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Binomo Online Binary Options Broker Review
What is Binomo?
Binomo is an online option trading broker that started operations in 2020. The broker is a subsidiary of the Dolphin Corp and is headquartered in the St.Vincent and the Grenadines under registration number 25151 IBC 2020.
with has there office located on the First Floor of First St Vincent Bank Ltd Building, James Street, Kingstown, St.Vincent and the Grenadines
Also, they work with a payment agent to secures there banking: Pollack Trade LTD (a company registered in accordance with the legislation of the Republic of Bulgaria, whose office is located at Georgi Sava Rakovski St. 96, Sredets Region, Sofia Municipality, Sofia 1000)
The platform provides contact customer support by Email [email protected]
Currently, this broker is only regulated by the International Financial Markets Relations Regulations Center (IFMRRC). The organization describes itself as a non-commercial body created to regulate services provided by brokers, dealers and other financial and investment institutions.
Binomo Platform guide:
Is Binomo a scam or legit online options broker?
One of the key features I look at when deciding whether a broker is legit or not is if they’re fully regulated by a reputable authority. As I mentioned, Binomo is regulated by the IFMRRC. I usually place preference to brokers who hold certificates from reputable authorities like CySEC, ASIC and FCA.
After combing through the Binomo website, I found that they have a pending CySEC and CPO regulation. Although it’s a good indicator about how serious the broker is about attracting traders from different parts of the globe, I’d advise traders to wait until they’re fully regulated by CySEC.
However, if you still want to try out the platform, you can take advantage of their low $10 minimum account deposit to start trading. This will enable you to try out the platform without risking a lot of money.
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General Risk Warning! your capital may be at risk
What makes Binomo stand out?
The Binomo platform is quite unique and offers several trader friendly features. One feature that really stands out is the ‘hotkey’ option. Once enabled, you can quickly issue commands such as increase/decrease investment amount and execute trades without using a computer mouse. The platform also provides many charts and technical analysis tools. This makes it easy to customize your trading interface to suit your trading preferences.
Does Binomo have any major shortcomings?
Every trader wants to have control over their investment. Binomo has a clause in their terms and conditions that seems to limit this control. According to the clause, you will have 10% deducted from your funds should you decide to withdraw before your trade turnover reaches at least twice the deposited amount.
For example, say you deposit $100 and decide to withdraw the whole amount before making trades worth $200 or more. Binomo will deduct 10% ($10) from your funds.
Should you open a Binomo trading account?
This online broker offers a demo trading account credited with $1000. This is a good place to get started in order to get a feel of the platform. You’ll only need a valid email account to open a demo account. In addition, you can easily replenish the demo account funds if necessary.
But, what does a real Binomo trading account offer?
The platform comes with a well-designed trader interface. It isn’t cluttered with a lot of features which is a great thing especially for beginner traders. Besides being able to trade directly from your browser, you can also access the Binomo platform via Android or iOS app.
Besides the demo account, there are three other account types to choose from as follows:
1. Binomo Standard Account
To open a standard account, you’ll only need a deposit of $10. Profitable trades provide a return of 85%. Withdrawals are processed within 3 working days.
2. Binomo Gold Account
The minimum deposit to open a gold account is $500. Gold account holders earn returns of up to 86% on profitable trades. This account type also attracts a weekly cashback of up to 5% and withdrawals processing of within 24 hours. Other benefits include a personal manager and advisory services.
3. Binomo VIP Account
The minimum amount needed to open a Binomo VIP account is $1000. You can receive up to 100% bonus once you open a VIP account. Returns on successful trades can reach 97% and withdrawals are processed within 4 hours. VIP account holders are also eligible for a 10% weekly cashback and other additional features not available to Standard and Gold accounts. It’s worth noting that each of these live accounts attracts a signup bonus. Bonuses are also offered to existing account holders from time to time. Binomo offers a range of tradable assets to choose from. These include currency pairs, commodities, stocks and cryptocurrencies. The number of assets you have access to largely depends on the account type you sign up for with VIP account holders having access to the widest range.
There are two option types to choose from. The turbo option allows you to enter and exit trades within a 60-second time frame. The classical high/low option on the other hand offers multiple expiry periods of 15, 30 and 60 minutes respectively.
