Is this site legit ?

Zangetsu

Zangetsu

I am the master of my Fate.
You all must have seen lots of Ads while browsing such as easy money making, faster money etc.
But this website got my attention when I was watching youtube.

It's Ad started playing in the middle and this Guy speaking in Hindi was so calmly speaking about its advantages & the gains he got after using he earns > $1000 per day :shock:

Trade and make a profit from online trading using Binomo platform.

Is it really a genuine site or just a Scam ?
 
nac

nac

Aspiring Novelist
Not long ago someone asked me about this broker. Until then, I didn't know about Binomo. When I was asked I thought Binomo is one of the new discount broker. I looked up online and learned that they aren't from India - that's red flag no. one. And it's Forex trading - red flag no. two. Saw some youtube videos where vloggers trading/or should I say playing a game? I suggested NO to Binomo.
 
W

whitestar_999

Super Moderator
Staff member
Don't do anything "foreign currency related" without understanding relevant IT(income tax) laws & FEMA Foreign Exchange Management Act - Wikipedia Of course once you understand these you will realize that it is not legally possible to have such a lucrative invest opportunity.
 
OP
Zangetsu

Zangetsu

I am the master of my Fate.
Yes, Income Tax laws and FEMA are the Act we need to follow.

But my question is ? Does it really work the way it claims ?
Lets say if an Indian Guy staying in US thinks of trying his hands on binomo. Should he proceed ?

In the Demo they just tell that we will have to guess the price UP/DOWN and trade.

Similar thing I once found on Oil Trading App.
 
W

whitestar_999

Super Moderator
Staff member
Zangetsu said:
Yes, Income Tax laws and FEMA are the Act we need to follow.

But my question is ? Does it really work the way it claims ?
Lets say if an Indian Guy staying in US thinks of trying his hands on binomo. Should he proceed ?

In the Demo they just tell that we will have to guess the price UP/DOWN and trade.

Similar thing I once found on Oil Trading App.
Click to expand...
If it does then don't you think India's poverty situation would have been greatly improved by now.
Absolutely not,IRS of US is much more powerful & feared than IRS of India.You are not even a citizen & in the currently charged US atmosphere all it needs is one IRS rule violation for immigration to kick you out.
*www.quora.com/Is-Binomo-a-legitimate-safe-binary-options-broker
According to its website, Binomo is owned by Tiburon Corporation Limited and is located at: Suite 1, Second Floor, Sound & Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles.
There is no financial regulation offered by the Seychelles. Some islands like Belize or Vanuatu do offer financial regulation to binary and FX companies, but Seychelles doesn’t.
This means that Binomo is an unregulated financial company.
Even if it had a regulation by a shady governing body (like Belize), I still would not call it legitimate.
Click to expand...
 
OP
Zangetsu

Zangetsu

I am the master of my Fate.
whitestar_999 said:
If it does then don't you think India's poverty situation would have been greatly improved by now.
Absolutely not,IRS of US is much more powerful & feared than IRS of India.You are not even a citizen & in the currently charged US atmosphere all it needs is one IRS rule violation for immigration to kick you out.
*www.quora.com/Is-Binomo-a-legitimate-safe-binary-options-broker
Click to expand...
So, Its a Scam!
 
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