Recently updated on July 6th, 2023 at 09:04 pm
Last Updated on July 6, 2023
It is important that we clarify Binomo and Binomo Investment aren’t the same company or entity at all.
Binomo (binomo.com) is an online broker that offers binary options on currencies, cryptocurrencies, stocks, indices, and more. But even Binomo has become entangled in the web of online money scams such that the legitimacy of the platform is increasingly doubtful.
On the other hand, Binomo investment is something entirely different.
On Instagram, Facebook, Twitter and even LinkedIn, hundreds if not thousands of accounts are linked with “Binomo investment” or” Binomo Trade Investment Nigeria“.
Timelines of such accounts are plastered with screenshots of supposed testimonies of multiplied deposits, ostensibly to persuade prospective preys of their legitimacy.
What is Binomo Investment (Binomo Trade Investment)?
Binomo Investment or its new name “Binomo Trade Investment” is part of a trend of online scammers and Ponzi schemes impersonating binary option trading companies, and semi-legitimate firms that let people bet on currency fluctuations like Binomo and Olymp Trade.
They use social media scam accounts to entice people to send money via bank transfer with the promise of offering instant double returns. They use fake screenshots of successful investments, showing bank account transfers in large amounts.
They also hack other people’s social media accounts to create posts and screenshots claiming to have earned money to lure their friends and followers into the scam.
Social media accounts of popular Nigerian influencers and celebrities have been impersonated by scammers like the people behind the Binomo investment scam.
Binomo Investment claims to offer different BTC and cryptocurrency investment packages for students, salary earners and business packages.
Is Binomo Investment Legit in Nigeria?
Binomo investment student Packages range from N10,000 to N40,000 investment. The salary Package is from N50,000 to N80,000. While the business package is N100,000 to N500,000.
But these packages are all scams that claim to offer a return of 100%.
Binomo Investment has no verifiable internet presence like a website to verify its claims. All of Binomo’s investment activity is run on social media by a group of accounts looking to defraud unsuspecting people of their money.
Here are some of the claims that this scam investment campaign makes and uses to trick people:
- Double your investment in 45 minutes by investing in Bitcoin, FOREX, “CASH CHAIN” and “Kuwait currency”.
- Earn 3x your investment within 15 minutes.
- Invest 50,000 with Binomo investment and Within 45-1hr after the bitcoin mining drops, a profit of 150,000 will be made. You’ll receive 100000 directly to your account.
- Get 3x return on your investment every 45 min with Binomo Instant Trade Return. MONEY IS PROTECTED. We retain 10% as Commission for the Company.
This is a high-level scam and Ponzi scheme. Beware.
Who is the CEO of Binomo Investment?
Binomo investment is a scam campaign that has no CEO. If you google who the CEO of Binomo Investment is, what shows up is a Linkedin account name “ MR Kelly Binomo”.
The account uses the picture of a popular Celeb named Uti Franklin as its profile picture. This is part of how these scammers under the umbrella of Binomo Investment operate.
Cases of Binimo Investment Scam
Someone (let’s call him Tunde) looking to invest got scammed of N30,000 by a Facebook group named Binomo Online Trade.
On the group, Tunde was promised that if he invests N30,000. He would get N90,000 after 45 minutes.
Unfortunately, after Tunde transferred the money, he was kicked out of the Binomo Online Facebook group. Please be vigilant if you come across this group name on Facebook, please avoid it.
Another unsuspecting investor let’s call her Chioma, got scammed by a Binomo Investment agent.
Chioma invested N5000 with this Binomo agent and when it was time to withdraw, the agent said Chioma will have to pay N2,000 Naira registration fee, otherwise, she would not be able to withdraw.
Something that wasn’t mentioned at the beginning.
Note: Registration trap fee is a method used by scammers and Ponzi scheme campaigns. A legit investment company or broker will not ask for a registration fee. You shouldn’t pay any other money other than your investment.
Another investor named Stanley paid N15000 to some person behind a Binomo investment account on Instagram. He was expecting a return of N30000.
When it was time for Stanley to withdraw. He was told to pay a COT (Cost of Transaction).
When he didn’t pay a COT fee, the Binomo account never replied to him again.
Note: COT is usually used by scammers to extract more money from people. COT fee only applies when you need to do a cross-border money transfer.
How to Avoid Scams like Binomo Investment in Nigeria?
I’m sure you’re wondering why would anyone fall for these types of scams.
People fall for these scams because they don’t perform due diligence.
They didn’t ask key questions like:
- What is the investment company, broker or fund manager investing in?
- Do they have a verifiable online presence like a website or are they on Google business?
- What’s the nature of the social media handle that is claiming to offer these investments?
- Why should I deposit into a personal account number instead of a company account number?
Summary of Binomo Investment Trade Scam
By now it should be clear to you that Binomo’s investment is a scam.
The people that do the scams tend to have certain characteristics. Like having “Binomo” as part of their social media username. @Mrs_aisha_binomo_trading_44 and @mrs_rukayat_binomo_uption are examples of such usernames.
Every social media site you can think of. From Instagram to Facebook to Twitter to Linkedin, Binomo investment scammers exist. While Binomo investment is different from Binomo(a binary trading company).
These real trading companies like Binomo and Olymp Trade have had bad reviews too. So they might have some scammy behaviour too. Please stay clear of investment offers especially the ones that have to do with Binomo investment.
So you don’t lose your money. If you’re looking for genuine investment opportunities as a Nigerian, check out this guide on investment opportunities available to a Nigerian.