Is Binomo legal in Brazil? – Review for Brazilian traders

Brazil is one of the largest countries in South America and has an emerging financial market. The Brazilian Real is considered a standard to judge the other developing currencies and is traded on some forex platforms.

In Brazil, binary trading is pursued as a way to earn. As a result, these platforms have gained massive popularity.

What is Binary Options trading?

The literal meaning of the word binary is something that has two parts hence, two outcomes. Binary options trading is a form of trade where your prediction at a specific time on a particular asset will lead to two results, either you will lose the amount invested or will gain a profit.

One challenge that the Brazilian traders face is finding an offshore broker that provides the services in their local language, that is, Portuguese, and a broker that is regulated and obeys their country’s rules.

Binomo is one such offshore broker which fulfills both these requirements and offers much more than this.

Binomo 

Binomo is a binary options trading platform which is active in the market since 2014 and works under a company named Dolphin Corporation located in St. Vincent and the Grenadines. More than 30,000,000 users make their successful trades using this platform. 

It has described itself as the ‘client-oriented broker. This short-term trading platform is ideal for managing risks. It provides a comfortable and secure environment to its users and is highly recommended by many veterans.

Is Binomo Legal in Brazil?

Binomo is absolutely legal and safe to use for Brazilians. The IFC regulation and VMT certificate make it dependable. Though, as per the rules, EEA and the USA cannot trade in Binomo, there is no law controlling the citizens of Brazil to trade on this platform.

Regulation in Brazil

The Brazilian financial market is regulated by the Securities and Exchange Commission or Comissão de Valores Mobiliários (CVM), as they call it in Portuguese. 

CVM is an independent department that comes under Brazil’s Ministry of Finance.

Established in 1976, the CVM monitors the whole capital market in Brazil. This comprises all the financial agents, the stock market, and the public companies. It supervises all the participants of the financial industry and set rules and regulations.

The binary trading is not illegal even though CVM has not provided the license to forex or to any binary options trading platform to operate in Brazil. 

This implies that there is no local trading platform available to them. Hence, they can only trade through offshore brokers. 

The CVM puts the foreign brokers under close scrutiny, keeping an eye on their activities and restricting their actions that are not in accordance with the authority’s regulations. 

Regulation of Binomo

Binomo is a well-operated and IFC-regulated platform. In addition, it has received a certification for the fair and just implementation of the trades by the reputed ‘VerifyMyTrade’ audit. 

In the year 2016, the platform received the accolade – “Broker of the Year” at the IAIR Awards. In 2015, Binomo was honored with the “Best Broker for Beginners” at the FE Awards.

Can I Trade on Binomo in Brazil?

Since its origin, Binomo has extended its business in many countries, including Brazil. So, in affirmation, Brazilians can use Binomo. 

It is legally active and has obtained category ‘A’ regulation from the prestigious International Financial Commission (IFC). The platform is trustworthy and safe to use in Brazil. You can start your account with a deposit of $10 and trade with $1 only. 

How Can I Use Binomo in Brazil?

You can use the amenities offered by Binomo in Brazil. Using the platform is very easy and is the best terminal especially for beginners, because of its comprehensive and manageable features.

To use Binomo, the initial step is to create your profile account. For that,

  • Go to the official Binomo website and click on ‘sign in.’ 
  • Enter your personal information and email id along with a unique password.
  • Select your desired currency, and before agreeing, read all the terms and conditions to avoid further confusion.
  • Go to ‘create an account.’ 

You can watch the tutorial on how to use the platform based on your trading experience.

Review of Trading Platform

If you are seeking a broker with a variety of assets, amazing features, and a comprehensive platform, then Binomo is the right pick for you. It offers an intuitive yet simple and practical workstation.

The trading terminal has interactive features and is considered one of the best and professional platforms in the market. It has advanced technologies through which you can trade effortlessly. 

The specialized graphical tools guarantee the analysis of assets to the full extent. Binomo uses the SSL protocol to secure your information and trader’s funds, and the terminal provides you the “high/low” trade type.

Demo Account

A demo account is a replication of the real account. Many brokers offer this service to give the traders an opportunity to look into the terminal without any real investment. 

The beginners can learn tips and tricks of trading, whereas the experts can check whether the platform and its functions are as per their requirements or not. 

Binomo provides you this demonstration account without any deposit. You can test all the features and acquire the practice strategies combined with the usage of working tools. 

The account comes with a virtual $1000, which can be restocked at any time. 

