Binomo: How to Play, Interesting Schemes and Facts About Binomo

Binomo: How to Play, Interesting Schemes and Facts About Binomo

” Millions of people don’t even realize that they can make 1000 USD without leaving home”

You are definitely familiar with the sound of the sentence above. Yes, this sentence comes from a youtube ad offering an investment product called binomo.

Because of the virality of the video, many people made it a meme and some even made a parody.

But what will be discussed in this article is not the video ad. But more to the investment media, namely binomo.

What is Binomo?

Let’s start from the discussion on what is binomo.

Binomo is a broker providing cryptocurrency investment trading platform that has been operating since 2014. It is a branch of Tiburon Corporation Limited, headquartered in Seychelles

How to Play and Scheme

The way to play is actually simple. Traders can benefit from analysis or speculation for choosing to go up or down in price within a certain time limit.

Trading instruments provided on the platform include cryptocurrency, Bitcoin, USD / JPY, EUR / USD, IDR and the like.

Then what is the mechanism?

In the beginning you can try it with a demo account. When you first register you will get $ 1000 to try it. From the initial balance, you can use it for training.

The point of practice is so that you can map out a strategy that is necessary when you actually trade with a real account . In-depth analysis you can do while using a demo account.

After that you can use a real account to start trading.

Interesting Facts Binomo

There are some interesting facts related to this investment media.

  1. Binomo in Illegal Indonesia
    In Indonesia, binomo has been declared illegal and is not feasible to operate.

The ban was conveyed by the Ministry of Trade’s Commodity Futures Trading Supervisory Agency (Bappebti) because it did not have a business license as a Futures Broker from Bappebti.

The prohibition refers to Article 31 paragraph (1) of Law No. 32 of 1997.

  1. Popularized by Joshua Putra a Musician
    As was stated at the beginning that the existence of binomo became popular in August 2019 since the advent of YouTube ads.

The model of the advertisement calls itself Budi Setiawan and claims to be a professional trader .

You need to know that the model of the advertisement is not a professional trader but a musician. His real name is Joshua Putra. The shooting was carried out not in Indonesia but in Russia.

According to Joshua’s confession, he actually went to Russia not to make an advertisement but because he wanted to visit his girlfriend. Then he was offered by Binomo to become an advertising model. Because the payment for the count is large then he accepts to be the ad model.

  1. Prohibited in Islam
    Seeing the mechanism of binomo’s trading , there are things that make trading condemned forbidden in Islam.

Is that?

Binomo is full of intrigue, aka gharar, also maysir. You are asked to deposit money which then becomes a digital currency and do speculation whether it goes up or down. If you guess correctly you will get extra money.

Judging from the mechanism, binomo contains gambling or maysir. Even though you were given a demo account to study and analyze but there was no real business in sight. Only graphic movements. It’s different if you invest in stocks or sukuk which have real business .

Conclusion

Thus the explanation is related to binomo. Hopefully with this explanation you can be careful in choosing investment media. Choose profitable investments that are also lawful in Islam.

If you are interested in financial content like this, you can also see other posts on Financial Topics . If you prefer video content, you can visit the Qazwa Youtube Channel .