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BinomoFX Review - is it scam or safe?

BinomoFX review - Is binomofx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS BinomoFX
BinomoFX is not regulated. We cannot guarantee your money is safe.

BinomoFX is an offshore, binary options broker that basically acts as a white label of another offshore broker - Pocket Option. They offer bets on a variety of currencies, stocks and a great number of crypto coins, with a generous payout and a web based platform. And although they claim to be regulated, we have some serious doubts about this, so if you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max Payout
Standard Account $400 95%
Premium Account $5000 95%

 

BinomoFX Advantages:

 

Binary bets on 60 coins and 30 currency pairs

 

We should admit, the choice of binary options is really good. We counted 30 forex pairs with some exotic currencies like Polish Zloty, Mexican Peso, Hong Kong Dollar, Singapore Dollar, South African Rand and Russian Ruble, as well as gold, silver, oil, stocks and an even crypto coins – over 60, including Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Zcash, EOS, Ripple, Monero, Ethereum Classic, Stellar, Dash, NEM and Lisk. 

 

And because trading the crypto markets is getting more and more popular, here you may also check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Generous payout

 

When betting with binary options, what really matters is the payout, and with BinomoFX and Pocket Option it is advertised to be pretty good – 95% for the benchmark EURUSD pair. 

 

Still, remember that betting on binary options involves a lot of chance, so if you prefer to have more control over your trades, here you may check our list of forex and CFD brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Great variety of payment methods

 

At BinomoFX you can pay in virtually every possible way. They accept payments with credit cards like VISA, MatsreCard, bank wire, e-wallets including NetellerSkrill, OK Pay, QIWI, Perfect Money, FasaPay, WebMoney, ePay, UnionPay, Baokim, Nganluong, Payeer, Payza, Alipay, GiroPay, AdvCash, CashU and Sofort, as well as many crypto coins - Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Zcash, Ripple and Dash. In any case, here you may also check our list of brokers, accepting payments with bitcoin:

 

>>Forex Brokers Accepting Bitcoin<<

 

BinomoFX Disadvantages:

 

No legit license

 

When you sign up with BinomoFX you are actually agreeing with Pocket Option's Terms and Conditions. Both companies are owned by Gembell Limited., a Marshall Islands based company that claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC).

 

All of that sounds fine, except for the fact that IFMRRC is not an official regulator at all, but just an anonymous website, issuing dubious licenses to shady brokers.

 

An IFMRRC license for example does not give the broker the authorization to offer its services on regulated markets like the European Union, the USA, Japan or Australia. On top of that, recently the European Securities and Markets Authority (ESMA) banned all binary options bets on the Old Continent all together.

 

Legit financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) on the other hand do guarantee the safety of your trading capital. That is because all brokers with legit licenses are subject to strict regulations, including rules about their capital adequacy and general accountability.

 

For example, your funds with a FCA or a CySEC broker will be always held in a segregated, trust account and will be even insured up to 50 000 GBP and 20 000 EUR, respectively, in accordance with local client compensation schemes. Besides, here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Be aware of trading bonuses 

 

BinomoFX and  Pocket Option offer a 100% welcoming bonus, which unfortunately is linked to a certain minimum trading volume requirement and some additional withdraw conditions. That is the reason, our advise is to avoid trading bonuses all together – the practice is highly controversial and is actually banned throughout Europe.

 

Unacceptably high minimum deposit requirement

 

To start trading, BinomoFX asks for an initial investment of at least 400 USD and that is simply too much. Have in mind that with most brokers you can start trading with about 250 USD, while with some big names like FBS and IG, you can open a trading account with just 5 USD or even less.

 

MetaTrader4 not available

 

BinomoFX and Pocket Option dose not offer conventional forex and CFD trade and that is a disadvantage. On top of that they are offering a rather simplified, web based trading platform that lacks many of the features, considered standard with classical trading solutions like the MetaTarder4. 

 

 

For example we miss the option to run automated trading sessions, as well as the various, customizable market indicators and the advanced charting tools, all of which are freely available with MT4. Besides, here you may also check our list of MetaTrader4 supporting brokers:

 

>>MT4 Brokers<<

 

Conclusion:

 

BinomoFX is a low credibility, offshore, binary options broker, which tries to get some legitimacy by claiming to be regulated. Their license, however, is not issued by a legit financial authority and is basically worth less than the piece of paper it is printed on. As always in such cases we will repeat our general advise to trade only with brokers, authorized by official regulators, such as the FCA in the UK, ASIC in Australia or CySEC in Cyprus.

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Traders` reviews for BinomoFX

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Maitanance fee

I Invested with binomofx now the said I must pay a maintenance fee to get my profit of$500

Francis Mkhize 04/18/2019
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