If you are interested in online trading, you may be wondering if Binomo is real or a fake. After all, trading is a complex and risky process; therefore, the platform you choose should be completely secure. But does Binomo have that feature? And what makes it reliable and not illegal? In this review, we will answer them!
What regulations and certifications does Binomo provide?
Before using it, you need to know a few things about the Binomo investment platform. The company started in 2014 and quickly gained a reputation as a trustworthy platform. Let’s consider by whom Binomo is regulating.
International Finance Commission (IFC)
Binomo is a Category A member of the International Finance Commission (IFC) as of 2018, which supervises financial markets, service quality, relation transparency, and provides deposit insurance to each trader through the Compensation Fund.
The purpose of establishing this impartial third-party commission was to resolve the complaints of traders more quickly and efficiently than legal systems and industry regulators.
What is the Binomo compensation fund?
The Compensation Fund serves as a form of insurance for its members. If a member fails to comply with a decision or is removed from the IFC without payment due to a judgment against it, the client’s loss is repaid through this fund.
This fund, however, is only granted for commission-approved judgments to a limit of 20,000 euros and does not compensate for losses incurred by traders when self-directed trading.
10% of monthly membership payments goes to the Compensation Fund, which cannot be used to fund the organization’s operations or other activities.
Verify My Trade (VMT)
Apart from being regulated by the IFC, Binomo is regularly checked by a Verify My Trade, certifying that its trades are high quality. VMT audits more than 5,000 trades made on Binomo every month to assure its quality. All of these Binomo regulations and certifications reveal to you whether this platform is a scam or not.
What awards did Binomo get?
Binomo is a safe trading company that adheres to international financial rules. Moreover, it has received several awards, including the 2015 FE Award and the IAIR Award in 2016. These honours indicate that the Binomo was recognized as the best for beginners and even the year’s platform.
So, is Binomo safe or not?
Whether Binomois a scam or legit is a question many traders have. Binomo is a reliable trading platform. The International Financial Commission (IFC) has endorsed it as a member of category “A” Financial Commission benefits for traders include:
- Traders are secured since the commission has a €20,000 compensation fund.
- They benefit from a clear and neutral claim resolution environment.
It also has a certificate from Verify My Trade, an independent organization that audits trades made on the platform every month and confirms their quality.
These certificates indicate that the Binomo is legit and secure. Binomo also offers a high level of customer support. Their customer support agents are available 24/7 and answer your queries and concerns. You can also check the company’s website https://binomo.com/ and Linkedin profile to ensure Binomo is not a fraud.
Even though independent organizations regulate Binomo, you should be aware of the trading risks. One of these trading risks is losing funds. To avoid this, try not to deposit funds until you have adequate training on the platform. In addition to its official certification, Binomo offers tutorials for newbie traders. You can learn a lot about this platform through these tutorials and the demo account.