Binomo Review – Not Recommended Broker

The Binomo brand is owned by Dolphin Corp LLC, a company registered under the laws of Saint Vincent and the Grenadines, which is a small Caribbean country considered as being a tax haven and which tends to be used by offshore companies.

Binomo offers CFD trading via a different company, Titawin Limited, which Binomo states is its “affiliated company”. According to Binomo’s website, Titawin Limited is licensed by the Vanuatu Financial Services Commission (VFSC), which we do not consider to be a top-tier regulator. Vanuatu is considered as being another offshore haven that provides little regulatory scrutiny.

Binomo also is a member of the “The Financial Commission”, which is not a regulatory body. FINACOM PLC LTD. and its affiliates (“Financial Commission”) is an independent self-regulatory organization and external dispute resolution body based in Hong Kong. Membership provides protection of up to €20,000 from the compensation fund, but only if a member, such as Binomo, refuses to adhere to a judgment from the Financial Commission, according to its website.

It’s good to know that the company – according to its client agreement – does not provide services in EU countries, plus North Korea, Canada, USA, Australia, Malaysia, Norway, Iceland, Liechtenstein, the United Kingdom, Andorra, Vatican, Monaco, San Marino, Switzerland, Israel, Syria, Singapore, Hong Kong, New Zealand, Iran, Saint Vincent, and the Grenadines, Moldova, Japan and the Russian Federation.

The bottom line is that there seems to be no regulation and little investor protection. While we have found no record that the company has been sanctioned or put on a warning list, there are plenty of options for you out there in terms of regulated online brokers that could be a much more reliable choice.

It’s important to note that not all unregulated brokers are scams, but in our opinion, the lack of regulation is a red flag. Therefore, BrokerChooser does not recommend trading with a non-regulated provider.