Is Binomo legal in Vietnam? – Review for the Vietnamese traders

Vietnam is a southeast Asian country and is considered a middle power in global affairs. This developing country has a high Human Development Index with a lower-middle-income economy. 

An economic reform called ‘Doi Moi’ saved the country from a huge monetary crisis in 1986. After that, the financial market started to grow exponentially in Vietnam. The introduction of a market program has considerably changed the national economy in the past 30 years.

Binary options trading is considered a source of income in many countries, including Vietnam. The fact that there are a vast number of instruments available for the users and they are extremely easy to use makes them a popular choice amongst Vietnamese.

What is Binary Options trading?

Binary options trading is a form of trading where you predict the outcome of a particular asset at a given time. As the name suggests, you can get only two results, for every correct judgment, you will get the return on your deposit, and for every wrong forecast, you will lose your investment.

This type of trading is similar to the betting system, and because of this, some countries have banned binary options trading, believing they are not investment management but gambling. 

Are Binary Options trading legal in Vietnam?

Binary options trading is absolutely legal and safe to use in Vietnam. The economy of this Asian country is rising day by day, and its citizens are showing interest and entering into the trading world.

The market is filled with varieties of brokerage facilities. But, the major concern regarding Binary options trading is to find a reliable broker who offers services well suited for Vietnamese traders. 

One such trading platform is Binomo. It is extremely popular and is used in more than 100 countries. From different assets to multilingual support, this legit platform offers all. 

Binomo trading platform

Binomo gained popularity with its release in 2014. The Dolphin Corporation is the parent company located in St. Vincent and the Grenadines, under which Binomo operates in 133 countries. 

This offshore broker provides a broad line of assets, including 

  • Indices
  • Commodities
  • Stocks
  • Currencies
  • Cryptocurrencies

Every day, on average more than 1 lakh trades are performed using Binomo.

Is Binomo legal in Vietnam?

Binomo is a secured platform for the Vietnamese. There is no such law that prohibits the citizens of Vietnam from using this offshore broker. Hence, it is legal and a popular broker there.

Regulation in Vietnam

At present, there is no independent authority to govern the licensing system of binary options trading in Vietnam. The State Bank of Vietnam (SBV) is accountable for making regulations regarding the investment procedure for the citizens.

SBV, formerly known as the Vietnam National Bank, is the central bank of Vietnam founded in 1951. It is responsible for advising and assisting the Governor of SBV to frame national monetary policy and manage foreign exchange. SBV is inclined toward stabilizing the Vietnamese currency. 

The security trading on the two official exchanges- Hanoi Securities Trading Center (HaSTC) and HoChiMinh Stock Exchange (HSX) is supervised by The State Securities Commission of Vietnam (SSCV). It can grant the license to the brokerage firms to conduct business on the country’s Securities Exchange. 

Regulation of Binomo 

Since 2018 Binomo has been a category ‘A’ broker regulated by International Financial Commission (IFC) and certified by the ‘VerifyMyTrade.’ VMT is an audit conducted by the IFC. 

In addition to these, Binomo has been honored several times on the international stage. It was recognized as the ‘Best Broker for Beginners’ in 2015’s FE Awards; and ‘Broker of the Year’ in 2016’s IAIR Awards. 

These authorities put a stamp of authenticity on the brokerage firm.

How can I use Binomo in Vietnam?

This platform has put considerable thought into its customer services so that you can have the top-notch experience of the trading industry, especially if you are a beginner and in need of a sophisticated yet straightforward terminal.

Binomo is a multilingual platform that you can also operate in the Vietnamese language (Tiếng Việt). To register the account, go to the official website of Binomo from your desktop. Or you can also download the Binomo mobile app.

On the home page, there is a sign-in option; clicking on that, you will be directed to fill in the necessary information. Completion of this will create your trading account.

Can I trade on Binomo in Vietnam?

Using Binomo in Vietnam is legal, and you can place easy trades with this offshore broker. Though Binomo is registered in St. Vincent and the Grenadines, it operates in more than 100 countries, including Vietnam. 

If you are in this Asian country and want to use a binary options broker platform, then Binomo is the perfect pick for you. After signing up and making the required deposit, you can commence your trading journey.

To trade on Binomo, you have to choose an asset and an expiration time for the same. Make a prediction of whether the price will go up or down at that set time.

You can analyze and make a judgment based on the price chart. 

If your forecast is correct, you will get an extra profit, but you’ll lose all the invested amount if it is wrong. 

