Is Binomo Legal in India? – Review for Indian Traders

Binary options trading is a source of profit for many traders in India. Binary options are about analyzing the changes and variations in the price and judging the right outcome. You will get a return for every correct prediction, and for the incorrect ones, you will lose your funds.

This involves huge risks but, with a better functioning platform that is secured and regulated, you can minimize the risk of getting scammed. One such broker is the Binomo platform with is trusted by many subscribers and gives high yields.

Binomo presented

Binomo is an International online binary options trading platform. On the Binomo trading website, you can predict the value of your asset in the specified period. If your forecast is correct, the amount you gained will be credited to your account. However, in the opposite scenario, you will lose the amount you invested. 

Binomo was introduced in 2014. It is operated by Dolphin Corporation, which is registered in St. Vincent and the Grenadines. It is suitable for small investors and is used in more than 130 countries around the globe.

Is Binomo Legal in India?

Binomo has been legally active in India since 2018. Being a member of the International Finance Commission (IFC), the platform ensures its reliability. It has verified the ‘verify my trade’ audit conducted by the IFC. In addition, it has won many awards, including the AIR Awards, which are given for excellence in global finance and the global economy.

The traders from European countries and the United States cannot trade on this platform as Binomo prohibits them. However, regarding Indian traders, there is no such rule. Furthermore, it has put thoughts into the payment methods available to Indians. The addition of UPI, Paytm, and net banking shows how much the platform cares about its Indian users.

Can I Trade on Binomo in India?

Binomo is a legit company that offers secured and trusted services to more than 100 countries, including India. It is certified and regulated, which implicates that it is no fraud and can be relied upon. 

Indian traders as well can execute trades using the Binomo trading platform. It supports Indian traders and provides all the benefits of the platform.

Regulation in India

The main regulatory bodies that regulate India’s financial industry are the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

The Reserve Bank of India RBI is the body that regulates the monetary policies of India. It also controls the outflow of Indian Rupees outside the country and upholds a steadiness in the Indian Forex market.

  • The Securities and Exchange Board of India (SEBI)

All financial trading is regulated and licensed under the SEBI. This authoritative body was established in 1988. It restricts the online trading of financial assets in India. In Indian Securities market SEBI performs as the following three bodies, which makes it a strong regulatory authority-

#1 Quasi-legislative

It outlines the obligations and constraints for the Indian market.

#2 Quasi-executive

SEBI implements the regulations and monitors the inspections.

#3 Quasi-judicial

Acting as a quasi-judicial body, SEBI makes the verdicts that the market must obey.

The Foreign Exchange and Management Act prohibits the online selling of Financial Assets. As there is no licensed broker in India, the citizens will have to trade with an offshore broker. 

Trading in Binary Options is not legal in India. However, there are no equivalent legal restrictions imposed on Indians trading binaries as well, meaning thereby that you can freely participate in the binary options trading but, for any loss, you will not get any recourse and legal cure from the regulatory bodies. 

Note: Any kind of online trading in the Forex market is illegal in the country.

Regulation of Binomo

Binomo has been regulated by the IFC – International Financial Commission since 2018. The International Financial Commission is an independent association that regulates the financial markets, and Binomo is both regulated and an ‘A’ Category member.

For fair executions of trades, it got certified by the VMT. Furthermore, this trading platform is also verified by FMMC.

How Can I Use Binomo in India?

Binomo trading platform is user-friendly and best for novices. In India, you can use this platform without any difficulty as IFC regulates it. The platform recognizes Indian Payment systems like bank credit cards and the wire transfer system. 

When you register yourself on the platform, you can gain access to the following:

  • Strategies and procedures on how to execute a trade
  • Answers to trader’s queries
  • Video tutorials
  • Demo account with access to platform functionality
  • Additional modified training services for the VIP traders

Review of the Trading Platform for the Indian Traders

Binomo is a well-established and popular trading platform in India. Using Binomo, you can trade in commodities, precious metals, or currencies. It provides a suitable and transparent platform for small investors.  

How to Login on Binomo?

You can follow these steps to register yourself as a Binomo user:

  • Use https://binomo.com/ to enter into the official website of Binomo.
  • On the website, go for “Sign in” from the upper right corner.
  • Enter your email address and create a unique password.
  • Assign the currency in which the account will be deposited. You cannot change the currency you choose after the registration.
  • Accept the Term and Conditions and the Privacy Policy Agreements after a thorough inspection.
  • Click “Create Account.”

You can use other accounts like Goggle + or Facebook to log in as well. 

