Is Binomo legal in Indonesia or not? – Review for Indonesian traders
Is Binomo legal in Indonesia or not? – It is a fully legal business there. Binomo is one of the best online trading platforms for investing in more than 100 different markets. The company is regulated and secure. Binomo accepts international clients and also traders from Indonesia. There are no bans or restrictions on Binomo in Indonesia. In the following article, we will show you the offers and trading conditions for Indonesian traders.
If you want to trade online in Indonesia, there are a number of brokers you can choose from. However, it is always advisable to go for credible and tested brokers. One of them is Binomo Indonesia.
Quick facts for Indonesian traders:
- Binomo is legal in Indonesia
- It is a legit business from St. Vincent and the Grenadines
- Indonesian traders are welcome
- Earn up top 90% payout
- Regulated and secure platform
(Risk Warning: Your capital can be at risk)
Introduction to Binomo for Indonesian traders
Binomo Indonesia is a broker of high repute via which you can virtually trade online. Virtually trading financial markets is one of the most profitable means of making money over the internet. However, there are several methods of trading the markets, one of which is through digital options. Derivatives are financial instruments that allow a trader to speculate on the direction of prices of assets in the financial markets.
Here, you will decide whether you expect the market to go up or move down, and then you place a bet corresponding with that decision. If you believe the market will move up after a fixed time, you go for a ‘BUY’ trade; but if you believe the market will go the other way, you choose a ‘SELL’. If your prediction is correct, you are paid a fixed percentage of the capital you risked, say between 75% to 90%, or even more. If, however, your prediction turns out incorrect, you lose a specified portion of your capital.
To be able to trade online, and indeed any financial instrument, you need an online broker. There is a wide variety of brokers that you can pick from. However, to get access to seamless trading, you have to choose the most reliable, one of which is Binomo. It is a relatively new broker in the binary options space (launched in 2017), but one that is fast leaving a mark, having bagged a number of awards for excellent service.
Services in Indonesia:
Binomo Indonesia offers commendable binary options brokerage services to traders aimed at giving you a better trading experience. Some of such services and features are outlined below:
Binomo Indonesia offers juicy bonuses to traders to bolster their trading accounts. When you deposit up to $500, you are offered a 100% welcome bonus which gets automatically credited to your trading account. This gives you the ability to take more risks, and potentially, more profits.
Remarkably, the bonuses do not come with any restrictive terms or conditions, as we find with many other brokers.
Binomo’s customer service in Indonesia is arguably one of the best in the industry, as our checks reveal. This is partly due to the fact that the customer service is done in-house, rather than contracted out as most brokers do. In addition, it is available in several languages. They are accessible 24/7 via call, email, and live chat. Other notable features include really fast deposits and withdrawals as well as payouts as high as 87%.
Binomo Indonesia trading platform review
There are 3 main channels through which you can access the services of Binomo – namely through a mobile app (available on both the Google Play Store for Android and App Store for iOS) and the web trading platform. Binomo web-trading platform is available via PC or mobile, on a web browser. One thing about the broker’s trading platforms is that they are all synced together. Your trading account history gets updated across all of the platforms in real-time.
Assets that you can trade on Binomo:
On Binomo’s platforms, you have access to trade an array of markets including currency pairs and the major cryptocurrencies, ETFs, and stocks.
A good feature of a quality online broker is making demo accounts available to clients.
A demo account is simply an account provided by the broker to you for free. It typically contains virtual money which you can use to make trades. However, the money in the demo account is not real, and can never be cashed out. Demo accounts are useful for a number of things, some of which are:
- To practice trading skills
A demo account gives newbie traders the opportunity to practice their trading skills before they commit their hard-earned real money to trade. Demo trading accounts as a beginner trader give you the ability to test and trade real market conditions with fake money, to know how trading works before actual capital is put on the line.
- To test a broker’s platforms
With a broker’s demo account you can test such broker’s platforms and services before deciding to trade with the broker.