You’re not tied down to the expiry you set at trade entry. The platform allows you to choose sequential 1 minute expiry periods of up to 6 minutes.
For example, if you enter a trade at 12.36 pm, you can set expiries of 12.37, 12.38, 12.39, 12.40, 12.41 and 12.42. There’s no limit to the number of positions you can enter at any given time. This makes it easier to maximize profits within a specific time period. You can also trade during weekends.
In order to be able to follow price trends easily, the platform’s chart can be divided up into several time frames ranging between 5 seconds and 5 minutes. By rolling your mouse wheel, you can zoom the chart in and out.
The platform also offers a wide range of technical analysis tools that allow you to keep track of trends in real time. Binomo also offers the ‘hotkeys’ tool which is unique across the online options brokers I’ve tried out. What this tool does is activate keyboard shortcuts to common commands you issue while trading.
This way, you won’t have to rely on clicking on your mouse when issuing commands thus saving time. I would however recommend you first memorize the different hotkeys using your demo account before trying them with a live account.
If you’re just getting started as a trader, Binomo provides a collection of tutorials to get you on track. These include video tutorials, a detailed knowledge base, and strategies section. Their FAQ section however isn’t as detailed as you’d expect with any online options broker.
The minimum amount you can invest in a trade is $1. The platform accepts several payment methods that include credit/debit card, QIWI, Neteller and WebMoney. Withdrawals are made to any of these payment systems. The broker doesn’t charge any withdrawal fees unless you want to withdraw funds before trading an amount at least twice your last deposit.
Binomo also regularly offers tournaments which make it easy to earn money outside your normal trades.
So what’s my opinion regarding whether you should open a Binomo account or not?
I believe the platform has made an effort to stand out as a legit online options broker. I’m a bit reserved when it comes to brokers regulated by the IFMRRC only. Their requirement that you have a trade turnover exceeding twice your deposit amount before withdrawing is also something they need to work on.
However, given that you can deposit $10 and trade with as little as $1 I consider Binomo worth trying out. But before making my final conclusion, it’s best I consider existing trader complaints as well as a breakdown of how I rate different Binomo features. General Risk Warning! your capital may be at risk
Binomo trader complaints
Due to the IFMRRC regulation, it’s safe to say that Binomo primarily targets traders from Russia and other Asian countries. This could explain why I couldn’t find any complaints from traders in Europe or Australia (Binomo doesn’t accept traders from the US).
However, I did come across a YouTube video. In it, the trader complains about not being able to withdraw profits that were tied to bonuses. This is a typical complaint I’ve come across with regard to brokers that offer bonuses to new traders. I usually advise that you first read the fine print explaining the intricacies tied to profits earned from bonuses.
How do I rate different Binomo features?
As usual, I always try to compare different online brokers based on the different features they have to offer. So based on a rating of 20, here’s my breakdown of Binomo’s features.
User friendliness and accessibility
The Binomo platform is well designed. The trading interface isn’t cluttered with many features which often negatively affect usability. The ‘hotkeys’ option also makes it easy to issue different commands using your keyboard. Opening a demo account requires only your email address. The platform is also easily accessible via browser and mobile apps. The 14 language options also make it easy for traders around the globe to access the platform.
There are 3 real account types to choose from. The Standard account makes it easy to try out the platform without investing more than $10. Each account comes with its own unique features. However, Gold and VIP accounts offer more goodies including faster withdrawals, access to more assets and better support.
Number of Assets
There are about 80 different assets to choose from. These include currency pairs, commodities, indices and cryptocurrencies.
However, the number of assets you can trade in is limited based on the account type you hold. To access more assets, you’ll need to open a Gold or VIP account meaning you’ll need to invest more of your money.
Option types and expiry periods
You can choose between turbo options and classic high/low options. The former has expiry periods ranging between 1 second and 5 minutes. The latter has expiry periods of between 15 and 60 minutes. You can also enter multiple trades at a time.
Getting started with the platform is quite easy. However, the amount of support you receive thereafter could use some improvements. Their phone support is available for 4 hours. You could still contact support through email,live chat and Skype.
Fees and effective return
Binomo doesn’t charge fees on trades executed. However, you can have 10% deducted if you decide to make a withdrawal before executing trades of at least twice your last deposited amount. Profitable trades can earn up to 87% effective return. This is considerably lower compared to other brokers who offer returns of up to 95%.