Platform 

Binomo’s program is efficient and streamlined. The advanced and hi-tech features ensure smooth interaction. The platform is regularly updated and is according to the needs of the traders. 

In this online world where many people are getting scammed, Binomo preserves its reputation as well as its traders’ trust with the first layer of security. The Secure Sockets Layer or SSL protocol encrypts the data and safeguards your funds.

It provides 20 different graphical tools for better analysis of charts. You can translate the platform into 12 different languages. 

In addition, it has independent tabs and economic calendar integration. The quick refresh rates, combined with the Hotkey, which allow quick access to online trading, make Binomo unique and one of the best binary options trading platforms.  

#1 Assets 

Although Binomo offers 45 trade assets which are significantly less as compared to other brokers, it is still a leading platform for short-term trading. These assets are distributed in various markets. 

You can choose:

  • Stocks
  • Currency pairs
  • Commodities
  • Precious metals
  • Indices 

You can invest in any of these instruments, but depending on the type of account you are using, certain limitations to its access may be imposed.

#2 Trade Type

Binomo uses the ‘Call/Put’ trade type, also known as ‘High/Low trade. The traders have to predict the final market price at the start of an indicated time. The platform offers non-stop trading as well. 

#3 Demo Account

Binomo offers you a demo account that is useful for both novice and pros. 

On signing up, you will be provided with a demo account. It is only for practice purposes with no risk involved. It comes with $1000 virtual money that you can use to learn trading skills. 

If you are a beginner, you can use the free practicing account to learn trading skills. And if you are an expert trader, you can examine the demo account to check whether the platform is compatible and is as per your needs without investing real money.  

Account Types

Many brokers do not provide different types of accounts. Every tier of traders has to use the same platform. 

But the situation is different with the Binomo trading website. With varieties of accounts, it becomes easy to choose the perfect place to trade. According to your needs, you can register on these accounts:

#1 Standard Account 

It is the basic account on which, with minimum funds of $10, you can have access to over 30 assets along with other features like:

  • Your funds will be credited back to your desired payment source within 3 days.
  • You will be awarded a bonus of up to 80%.
  • You can participate in tournaments which can give you additional bonuses.

#2 Gold Account 

The second level is the gold account. The minimum amount requirement is $500. This account supports personal managers and strategies for trading. Instead of 30+, you will get more than 40 assets. 

Other features include:

  • You can claim payouts which will be processed within 24 hours.
  • Through gold tournaments, you can make more earnings.
  • You get investment insurance which protects your funds.
  • Gives maximum bonus up to 90%

#3 VIP Account 

The VIP account has the most facilities provided to the customers. This offers maximum benefits and fully customizable services. The minimum fund required is $1000. With this account, you will get:

  • High yields.
  • Quick access to your funds.
  • A VIP manager to help you in trading.
  • VIP tournaments with better chances of winning bonus.

Mobile Trading Platform

Mobile applications are handy and extremely helpful. 

Binomo provides a mobile application for its traders. Now, the users can execute their traders via their smartphones as well. It is available for iOS and Android users and can be downloaded from Apple Store and Google Play Store, respectively.

It has a push notifications option that helps you remain updated regarding the trade conditions.

The app is designed in such a way to match the desktop design so that the traders who want to switch between them can experience consistent familiarity.

In any case, if android users face difficulty downloading the application, they can download the .apk file, which works the same way as the downloaded app.

Promotions and Deals

On a regular basis, the platform provides fascinating deals and promotions. As a beginner, on depositing $500, you can unlock extra features like one-on-one training with an expert trader. 

Other popular deals include stocking their traders’ accounts with additional funds and some tremendous sign-in promotions.

Deposits 

Binomo offers a wide array of options for Indian traders to add funds to their accounts. You can use any popular payment means GlobePay, NetBanking, Indian exchanger, UPI, Paytm.

It also supports Visa, MasterCard, JCB, American Express with some other international payment methods. The minimum deposit is $10.

Follow these steps to add funds via bank card: 

Step #1

Click on deposit present on the home screen.

Step #2

Select your region. 

Step #3

Choose the card you want to make payment from. 

Step #4

Insert the sum of the deposit. 

Step #5

Fill in the required information and enter the confirmation notification to complete the payment procedure.

No commission is charged for adding funds. 

Withdrawal 

Due to security reasons, the money will be credited back to the same source you used for depositing the funds. 

You can use debit cards or e-wallets to withdraw your funds. 

To withdraw your Binomo earnings:

Step #1

Select ‘cashier’ from the profile section of your account.

Step #2

Select’ withdrawal funds’ followed by placing the amount.

Step #3

At last, click the ‘request withdrawal’ button. 

