Is Binomo legal in Indonesia? – Review for Indonesian Traders

Trading in Binary Options is emerging as popular investment activity in Indonesia. With the rapid growth of the country, it is a hub of potential traders and investors.

Binary Options trading is legal in the country, and you can easily trade with offshore brokers registered by some regulatory authority.

One such binary broker option is Binomo. It is an offshore broker that provides Binary Options Trading and is a trustworthy platform to trade with. The broker is legal in the country, and you can independently carry trade operations on this platform.

Is Binomo Legal in Indonesia?

Indonesian traders are trading in Binary Options and are gaining popularity because it is completely legal in Indonesia. There is no law in the country that restricts the trader from online trading in financial assets. The best brokers in the country are those who are regulated by some regulatory authority.

You can trade with offshore brokers because there are no restrictions imposed on such brokers. You can trade freely with them. No legal actions are taken in the country for trading in Binary Options.

Binomo is legal in the country; you can create an account on the platform and execute a trade without any restriction. It is an offshore broker and is entirely safe to trade on because the operations of the platform are not restricted in the country.

It is always important that you select a regulated and licensed broker to keep your investments in safe hands. Binomo is a registered broker, and you can trade with it without any doubt.

Regulation of Indonesia

Otoritas Jasa Keuangan (OJK), formed in the year 2011, regulates the financial markets in Indonesia. The country has become a hub for investors who want to invest in financial assets from all over the world. Since the onset of democracy, potential traders have been looking for investments in various assets. Many offshore brokers want to tap the market because of the huge number of traders willing to invest.

Earlier in the country, the markets were not wholly regulated. Still, with the setting up of a Regulatory Body, it has become easy for the traders to invest in the financial assets without any hindrance. 

You have to pay tax on the investments if you are investing in the traditional forms, which has attracted more online investments in the country. People are investing more in the offshore platform to save themselves from paying the taxes as tax rates on investments in Indonesia are higher than in other countries. Hence, domestic traders prefer to invest with regulated offshore brokers.

OJK Regulates the Following Financial Products

  • Non-bank Financial Products: regulated investment schemes, insurance, and pension funds.
  • Banking: rural banks, Sharia banks, microfinance banks, and commercial banks.
  • The Sharia capital market and the Indonesian conventional capital market.

The Regulatory body has banned certain offshore brokers from operating in the country; you can check the list of these brokers on the government website. 

These brokers were banned to protect the traders’ investments because there were many complaints against them

Currency Pairs

You cannot trade in the Indonesian rupee in the country, but Australian Dollars are accepted for trading on the platform. You can also invest in regional stock indices.

Bonus

Earning a bonus while trading is not banned in the country. You can earn the bonus on all the investments; no platform is restricted from providing a bonus to the trader.

Trading Platform

You can select a regulated trading platform. The operation of the platform is not restricted on the basis of geographical boundaries, so it gives you a variety of different platforms to choose from.

The regulatory body in the country also helps the Indonesian traders in gaining an education about the financial market and assets so that the traders invest responsibly on the platforms. 

Is Binomo a Regulated Body?

It is essential that you select a broker who is regulated by some regulatory authority. The broker you are choosing should be licensed so that your investments are safe with them and there are minimum chances of risk.

The financial markets always carry some amount of risk; it is not always necessary to earn the same amount of profit that you have made before. Therefore, it is important that you select a broker regulated by some regulatory authority to minimize your investments’ risk in the market.

Binomo tries its best to minimize the risk on your investments.

It creates a risk-free environment for you to trade in and allows you to practice in a virtual market in the Demo Account. In this account, you can practice your trading strategies.

The broker is registered under The Financial commission to reduce the risk of losing the investments. This also helps the potential traders to gain trust in them. Binomo is a trusted broker, and you can invest on the platform without worrying about any kind of fraudulent activity.

