Is Binomo in India legal or not? – Review for Indian traders
You are based in India and want to trade with Binomo? Is Binomo legal in India or not? – It definitely is legal there. Binomo is a legit and regulated business that operates internationally and accepts clients from a lot of countries. Indian traders are welcome. There are no restrictions or bans on Binomo in India. In this article, we want to discuss the features and offers for Binomo in India.
Online trading, while very profitable, can also be risky and very stressful. However, the level of stress and discomfort you experience during trading can be significantly reduced depending on the broker you go for. Going for a credible broker like Binomo India can give a massive boost to your trading.
Quick facts for Indian traders about Binomo:
- Binomo is fully legal in India
- It is a legit business based in St. Vincent and the Grenadines
- Traders from India are welcome
- High payout up to 90%+
- Special deposit and withdrawal methods for Indian customers
(Risk Warning: Your capital is at risk)
Introduction to Binomo for Indian traders
Binomo India is a reputable broker for online traders living in India. However, what are binary options? You need to understand what financial markets are first. Financial markets are markets where financial assets are traded. That is, they are a platform or avenue for the buying and selling of financial assets. The financial assets we are hereby referring to include stock, cryptocurrencies, commodities, ETFs, and indices, amongst others.
There are a number of ways to participate in and profit from these financial markets. But most of them are not accessible to retail traders like us. Even though increasing technology breakthroughs are making it quite easy for us to participate in stock markets like that of the USA for instance, the problem of accessibility is still there. For instance, it is quite expensive, if not impossible, to purchase stocks like those of Amazon Inc, which costs far more than $2,000 per share.
Also, gold as a commodity has its price at around $2,000 for just one unit. This is quite expensive for the average retail investor to invest in. That is not all. There are still some barriers to investing in some assets. For instance, investing in gold requires one to make security arrangements to keep the gold bought. There are also legal restrictions placed on who can invest in some assets such as stocks listed in the US.
However, as technology advances, the barriers that existed in the past are being removed. Retail traders are increasingly getting the opportunity to access almost any market without all the above restrictions. In fact, this time around, you don’t need to own the actual financial asset. Instead, all you need to be interested in is the price movement of such assets to make good profits. This is done through derivatives trading. One of such popular derivatives is binary options.
How to trade with Binomo in India?
Binary options trading involves speculating on the directional movements of prices of financial instruments such as stocks, currencies, commodities, indices, and others. So, through binary options, you can bet on the upward or downward movements of these instruments, from anywhere in the world, all over the internet. For you to trade, you only need to carry out some analysis. The purpose of the analysis is to properly forecast where the price of the asset will likely move next.
There are different methods of going about this analysis. You can check the financial news to check for events, happenings, and other details that may affect or safely predict the likely direction of a particular asset’s price. For instance, a negative earnings report released by a listed company may lead to its stock falling. This type of analysis is what is known as fundamental analysis.
On another hand, you can study price charts for repeated patterns that may forecast the likely or future market directions. This is known as technical analysis. And to conduct this, you need a trading platform with charts and charting tools such as indicators. Binary options offer ample profit-making opportunities, but we must also note that it can be very risky as you may lose all your capital. This is due to the never-ending fluctuations in the prices of assets. This fluctuation is called volatility. However, if you learn the game well and apply proper risk management, you can emerge quite profitable.
Just like you need a stockbroker to purchase shares, so also do need a binary options broker, who will provide you with a platform to trade. However, due to the fact that in binary options, you deal with all brokers online and never get to meet physically, you have to take extra care. For one, there are many scams in the name of brokers. Furthermore, some “real” brokers provide sub-optimal services to traders who use their platforms. These and others, are reasons why you should carefully select a reliable broker. One of such reliable tested and trusted brokers is Binomo.
Why is Binomo popular in India?
Binomo is an award-winning binary options broker popularly deemed as one of the best in the industry as a result of the vast array of beneficial services that it makes available to clients that trade on its platform. With Binomo, you can participate in the most liquid financial markets in the world, and with the ability to make good profits from these markets. You can speculate on the directions of forex, commodities, stock indices, crypto coins, and exchange-traded funds (ETFs).
