What is Binomo and How does it work in South Africa?

Over the years, Binomo has cemented its place as a reliable platform to earn additional income. With it, you have the opportunity to trade equities, currency pairs, indices, and commodities from anywhere in the world, whenever you want to. All you need is your phone, tablet, or PC and an internet connection. What can this company offer you in South Africa? So, read the review and find out how does Binomo really work and why traders choose it.

Is Binomo a scam or legal in South Africa?

Binomo investment and trading is real, not a scam. And, I’ll let you know how I’ve come to that conclusion. First off, Binomo has its head office in St. Vincent and the Grenadines. They have a physical legit office and it’s been there since their inception. Also, Binomo is a category “A” member of the International Financial Commission. The IFC is an independent body that resolves trade disputes fairly. That’s not all, Binomo has got the FE and IAIR awards. The platform is also certified by Verify My Trades, which confirms the quality of the trades carried out. With these achievements and accolades, it’s safe to say that Binomo is not a scam. It checks all the boxes of a dependable platform. In addition, you can read traders’ reviews about Binomo on forums, social networks or Quora, and understand whether it is real or fake.

Register and Login

To use Binomo, you’d need to create a personal account on the web platform. Don’t worry, it’s free and very straightforward. All you need to do is:

1. Visit www.binomo.com for login.
2. Click on the “Sign up” button and fill out the form: enter a valid email address, create a password strong enough to secure your account.
3. Choose your preferred currency. Note that you can’t change your currency after registration.
4. Acknowledge you’ve read the terms and conditions by ticking the box.

An alternative way to sign-in on the Binomo platform is to use a Facebook or Google account. That’s all. Now, to trade on Binomo, you just need to log in with your data for PC or app.

Tutorials

As a new trader, getting up to speed with trading on Binomo could be an uphill task. But the broker took care of its traders and provided free education. This includes a demo account, Help Center, strategies, and tournaments sections. Note! If you have any questions, requests, or complaints, you can always contact Binomo support via email or live chat.

Demo account

First off, Binomo automatically gives you access to a demo account after registration. It is loaded with a virtual capital of $1000 which gets replenished on exhaustion. With it, you can make real trades without risking your capital. At least till you fully understand the ropes of trading on Binomo. With pop-up notifications guiding your every move on a demo account, you’d get up to speed in no time.

Help Center

With the Binomo Help Center, you have access to FAQs about the platform. For example, how to use the platform, how to withdraw funds or close an account on Binomo. The answers are quite elaborate and they’d assist you in your trading journey. The Help Center is available not only in English but also in other languages for the convenience of users.

Strategies

In addition, on the Binomo website, you can familiarize yourself with various trading strategies and test them on a demo account. But remember that these strategies can’t guarantee you a successful trade because it also requires knowledge and analytical skills.

Tournaments

Binomo tournaments are occasional events where traders get to compete with each other. Some tournaments are free while some require a fee while signing up. As a rule, the goal of tournaments is to get the maximum profit from trades in order to take a prize. Demo account holders can participate in the “Daily Free” tournament, which is only available on the desktop version of the Binomo platform, not in the app.

How to invest in Binomo?

You can deposit into your Binomo account using your bank cards and e-wallets available to you. In South Africa, card options include your VISA and MasterCard. You can also use popular payment methods like Advcash, Skrill, Perfect Money, etc. The minimum deposit amount, as well as withdrawal, is $10.

Bonuses

Binomo offers three different types of bonuses. Namely:

1. The welcome bonus on Binomo is provided to all users after registration in the amount of 25% and is valid for only 30 minutes. However, Demo (Free) account holders can’t use it until they have made at least a minimum deposit.
2. The deposit bonus is available after even the minimum amount is deposited into the account. The amount of the deposit bonus depends on the type of your Binomo account. As a rule, the larger the deposit amount, the more bonuses you get.
3. You can get a bonus coupon or code as part of the Binomo promotion or from your personal manager as a gift.
4. The no-deposit bonus is another way for Binomo to delight its users. For example, these include risk-free trades for VIP account holders, mailing to Binomo’s regular clients with a certain amount to the account as a gift, etc.

Note! You can only use 1 bonus at a time. But the coupon bonus (code) can also be added to deposit bonuses.

How to trade on Binomo

So, after the deposit, it’s time to find out how Binomo works. First, trading is not easy and Binomo is not a game. To trade on the platform, you need knowledge, the ability to analyze charts and make forecasts based on them. Therefore, asking how to play on Binomo is incorrect. Binomo employs a Fixed Time Trade (FTT) mechanism. So, trading on the platform is straightforward. All you need to do is follow the steps below:

• Log in to your real account. To be sure, you can check the upper right corner of your screen. It’d indicate the type of account you’re signed into.
• Then you’d select an asset you wish to trade.
• Indicate the time and enter the number of funds which you want to invest in a Binomo trade.
• Then, confirm the direction of your forecast. If you think the chart will go up, you should click on the green button while you should select the red button if you think the chart will go down.

After the set trading time, your profit will be immediately credited into your account if your forecast is correct. And if not, then the funds will not be returned.

How to withdraw money from Binomo?

The conditions for withdrawing funds from Binomo are spelled out in the Client Agreement. Withdrawal can be directed to your bank cards and e-wallets. However, you can only withdraw through a payment method you’ve used to make deposits into your Binomo account at least once. This is the platform’s security policy. Also, withdrawal time takes from a few minutes to 3 days (sometimes even later). It all depends on your account type and payment method. There are no fees for withdrawing funds on Binomo, vs IQ Option (it charges a fee of $31 for wire transfer).

Limits

Also, for security reasons, Binomo has a withdrawal limit of $3000 per day, $10,000 in a week, and up to $40,000 per month.

Download the Binomo mobile app

It’s okay to combine trading with any other job that you have. And to do that, you’d need to be able to trade and monitor your trades on Binomo outside your home. That’s where the app comes in. The Binomo app can be downloaded from Google Play for Android users. iOS users can download the trading app from the AppStore. If you are having problems installing the app via Google Play, then there is an alternative way. No need to hack it, the Apk file can be downloaded from the Binomo website. Android users can download the Apk version from the link https://binomo.com/en/promo/android. Unfortunately, you can’t download the Binomo trading app or Apk for PC. Trading on a PC is possible through the desktop version of Binomo, namely through a browser.

Affiliate program

The BinPartner affiliate program is another route to getting additional income from Binomo. Here, you can convince your pals to sign up on www.binomo.com. You can get up to 70% of the revenue share on your referrals. BinPartner also provides a complete set of advertising materials for free to attract customers. The terms and conditions of participation in the affiliate program and bonuses can be found at https://binpartner.com/.

Conclusion

Investment and trading on Binomo is a great medium to earn additional income at your convenience in South Africa. The platform is well-built and loaded with features that would help you to make trades. However, you should note that trading is a risky expenditure. No trading strategy is 100% accurate. After all, we are not talking about winning in the review, but about trading, which requires technical analysis and experience. Do not trade with funds that you’re not prepared to lose. If you follow these tips and continually increase your trading skills, you can mitigate the risk of losing funds from a wrong forecast.