5 essential tools for effective trading on Binomo

Binomo has been used in over 130 countries, including South Africa, since 2014. The company is regulated by the International Financial Commission and has received a trade quality certificate from Verify My Trade and international awards. In this review, we will answer the question of What the Binomo app/website is, how it works, and discuss the tools offered by the broker for effective trading.

Is Binomo safe or a scam?

As mentioned above, the platform is regulated and has many awards and certificates. However, if this isn’t enough proof for you and you still question its legitimacy and wonder if Binomo is real or fake, legal or illegal in South Africa, you can find positive reviews on the net on forums such as LinkedIn or Quora to make sure that it is not a fraud. For further information, you can also check the head office address on the Binomo website.

Before learning how to trade on Binomo

First, you need to sign in to Binomo by choosing one of two ways: via email or Facebook/Google. You can log in to the platform in English or other 12 languages.

1. Go to the Binomologinpage.
2. Type in your email address and password.
3. Choose a currency (Note you cannot change your selection after registration on Binomo).
4. Accept the Client Agreement and Privacy Policy terms.
5. Tap “Create Account”.

If you’ve previously used Binomo, learn how to close your old account before creating a new one, as having more than one account is against the rules.

Note! Thanks to the automatic system, account verification on Binomo has become much faster, requiring only a few minutes currently (vs. IQ Option).

A Demo account

All traders can log in to a demo account for free and start practice with unlimited virtual funds to improve their trading skills in a secure environment.

The Help Center is also available for free. Similar to Wikipedia for traders, it is the FAQ section where traders can find answers to their queries for Binomo. If users run into any problems, they can contact the chatbot or a support agent.

Note! Traders should avoid asking how to make money on Binomo because it is not a platform for making fast profits but a place to trade and learn.

When you’ve had enough experience and understand all about what Binomo is and how to use it, you may start making an investment in the company and opening real trades.

Traders asking how to invest money in Binomo should know that the minimum deposit (and withdrawal) is $10. The popular options in SouthAfrica include VISA, MasterCard, Advcash, Skrill, and Perfect Money (PayPal is not available).

Indicators and strategies

Indicators can be really valuable in making accurate forecasts on Binomo, but they should not be used in isolation from the chosen tactic. Furthermore, no trading strategy is winning on its own, guaranteeing a 100% result on trade. You should try to learn how to alternate them, and you will be able to create your own method of price forecasting over time.

Sometimes traders ask how to play on Binomo? But they must understand that it is not a game but a trading platform where you need to develop a strategy. Furthermore, because Binomo believes in fair trading, signals and tips are against regulation.

Tournaments

On Binomo, there are two types of tournaments: free and paid. All users, even demo account holders, can participate in the free event “Daily Free”. The remaining contests are opened for real accounts, that is, after the first deposit. A tournament is an excellent way to compare yourself with other traders and gradually improve your skills.

Bonuses 

Binomo provides users with a variety of bonuses:

1. The welcome bonus of 25% is offered to all free account holders (to the amount of the first deposit on Binomo).
2. The deposit bonus becomes available even when replenishing a small amount. The higher the sum, the more significant gift the Binomo user receives.
3. A coupon or code is a bonus you may get as a part of the Binomo promotion or as a present from a personal manager (for VIP clients only). Deposit bonuses can also be combined with coupons.
4. The no-deposit bonus includes incentives like an insurance for VIP account holders, mailing to Binomo regular clients with a specific amount coupon, etc. Deposit insurance is provided at no cost to VIP traders. If the balance drops to 0, a portion of the investments will be repaid. The amount of compensation is proportional to the size of the investment.
5. Risk-free trades are a predetermined number of trades with a set investment amount. VIP status traders are frequently offered this bonus by their personal managers.

Before you activate any bonus on Binomo, read the terms and conditions. For instance, some rewards may have a mandatory trading turnover, i.e., you will not be able to withdraw funds until its completion. But when it is completed, you can withdraw using the same methods you used to deposit.

Note! Clients can withdraw up to $3,000 per day, $10,000 per week, and $40,000 per month. Some payment systems may also introduce withdrawal limits.

Traders searching for an answer to how to withdraw money from Binomo should note that the process can take anything from a few minutes to three days or more, depending on the type of account and payment method used.

The platform does not charge fees on withdrawals. For example, IQ option vs. Binomo charges a $31 wire transfer commission.

Comprehensible mobile app 

Binomo provides users with financial empowerment by allowing them to access the platform from both PC and mobile. The yellow logo app is available for free download on GooglePlay and the App Store. Traders struggling to install the trading app for Android should not hack but instead, invest and trade using the APK version. You can download it from the following URL: https://www.binomo.com/en/.

Because the Binomo app is only available for smartphones and tablets, there is no software for PC (Windows or Mac OS). Traders who want to run the platform on their desktops can log in to the web version.

Binomo is a well-tried platform for trading education 

Now that the answer to what’s Binomo and how it works has been found, you can sign up for the platform and start training with the help of various features such as a demo account and tutorials.

However, even though Binomo is safe, there is still the chance of losing your deposit, and this risk can only be minimized via training and careful analysis. You can also join the Binpartner affiliate program and get extra funds by referring new traders to Binomo.