Review of the Binomo trading platform

Binomo is an ideal place for short-term investors. The platform consists of highly advanced technologies and features suitable for traders of every experience. 

The platform does not need any installation as it is entirely web-based. You can access it from any device because the data is stored on the website and not on the device. 

The platform provides different graphical tools for better analysis. The integrated calendar keeps the trader updated regarding the financial events. Furthermore, it 15 has indicators and 4 different modes of presentation of price formation.

Amenities of the platform 

The platform is distinctive from others because of the facilities and features it supplies to its customers. These features are:

#1 Wide range of assets

There are more than 40 assets, and you can choose among them at your convenience. They are categorized in:

  • Indices
  • Commodities
  • Stocks
  • Currency pairings
  • Cryptocurrencies 

#2 Availability of demo account

The demo or practice account is a free source where you can trade without investing real money. The Binomo trading account provides you with virtual $1000, which you can use to learn the trading skills. This account is only for practice and cannot be used for real trading. 

Because there is no risk involved, you can examine the platform thoroughly and only then decide whether to make an actual investment or not. 

#3 Offers three real account types

Apart from the demo account, which is used only to hone your skills, there are 3 different types of accounts you can choose from-

Standard Account

This account can be maintained with a deposit of $10. You can commence the trade with $1, and you can utilize all the terminal features. 

In a standard account, you will receive a fixed bonus of up to 85%.  

Gold Account

In addition to the standard account features, the gold account comes with a personal manager and a more widened range of assets with a deposit of $500. 

The gold tournaments will grant you more chances of winning the bonuses. The asset return here is up to 90%. Moreover, for unsuccessful trades, you will get up to 5% loss compensation.

VIP Account

The highest tier is the VIP account which you can open with a minimum deposit of $1000. Apart from the gold account’s features, you will get access to all the assets and insurance on all your investments. 

With maximum yields, you will get strategies from a personal supervisor. The loss compensation is increased up to 10%, and the platform comes with customizing options. 

#4 Mobile trading application

Mobile platforms are more convenient and comfortable to use. With your hands on the platform, you can make trades with much ease.

The Binomo mobile app was launched with the same desktop features. It is available in the Google Play stores for android users, and iOS users can download it from the Apple Store. You can download .apk files on Android as well.

#5 Integrated calendars

The economic calendars show all the news, events, and happenings of the financial world. Experts always check these calendars to remain updated as even the smallest event can cause price fluctuation of assets.  

In Binomo, you can check all the microeconomic statuses with this feature. It is convenient and keeps you in touch with the market. 

Deposits in Binomo

The platform has offered numerous methods to Vietnamese for adding funds to their trading account. 

Along with international sources like Neteller, VISA, MasterCard, Bitcoin, Litecoin, Web Money, and Perfect Money, they have Vietnamese payment systems like Sacom bank, Viettel Pay, Zalo Pay, and BIDV as well.

The minimum deposit required is $10, and after that, you can start executing the trades. 

To make the deposit using Internet Banking. 

  1. Click on the deposit button from the main terminal.
  2. Choose Internet banking as your payment source.
  3. Add the amount and select your bank, then click on deposit.
  4. Enter the bank account details and go to continue.
  5. You will get the transaction ID from there; click on the ‘Get OTP Code.’
  6. At last, you will get a confirmation message indicating a successful transaction.

You can check the transactions from the transaction history section.

Withdrawals in Binomo

The withdrawal amount will be credited back to your original depositing source. Depending on the method used, this can take 3-5 business days to reflect the money in your account.

You can withdraw the sum not below $10. To extract the earnings from the Binomo account into your bank or e-wallet, you can follow these steps-

  1. From your profile menu, click on ‘cashier.’
  2. Enter your amount after selecting the ‘withdraw fund.’
  3. Choose the withdrawal source.
  4. The request for the same will be advanced. 

The process of withdrawal is simple, easy, and secured with Binomo. You can check the status from the transaction history bar. 

Advantages of using Binomo trading platform

Binomo is consistently growing and has become a top choice for many traders, irrespective of their expertise. 

The platform is easy to navigate and has an innovative design. The cutting-edge technology makes it different from the other brokers in the market. Here are some advantages that can make your trading experience even more astounding.