Binomo is entirely legal in Indonesia since it is a regulated broker. The trading platform performs a monthly audit with Verify My Trade and possesses the quality trade certificate from VMT.

Binomo Review for Indonesian Traders

If you are looking to invest a small volume of capital, Binomo is the best trading platform. Introduced in 2014, the platform is best known for its distinct features and deals with a wide range of financial assets.

The company is one of the largest brokers with its clients in more than 133 countries; it trades in a wide variety of assets with over 85000 active traders. The company is owned by Dolphin Corp. 

Its headquarters are established in St. Vincent and the Grenadines.

The broker is a registered member of the International Finance Commission and guarantees good quality service to its clients.

  • The Trading Platform

The platform is easy to use and is designed as per the convenience of the client. It is intuitive and easy to navigate through, and the layout of the platform is not very complex but general. 

The streamlined design focuses on the trade and prevents distractions for the traders. The platform is updated on a regular basis so that the clients get access to enhanced features of the platform. 

More than fifteen graph tools are available on the platform that can help you with trade analysis. The platform comes with other handy features like fast refresh rates and economic calendar integration.

The platform promises efficiency by delivering a high quality of trade operation. You can access the platform on any digital device; there is no need to download or install any kind of software like the web browsers Google Chrome, Microsoft Edge, Firefox, etc. You can support the trading platform.

  • Awards and Recognition

You can invest with the platform with complete trust because the broker is awarded for its services to the client. The broker has won an award for the best trading platform in 2016 and has also won the FE award in 2015.

  • Demo Account

Binomo offers a distinct feature in which you can open a demo account by simply entering your e-mail ID; you get access to all the features of the trading platform. In the demo account, you can practice your trading strategies and learn about the platform’s functions. You get to know about how the platform works and how you can trade on it. 

Upon signing up, you receive virtual cash of $10000. With the help of this cash, you can trade in the virtual market and learn about the trading practices. This account is best for practicing for beginners. The beginners can use the Demo Account to learn about trading and the features of the platform.

You can first practice and learn in the virtual market, and after gaining some confidence, you can move on to the real market and implement your trade strategies.

  • Types of Accounts

In order to cater different needs of different clients, the online trading platform offers four types of accounts to traders.

#1 Standard Account

The minimum deposit fee for a standard account is $10 only. In this account, you receive access to the basic features and tournaments of the platform.

#2 VIP Account

The minimum deposit fee for opening a VIP Account is $1000. In this type of account, you receive access to all the platform’s features and get extra privileges with the account.

#3 Gold Account

The minimum deposit amount for a gold account is $500. You receive access to strategy guides and management, and you can make a faster withdrawal in this account.

#4 Free Account

Binomo does not charge any fees for opening a free account. You get to trade in a limited range of assets, and you can also participate in the daily free tournament.

You do not have to pay any extra cost for upgrading the account. If you want to upgrade your current account, you can increase your deposit to the minimum deposit requirement of the account you want to sign up for. 

There is no additional fee involved in upgrading the account.

How Can I Use Binomo in Indonesia?

For using the app, you first need to register yourself with the broker:

It is easy to register yourself with Binomo; you can follow these steps for signing up:

#1 Enter your e-mail address.

#2 Add the password; make sure that your password is strong.

#3 Choose the account currency other than the Indonesian rupee as legal restrictions do not allow trading in Indonesian Rupee.

#4 Read all the terms and conditions carefully and click on the check box if you agree to them.

#5 The next step is to right-click on the create account tab.

The Mobile Trading App

The Android and IOS users can both access the trading platform on their phones. All the desktop version features are available on the mobile app, and you can operate the platform without any difficulty.

The trade execution is smooth, and you can access your trading account anytime without opening the website on a desktop or laptop.

The notifications from the app also appear on the phone that enhances the trade execution experience.

How to Trade on Binomo in Indonesia?

Step #1 

For executing the trade, you need to select the asset you wish to trade in and then select the trade duration. 

