When it comes to choosing an online platform for trading, one of the selection criterias is it’s security. Binomo was formed in 2014 and is known in more than 130 countries including South Africa and India. Despite this, sometimes we hear the questions: “Is trading on Binomo legal or illegal? Is it a scam or not?”. In this review we will answer if Binomo is safe or not, by whom it’s regulated and whose certificates it has.
1. Certificates
The certificate of category “A” of the Financial Commission is the important proof that investment platform Binomo is real and legit. The membership in this independent organization guarantees the users quality of service and dispute resolution for their rights.
The official website of the Financial Commission says: “Binomo is a convenient and simple platform for trading the most popular assets: currencies pairs, stocks and gold. The company made trading to be affordable to every category of clients thanks to low minimum deposit and deal sizes. For those who are just starting their path in trading or want to improve their skills, Binomo offers a flexible education system and a free demo account with unlimited virtual funds”.
2. Regulations
Binomo became a member of the Financial Commission in 2018, confirming that it’s ready to involve an independent organization in the regulation of disputes and supports business practice. One of the best benefits that the users have is the Compensation Fund. In case of disagreement any trader has the chance of the payment in the amount 20.000€. This is proof of how important traders are to Binomo.
Besides that membership in the FC, platform binomo.com is also voluntarily regulated by independent organization Verify My Trade. It checks 5 000 trades monthly to guarantee its quality.
3. Client Agreement
Before trading, you need to read the terms of the Client Agreement that will help you understand the basic principles of trading and make sure that Binomo is not a fraud.
Binomo is a real trading company that obeys the laws of St. Vincent and Grenadines. Cooperation with many popular payment systems also suggests that investment on Binomo is absolutely legal and safe.
4. Awards
If you are still wondering whether Binomo is a scam or legit, please note that the investment company has a few awards. In 2015, the FE Awards was given to the platform. And in 2016, it deserved the prize of the IAIR Awards, “for excellences in global finance and economy”.
5. 2FA
If you are concerned about the security of your Binomo account, use two-factor authentication (2FA). It provides an extra layer of protection to ensure that only you can access your account. Below, we will guide you through setting up and using 2FA on Binomo.
- Download an Authenticator App
The first step in setting up 2FA on your Binomo account is downloading an authenticator app. There are several options available, such as Google Authenticator or Authy. Choose one that is compatible with your device and install it.
- Enable 2FA on Binomo
Log in to your Binomo account and go to the settings. Look for the option to enable 2FA and follow the instructions provided by Binomo.
- Scan the QR Code
In the 2FA settings of your Binomo account, you will find a QR code. Open the authenticator app on your device and scan the QR code. This will link your Binomo account to the authenticator app.
- Save the Recovery Codes
After scanning the QR code, you will receive backup codes. Save these codes in a safe place, as they can be used to recover your 2FA settings if you lose access to your device.
- Verify the Setup
Once you have completed the previous steps, the authenticator app will generate unique codes every few seconds. To verify that everything is set up correctly, enter one of these codes when prompted by Binomo.
- Use 2FA for Account Login
From now on, whenever you log in to your Binomo account, you will be prompted to enter a code from your authenticator app in addition to your password. Open the authenticator app, find the code for Binomo, and enter it to complete the login process.
By following these steps, you can enhance the security of your Binomo account with 2FA. Remember to regularly back up your authenticator app and update your security settings to avoid potential threats.
Conclusion
Binomo has official certificates and maintains a transparent relationship with all of its clients through regulation by independent organizations. Despite the fact that there are no doubts if Binomo is real or fake, please be aware of the risks. It includes partial or complete loss of the deposit (in case of an incorrect forecast).
Online trading is not so simple. It requires the ability to read charts and use technical analysis. Before investing real funds on Binomo, study all the tutorials and try to trade on a demo account.