Deposits, withdrawals and bonuses
The platform accepts several payment methods including debit/credit card, Neteller, QIWI, Yandex and WebMoney. Withdrawals processing will take anything between 4 hours and 3 working days depending on your account type. Binomo also offers bonuses on deposits which can be up to 100% for VIP accounts. The turnover cap on bonuses ranges between 30 and 40 times the bonus amount. trading in Russia? We’ve found a highly rated fully regulated broker for you. Start trading with Olymp Trade now!
Binomo provides the ‘hotkeys’ feature which I found to be unique, useful and time-saving. The ability to replenish your demo account is another feature I found useful especially for new traders learning how to use the platform. Another noteworthy extra is the different tournaments offered to traders. This allows you to earn extra money outside normal trading.
Binomo is a decent online trading platform. It comes with all the features you’d expect from a broker trying to attract traders from across the globe. The platform is well designed and offers many trader friendly features.
However, there are several shortcomings that cannot be overlooked. First is the regulation issue. Being regulated by the IFMRRC only locks out many traders especially from European countries.
Their phone support could use additional live hours. The 10% fee on withdrawals made before a certain turnover is achieved is another shortcoming worth considering before investing with this broker.
Overall, I wouldn’t rate Binomo very highly. If you’re looking for a highly rated and fully regulated options broker we’ve got the right one for you. Simply click here.
General Risk Warning! your capital may be at risk
Binomo Review – Is it SCAM or LEGIT broker?
- Nice and quick platform
- Free demo to try the platform
- Min deposit is only $ 10
Binomo is a well-known binary option, cryptocurrency, forex, and CFD trading platform. If you are interested to use this platform, it’s highly recommended that you should know a few things about its background and the tools available. In this complete review of the trading platform, we take a look at the different tools and functionality available on the platform.
At first glance, the Binomo trading platforms focus on technology. As a user, you can take advantage of the up and down movement of an underlying asset. This is indicated on the website when it explains that Binomo is primarily designed for traders who are willing to take advantage of the price movements of currencies, shares, and commodities.
Binomo is packaged for all types of traders and customers looking for access to helpful trading tools. And the way the website is designed and presented, traders will easily get the idea that the Binomo platform features the right set of tools that can help promote a streamlined trading experience.
What to Expect from the Binomo Platform
Binomo currently supports a web trading platform and a mobile app. When using the web platform, you gain access to more than 100 underlying assets. It works 24/7, which means that you have time to invest and trade using a variety of assets including cryptocurrencies.
Design-wise, the trading platform is unique and has been programmed by a broker. The platform is easy to navigate and users and customize the experience. There are different kinds of charts, tools, and indicators that can be used for technical analysis. Based on these tools, charts, and analysis, a trader can offer a forecast ad earn profits.
Binomo’s Platform review
One of the main advantages of the trading platform is its faster trade execution. Traders will not experience lag or connection issues that are common in other platforms. In short, Binomo allows you to enjoy a flexible and smooth trading process. On the right part of the screen, you will find a trading dashboard where you can execute trades.
The trading area is structured and there ‘hotkeys’ which you can use to complete trading. On the left side of the screen, you get access to various options. Here, you can check your trading history, learn a few strategies, or check out the news calendar.
Different chart type at Binomo
On the upper side of the screen, you can choose which asset to trade. When using this platform, you can use more than one chart. And switching from one chart to the next using a different strategy is easy.
In short, the Binomo trading platform is easy to use. You will find several trading tools and functionality which you can use to create winning trades.
Important Features of Binomo:
- Use different charts
- Features more than 20 indicators
- Trade more than 100 assets
- User-friendly and flexible
- Web app and mobile trading available
- Fast trade execution
- Easy to customize trading platform
How to Invest in Binomo Trading Platform
With Binomo, you can make a trade based on the movement of the markets over some time. You can select the time of the expiry of the trade and choose short or long. After the expiry, the trade closes and you can expect a high payout or forfeit the investment amount.
The trading platform also allows you to predict the asset’s price movement and put your money in the direction that you expect. There’s no need to worry about the degree of movement; the important thing is to know if the final price is above or below the entry point to collect a profit. Here, the profit is defined by your chosen asset. Your risk in trading is the amount you have an investment. You can only lose what you have investment and you can collect a fixed profit.
