In today’s new generation or new era of time there are lot of ways of making a regular or passive income. Some people work as freelancers, others manage YouTube channels, and still others make money through the stock market or trading. One such name is Binomo. Perhaps you’ve heard of it or seen its advertisements many times on social media. People show you how to make money with Binomo in just a few minutes. But what’s the real truth? Does it really work? Is this a safe method? And most importantly, how does it work?
In this article, we’ll understand Binomo in detail, learn about its methods, and understand the risk involved. We’ll also tell you whether this is the right option for the average person or not.
What is Binomo?
Binomo is an online trading platform that allows people to trade financial assets (such as currencies, cryptocurrencies, stocks, etc.). It is also known as a binary options trading platform. This means you predict that the price of an asset will rise or fall—that is, you choose a “maximum” or “minimum.” If your prediction is correct, you’ll earn a fixed percentage of profit.
How does Binomo work?
Binomo’s operation seems very simple, but there are many things you need to understand. When you visit the Binomo website or mobile app, you are provided with a demo account with some virtual money for free. With this money, you can practice and see how the platform works.
After this, if you want to trade with real money, you will need to deposit real money through your bank, Paytm, or UPI. You participate in the trade based on the amount of money you invest.
Now comes the trading part: here you must choose an asset like gold, Bitcoin, or a currency pair like USD/INR. Then you have to decide whether its price will rise or fall after a certain time. Choose “High” or “Low” and set a specific time, such as 1 minute, 5 minutes, or 15 minutes.
If after that time your prediction turns out to be correct, you will make an 80% to 90% profit. But if your prediction turns out to be wrong, you will lose all your money. This is the true way of trading binary options.
How to make money with Binomo?
Making money with Binomo doesn’t require in-depth knowledge, but investing money thoughtlessly can be dangerous. In this case, people usually use indicators and charts to predict whether the market will rise or fall. To do this, some people learn basic things like candlestick patterns, support and resistance, or trend lines.
Some YouTube channels and Telegram groups claim they can provide Binomo signals or tricks that will make you win every time, but the truth is, this market is very uncertain, and no trick always works. Therefore, assuming you’ll win on every trade is a big mistake.
Is Binomo a game of chance?
Many people ask this question: Is Binomo a game of chance? If we understand it carefully, it’s very similar to gambling. You only predict whether the price will go up or down without buying or selling any product or stock. The result is either 0 or 1, meaning a total win or a total loss.
Just like in gambling, you have very limited control, and sometimes the platform operates in ways that increase your chances of losing. Furthermore, it’s not regulated by any major government regulators like SEBI or RBI, which raises the question of trust.
Is Binomo legal in India or not?
This is a very important question. Binomo is never neither completely restricted and banned nor fully granted in India. This means that the Indian government has neither deemed it legal nor declared it completely illegal. However, since it is not subject to any government regulation, investing money in it is risky.
Institutions like the RBI and SEBI do not recommend trading on such platforms. So if you invest money and something goes wrong, you will not receive any help from anywhere.
How do people lose money with Binomo?
Many newcomers, when they come to Binomo, initially make a few wins and their confidence grows but it is not easy as it seems, so Gradually, they start trading again and again, investing more and more of their capital, and once they incur a large loss, all is lost.
Aside from this, there are sometimes complaints about late entries, slippage, or technical glitches on the platform itself, which cause losses to people. But there is no Indian institution responsible for scrutinizing them.