Step #2

Predict if the price of the asset will go UP or go DOWN. If you have made the correct forecast, then the money is added to your trading account.

Tournaments

Binomo also organizes tournaments for its clients in which you can compete against other traders on the platform. You get a chance to earn huge rewards with your trading strategies.

The tournament feature is available on the left side of the interface. The time period varies from one day to one month. The entry fee for each event ranges from $2 to $20, depending upon the size of the prize. 

After signing up for the tournament, your task is to increase your account balance within a given period of time. The prize pool comprises some percentage from your fees; it usually varies from 60% to 80%.

Strategies

Binomo creates a risk-free environment for the trader. Still, the speculative market always carries some amount of risk with itself. The platform has developed certain strategies that help in minimizing the risk. Still, no broker guarantees a 100% risk-free environment.

It is vital that you do in-depth research and analyze the market thoroughly to minimize the risk and invest in assets that assure returns.

Security

Security of the client’s information is the main concern of the broker; the platform provides high-security levels by developing its platforms.

The payment methods are approved for reducing fraudulent activities. Any client who deposits up to $20000 is protected from any kind of fraudulent activity.

Deposit Money in Indonesia

Depositing money in the trading platform is an easy task. You just have to follow these simple steps:

Step #1

Go to the Binomo website

Step #2

Login to your account

Step #3

Choose the desired method for making the payment.

Step #4

Choose the amount you want to deposit into the trading account.

Step #5

Move forward to the payments page.

You can fund your account using MasterCard or VISA, Perfect Money, Neteller. The platform also supports international payment systems. The minimum deposit fee is $10.

Sometimes, there is a possibility that your transaction declines; in such a case, you need to re-check all the information that you have entered.

Can I Withdraw Money from Binomo in Indonesia?

Yes, you can withdraw money from Binomo without any hindrances.

Before selecting the withdrawal method, you have to make sure that you are selecting the same medium for withdrawals as the deposits.

The withdrawal amount is reflected in your account within 24 hours (minimum) to 3 days (maximum).

The platform charges no extra fees for making deposits or withdrawals, but if the transfer is made through third parties, then 10% fees are charged on withdrawals.

The minimum withdrawal amount is $10.

You can follow these steps for making withdrawals from your trading account:

Step #1

Login to your Binomo account

Step #2

On the right corner of the platform, click on the profile icon.

Step #3

From the drop-down list, select cashier

Step #4

Click on withdraw funds.

Step #5

Select the method of withdrawal.

Step #6

The final step is to click on the request withdrawal option.

Withdrawal and Deposit Options Available in Indonesia

  • Digital Wallets

In digital wallets you can use Indomaret Card, T cash, Mandiri e-money.

  • Card Options

For making deposits and withdrawals, you can use local and international Debit Card and Credit Card Brands.

  • Bank Wires

You can select bank wires for making the payments and withdrawals. There are several Indonesian Banks that offer bank wire services.

Support for Indonesian Traders

Strong customer support is an important feature of the platform. The customer support on Binomo is available on weekdays as well as on the weekends.

You can reach customer support through the live chat feature available on the website and the mobile trading app. You can also contact them through the e-mail ID and the phone number available on the platform.

If you wish to reach them through the address, the online trading platform has provided its address on the website.

Conclusion

Binary options trading is legal in Indonesia as no such laws restrict the country’s online trading practice. The country is a hub for many potential investors; before selecting the broker, you must make sure that the broker is registered and does not appear on the list of banned platforms.

Binomo is an offshore broker, it is a member of the International Financial Commission, and has received various awards and recognition. You can trade on the platform with full confidence.

The distinct features of the platform are giving tough competition to the other platforms; the platform is designed to fulfill various needs of the clients. Customer support is available 24/7. 

The platform provides you with a massive variety of assets to trade from.

If you are a beginner, you must perform an in-depth analysis before investing the funds into the market. Sometimes you may not earn the same amount of profit as before.

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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