Full Profile of Binomo, a Gambling Application under the guise of Binary Option Investment
Binomo app is emerging as an Investment platform. However, many people are deceived when using this application. No wonder the current Binomo profile is better known as a gambling platform instead of an investment.
Binomo is a platform that provides binary options services for potential investors. Binary options are online trading instruments where traders predict the price of an asset to rise or fall within a certain period.
Although it looks easy, this binary options game on the Binomo platform is not equipped with clear instructions. Even though every trader is required to invest at least 10 US dollars.
The way binary options work on Binomo is that users need to guess the price of an asset that will appear within a predetermined period. The users of this platform are obliged to guess the correct price when the allotted time is up.
Recently, Bimono has become the talk of many people on social media. What exactly is Binomo? The following is a complete explanation. But who would have thought if this site turned out to be illegal or unofficial. So that if there is a loss, the Commodity Futures Trading Supervisory Agency (CoFTRA) cannot provide customer facilities to mediate. Recently the Investment Alert Task Force (SWI) asked the public to be aware of binary options offers and illegal brokers that are not registered with CoFTRA. SWI also summoned affiliates and influencers who are suspected of providing binary options product facilities and illegal brokers who are not registered with CoFTRA, one of which is Binomo.
Binomo is the talk of many people, because there are parties who feel disadvantaged when trading through the platform. Because the Binomo method is known to be different from the trading system in general.
Getting to know Binary Options Many people say that Binomo is not trading, but uses a binary options system. According to Desmond Wira, a trader and observer at Liputan6.com, he said that binary options are a way of trading that is specially made easy, but it is detrimental to traders.
Based on the explanation on Investopedia, the binary options system has a way of working that is similar to gambling. Because users who play will be asked to guess the numbers that will come out relatively quickly. Meanwhile, launching Katadata.co.id, Felicia Putri Tjiasaka Co-founder of Ternak Uang said that binary options or binary consists of the word "bi" which means two parts, while "option" which means the act of choosing. In practice, binary options sites requires users to choose assets such as gold, forex, stocks to crypto, then guess the price within a certain time. Users are asked to risk capital to guess. For example, someone risked capital to guess the price of bitcoin five minutes in the future. If the person's guess is correct, then he will get a profit of 80% of the capital given. But if he is wrong, then everything he bets will be lost. Therefore, binary options are often referred to as cash or nothing games. Users will get double profits if they guess successfully, but can lose big if they guess wrong. READ ALSO OJK Warns Influencers about Binary Options and Forex Trading Robots Binary options are not a real market. The user does not buy any assets, only guesses the numbers. Felicia also mentioned that binary options rely on the over the counter (OTC) market. In this market, the platform will retrieve data and prices from real markets such as gold, forex, stocks, crypto, and others. Binary options apply compensation techniques when the user loses. They can guess the price again, with the condition that the capital must be higher. Acting (Plt) Head of CoFTRA, Indrasari Wisnu Wardhana, stated that binary options are prohibited activities. This is because this practice is not following the provisions of Article 1 Number 8 of Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading. Illegal Investment From the explanation above, it can be concluded that Binamo is an illegal investment platform. To prevent public harm, the government has blocked illegal investment sites. Unmitigated, in June 2021 Beppebti has blocked 109 illegal investment websites. The blocking needs to be done because fraudulent or illegal investments have caused a lot of losses for the people of Indonesia. According to data published in Databoks, it is stated that losses due to illegal investments have increased by two in the last two years. The peak of losses occurred in 2020 with a nominal value of Rp. 5.9 trillion. The Financial Services Authority (OJK) also noted that in the last five years, the total public losses due to illegal investments reached Rp 21.1 trillion. If it is calculated in a full decade, then people's money is lost due to stupid investments.