Binomo is present in several countries of the world except for those countries whose governments have placed a ban on the trading of binary options. Such countries include Japan, Canada, the USA, Russia, Iran, Norway, New Zealand, Australia, Turkey, amongst others. However, in India, there are no restrictions placed on trading in binary options. So, Binomo is much available for Indian traders.
(Risk Warning: Your capital is at risk)
Binomo regulation in India
One critical feature of a good binary options broker is that it must be regulated by relevant government authorities in charge of regulating financial services, and Binomo is not lacking in this aspect. Binomo is registered with the International Financial Commission (popularly referred to as FinaCom), which makes it a part of other reputable financial services brokers across the globe. For being a member, it has to adhere to strict FinaCom rules, which border around providing the best services to clients with the utmost integrity.
However, when it comes to being regulated by specific financial regulatory authorities in India, checks show that Binomo is not particularly regulated by any financial regulator in India, such as the Securities and Exchange Board of India (SEBI). Nevertheless, this is not something to fear as no one can dispute Binomo’s credibility.
For one, if Binomo fails to adhere to customer care rules and commits any breach against a customer (that is, a trader using its platform), all the trader needs to do is file a complaint with FinaCom. If the trader provides enough evidence to support his/her claim, FinaCom may award the trader damages up to $20,000 against Binomo.
Services available on Binomo India
Apart from being a bespoke broker allowing you seamless access to the financial markets, Binomo India also provides some other services to make your client’s trading life much easier. They include:
- Daily & Weekly Review: Being experts in the financial markets themselves, analysts at Binomo provide daily and weekly analyses of events and happenings in markets across the globe, helping you make sense of trends and charts and how they affect your trading, thus assisting you to achieve more profitability.
- Trader Education: There is a comprehensive course for traders to learn important topics on the markets, including fundamental analysis, technical analysis, trading psychology, and risk management. There is also a weekly blog that shares tips on market and lifestyle topics, geared toward making you a better trader.
- Customer Care: Binomo India gives you access to 24/7 customer care that you can access via phone, email, or live chat on their website.
- Bonuses: One really unique service that Binomo India provides its traders is a trading bonus. Binomo India provides you several bonus types. One of such is the Welcome Bonus. The Welcome bonus is given just for registering and depositing capital into your account; you are given up to 100% for just signing up.
There are other bonuses and offers that Binomo makes to its traders from time to time. By far, one of the best things about Binomo that you may not find anywhere else is its tournaments. There are regular tournaments that give traders the opportunity to contest for amazing and mouth-watering prizes.
Account levels on Binomo India
Just like many other binary options brokers, Binomo provides its accounts in “levels.” For the live or real account, there are 3 account levels that a trader can have access to; Standard, Gold, and VIP accounts.
The Standard account becomes available when you make the least deposit of $10, and comes with an 82% maximum winning percentage.
The Gold account is given to those who deposit between $500 and $999 and comes with an 84% winning percentage.
Finally, the VIP account becomes available when you deposit $1,000 and above. Apart from a winning percentage return as high as 87%, you are also given the ability to make risk-free trades.
How to make deposits and withdrawals in India
The minimum deposit threshold for Binomo India is $10. To deposit, you can make use of Visa or MasterCard debit or credit cards, as well as e-wallets such as Neteller, Skrill, and WebMoney. If you want to make withdrawals, you can also use the same above channels.
The following methods are available in India:
- MasterCard / Maestro
- Internet Banking
- Phone Pe
- Jio Money
- Indian Exchanger
- Perfect Money
Conclusion on Binomo in India: It is fully legal
Trading online derivatives still one the most profitable ways to make money over the internet in India, and a good broker makes your trading trajectory much easier. Binomo India is one of such good brokers. Indian traders should therefore take advantage of Binomo’s excellent trading services to boost their trading careers.
(Risk Warning: Your capital is at risk)