The Binomo Trading Demo Account
You can also try the Binomo Demo Account to test the platform for free. When you sign up for a free demo, your account will be credited with $1,000 in virtual money which you can use to test some traders and strategies. You can use the demo account for an unlimited time, which means that you can top-up the account when you want it.
You need a Google or Facebook account to open a free demo account. If you don’t have any of them or don’t want to use them, you can provide your email and password to create an account.
Traders from the United States are not allowed to create an account.
Creating a free demo account with Binomo is a fun way to learn and appreciate the platform and trading without risking your money. If you are interested to open a free demo account, simply click this link. You can use the demo to know if Binomo is a perfect fit for you.
Deposit and Withdrawal
Binomo offers friendly cashier services for its traders. When we check the FAQ section of the trading platform, we noted the presence of several accepted payment options. Traders of this platform can choose from Visa, Mastercard, Neteller, and popular cryptocurrencies. Deposits are credited instantly which will allow you to enjoy trading instantly.
The minimum amount that you can withdraw here is $10. You can only withdraw your funds using the payment processor where you have completed the deposit. Withdrawal requests can take up to 3 working days. When withdrawing funds and taking the bonus, you must comply with the bonus conditions. Failure to comply with these conditions will invalidate the bonus.
Trading Bonus and Conditions
This trading platform offers several bonuses for traders. The most popular is the first deposit bonus which allows you to trade without risking money. Make sure you read the conditions before activating the bonus.
Here’s an example:
- Say you deposit $5,000 and comes with money management of 1% each trade.
- The agreed investment amount is $50. If you collect a 100% bonus, your balance becomes $10,000.
- Now, you start trading spending $100 in every trade with a money management fee of 1%. In this arrangement, the bonus will give you more chances to grow your account.
Although the bonus can boost your account, keep in mind that it comes with certain conditions. For example, you need to complete a lot of trades before you can withdraw your funds.
Is Binomo Safe and Regulated?
This is a common question asked by traders. Yes, Binomo is licensed and regulated by the International Financial Commission (IFC) since May 2020. Also, the broker is certified by CROFR.
This means that Binomo is a safe and reliable platform for trading.
As part of its regulations, the trading platform is grouped in Category ‘A’. This is the highest level possible which means traders can enjoy only the best services possible. When you sign up for an account, your funds are protected up to €20,000. This is known as the compensation fund which can cover your investment in case the broker goes bankrupt.
Terms and Conditions
Pay attention to its Terms and Conditions if you want to sign up for its trading services. The platform features a client agreement that explains the conditions and rules attached to the use of the platform. Make sure to read this client agreement before starting your trades. You will notice that the first line of the agreement indicates that Binomo has been incorporated under the laws of the Republic of Seychelles. The client agreement will also cover disputes relating to trading and risks.
Although the company welcomes a growing number of countries, Binomo also boasts a few country restrictions. For example, traders from Canada, the USA, and the European Union are not allowed to create accounts. It currently focuses on the needs of traders from Africa and Asia. The platform also supports more than 20 languages including Thai, English, and Indian. The majority of the traders of the platform are from the following territories:
- Binomo Russia
- Binomo Brazil
- Binomo Vietnam
- Binomo India
- Binomo Pakistan
- Binomo Thailand
- Binomo Malaysia
- Binomo Nigeria
Types of Binomo Accounts
You can choose from 4 different types of accounts available on this platform:
The most basic option is one that features a demo account. The great thing about the demo account is that it allows you to test some strategies without risking your money.
The demo account is free to use and comes with a virtual fund worth $1,000. We highly recommend that you check out first the free demo account to see if Binomo is the right fit for you.
Another option available to players is the Standard option. According to the website, the Standard option comes with full tools and functionality.
This comes with a profit of 85% and a minimum trading amount of $1. This option also allows the traders to participate in tournaments and withdraw funds within 3 days.
Another option available for you is the Gold account that starts at $500.
The Gold account comes with all the tools and functionality from the Standard and a few extras. This account promises fast withdrawals of up to 24 hours, yields of up to 86%, and insurance bonus.