The least amount you can withdrawal is $10, and the request might take up to 3-5 business days to process, depending upon the source of the transaction. Binomo does not charge any additional fee for withdrawals as well. 

Binomo’s Price Quotes 

#1 What are price quotes?

Price quotes are the fresh price at which both trader and the seller settled on and the asset was conducted. These quotes change continuously may be offered by trading platforms as well as investment sites. 

#2 Importance of price quotes

The price quotes should be in real-time on trading platforms because only then can the traders take decisive action. It is an important feature, especially for those who prefer short-term trade.

Binomo provides accurate price quotes to its subscribers. Not only that, but to guarantee this service, it has also joined the Thomson Reuters Corporation, which is well known for running business information services. It is a Canadian company and also offers the best liquidity in the industry.

Thomas Reuters renews the price quotes regularly, making Binomo one of the best picks for investment.   

#3 Can I Withdraw Money from Binomo in India?

Indian traders can use the same methods for withdrawal that they used for the deposit. Binomo supports many Indian payment sources, including bank cards like VISA and MasterCard.

Citizens can use other international methods like the Skrill and Neteller for the transactions. 

The withdrawal process and funding might take 3-5 business days.  

Pros of Binomo

  • Top range of assets.
  • Well-regulated and licensed.
  • You can with up to 90% of returns with precise judgments.
  • Reputed and has years of experience.
  • A demo account with virtual money.
  • A functional mobile app.
  • Good customer support.
  • Minimum deposit and secure withdrawal.
  • User-friendly and attractive interface.
  • Integration into the Indian payment system.
  • Great payouts.

Deposit Money in India

Funding the trading accounts is fast and easy. Indian traders can use globally recognized payment methods like VISA, MasterCard, Maestro, and GlobePay.

The other methods include Wire transfer using Indian Banks, Neteller, and Perfect Money. Also, many trading platforms, including Binomo, supports cryptocurrencies in payment forms. 

This is uncommon but, in some cases, due to the restrictions placed by RBI on the outflow of Indian Rupees, traders have to mention the reason why they are sending money out of the country. 

Withdrawal Money in India

As for withdrawals, Indian traders can use Neteller, Skrill, or Wire transfer to withdraw money directly to their Indian bank accounts. Withdrawals are generally processed within 24 hours and deposited within 3 to 5 business days into the selected bank account.

Income Tax on Binary Options in India

You are supposed to enter your earnings in your tax return. The brokerages do not declare or send any document stating your earnings. You have to file for the taxes on your own. 

Your income tax is affected depending on your status as a binary trader. If you are a professional trader and you earn your living through it, the chances are that your earnings will be charged as your income. And if you are a hobby trader, then your earning is likely to be charged as capital gain rates.

Support for Indian Traders

Support is one of the main factors that must be taken into account while selecting any broker. Some platforms offer customer care in many ways, as lack of educational and customer assistance might cause their subscribers problems. 

Through a range of different mediums, Binomo assists its traders. To reach them, you can use their email address or live support. They are accessible on various social media platforms as well. 

You can send a message or your inquiry on their online chat support and get instant feedback. 

Advantages of Binomo for Indian Traders

Binomo is a great stage to invest your money. It has several in-build features combined with a well-liked outlook. It is a reliable source for the Indians and gives solid proof of why you must trust it. 

  • The first advantage Indian subscribers can get from Binomo is the provision of deposit and withdrawal methods. It supports UPI payments, PayTM, net banking, and Indian exchanger, which are well-preferred methods in India. 
  • The withdrawal is processed within few minutes to 3 days. In some cases, it might take more time, depending on the source you used.
  • The mobile app is available in India. 
  • The website is available in more than 10 languages, including Hindi.
  • It has excellent customer support, which you can access easily.  

Conclusion

Choosing the right place to invest your money can be a big hassle as a lot of things have to be taken care of. While doing so, make sure you go with the best in the industry. Look out for the regulated platforms combined with hi-tech features and maximum payouts. 

The Binomo trading platform is among the trusted sources in the financial market and is a popular choice among Indian traders. All the advanced features make Binomo unique. Also, regulation plays an important role. The platform is legal and verified by many authorities.

The Binomo trading platform is a reliable stage, and you can invest your money there. IFC regulation assures that your money will be kept safe up to 20,000 € in case Binomo has to compromise its funds. In addition, the SSL protocol guarantees the encryption of the data. 

Even if India does not have its brokerage platform, the citizens can always trade with the other trading platforms which are reputable and controlled by a dependable authority. Though the outcome is uncertain but with the best source, you can lessen the risk.

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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