Binomo is an UNLICENSED broker registered in the St. Vincent and the Grenadines, a famous offshore zone. The FSA of the St. Vincent and the Grenadines (SVG FSA) does not issue any licenses for forex trading or brokers nor does it regulate or license international companies engaging in such activities. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered in or regulated by SVG FSA as they are actually under no valid regulation.
Binomo also claims to be regulated by the Financial Commission, and its subsidiary TITAWIN to be regulated by the Vanuatu Financial Services Commission (VFSC). Despite the provided regulation on its website, this broker is not under supervision, since the Financial Commission simply acts as an independent external dispute resolution (EDR) organization that does not regulate forex, and there is no regulatory details about TITAWIN in the registers of VFSC.
What's worse, the CNMV, CySEC and CVM have successively added Binomo to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV, CySEC and CVM against Binomo respectively.
We would recommend traders stay away from unregulated brokers like Binomo and trade with licensed brokers.
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