Finally, you can also take advantage of the VIP account where deposits start at $1,000. This platform is recommended for traders who plan to deposit huge sums of cash and looking for exclusive services and trading conditions.
When you sign up for this account, you can enjoy up to 100% bonus, yields of up to 87%, and the ability to withdraw within 4 hours. Also, VIP account holders can enjoy a weekly cashback of 10%.
Our Experience in Using the Binomo Platform
Binomo features all the products that every trader needs to start the trading experience and collect sizeable profits. Although the platform has a free demo and appears to offer the right set of trading tools, there are still a few things missing. For example, it needs to build its trading and education section. Also, the company is not fully regulated by CySEC. Overall, Binomo.com covers all the basic requirements when it comes to the trading platform. But if you an advanced trader and wants more, then you will find the platform as insufficient.
Have you tried using the platform? If yes, then we invite you to leave a comment and let the other traders learn more about your thoughts and experience. And if you have some questions, please don’t hesitate to leave it here.
On a personal note, I think that Binomo is a capable trading platform. In this comprehensive review, I included the features and advantages of the platform. Based on my hands-on experience, I can say that this is not a scam. You can try the platform in a free demo first before investing your money.
More info about Binomo
- Nice and quick platform
- Free demo to try the platform
- Min deposit is only $ 10
- Only english and russian support
Binomo – Review author
More about the author Step
I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
|✅ Website URL||https://binomo.com|
|✅ Headquarters||Mahe, Seychelles|
|✅ Support Types||Email support, Online live chat|
|✅ Languages||English, Indian, Bahasa indonesia, Thai, Spanish|
|✅ Trading Platform||Custom made platform|
|✅ Minimum 1st Deposit||$ 10|
|✅ Minimum Trade Amount||$ 1|
|✅ Maximum Trade Amount||$ 10 000|
|✅ Bonus||FREE DEMO AND LOW MIN DEPOSIT|
|✅ Payout||Up to 90 %!*|
|✅ Free Demo Account|
|✅ Deposit Methods||Credit Card, Wire Transfer, Skrill, Neteller, Cryptocurrencies|
|✅ Withdrawal Methods||Credit Card, Wire Transfer, Skrill, Neteller, Cryptocurrencies|
|✅ US Traders Allowed|
|✅ Mobile Trading|
|✅ Tablet Trading|
|✅ Overall Score||4.8 / 5|
One Response to “Binomo Review – Is it SCAM or LEGIT broker?”
A lot of people are complaining that they quickly accept cash and you try to withdraw they make you frustrate is it true?
What Is the Binary Matrix Pro – a Second Income Opportunity or a Scam
FRANKLY, I am sick to death of the ugliness and cruelty of scam artists who mercilessly rob unsuspecting people – mothers, fathers, hard workers, students, doctors, etc.
That’s why I publish reviews like this one here – to warn people and show what tricks and schemes are used against them online.
So what is the Binary Matrix Pro – a legit opportunity to make a second income online? Or is it a scam?
This detailed review will answer these (and other related) questions. I hope you will find the information that you are looking for.
[Sidebar: If you are not interested in Scams, check out THIS instead! You’re going to like this (Yes, I am using it since 2020).]
Better ALTERNATIVE to the Binary Matrix Pro scam that will help you create your own passive income stream online. And these testimonials are proof.
It’s FREE to get started, too (no credit card required). You’ll like that part…
Name: Binary Matrix Pro (aka BMP)
Binary Matrix Pro login: www.binarymatrixpro.com/lp.php
Niche: Binary Options Trading
Price: “Technically” free. The sign-up process is free. The minimum deposit is $250.
Skill level: Beginner (That’s their claim: “No skills needed” – Wrong!)
Risk Disclaimer: www.binarymatrixpro.com/riskdisclaimer.php
My Overall Rank: 0 out of 10
Full Review – What Is the Binary Matrix Pro
Below I am going to cover the following topics:
- What is the Binary Matrix Pro software
- Their big promises
- The price
- 11 signs that show – it is a scam indeed
- How to get your money back
- My final verdict
- A legitimate (and safe) way to make money online
What is Binary Matrix Pro Software
Binary Matrix Pro is a binary options signal provider that lets you trade binary options.
Binary options, if you did not know, are options that offer a fixed return. The positive thing is that they allow you to start with very little investment. The negative thing, however, is that they are all about speculation and highly risky business opportunity.