- To test new trading strategies
In the case of experienced traders, they may make use of demo trading accounts to test new trading strategies to ascertain if they are effective and profitable with fake money before applying such strategy to a live account, where there are chances of losing real money. Binomo gives traders a $1,000 demo account, which we believe is not the best you can get amongst online brokers.
(Risk Warning: Your capital can be at risk)
Binomo deposit and withdrawal methods in Indonesia:
Binomo Indonesia offers a range of options through which you can make deposits into your trading account. The common channels include:
- Bank cards: This can be a debit or credit card. However, it is preferable and highly recommended that you make use of a card powered by either Visa or MasterCard.
- E-wallets such as Neteller, Skrill, WebMoney, and much more.
The following payment methods are available:
- Virtual Account
- Doku Wallet
- Bank Takyat Indonesia
- Bank Negara Indonesia
- Bank Central Asia (KlikBCA)
- CIMB Niaga
- Permata bank
- Perfect Money
- Virtual Account Bank Mandiri
Unfortunately, Binomo does not offer deposit and withdrawal platforms such as Bank transfers and cryptocurrencies that are offered by other brokers. These exact channels listed above are also the ones through which you can make withdrawals. Furthermore, you must note that the same channel through which you choose to make deposits, is the same channel through which you receive your withdrawals. In addition, you must ensure that your account gets verified before you request withdrawals.
Is Binomo a scam in Indonesia?
There are a lot of scams in the binary brokerage space, and as a trader, you have to be careful. In fact, it is not an exaggeration if we say that in the ònline brokerage industry and indeed the binary options trading industry as a whole, there are more scammers than there are real people. As such, it is unsurprising that governments of countries like the USA, Russia, Japan, Belgium, Turkey, Canada, Israel amongst others, have banned binary and digital options trading.
Online trading scams range from binary brokers who defraud clients to fake binary trading software being sold to unsuspecting traders. However, broker scams tend to be the most common.
There are, however, signs that can help you spot broker scams:
- They make bogus promises
If a binary broker makes obviously unattainable promises like 150% payout, risk-free trading, sure winning, then it is likely that such broker is a scam.
- Constant harassing of traders
Although this is not a blanket rule, one feature common to broker-scams is the way they over-market to traders. Even after depositing in your account, they still stalk you, urging you to quickly start trading or deposit more.
- Terms & Conditions
Most scammer-brokers do have difficult-to-read terms and conditions. Alternatively, their terms and conditions will contain a lot of red flags. However, Binomo does not possess any of these features. In fact, it has bagged at least 2 awards from both the IAIR and FE Awards.
Regulation of Binomo:
One of the features that are highly recommended to look out for in a binary options broker is it is regulated. Being regulated in this sense means if it is registered with and recognized by notable and relevant international financial regulatory authorities, and is thus subject to their rules. Such notable financial authorities include the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the International Financial Commission (FinaCom), and the European Securities and Markets Authority (ESMA), amongst others.
This is because choosing to trade with a regulated online broker comes with many benefits. For one, these regulatory bodies issue strict rules to firms registered under it to ensure the security of clients’ money. One of such strict rules is that they must participate in a compensatory scheme. Here, the binary options broker is expected to dedicate a portion of their earnings to be contributed to a scheme aimed towards compensating clients of the broker in case the brokerage firm goes bankrupt or in case of fraudulent acts by the broker.
However, Binomo does not appear to be regulated by any financial authority, yet. This is understandable bearing the fact that it is a relatively new broker. Nevertheless, without being yet officially regulated, Binomo has taken several steps towards regulatory compliance, one of which is getting registered under the Financial Commission (FinaCom), one of the most trusted bodies for binary options standards in the world.
By virtue of getting registered under FinaCom, Binomo has already proven to be a trustworthy broker. This is because FinaCom possesses some very strict rules that brokers under its control must adhere to. If a broker that is registered with FinaCom commits any breach against a trader, FinaCom can award such broker with damages going up to $20,000.
Binomo Indonesia offers traders quality trading experience across all trading-related services. Their platforms are standard and user-friendly. They also have a seamless deposit and withdrawal system although this can be improved.
(Risk Warning: Your capital can be at risk)