Money losses due to trading via BINOMO app
2 years ago
Can I recover my money which I lost in binary options called trading ? Is it legal system in my country ? I installed from Playstore for the past four months ago and deposited money more and more time after losing huge amount I'm fall in depression due to money losses . What I do ?
A.Hello,
Binomo is legal in India and is a member of the International Finance Commission, which assures its dependability, service quality, and transparency (IFC). Because these transactions are susceptible to market risks, financial losses are an inevitable part of the process. As a result, recovering compensation for losses may be challenging.
Thank you very much.
Binomo is legal in India and is a member of the International Finance Commission, which assures its dependability, service quality, and transparency (IFC). Because these transactions are susceptible to market risks, financial losses are an inevitable part of the process. As a result, recovering compensation for losses may be challenging.
Thank you very much.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Binomo is legal in India and ensures its reliability, service quality, and transparency is a member of the International Finance Commission (IFC). Since these transactions are subject to market risks, monetary losses in these transactions are a part of the whole process. Therefore, it may be difficult to get compensation for the losses.
Thank you.
Binomo is legal in India and ensures its reliability, service quality, and transparency is a member of the International Finance Commission (IFC). Since these transactions are subject to market risks, monetary losses in these transactions are a part of the whole process. Therefore, it may be difficult to get compensation for the losses.
Thank you.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello
Unlike many other countries, binary trading is illegal in India. As per the guidelines provided by the Reserve Bank of India, binary trading or any form of online trading of foreign exchange is not legal in India.
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Unlike many other countries, binary trading is illegal in India. As per the guidelines provided by the Reserve Bank of India, binary trading or any form of online trading of foreign exchange is not legal in India.
Thanks
Please rate if you find this advice helpful.
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Hussain Aamir
Responded 2 years ago
A.Although binary options trading is a grey area in India, Binomo is not affected as it is an offshore broker, but Binomo is member of The Financial Commission which is an independent dispute resolution organisation, as such you can file an online complaint against Binomo for any irregularities on the Financial Commission website.
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