Even worse, the binary options market is flooded to the brink with all kinds of scams. All of them promise you the heavens while, in reality, suck all the blood out of your veins.
That’s why you should be extremely cautious when choosing which Binary Options signals provider to use.
Binary Matrix Pro is one of those signals providers. And, as I will show you in a minute, it has all the signs of a typical binary options scam.
Keep reading, and you will learn quite a lot about them.
But first, let’s start with…
…The Binary Matrix Pro Promises
To make it simple, I have compiled a list of Binary Matrix Pro promises. See what you can get from them:
- Full access to the Binary Matrix Pro software (which is 100% web-based, works on everywhere and on everything. Nothing to download or install. Perfect for people on the move.)
- BMP produces 720-750 signals every day. It takes 50-60 minutes to place about 45-50 trades every day (to make around $3,000 a month. You can trade much more if you want.)
- 80% Winning rate (8 wins out of every ten trades on average)
- They will give you $300 of credit (enough for two full months), and you will not be required to use your credit card.
- The average profit is around $106 per hour (. ), with no losing days. That is, of course, if you follow the same signals that the owners do on their trading account. If you use a more substantial trade size, your profit can quickly jump from $350 to $500 a day).
- BinaryVerify.com verification
- Email support
- Software updates
Binary Matrix Pro is “technically” free. It means you don’t have to pay (or use your credit card) to get access to the software (this is a clever ploy to prey, unsuspicious beginners, though).
Back to the price. To start trading within their platform, you must open a trading account in the first place.
Now, BMP “recommends” using Banc De Binary (BDB) broker (more on it below). There, however, you are required depositing a minimum of $250 to your trading account.
Here’s another Binary Matrix Pro trick do to lure you into their game:
They add a $300 bonus to your account (again, so that you won’t need to use your credit card).
Once your bonus credit has been used, they will sell you additional credits at 1 cent per signal.
Don’t believe their nice stuff like “We make money only if you make money..” The truth is, they make money if you lose.
Read how people get burned:
11 Signs That Show – Binary Matrix Pro Is a Scam
While doing my research on BMP, I discovered quite a few warning signs that made me extremely suspicious (to say the least). So let me cover them one by one and see if you agree.
Sign of Scam #1: Phantom Owners
Who are those behind the BMP trading software? The fact is, they don’t tell you (except the voice in the video that says he is Raul):
Well, everybody can tell you that, can’t he?
I tried to find out who that Raul is and who are the other co-founders. But they have left no traces behind.
So sad. So sad. It does not build trust.
Take some legitimate “make-money-online” product, and you always have information about its owners. In many cases, you have direct access to them (via social media, email, etc.).
The best example of this is the Wealthy Affiliate internet training platform. Its – Kyle Loudon and Carson Lim – have their profiles just as all other Wealthy Affiliate members. And they actively interact with other WA members daily.
So, I don’t know about you, but it makes me feel like these Binary Matrix Pro guys pitch me to “buy a pig in a poke.” I don’t like vague situations like this one here (especially when I am expected to give out money). Therefore, I obviously can not recommend that you trust your hard-earned cash into that phantom Raul’s hands.
Sick and tired of scams? Are you looking for a legit way out of the rat race? Then this is for you…
Do it now. Because, as Benjamin Suarez famously said, ” if you are an individual who wants to make a significant achievement in life, your chances of doing it while working for somebody else are remote.”
Sign of Scam #2: Contradicting Launch Date
That is the second fuzzy thing – in the promotional video that phantom co-founder Raul says that Binary Matrix Pro operates successfully since November 2020.
However, if you type their domain name into Whois.net, you will see that the website was registered on a Christmas Day, 2020:
So how could they successfully operate it before its creation date?
Sign of Scam #3: Very Poor Performance
80% winning rate is one of the big promises of the Binary Matrix Pro guys. Yet when you put that claim to the test, you will discover that real-life results are a far cry from 80%.
BMP’s performance is horrible. It is so bad that it would be unwise to invest too many hopes in it.
Let me show you some numbers:
First, the binary signals testers from the top10binarysignals.com tested the BMP software, and here’s what they came back with:
As you can see, they could only manage an 18% winning rate (over two week test period).
Here’s more to come, though.
