddit, and app stores report serious issues such as withdrawal delays lasting weeks, withdrawal denials due to vague “bonus conditions” or “verification problems,” and sudden account blocks after earning high profits.
In some cases, traders have lost access to thousands of dollars with no way to recover their funds. Here are Binomo ratings across scam detection and investing-related review platforms:
- Trustpilot: 4.1/5 Trustscore
- Traders Union: 5.1/10 Overall Score
Here’s an actual Trustpilot review:
A safer alternative to Binomo: IQ Option
IQ Option is the only binary options broker we have tested that has a well regulated parent company and additional trading products beyond binary options.
Even though we do not recommend trading on Binomo, many readers still search for practical information about how the platform works, so the next sections provide a factual overview of Binomo’s account setup, app, deposits, withdrawals and legal status.
Binomo App
The Binomo app is the mobile version of the Binomo trading platform, offering the same binary options features as the web version, but in a less reliable technical environment.
Binomo offers several app versions depending on your device and your country:
- Android APK – available directly from the Binomo website
- Android Play Store app – available in some countries, but often removed
- iOS App Store version – available intermittently, depending on regional restrictions
- Windows desktop app – downloadable from the official website
- Binomo Web App – the recommended version because it is more stable and does not depend on app store removals
You can download the Binomo app on Android (APK), iOS, and Windows PC, but many users report issues with the Binomo app versions, like delayed withdrawals, frequent app crashes, sudden trade execution errors and internet disconnections during trades.
For this reason we strongly suggest using the Binomo web version, if you still want to trade at this broker despite our warning because it’s more stable and reliable than the Binomo mobile apps.
How to Open a Binomo Account?
Opening an account is fast and free. If you want to open a trading account with Binomo despite our warning, here are the steps to open a Binomo account:
Step 1:
Go to the official Binomo website or download the mobile app.
Step 2:
Click “Register.”
Step 3:
Enter your email, create a password, and select your account currency. You can also log in using Facebook or Google.
Step 4:
Accept the terms of service and confirm that you’re 18+ and not from a restricted country (like the US or EU).
Step 5:
Choose an account to begin trading. You can start trading with a free demo account, and deposits are not required.
Step 6:
Add your name, date of birth, and address later under profile settings.
Important Warning: Even though account creation is easy, Binomo is not a regulated broker, so there’s no protection for your personal or financial data. If something goes wrong, like withdrawal problems or account blocks, you’ll have no official help from any financial authority.
To protect your Binomo account and prevent unauthorized people from logging in, we suggest you set up 2FA and other security measures after creating your trading account.
Binomo Account Types
Binomo offers two account types, a live account for real money traders and a free, $10,000 demo account to try out their platform and practice trading strategies.
Here’s an overview of each account type:
Demo Account
Binomo demo account provides you with $10,000 virtual money when you sign up, which allows you to check the platforms tools, try out or practice your trading without risking your real money. You can reset the demo account anytime and use most indicators, tools, and built-in strategies to practice.
However, remember that winning on demo doesn’t mean you’ll win with real money. Also, some features of Binomo like tournaments and Dynamic Range Trading (DRT) are not available in the demo version, so you have to open a real money account to use those.
Live Account
A live account provides you access to all features in Binomo, where you use real money to make actual trades for profit. Binomo has five live account tiers, depending on the how much money you deposit to the broker:
- Free: No advanced perks, like bonuses.
- Standard: Minimum deposit of $10, which unlocks basic access to trading types, bonuses, tournaments, access to 45+ assets, and up to 85% profitability.
- Gold: Requires total deposits of $500, which unlocks up to 5% cashback, faster withdrawals, access to 60+ assets, and up to 90% profitability.
- VIP: Requires total deposits of $1,000, which unlocks a personal account manager, risk-free trades, deposit insurance, more platform features, access to 70+ assets, up to 10% cashback, and priority withdrawals under 4 hours.
- Prestige: Requires $3,000 total deposit, which unlocks 5% monthly cashback for unsuccessful trades, exclusive bonuses, and high-priority support.
Binomo Deposit and Withdrawal
Depositing money to Binomo is fast and easy, and the broker offers a wide range of payment methods like local payment gateways, bank cards (Visa/Mastercard), e-wallets (e.g., Perfect Money, Astro Pay Skrill in some regions), internet banks (Codi, Oxxo Pay) and crypto deposits (USDT, Bitcoin, Binance Pay, Ethereum, etc).
The minimum deposit at Binomo is $10, deposits are usually processed instantly, and the broker does not charge deposit fees in most countries.
However, withdrawing your money from Binomo can be slow, restricted, or outright blocked, especially if you make high profits, claim huge deposit bonuses, or trade from strictly-regulated countries.
To withdraw money from your Binomo account, you have to use the same payment method that you used to deposit money. While deposit requests are processed instantly, money withdrawal requests are usually processed longer, depending on your account status (e.g., standard accounts take 1-5 business days while VIP accounts only take 4 hours).
Binomo does not charge fees for withdrawals, but you may still lose money due to conversion fees or local bank charges.
Note that many traders face serious issues when trying to withdraw their money, like:
- Delayed withdrawals: Even with a VIP account, withdrawals can take days or weeks, especially when you face remittance restrictions from using local payment methods in strict countries, like India, Pakistan, or Indonesia.
- Denied withdrawals: Binomo may reject your request due to “unverified account status” or hidden bonus conditions.
- Lack of support: When problems arise, many users say the support team gives generic responses or stops replying.
