Yes, trading on Binomo is legal in India. Currently, no restrictions from Binomo or legal prohibitions in India prevent you from using the broker.
In this article, we will discuss India’s financial regulatory landscape, examining how it affects Binomo. Moreover, we will explore the broker’s key offerings in the country and the various ways to deposit and withdraw funds in India.
(Risk warning: Trading involves risks)
Binomo and the Financial Regulation Landscape in India: Explained
Legally, Binomo is an offshore company based in Saint Vincent and the Grenadines. As such, it operates online and has no physical locations in India. Therefore, Binomo is not regulated by Indian financial authorities, including the Securities and Exchange Board of India (SEBI). Instead, it is regulated by The Financial Commission, a neutral and independent dispute resolution organization specializing in financial markets.
Thus, Binomo operates legally in India. To ensure the legitimacy of the site you are accessing, only access Binomo’s official website at www.binomo.com. It’s crucial to note that income from trading activity in Binomo is subject to Indian tax regulations. Hence, if you have made a profit trading with Binomo, this profit is considered taxable and must be declared.
(Risk warning: Trading involves risks)
What does Binomo offer in India?
Here are some key features of Binomo in India:
| Feature | Description |
|---|---|
| Customer Support | Binomo’s customer support can accommodate requests, concerns, and queries in Hindi. |
| Tournaments | Users in India can participate in all of the tournaments of Binomo |
| Special Promotions | Users in India can avail of the same special promotions of Binomo |
| Bonuses | All types of Binomo bonuses are available in India |
| Membership Status | India has the same tier list of Free, Standard, Gold, VIP, and Prestige |
How to Deposit in India
Here are the three simple steps you can follow to deposit money into your Binomo account in India:
Step 1: On Binomo’s platform, click the “Deposit” button
You can see the deposit button on the top right corner of your Binomo trading platform.
Step 2: Put India in the country section and choose your deposit method
After putting India in the country section, the following are the available channels to deposit funds from India to Binomo:
- Crypto Wallets: Tether (USDT), Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), USD Coin ERC20 Token (USDC), and other cryptocurrencies
- Internet Banking: UPI and UPI QR
- E-wallets: Google Pay by UPI, PhonePe by UPI, Paytm by UPI, AstroPay, Jeton Wallet, and Perfect Money
Among these, the three more popular channels are UPI, UPI QR, and Google Pay by UPI.
(Risk warning: Trading involves risks)
Step 3: Enter the amount you want to deposit
Finally, enter your desired deposit amount and click “Deposit (Amount).” Upon receipt, your deposit amount will be credited to your account immediately.
(Risk warning: Trading involves risks)
How to Withdraw in India
Here are the steps to withdraw money in Binomo from India:
Step 1: Click your profile icon on the top right-most corner
After clicking your profile icon, choose the “Cashier” option on the drop-down menu.
Step 2: Click the “Withdraw funds” icon
After clicking the “Cashier” option, you will be prompted initially to a deposit screen. Simply click the “Withdraw funds” icon to proceed to the withdrawal screen.
Step 3: Input your desired withdrawal amount and withdrawal method
You will then be redirected to a new page where you have to input your withdrawal amount and withdrawal method of your choice.
Step 4: Request Withdrawal and Wait
Finally, click the “Request Withdrawal” button and wait for it to be credited to your withdrawal wallet. You can also track the status of your withdrawal on the “Transaction History” tab.
On top of international options, the following are available local withdrawable channels in India:
- Bank Transfers – You can directly withdraw from your Binomo account to your local Indian Bank account, including IMPS Alternate channel, IMPS Bank Transfer, and Indian Exchanger
- E-Wallets – popular local e-wallets such as Paytm Wallet, Neteller, and WebMoney are supported.
Conclusion
In summary, Binomo is legal and operational in India and has its own country website domain. Moreover, we can see that UPI channels are the most widely used deposit channels in the country. Note that income from trading activity in Binomo is subject to Indian tax regulations. Thus, any profit from trading with Binomo is considered taxable and must be declared.
(Risk warning: Trading involves risks)
FAQs – Most Asked Questions
Is Binomo banned in India?
No, Binomo is legal and fully operational in India. It has also not received any restriction from any Indian regulatory body, including the Securities and Exchange Board of India (SEBI).
How can you log in to Binomo in India?
You can access Binomo through its official website at www.binomo.com in India. Ensure you input the correct web address to protect your assets in the platform.
What is the minimum deposit required in India?
The minimum deposit is similar to Binomo’s international standard of $10 or its equivalent to Indian rupees.
What are the available channels for depositing in Binomo in India?
The following are the available channels to deposit funds from India to Binomo:
– Crypto Wallets: Tether, Litecoin, Bitcoin, Ethereum, USDC and other cryptocurrencies
– Internet Banking: UPI and UPI QR
– E-wallets: Google Pay by UPI, PhonePe by UPI, Paytm by UPI, AstroPay, Jeton Wallet, and Perfect Money
What is the minimum trade amount in Binomo in India?
Similar to Binomo’s international standard, the minimum trade value must be $1 or its equivalent to Indian rupees.