As the testimonial shows below, even when the user got a 50% success rate, he still lost money:
Here’s another testimonial full of disappointment (339 trades, 44% winners, 48% losses, 8% ties):
And another (14 trades, 29% winners, 64% losses, 7% ties):
The next lousy trading experience (12 trades, 17% winners, 75% losses, 8% ties):
See! The whole picture is not that rosy at all. So don’t let the wool be pulled over your eyes. Most probably, you will never see that promised 80% winning rate.
Look at this one here too:
Sign of Scam 4#: Binary Options is NOT for Everyone
Binary Matrix Pro sales page and promotional videos are misleading.
They make you believe that trading Binary Options is easy and suitable for everyone. In their video, they show you how easy their Binary Matrix Pro software is – it takes just a few clicks from your part (50-60 minutes to place 45-50 trades per day), and the money will begin to rain down on you.
And if you are confused and don’t know what to do or how to trade, you can follow the same signals that they do on their account (all is live so you can do it indeed).
However, the fine print of their website “Site Agreement” and “Risk Disclaimer” tell a completely different story. In my opinion, these two pages are the only places in their whole website where you can find a grain of truth.
So if you ever plan to follow their recommendation, do what they tell you in their “Risk Disclaimer.”
But let’s see what they tell you in these two documents in fine print:
Because trading in Binary Options is very speculative and includes high risk.
Sign #5: Fake Videos, for Promotional Purposes Only
Binary Matrix Pro provides plenty of videos on its home page – all to prove their case and build your trust:
Even though they won’t promise you the heavens, it is still pretty lucrative, do you agree with me?
So what if you could turn $500 into $1,118 or $1,039 into $4,363? Wouldn’t you take the chance?
That being said, here’s something you should know about these videos. Let’s read their “Risk Disclaimer” again:
There is much more, but you get the point – All these videos are strictly informational and promotional purposes only. Actors and demo accounts have been used, and they give you NO guarantee that you will ever achieve any profits.
Thus, you can find their best recommendation in the last sentence: “Absolutely consult your financial advisor before ever investing or trading any financial instrument.” Period!
Sign #6: Non-existent Support
As you can see below, the Binary Matrix Pro customer service is practically non-existent.
First, they make it clear as a clear sky that they don’t offer you any advice (User Agreement):
And here is how users feel about it:
As for the customer support, the only thing they bother to give you is their support email address (which is s[email protected])
As you know, full well, email is NOT the fastest way to contact in those situations. Besides that, more often than not, even email does not help you:
This is not the only problem, though. Please read these complaints and testimonials as well:
Sign #7: Their “Recommended” Broker is a Scam Too
The next significant warning sign is that Binary Matrix Pro’s “recommended” broker is somewhat shady Banc De Binary. The first alarming thing is that it is based in Cyprus (its other branches are based in Israel and the Republic of Seychelles). Second, it is true that you can find both -positive and negative reviews on it – however, the Banc De Binary complaints are highly alarming!
Just a few examples here:
Read also this complaint here:
Read the full story here (absolutely a must-read, if you ever plan to do business with Banc de Binary broker).
Sign #3: BinaryVerify is NOT “Neutral”
Raul, the phantom co-founder of Binary Matrix Pro, claims that their trading software is verified by a 3rd party, independent trading account verification, and authentication service BinaryVerify.com.
How does it protect you?
Binary Verify logs in to your trading account (directly at your brokerage) and verifies that it is real. If your account turns out authentic, they give the account owner a BinaryVerify verification seal:
Therefore, you should be fully protected, right?
Wait a minute. Keep reading, and I will show you the hidden, dirty secret that they don’t want you to know.
First, this is the statement on the Binary Matrix Pro website:
So what’s the problem here?
Look at the Whois records below:
See! BinaryVerify is created only one month after Binary Matrix Pro. And in the beginning, even the name servers of the two sites were identical. Now they have changed them, but it still smells strong.
Why? Because that 3rd party “independent” company happens to be managed by the same folks who run BMP.
If so, your protection by “BinaryVerify” is just an illusion.
Sign #9: They Are After Your Money
Again, just to get a taste of it, read the following BMP complaints below (scams like this one here are always after your money):
Sign #10: Restricted Bonuses
Hundreds (or even thousands) of dollars added (as free bonuses) to your trading account easily delude ignorant beginners into thinking that money is coming with a snap of fingers.
