Is Binomo legal in Mexico? – Guide for Mexican traders
You want to trade with Binomo in Mexico and want to know if it is legal there? – Yes, Binomo is fully legal in Mexico. It is a legit business for online investing. The company is based in St. Vincent and the Grenadines and Bulgaria. Also, it is regulated by the International Financial Commission. If you are based in Mexico you can trade with Binomo.
Facts for Mexican traders:
- Regulated and secure online broker
- Legal business in Mexico
- Mexican traders are welcome
- A low minimum deposit of $ 10
(Risk Warning: Your capital can be at risk)
How does Binomo work in Mexico?
Trading online is one of the most profitable ways to make a good income online.
By way of introduction, online trading involves speculating on the direction of prices of assets listed on global financial markets. In essence, it involves betting on the movements of prices of financial instruments such as stocks, currency pairs, commodities, indices, amongst others.
If you believe that prices will go up, you go for a “Buy” trade; and if the opposite is the case, you choose a “Sell” trade. You “stake” or “bet” a fixed amount for the trade; if your trade turns outright, you are paid a fixed percentage of this amount you put up. If however, your trade turns out incorrect, your potential loss is limited to this amount as well.
However, to be able to trade online, you need access to a brokerage account. There are a number of brokers that you can choose from but not all are worth recommending. One that we highly recommend is Binomo.
Introduction to Binomo in Mexico
Founded as recently as in 2014, Binomo has fast become one of the most popular and most respected binary trading platforms out there. Its physical office is based in Bulgaria and St. Vincent and the Grenadines, and its trading platform is available in over 13 languages, including English, French, Mandarin, Spanish, Indonesian, Italian, and Portuguese, amongst others.
There are up to a little over 900,000 active traders on its platform daily, who conduct as much as 30 million transactions per annum.
Binomo is very much available in Mexico but does not feature a dedicated website for Mexico like some other brokers. However, what you will notice with Binomo is that it localized trading experience for each country it offers its services in. For instance, when you open the Binomo trading platform in Mexico, you see that specific information therein is localized; for instance the currency.
Binomo is regulated by the Financial Commission – one of the very respected derivatives brokers in the world. It reportedly is working on a license from the Cyprus Securities and Exchange Commission (CySEC).
Binomo allows speculation in currencies, stock indices, and commodities. Binomo’s platforms do not however feature cryptos, ETFs, or individual stocks.
Trading platform review for Mexican traders
There are multiple channels through which you can access the Binomo trading platform. With a PC or mobile device, you can access it via the web. For smartphone users, Binomo has an app available on both the Google Play Store and Apple App Store (for Android and iOS devices respectively).
Binomo trading platform comes with a number of technical analysis tools, price bands, and indicators. If you are a manual trader, you will find these tools very useful.
They also provide an education platform to teach you the basics of trading online.
In the picture below you see a screenshot of the trading platform:
Binomo Mexico demo account
One important feature of a good online broker is the provision of a binary options trading demo account. An online demo trading account is an account provided by the broker to you for free that contains virtual money for you to use to trade. The money in the binary options trading demo account is not real, and you can never cash it out.
Why do you need a demo account?
There are many benefits traders stand to gain from using a demo account. These include;
1. To practice trading skills
Binary options brokers provide binary options demo trading accounts because they want to give newbie traders using their platforms the opportunity to practice their trading skills, before their own actual money/capital, binary options demo trading accounts allows you as a beginner trader to test, experiment, and trade real market conditions with fake money. Thus, you can make mistakes without any fear of liability.
2. To test the brokerage platform
Binary options demo trading accounts allow prospective clients of a binary options broker to test its platforms before deciding to trade with that broker. You will be able to know specific styles that are peculiar to the particular binary options broker, such as their calculation of lot sizes, allowable margin, and minimum risk amount.
3. To test new strategies
Finally, experienced traders may make use of demo trading accounts to test new trading strategies to ascertain if they are effective and profitable, using fake money but real market scenarios, before applying those strategies to live accounts where actual money will be on the line.
