Editor’s note (September 2026): This page was first written in 2021 as a review explaining how to sign up, deposit and trade on Binomo. It has been rewritten because Binomo is named on the Reserve Bank of India’s Alert List of unauthorised forex trading platforms. The sign-up and deposit instructions, three user testimonials and a commercial link to Binomo have been removed. The description of how the platform works has been kept, because readers searching for Binomo need to understand what it is.
Is Binomo legal in India? Binomo appears on the Reserve Bank of India’s Alert List (updated as on 19 November 2025), which names entities that are neither authorised to deal in foreign exchange under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex in India. The RBI states that resident Indians who undertake forex transactions with unauthorised persons “shall render themselves liable for penal action” under FEMA.
What is Binomo?
Binomo is an online trading platform, offered through a website and through Android and iOS apps (the app has also been available in Hindi), that sells fixed-time trades, a product widely known as binary options.
A trade on the platform works like this. You pick an asset, a stake and an expiry time, then predict whether the price will be higher or lower when the time runs out, pressing a green button for up and a red one for down. If the prediction is right, the platform pays out a fixed percentage of the stake. If it is wrong, the whole stake is lost.
What the platform offered when this page was first written
When this page was first written, Binomo gave new users a demo account holding $1,000 in virtual money, topped up whenever it ran out, along with free strategy material. It ran trading tournaments that used their own token currency, marked ₮: one free daily tournament open to demo accounts on the website, and paid tournaments for real-money accounts. It advertised payouts of up to 90% of the stake on a correct prediction and a minimum deposit of $5. Those details come from the original version of this page and may have changed since. Practising with virtual money does not change the legal position described below.
Why the RBI Alert List matters
The RBI’s position rests on three statements it has published.
- Who Indians may trade forex with. “Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA).”
- The consequence. Resident persons who undertake forex transactions with unauthorised persons, or for purposes not permitted under FEMA, “shall render themselves liable for penal action under the Act.”
- The limits of the list. “The Alert List is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI.”
In its press release of 3 February 2022, the RBI cautioned the public against undertaking forex transactions on unauthorised electronic trading platforms and against remitting or depositing money for such transactions, noting reports of frauds in which residents lost money. The Alert List also names websites that appear to promote unauthorised platforms, including through advertisements.
What about Binomo’s certificates and awards?
The original version of this page pointed to Binomo’s membership of the Financial Commission and a certification from Verify My Trade (VMT) as proof that it was not a scam. Neither organisation is an Indian regulator, and neither membership is an authorisation from the Reserve Bank of India. For an Indian resident, the question that matters is whether a platform is authorised under FEMA, and the RBI’s list answers it for Binomo.
Why fixed-time trades are a losing bet over time
The legal problem is not the only one. The structure of a fixed-time trade works against the trader even when the platform pays out honestly.
A correct prediction returns less than the stake, while a wrong one costs all of it. With an 80% payout, you need to be right more than 55.6% of the time just to break even. With a 90% payout, the figure is still 52.6%. A trader who is right half the time, which is what pure guessing would produce, loses money steadily.
| Payout on a correct trade | Win rate needed to break even |
|---|---|
| 70% | 58.8% |
| 80% | 55.6% |
| 90% | 52.6% |
The break-even rate is 1 divided by (1 plus the payout). It assumes the payout is paid in full on every winning trade.
If you have already deposited money
The RBI says complaints about unauthorised forex trading platforms may be filed on the National Cyber Crime Reporting Portal (cybercrime.gov.in), and may also be filed with the Enforcement Directorate and with the police of your state or union territory.
How to trade or invest through a regulated route
Check the RBI’s Alert List before using any forex platform, and remember the RBI’s own warning that a platform missing from the list is not thereby authorised. The RBI’s FAQ lists exchange-traded foreign exchange futures and options among the products available to residents. Investing in Indian markets generally starts with a demat and trading account at a stockbroker; see how to open a Zerodha demat account for an example of what that process involves.
Frequently asked questions
Is Binomo real or fake?
Binomo is a real, operating platform. Being real is not the same as being authorised in India, and the RBI names it on its Alert List of unauthorised forex trading platforms.
Is Binomo safe for Indian users?
The RBI’s position is that resident Indians trading forex with unauthorised entities are liable for penal action under FEMA. The fixed-time trade structure also means that, over many trades, a trader who is right about half the time loses money.
Where can I check whether a trading app is authorised?
Start with the RBI’s Alert List, published on the RBI website, but treat it as a warning list rather than a list of approved platforms, since the RBI says it is not exhaustive.
Sources: Reserve Bank of India, Alert List of unauthorised forex trading platforms (updated as on 19 November 2025); RBI press release “RBI Cautions against unauthorised forex trading platforms” (3 February 2022); RBI FAQs on unauthorised forex trading platforms. This article is general information, not legal or financial advice.