  • The security of the platform is worth mentioning. The SSL protocol encrypts your data and secures your payments. 
  • The tournaments are held time and again for every trader. With a reasonable fee, you can enter any of them to compete against fellow traders. The winners share the prize money. 
  • The price quotes are regularly uploaded by the Thomas Reuters company. The accurate and real-time quotes let you make the perfect decision so that you won’t lose any opportunity to make a profit. 
  • The platform offers many deals and different incentives like additional bonuses, a one-on-one training session with pro traders, and many more.
  • Online support and free training programs combined with the execution of trades 24/7, including weekends.
  • The educational help section gives you all the guidance you need to get started. Also, the help center has all the FAQs for your better understanding. 

Deposits and withdrawal methods in Vietnam

To trade in binary options, Vietnam has various payment methods on hand. They can use internet banking, their bank cards, and other online methods to make deposits and withdrawals.

The Vietnamese payment system includes internet banking from-

  • BIDV
  • Sacom bank
  • Asia Commercial Joint Stock Bank (ACB)
  • Techcom bank
  • Tien Phong Bank
  • MB bank
  • Vietnam bank
  • Exim bank

The other popular online payment methods in Vietnam are-

  • Ngan Luong,
  • ATM nội địa, 
  • QR Pay
  • Viettel Pay
  • MoMo 
  • Zalo Pay

In addition to these methods, the traders from Vietnam can use the globally recognized payment sources as well. This includes VISA, MasterCard, Advcash, Perfect Money, and Web Money. 

Can I withdraw funds using Binomo in Vietnam?

Binomo always has paid attention to its customer’s requirements and is continuously working to fulfill all those needs. Keeping in mind the place and its citizen’s comfort, this platform has provided every possible feature.

For the Vietnamese traders, they have different withdrawal methods, which include more than 10 local banks like Asia Commercial Joint Stock Bank and Tien Phong Bank, in addition to numerous online payment portals that involve MoMo, Zalo Pay, and QR Pay

The withdrawals are fast and secured, with a processing period of 3-5 days. Using Secure Sockets Layer (SSL) makes the whole data encrypted, and hence, all your funds are kept safe even during withdrawal. 

Most popular trading Options in Vietnam

Following are the most placed trading options in Vietnam 

  • Currency pair trades
  • Trading of precious metals especially Gold
  • Commodities
  • EUR/USD currency pair trading
  • USD/CAD currency pairs
  • Trading in wheat, Soyabean
  • Cryptocurrencies

Binary brokers and income tax in Vietnam

Every brokerage firm charges a specified fee from the traders. That fee may be either fixed or imposed separately and accordingly to the transaction value. Before registering with any broker, you must carefully examine these rules and conditions.

For the Vietnamese traders, it is important to have all proofs, confirmations, or testimonies of your undertakings in the binary options so that you can declare your earnings because, according to the law of the land, and received income is liable for tax.

Therefore, examine the broker’s policies, keeping in mind the excise laws as tax evasion is a serious crime and can attract severe punishment.

Support for Vietnamese traders

Customer satisfaction is an essential factor for companies because it provides them an opportunity to improve their services. Taking feedback from your users is the best way to learn about their needs and develop in a better way.

The lack of client support will directly lead to their dissatisfaction and the company’s loss, so the best way to avoid this is to manage the assistance staff who will work professionally to mend their subscriber’s predicaments.

Taking care of its traders, Binomo works 24/7 to provide you with the best possible services. It has a professional staff that you can reach via the live chat option or email. The platform is also available on different social media handles. 

Furthermore, Binomo presents you with a support staff working for your country in your native language. The platform is accessible in more than 10 languages, including Vietnamese. This multilingual support ability makes it even better and more reliable.

Conclusion 

Vietnam is considerably expanding in terms of economy. It has a strong financial market with two stock exchanges in different cities. The Vietnamese are trying their hands on new investment schemes and platforms, and due to this, the demand for binary options trading is increasing day by day.

Because Vietnam does not have any local broker, they can trade only in an offshore broker. But the biggest problem is to find a broker who can meet the requisites fairly, who is reliable, regulated, and safe. The search for such a brokerage firm ends at the Binomo trading platform. 

This platform is regulated by IFC, has 24/7 multilingual support staff, and is legal to use in Vietnam. Over 20 million traders from all over the world use Binomo. The platform is the best pick, especially for beginners. 

The attractive and straightforward terminal is easy to understand, and even a first-timer can excel in trading in no time. The platform has numerous features and has one of the best designs in digital trading websites, which is perfect for all your needs. 

About the author

Blogger at www.willascherrybomb.de Copywriter website: www.yvonnes-schreiberei.de

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