Deposit Bonuses and Promo Codes
Binomo regularly offers deposit bonuses and promo codes to attract new traders and keep existing users engaged. Binomo currently offers a welcome bonus of up to 70% for deposits over $50.
Note however, that if you accept a bonus, you need to reach a very high trading volume before you can withdraw. Binomo will prioritize bonus funds over your deposit when calculating eligibility, so if you try to withdraw too soon, your account could be flagged or blocked.
How to Use Binomo as a Beginner?
Before we explain how to use Binomo effectively, you must understand one thing:
You can make short-term money on Binomo, but long-term profitability is extremely unlikely because of the built-in mathematical edge of Binomo's binary options trading model.
If you still want to trade despite the risks, here are some practical tips on how to use Binomo to maximize your profitability:
- Use longer expiry times, like 30-60 minutes, instead of 5–60 seconds. Longer timeframes make Binomo strategies and indicators more reliable.
- Trade only assets with high payouts (85% or above).
- Master 1 simple trading strategy instead of switch strategies constantly.
Pick a single beginner-friendly strategy like RSI trend continuation, MA cross, MACD momentum, etc. and test it for at least 20–50 demo trades.
→ Check out our Binomo strategy article to get some exact strategies you can copy. - Practice on the demo account first. Binomo offers a $10,000 demo account to try out the platform and test strategies without risking your own money.
- Risk only 1–2% of your total balance per trade to avoid blowing up your account in a few losing streaks.
- Withdraw small profits regularly and do not leave large balances in your Binomo account. Remember, Binomo is an unregulated broker, who can block your account or deny withdrawals anytime and you can't do anything against it.
Is Binomo Legal?
Binomo is considered illegal in most countries around the world, but its legality depends entirely on your country’s financial regulations.
Binomo does hold a basic offshore business license from St. Vincent and the Grenadines that allows it to operate as an online trading broker globally, but most countries either ban binary options altogether, or require brokers to hold a local financial regulator’s licence, which Binomo does not have.
Because of this, you can only use Binomo legally in countries that do not explicitly ban offshore brokers and do not regulate binary options trading.
Below is the legal status in the regions where most of the Binomo traders live:
Legal Status of Binomo in Major Countries (2025)
- 🇮🇳 Binomo is illegal in India, because it does not have a licence from the Securities and Exchange Board of India (SEBI) and appears on the RBI alert list.
- 🇵🇰 Binomo is illegal in Pakistan, because it is not licensed by the Securities and Exchange Commission of Pakistan (SECP), which has issued warnings about unregistered offshore trading apps.
- 🇧🇩 Binomo is also illegal in Bangladesh, because it does not have a required trading licence from the Bangladesh Securities and Exchange Commission (BSEC).
- 🇿🇦 Binomo is unregulated in South Africa and not licensed by the FSCA, but South Africans are legally allowed to use offshore trading platforms at their own risk.
- 🇮🇩 Binomo is illegal in Indonesia, because binary options trading and is banned and Binomo was explicitly declared as an illegal trading platform by Bappebti.
- 🇧🇷 Binomo is illegal in Brazil, because it is not authorized by CVM, which classifies offshore binary options as irregular investment offerings.
- 🌎 Across most Latin American countries, Binomo is mostly considered unauthorized, but not illegal.
Binomo Accepted Countries
According to section 12.2. of the broker's client agreement, Binomo does not accept traders from many major countries, including:
- United States & Canada
- United Kingdom & all EU countries (Germany, France, Italy, Spain, Poland, Netherlands, etc.)
- Australia & New Zealand
- Brazil
- Russia & Belarus
- Japan, Singapore, Hong Kong
- UAE & China
If you live in any of these regions, you cannot legally open a Binomo account at all (without using a VPN), because Binomo rejects registrations due to regulatory restrictions.
Safety Score: 1/5
Verdict: Not Recommended
We don’t recommend Binomo, and it’s not a safe trading broker because it is unregulated, and is either banned, illegal, or unauthorized in most countries. It has been linked to major financial scams, especially in Southeast Asia, and many users have reported being scammed or locked out of their accounts after making profits. If something goes wrong, you also have no legal recourse and no way to recover your funds.
If you are a beginner and want to try binary options trading, our recommendation is to use IQ Option.
Binomo FAQs
Yes, many central banks consider Binomo gambling-like, because its binary options trading model has a built-in house edge: you can lose 100% on losing trades but only win up to ~85% on winning trades, and most trades are 50–50 bets on short-term price noise.
We consider Binomo haram, because its binary options trading involves maysir (gambling) and gharar (excessive uncertainty), both of which are prohibited under Islamic finance.
No, Binomo is not regulated by any government financial authority. Binomo is a member of the International Financial Commission, but it is only a third-party dispute resolution organization, not a real financial regulator.
We do not consider Binomo a trustworthy broker, because it is unregulated and many users report blocked accounts and rejected withdrawals after making profits. If something goes wrong, you have no strong regulator or compensation scheme to help you recover your money.
Risk Warning & Legal Disclaimer:
The content on this website is for informational purposes only and does not constitute financial, legal, or investment advice. We do not provide personal recommendations and are not responsible for any losses resulting from your trading activity. Online trading involves significant risk — especially fixed time trades and CFDs, which are complex instruments and carry a high risk of losing money rapidly due to leverage. Always ensure you understand how these products work and whether you can afford to take the high risk of losing your money. Users are solely responsible for complying with their local laws and regulations.
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