Doubtful regulation of the CROFR

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Doubtful regulation of the CROFR

Many of those who are involved in trading have repeatedly asked about the legality and integrity of this regulator. There are even those who, apart from the word “regulator”, know nothing more about this organization. We are also interested, first of all, whether this is all fraud and is it really worth waiting for help from him in case of trouble with the broker?

For all those who do not yet know, the CROFR or the Center for Regulation of Financial Market Relations (crofr.net) is a non-governmental, non-profit organization created to control both the level of services provided by brokers and dealing centers and the reliability of services provided by participants in the crypto-currency market (crypto-currencies, crypto-exchange exchanges, cloud-clearing services for crypto-currencies, and companies that attract investments through ICO). Consequently, this organization, being a private office, can not guarantee 100% of anything.

Some may confuse it and take it for CRFIN – the Center for Regulation of Over-the-Counter Financial Instruments and Technologies. Why, and falsely assume that bargaining with the broker regulating the first organization, they will be protected. But everything here is the other way around. CROFR operates purely for personal purposes, without reporting to anyone. The issued broker’s certificates are received in a row for one year, for membership fees, with the subsequent right to renew for a new surcharge.

Of course, many going to the official website of this organization will remain under the impression … saying “what kind of a serious organization is this?”. But the realities are completely different. If you delve into the Internet and find real feedback, then the conclusion will be not so pleasant. As the real statistics show – none of the deceived traders who turned to the “regulator” and stated a problem with the broker, was not heard. Feedback is amazing, because nothing was satisfied. Also a fact testifying to his uselessness is also the fact that many fraudsters having certificates for years have been inflating their clients with impunity. A vivid example of this will be the infamous case with the MMCIS Group. This office had a certificate of the CROFR and deceived traders until the very last day of its existence. At all thus, the regulator prolonged each time the license and did not pay attention to complaints. The result of such an unpleasant incident was the move of the organization from one web address to another (crofr.ru >> crofr.net) – suspicious, is not it? All this was done to ensure that the links to the old site did not lead to them.

Many will say that this is slander from one’s own motives. And is it so? After all, even sharks of the market for providing brokerage services in the sphere of options and other trading assets have certificates. But they also managed to “excel at good” – cheating customers and difficulties with withdrawing funds. All this is also easy to find on the Internet. Therefore, one thing becomes extremely obvious here – the “regulator” sells certificates to all who are able to pay.

To everything that has been said before, it is also necessary to take into account the suspicious fact that the official web site of this organization does not have a physical address, as well as the names of the founders. In addition, there are no data on registration documents of the regulator and documents that give the right to issue certificates and licenses.
It begs the logical question .. “maybe this is just a good element for marketing and nothing more?” Indeed, think carefully, because everyone can take and create your own website with a serious name that is perfectly associated with an already existing genuine state organization. Then decorate with the help of patriotic design, thereby adding officialities to the site and adding a bunch of links to real legal documents. Cherry on the cake will be fake photo-certified certificates and links to real organizations. And voila, we begin to give out certificates to everyone who can pay money. Why did we cite such a flat example – because, most likely, this way the office was created in this way. After all there is no registration of brokers, the center does not even ask for original documents. It is only necessary to fill in the information about the start date, the number of traders available to the broker and indicate the addresses of the offices. And only a fool does not see this as a dirty trick, because this information needs official confirmation. Therefore, any fraudster, writes everything that his heart desires, makes a contribution and receives an “authoritative” confirmation of the regulation of his activities.

“Buy the certificate of the CROFR is equal to buying a diploma in the underground!”

Therefore, the main function of the CROFR is the creation of an additional PR for brokers. In the eyes of traders, a broker with a regulation mark has more confidence. It automatically seems to them that if something is wrong, regulator will help them. But the realities are completely different. To all other things, a lot of fraudsters’ brokers are like verification, get certificates and signs “Regulated by the CROFR.” Therefore, remember – the regulation of your broker’s CROFR does not guarantee anything at all! Traders will be able to expect help only from officially designated regulators (CySec, FCA, etc.). They act in accordance with the laws of the country or several countries authorized by their government or governments.

“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

Regulation of binary option brokers using CySEC

What is CySEC regulation?

Not everyone knows, but binary options have been trading for many years. Many of us traded on different platforms and faced the problem of deception. Everyone has already encountered such a problem, which even participated in the forex market a little. The way out of this situation was the decision to develop appropriate directives that would secure the trader from losing the money invested by him. Many years have passed since the opening of the first broker of binary options and the release of the required number of regulatory acts in this area. The main regulator was CySEC.

What is CySEC?

CySEC is the Cyprus Securities and Exchange Commission (Cyprus Securities and Exchange Commission).

The creation of CySEC dates back to 2001. The main task of CySEC was the regulation of the Cyprus financial markets. In 2004, Cyprus received the membership of the European Union.

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As a result of this integration, CySEC is committed to be part of one of the EU’s main directives on the markets for financial instruments. It wears the abbreviation MiFID. Most of the Forex brokers have been working with it for a long time. It provides all companies registered in Cyprus with access to European markets.

An interesting fact is the announcement on May 4, 2020. It refers to the official recognition by the CySEC Commission of binary options as a financial instrument.

What is the responsibility of CySEC

The duties of CySEC are:

  • Tracking of transactions carried out on the Cyprus Stock Exchange by companies with official registration, brokers by individuals who conduct trade on an individual basis and broker companies;
  • Tracking schemes for collective investment, companies that have a license to carry out their activities, providing investment services, as well as the regulation of companies of mutual investment funds and investment advisors;
  • Provision of licenses required for the operation of investment consultants, brokers and broker companies;
  • The imposition of sanctions and fines on investment advisers, individual brokers, brokerage firms and other actors that are subject to the law.