Binomo provides traders with up to $1,000 in demo account funding. Although it is not too bad, the $1,000 minimum deposit is not too good as well. All around, we have brokers all over that provide traders with up to $10,000 in demo account funding and still make the accounts replenishable.
(Risk Warning: Your capital can be at risk)
Minimum deposit in Mexico
To be able to trade a live account with Binomo, you need to deposit $10. This is, by far, the lowest required minimum deposit amount you find of any broker. This relatively low minimum deposit opens up trading for many traders.
With such a low deposit amount required, it is no surprise that Binomo does not need lots of attractive bonuses to entice people to sign up to their trading platform. Nevertheless, Binomo still makes bonuses available to its traders. There is a one-time 100% bonus for anyone registering and depositing into their Binomo demo account.
To deposit you have to login into your trading account on any of the platforms provided by Binomo. In the navigation bar (you see three dashes), you see the “Cashier” section. Clicking on it takes you to the Deposit and Withdrawal section. From there, you can then click “Deposit”. You will see a number of Deposit options. Click the one you have access to, and fill in the required information.
How to make payments
Binomo not only lists its payment methods but also details which currencies are applicable for each method. These are summarised below:
- Card Payment
Supported cards include Maestro, Visa, and MasterCard.
- Electronic Wallets
You can pay through Payeer, Yandex Money, Skrill, WebMoney, PayTM, Alpha Click, Jeton Wallet, and Neteller, amongst others.
- Banco Azteca
- SPEI Bank Transfer
- Todito Cash
- Circle K
- Farmacias Benavides
- Bodega Aurrera
- 7 Eleven
- Sams Club
- Farmacia del Ahorro
- Internet Banking / Cash
Binomo withdrawal in Mexico
For withdrawal, unlike what is attainable with other brokers, you can cash out all the funds in your account with Binomo to the last dollar. With other brokers, you can only cash out all your funds if you want to close the account. Usually, you have to leave some money in the account.
Withdrawal methods include the following:
- Debit/credit card; preferably one powered by either MasterCard, Visa, or Maestro.
- Electronic Wallets: Payeer, PerfectMoney, Skrill, WebMoney, Jeton Wallet, Neteller, Alpha Click, Yandex Money.
- And also the methods mentioned above
No charges are deducted for these transactions. How long each transaction takes is up to the payment processor you choose.
Is Binomo regulated in Mexico?
Binomo is not regulated in Mexico. This means that it is not registered with any Mexican financial authority. Binomo is a global binary options broker, present in over 130 countries. It also provides services to Mexican binary options traders. Due to its scope and reach, it is practically impossible for it to get licensed by regulators in all the countries it operates within. It can only be regulated in a handful of places, which it has sufficiently done.
In essence, there are really no issues with Binomo not being regulated within Mexico. But this has some implications. It means that in the case of any breach committed against Mexican binary traders, no Mexican institution has real authority over Binomo. However, this calls for no alarm whatsoever. For one, Binomo is registered with FinaCom and, as a result, if traders have any complaint and can prove it, they can get rewarded with up to $20,000.
Is Binomo Mexico a scam?
First, to answer this, we have to examine the common characteristics of scam brokers. The common traits of most illegitimate brokers include:
- Lack of Regulation
Most scam brokers are not regulated by any reputable financial authority in any country. As such, they are not subject to any rules and can get away with breaches of the client’s trust.
- Unrealistic promises
Although this is not the case with all, most illegal brokers embark on aggressive marketing campaigns luring traders with bonuses and attractive offers.
- Poor Reviews
Conducting checks online will reveal negative reviews of most broker-scams.
- Lack of Credibility
It turns out that a lot of broker-scams don’t have a track record to boast of.
If you look at the above, you will see that Binomo Mexico does not have any of these features. Thus, we can conclude that Binomo is a credible broker.
There are many options of brokers available to binary options traders in Mexico. Before you, however, go for any broker, there are certain factors that you have to put into consideration. Nevertheless, one broker that we highly recommend is Binomo Mexico.
(Risk Warning: Your capital can be at risk)