You Asked: How to trade at Binomo India?
Binomo is a specialist broker within the binary options trading market and has been in business since 2014. It holds current FMRRC certification as a broker and is therefore regulated by them. There is also a pending licensing application submitted to CySEC in the pipeline.
Binomo offers its services to India and there are four account options currently available: Demo, a free-to-use practice account. Standard, with a $5 minimum trade amount. Gold, with a $500 minimum and VIP, with a $1000 minimum trade requirement.
Each account has specific features and benefits for binary options traders and full details, together with Terms and Conditions for each type of account, can easily be viewed on the broker’s website.
As the law now stands, Indian citizens are legally allowed to trade in binary options. However, there is no formal regulation for this currently in place within India, and residents are therefore obliged to trade with offshore brokers.
If you are hoping to trade in binary options with Binomo, there are two facts of which you need to be aware. Firstly, this broker does not provide support in any Indian languages, so it is most suited to those who are bi-lingual with English as a second language.
Secondly, Binomo does not currently offer an Islamic (no Riba) account, so if Shariah laws bind you, then, unfortunately, this broker is not suited to your needs. On that particular note, Binomo’s customer support team did state that they are currently investigating possibilities for creating Swap-Free accounts in the future.
If you like this broker, keep checking the website for updates and in the meantime, there is nothing to prevent you from opening a demo account with Binomo to get some practice at trading in readiness.
Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2015 and readers can benefit from her insider knowledge of how brokers work.
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