WikiFX Review: Is Binomo trustworthy broker?

Just now, WikiFX received another exposure from an investor in India, who said that the trader could not withdraw money for various reasons with Binomo platform. Here is a screenshot of his remarks.

Actually, we received more than 40 requests from investors for help from WikiFX, they complaint that Binomo is a totally fraud while some of investors trust it‘s reliable and convincible. Is Binomo safe broker？ Let’s do some research before we comment.

To learn more about Binomo, we first went to their official website. Binomo claims to be based in the Grenadines, as shown below:

To operate a forex business in the Grenadines, a company must be registered with the Financial services authority St Vincent& The Grenadines，otherwise it will not be able to offer financial products and services locally. Unfortunately, there is no “Binomo” information in the Financial services authority St Vincent& The Grenadines database. This also means that Binomo's trading risks are high and it is illegal to engage in any financial activity that is not regulated by local regulators.

The only thing mentioned on website that it is a member of the international Finance commission, but what about the recognition and authority of the so-called international institutions and whether they can provide protection for investors？

According to its website, Binomo is an online trading platform-binary trading options, and known for its investor-friendly trading accounts and accessibility features.

Actually, we should be vigilant when derivatives appear on websites, this is most likely a hoax. The Financial Conduct Authority in the UK issued a statement as early as 2017, the sale of all binary options to retail consumers is now banned. If you are offered binary options, it is probably a scam.

From 2 April 2019, we permanently banned firms from selling binary options in the UK.

This follows the European Securities and Markets Authority‘s (ESMA) temporary ban on the sale of binary options to retail consumers across the EU, including the UK, since 2 July 2018. Our ban includes certain binary options that were excluded from ESMA’s temporary ban.

In addition, Binomo's deposits can only be paid by credit card, it's a sign of another scam. Credit cards are usually not allowed to be used on forex trading platforms under financial regulations. While most forex scam like it and choose this payment method- because once the money is deposited, it is hard to get it back. Consequantely, investing with a company with such transaction is not a good idea – you would not be able to retrieve your money or track it down.

Now let's search “Binomo” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

Type Binomo into WikiFX, and you'll find two companies named Binomo, both with low scores. This is a terrible thing! This has led to concerns that this is a cloned fake platform, using the so-called “perfect platform” to carry out fraud. If they don't invest carefully, they can fall into investment scams.

As you can see, based on information given on WikiFX(https://www.wikifx.com/en/dealer/9381559639.html), Binomo currently has no valid regulatory license and the score is rather negative - only 1.44/10! WikiFX will give dealers a composite score in five categories: license index, business index, risk control index, software index and regulatory index. Since Binomo does not have any supervision and does not obtain a regulatory license, the license index, risk control index and regulatory index all score 0, and the final total score is 1.44 (out of 10). Investors can see the overall situation through WikiFX, with higher scores indicating a more reliable broker.

In a nutshell, it's not wise to invest in Binomo. The so-called brokerage firm is nothing but a complete fraud, WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

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