What does it mean?

Opening an account with a broker who operates under the regulation of the CySEC Commission implies control over your account. Under the regulation under such control, all your transactions on your trading account, including deposits, all information on the movement of money on the account, are included. The duties of the broker, which is governed by CySEC:

  • The broker must maintain customer services on a separate account, where all the customer’s cash operations will be performed. The broker has no right to use the client’s funds for his own needs. For a trader, with binary options, this guarantees the complete safety of his invested money and guarantees their return in the event of the company’s termination of the broker or failure to fulfill its obligations to him.
  • All brokers that are regulated with help must provide all data on their activities to the 3rd party. In turn, this will ensure the transparent operation of these entities.
  • The CySEC regulator obliges brokers to provide data on all their transactions to government agencies. This measure will allow you to secure your activity from unauthorized transactions on your account and will only allow you to control the funds in the account.

The CySEC license does not function on an ongoing basis. Every broker that received it will be regularly inspected by this commission. CySEC provides for a system of imposing fines and penalties. The most severe punishment is the deprivation of a license by a preliminary decision of the commission.

The main task of CySEC

The most important task of CySEC is to protect the interests of investors. In other words, it is the protection of the investment invested by the trader. It consists in providing security, security, preventing unauthorized access to funds without a trader’s statement. Exercising supervision over the lawful use of funds by the broker. Operations can be carried out only on your behalf and on your initiative.

“General Risk Warning: Binary options trading carry a high level of risk and can result in the loss of all your funds.”

Binomo Review

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Year founded

Regulation

Trading platform

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

Started in 2020, Binomo is an online binary options broker which is started by Tiburon Corporation Limited. Binomo provides its clients with binary options trading and investment. If you are thinking about signing up with Binomo then read our Binomo trading review before you register.

Binomo Regulation

Whenever you are considering registering with a broker, it is important to look into their regulation. This is because regulation will keep the broker in line and provide protection for you. In the case of Binomo, there is no real, dependable regulation nor protection for you. Binomo is located in Cyprus which is overseen by CySEC, however, even after being in business since 2020, Binomo is not regulated.

Instead of being registered with CySEC. Binomo has a CROFR certificate that was issued by the Financial Market Regulations Center (FMRC). But this organization does not have the legal power to fine or punish Binomo if its terms are violated. FMRC could only revoke Binomo’s registration and nothing else which will not protect your interests in any way. We recommend you register with regulated brokers only. It is better to be safe than sorry.

Binomo Customer Support

You can contact Binomo via:

What we found interesting is there is no telephone number listed on the page. The telephone number being absent from the page can be considered suspicious because most brokers always have a telephone number listed before anything else.

The most frustrating thing was the blatant disrespect Binomo’s customer service agents had for current and potential clients. During our research, we found a number of Binomo reviews by traders where they spoke of the same thing. It appears Binomo’s customer support is not very supportive at all.

Another common complaint was the fact that the agents could not communicate in clear English. This coupled with their disrespectful behaviour, left a lot of traders feeling frustrated.

Binomo Accounts

There are three account types offered by Binomo:

  • Standard Account
  • Gold Account
  • VIP Account ($1000 minimum deposit)

Standard Account

The account with the lowest minimum deposit is the Standard Account, it is $10. The account features available are a promised fixed profit of 85%. Traders are also promised to be able to make trades investing a $1. The top-ups have no limits, Standard Account holders can also participate in tournaments and have a 3 day wait for withdrawals.

Gold Account

The Gold Account requires a much higher minimum deposit than the Standard Account, $500. However, there are claims of added features. These include: promise of an extended list of assets, a yield of 86% on trades and 24 hour withdrawal wait time. Other features include: analytical support, a personal manager, 5% weekly cashback and investment insurance bonus instruments.

VIP Account

In order to become a VIP Account holder, you would need to deposit at least $1000. Binomo promises to double this with a 100% bonus. There are also claims of an 87% maximum fixed trade profit. Other features are a 4 hour wait time for withdrawals, supposedly an increased asset list plus what Binomo defines as analytical support via Skype. There is also a 10% weekly cashback and a vague promise of additional exclusive features.

Binomo Platform

There is only one platform offered by the Binomo binary broker and that is its own platform. While there are other great, well known platforms such as SpotOption, Binomo decided to go with its own options trading platform. And it seems that was the wrong way to go.

While researching Binomo, we came acrosse a number of reviews by traders who spoke of the Binomo platforms faults. The largest one being the delay between the time you place an order and when Binomo actually takes it. One trader spoke of multiple instances where he placed an order and it was delayed and when Binomo finally took the order, it was the wrong one which cost him money. The reality is Binomo’s platform is not ready to serve traders and neither is Binomo.

Binomo Review Conclusion

If the question you had before reading this review was “is Binomo legit?” We hope it answered your question. It is sad to say that Binomo is a binary broker that has a long way to go before it can even be considered an okay broker. From the disrespectful customer service agents to the pointless “regulation” and faulty platform, it is quite clear that Binomo is not a broker you should consider registering with. You would lose far more than you would gain.

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

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  • Binarium
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    Top Binary Options Broker 2020!
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    Free Trading Education!
    Free Demo Account!

  • Binomo
    Binomo

    Only For Experienced Traders!

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