Assets

There is a variety of assets to trade in. The diversity allows you flexibility in terms of choices. These are the following assets offered on Binomo:

  • Currency pairings
  • Stocks 
  • Commodities
  • Metals
  • Indices

You can invest in any of them depending on your account types, as Binomo offers three different account types with additional features. 

Account Types

There are three tiers of accounts available:

By fulfilling the minimum deposit amounts, you can be a member of any of these. Their features and services are as follows:

  • Standard Account

The basic account starts with $10 and will offer all the trading terminal operations. From fixed income up to 85% to concluding the trade with $1, the standard account is best for traders with any experience level.

The withdrawal process takes up to 3 working days. With the tournaments, you can get an additional bonus. And not only that, but with every deposit, a comprehensive line of bonuses is offered to the new subscribers as well as to the existing traders.

Technical support is available 24/7 in case of any help.

  • Gold Account

You can manage the gold account with $500. An extended list of assets is available for you in this account and offers a private manager for your help. Also, the claimed payouts will be processed within 24 hours. 

You can participate in gold tournaments for extra bonuses. The insurance on the investments safeguards your deposits. The gold account holder will get an asset return of up to 90%.

Analytical support verified by professional traders will be provided for your assistance so that you can use those strategies while executing the trades. A weekly loss compensation of up to 5% is provided in the cashback manner. 

  • VIP Account

The funding of $1000 will give you access to the most valuable VIP account. You can enjoy all the privileges Binomo has to offer, including access to full assets. The services are customizable, and you can earn the maximum yields. 

The VIP tournaments are organized, which gives its traders a better shot at winning additional bonuses. Furthermore, a personal manager will guide you with strategies and tips. 

In the VIP account, you can get 10% of your weekly losses in the form of cashback, which means unsuccessful trades in this account are not intimidating at all. In addition, you will get insurance on all your investments.

Binomo Deposits

Binomo has numerous payment methods for its Brazilian traders. In addition to the international methods offered by the platform, you can use any of the following local payment methods:

  • Paylivre 
  • Loterica
  • Pix
  • Neteller 
  • Itau 
  • Skrill
  • Bitcoin
  • Banco do Brasil 
  • Santander
  • Litecoin
  • Bradesco
  • Boleto

The minimal amount required to deposit is $10.

#1 To deposit funds using the bank transfer:

  • Go to the right top corner of the home page and click the ‘deposit button.’
  • In the ‘country’ pick Brazil and then bank transfer as your payment method
  • Enter the amount and select ‘Deposit.’ 
  • On the redirected page, click on ‘Bank Transfer.’
  • Proceed to fill in the required details, and from the bottom screen, click ‘debit.’
  • The last step is to send the deposit receipt and select ‘Finalizar Deposito.’ 

Note- the bank account must be the same as the one mentioned in the Cadastro de Pessoas Físicas (CPF), the Brazilian taxpayer registry identification. 

#2. To deposit using Paylivre- 

First of all, make sure that the email address used in your Binomo account is the same as the one linked to your Paylivre account. Then follow this procedure:

  • Select the ‘Deposit’ button from your Binomo profile page.
  • Go to the country option and choose Brazil.
  • After selecting Paylivre as the source, enter the funding amount and click on deposit.
  • If you want to use the money from your Paylivre wallet, select ‘Paylivre Balance.’
  • Because of the linked account, your information will be filled in automatically.
  • Generate the new ‘Token API.’ To generate it, go to your Paylivere account’s home page and from the top screen, select the ‘generate token.’
  • Copy the token and fill it in your Binomo’s ‘Token API.’
  • After clicking debit, you will receive the confirmation of the transaction. 

You can access the status from the transaction history section.

Similarly, you can make payments from the other methods by following the instructions and commands. 

Binomo’s Withdrawal 

The withdrawal process in this platform is very easy and fast, which is processed within 3 working days to the same depositing source. Depending on the withdrawal method, the time period might extend up to 5 days. 

The minimum amount you can withdraw is $10. The bank account withdrawal facility is available in few countries, including Brazil. 

The procedure to withdraw your funds from Binomo account to your e-wallet or bank account is as follows-

  • From your profile menu, select ‘cashier.’ 
  • Go to’ withdraw funds’ and insert the payout value.
  • Select your withdrawal source and request the withdrawal. 

From the transaction history, you can check the withdrawal status.