It is far from reality, though.
What these beginners usually fail to do is read the fine print. But if they read, they would know that all these “nice free” bonuses automatically set tight restrictions to their trading account and. For example, you cannot withdraw your deposited money unless you meet some insane requirements. And, more often than not, you cannot even use that “free” bonus unless you deposit 50 times more.
So first, the “free” bonus is useless. And second, you cannot get your deposited money back. In other words, you are neck-deep in trouble.
My recommendation: There’s no such thing as a free lunch. If somebody offers you something for free, always, ALWAYS read the fine print.
Sign #11: Fake Reviews
Fake reviews are something that irritates me almost every time I research similar products. All the dirty facts (showing that the product is an outright scam) are evident. Yet, tens of fake reviews spring up like mushrooms after rain – all worshipping that nasty fraud, giving it a maximum score, and tooting its profitability.
It’s ugly and disgusting.
Where all these fake positive reviews come from?
To answer this question, let me explain how binary options signals providers make money in the first place.
First, they make money when you lose (as I explained above). It is a fact.
Second, they make money through affiliate programs (by referring clients to the binary options brokers).
Here’s how it goes:
The first step is too ignorant and unsuspicious beginners to set up a “free” account with them.
The second step is to persuade you to open a trading account with one of their “recommended” brokers AND deposit your money.
Note! For them, you (as a customer) must use their “recommended” broker. Why? Because these brokers are the ones, who pay the commissions.
So if they can achieve that, they earn a commission (sometimes from $250 to $500).
That’s how they make money, and that’s why they exist in the first place.
How to Get your Money Back
Finally, if you have already fallen into their traps and want to get your money back. Well, there are no easy ways. You have to be very persistent.
I found two examples from the internet where people give detailed descriptions on their experiences and what they did to get their money back:
The first testimonial is here: Banc De Binary Cheaters and Blood Suckers (As I told, Banc De Binary is the “recommended” broker of Binary Matrix Pro scam).
The second testimonial is here: Binary Matrix Pro Review – The TRUTH! (The Warrior Forum thread) Scroll down to find BitCoinCorporation’s postings.
Below is a piece of text he wrote to the BMP scammers:
My Final Verdict
If you read these ten warning signs I described above, then it should be evident by now that I would never ever touch neither Binary Matrix Pro nor its “recommended” broker Banc De Binary. Both of these look poisonous products.
If you don’t want to get mugged, don’t believe their hype and 80% winning rate that they are tooting. At first, they might appear as angels, but sooner or later, you will see their devil’s horns. And you will surely and slowly lose.
My Verdict: SCAM. Stay away.
However, if you are dead-set to learn trading Binary Options, here are some good articles to get you started:
If you’d rather make money than blow your lifetime of savings… Why not try this ? The raw, sizzling beauty of passive income stream online…
Do it now. Sometimes ‘later’ becomes ‘never.’
Share Your Ideas
So.. after reading the review and my findings – what do you think?
What is the Binary Matrix Pro – Is it a scam or legit?
My name is Egon and I am the owner of EgonSarvReviews.com. I am a devout husband and a father of 4. Also a former missionary to Indonesia where I worked as an IT, Math, and Sci teacher; in schools that served the poor.
Now I am committed to combating online scams and helping those who want to make *honest* income online.
If you’re interested, just pop over here. You’re in for a treat.
Thank you for the warning. You have a very detailed article here on how not to get sucked in by the Binary Matrix Pro. Thankfully I have never been tempted to try these types of programs, as they just seem a bit unreal to me, but I am sure you have stopped many an unsuspecting soul from throwing away their money by publishing this article.
Thank you for the comment, Michel. I appreciate it a lot.
You might think that people see through these treacherous traps but every time I am doing my research I am always astonished how many people actually get scammed by these fraudsters. Those lose hundreds and thousands of dollars, often even tens of thousands of dollars… I cannot imagine…
One thing is clear, these con artists know human psychology extremely well and they know how to strike the nerve (and make people pay them).
That’s why I have found raising awareness has such a crucial role. There are legit and genuine ways to make money online and they don’t require you to invest tens of thousands of dollars in the first place.
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