IN SHORT: Binomo Trading Investment is not a registered business in Nigeria. But some Facebook posts say it can double your investment in less than an hour. This is not true – it’s a scam.
A Facebook user claims to have received their payment after investing with a trading platform called Binomo.
The 20 July 2023 post reads: “Good day everyone I just got credited from this genuine platform called the BINOMO TRADING INVESTMENT PLATFORM is a platform where you invest with any amount and you get credited double of what you invest in less than an hour It is very genuine and real a try will convince you.”
The post asks users to send a direct message via Facebook if they want to start investing. It also attaches screenshots supposedly showing money deposited into other people’s accounts.
The posts mostly congratulate those who’ve received their payments and feature screenshots of payment alerts and messages from alleged investors who say they’ve received their returns.
But is this investment offer legit? We checked.
How to spot a scam
The posts promise to double users' investments in less than an hour. This is a red flag – when something sounds too good to be true, it usually is.
Africa Check found that not only individuals were promoting the so-called Binomo trading investment platform but there were also several Facebook pages promoting the money-doubling scheme. We found posts from as far back as 2020, showing that the scheme had been on Facebook for a long time.
Africa Check searched Nigeria’s business register and found an inactive registered business named Binomo Investment Limited.
We also found a business called Binomo in a Google search. It is an international trading company that offers professional-level tutorials, analytical services, and support to traders. It is located in Nicosia, Cyprus.
With over 1,900 followers on Facebook, the logo of this company appears on some of the suspicious Facebook posts and pages in what seems to be an attempt to impersonate the company. Some of its posts also claim you can “double your deposit”, but urge users to “evaluate all the financial risks before trading”.
In a response on Facebook by a representative of the legitimate company, it was revealed that the platform has no agents in countries other than Cyprus and applications to trade can be made only through the website or official mobile application.
The rep said: "If someone claims to be a Binomo representative, please report the case to your local authorities."
Channels TV, a Nigerian broadcast station headquartered in Lagos, reported the conviction of two people on 25 March 2021 by a Nigerian court for defrauding people.
The article reads in part: "They allegedly used their company, Binomo Investment to fraudulently obtain money from innocent victims under the pretext that Binomo is into the Cryptocurrency business."
To help protect yourself against online scams, read our guide here.
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