Special Features of Binomo 

#1 Binomo Mobile Application 

The Binomo trade app allows you to trade anytime and anywhere. The mobile app is designed for iOS and Android users. It is easy and comes with the same features and functions available in the desktop version.

The push notifications system, which is absent in the PC or desktop accounts, alarms you regarding the trade conditions so that you won’t miss any opportunity to gain profit. 

#2 Tournaments 

Binomo holds tournaments regularly, which allows the traders to increase their earnings. In the tournaments, traders compete with each other in order to win the shared prize money. 

These events may last from 1 day to 1 month, and the participation fee varies with each contest. To maintain transparency, the leaderboard monitors all the participants and the money won by them. 

#3 Price Quotes

Price quote is the final price on which the seller and the buyer decide. These are continuously changing rates, and any delay in updating the price quotes may result in an investor’s loss.

Binomo’s price quotes are uploaded by Thomas Reuters Company, which provides the best liquidity in the market. These accurate real-time quotes are best for short-term traders. 

#4 Security

The platform has taken the responsibility to secure all your funds and information. The proprietary platform, which is exclusively constructed to encode your data combined with the safe and secured payment networks, ensures that your money is kept safe.

Because of the IFC regulation, even if Binomo ever compromises its funds, your deposits are protected up to $20,000. The use of SSL and other high-end securities for encryption makes your account and cash safe against any fraud or scam.

#5 Other Incentives

Binomo has regularly offered many promotions and new deals to its customers. There are great sign-in promotions and many other facilities. 

For the new customers, it provides many interesting deals when they make their first deposit of $500. They can get additional funds, extra bonuses, or even one-on-one consultation with an expert.

Deposit and Withdrawal Money in Brazil

The binary options traders have put forward the need of the Brazilian traders and have given them the facility to use these following transaction methods-

  • Bank Cards

All bank cards, whether they are debit or credit cards, can be used. Brazilians can use local cards also as the transactions are done in BRL. 

  • Bank Wires

Bank wire or credit wire is also available. Through this, they can send the money electronically to other banks or agencies around the world. 

  • Digital Wallets

There are many e-wallets through which the traders from Brazil can execute their transactions. Pix, Boleto Bancairo, Paylivre are some to name. The most popular local e-wallet is Boleto and is recognized by many online trading platforms. 

Boleto can be used for Skrill payment; therefore, you can add or withdraw funds to your Boleto account from Skrill. Because Skrill is a foreign source, Brazilian Real can be converted easily into US Dollars. 

Can I Withdraw Funds Using Binomo?

Binomo caters to its users’ needs and has provided many local Brazilian ways to withdraw money. You can use Financial Services Companies like 

  • Banco Do Brasil 
  • Itaú Unibanco
  • Banco Bradesco

Digital wallets like Paylivre and Boleto Bancairo are also available. Besides these methods, you can use Loterica as well, in which payments are made by using vouchers.

This might take hours to 3-5 working days to reflect the balance in your bank account, depending on the method you chose for withdrawal. 

Support for the Brazilian Subscribers

Binomo represents all its clients globally with the advantage of speaking in their local and native languages. This feature alone cures so many problems efficiently and effectively. It breaks the barricade of communication and responds quickly as per your needs.

The majority of the citizens of Brazil use Portuguese as their first language and is available on the platform for their convenience. 

To get an instant response from the assistance staff, you can send your message on the live chat support. In addition, you can reach them through email and various social media handles. 

Pros of using Binomo

Using this platform has numerous benefits like:

  • Video tutorials for guidance 
  • unlimited demo account 
  • trader’s dictionary 
  • 24/7 support desk 
  • training sessions with the experts 
  • interactive trading terminal 
  • frequently organized tournaments 
  • multilingual platform including Portuguese 
  • fast and secured withdrawals 
  • interesting promotions and deals  

Conclusion 

Brazil is one of the most ethnically versatile countries in Latin America. As a member of BRICS, it is valued in the financial industry; because of this, the demand for trading platforms has gained rapid popularity among locals.

Binomo is amongst the high rated binary options platform in Brazil. Its powerful software and easy interaction make it the best pick. This IFC-regulated platform brings the best trading experience to its users. 

Their highly effective services in every aspect make it stand out from the others. If you are new to the trading world, then you can try Binomo. Learn with the demo account and then move to the upper tiers. And if you are a pro trader, you can choose the VIP account, which is perfect for all your needs.

About the author

I am an experienced Binary Options trader for more than 10 years. Mainly, I trade 60 second-trades at a very high hit rate.

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