(Pocket-lint) - Ever wondered about finding a safe trading platform that is secure and user-friendly? Binomo is an e-trading platform that provides a variety of features for both beginners and experienced traders. This article review will delve into all that you need to know about trading on Binomo in Saudi Arabia.
What you need to know about Binomo
Binomo is an online trading platform created in 2014. Some traders might have doubts whether it’s illegal or not. The company offers trading on an internet platform that is secure and safe. It is registered and has a real address which you can check on the website.
There are several reasons why you should trade using the Binomo platform. It offers many ways to learn, invest and trade. It has a defined tier system for accounts so you can choose the one which is more preferable for you.
Binomo is not a scam, it is safe
With the growing number of online services, individuals are becoming more cautious. Traders need to know whether Binomo is a fraud or not. They can be calm because this platform is not a scam but a safe and secure broker. It has a real office and the International Financial Commission regulates the company, so it’s not a fake. The business has been classified as a category “A” member since 2018.
Verify My Trade (VMT), a specialist company that validates Binomo's trade execution quality audits regularly. Binomo was given a certificate of trades quality once the auditing was finished. Check traders reviews on forums if you wish to know other traders’ opinions who already tried the platform.
Sign up and Log in
Before you start your trading journey, you must complete the registration process by creating an account. You can sign in via the website www.binomo.com or by using the mobile app.
- At the top right corner of the web page or app, click on the login icon. This button will direct you to the signup page (available in English and other languages).
- You'll need to fill in all the required information like your email, password, and choose an account currency. Please note: once you select your preferred account currency, you can't change it.
- Read up on the terms and conditions of the Client Agreement before you accept it.
- Afterwards, you'll be sent a confirmation email with a link to complete your account registration.
- After confirming your email you can then log in and start a trade.
Binomo also features an automatic verification process that might be initiated by the platform. How does it work? Head to the website to learn more.
Binomo provides four different account categories for trading. What’s the difference between them?
- The free Demo account offers 30+ assets and virtual $1000 for practice. You can take part in the Daily Free tournament, the other contests require a higher account status.
- The next category is Standard. You need to deposit at least $10 to get it. The status offers 40+ assets and up to 85% profitability in case of the correct forecast and up to 100% deposit bonuses.
- If depositing a cumulative amount of $500 then you can get the Gold account which comes with 60+ assets and up to 90% profitability rate in case of the correct forecast. You also can get up to 150% deposit bonuses.
- The final account category is the VIP category with 70+ assets. It requires a cumulative deposit of $1000 minimum. This account also features up to 90% profitability rate in case of the correct forecast, up to 200% deposit bonuses and a personal manager.
Here we help you figure out how Binomo works. The platform offers free resources on their website because trading requires a good education. You get access to tutorials, also a Demo account for practising, tournaments, the Help Center and trading strategies.
The Demo account is used for training and learning how to trade. You can gain trading experience with a free $1000 virtual fund. Users may learn by testing out different trading ideas and techniques to see how they perform and practice how to close a trade. A Daily Free tournament is also available on a Demo account.
The Binomo platform offers you trading strategies. Of course, they do not guarantee 100% success. There are no “winning strategies” because it is not a game but rather an opportunity to put your trading skills to the test.
The Binomo platform features a Help Center that answers all your frequently asked questions (FAQs) on how to:
- create an account;
- pass verification;
- participate in a contest;
- join an affiliate program and become a partner;
- deposit and withdraw funds etc.
So it basically serves like Wikipedia with tips for traders. You can also contact a Binomo support team via chat/email in case you don’t find an answer to your query.
Deposit and bonuses
First, you need to know that a minimum deposit of $10 is required for trading with real funds on the Binomo platform. If you want to use Gold or VIP accounts, you must make a total investment of $500 or $1,000 respectively.
There are various payment methods available. You can use such popular deposit options like VISA, MasterCard, Advcash, Skrill, Perfect Money, Webmoney WMZ, etc. (PayPal isn't available among them). You’ll get proof in the Cashier section once your deposit is delivered.
The Binomo platform offers users bonuses depending on their account type. These bonuses are available to you if you:
- Deposit funds into your Binomo account and get a bonus coupon (depends on the status of your account);
- Get a code of the non-deposit bonus during promotions;
- Use a 25% welcome bonus after creating a free Demo account.
Head to the terms and conditions section to read more about how to use bonuses and understand how they are applied on Binomo.
How to trade on Binomo
If you want to know how to play on Binomo, remember it’s not a game but a platform requiring education and experience.
The best approach to take advantage of the opportunities that Binomo has to offer is to set aside some time to study how it functions before you begin. Here are the steps on how to trade:
- Choose your preferred asset and set the time and amount you'd like for the trade.
- Analyze the chart and decide whether you think it will go UP or DOWN.
- Submit your forecast for the trade.
- If your forecast is correct, funds are deposited into your account, if not - the sum is not returned.
Note! Don’t use signals or bots because they are cheating.
Let’s learn how to withdraw money from Binomo. You may only choose the same payment method which you used to fund your account. The minimum withdrawal is $10. The time of withdrawal is from several minutes to three days depending on the account and the payment system. There is no commission when withdrawing cash from the platform. For example, IQ Option vs Binomo charges a commission of $31 for wire transfer.
Note! According to regulations, Binomo has a withdrawal limit of up to $3,000 per day, up to $10,000 per week, and up to $ 40,000 per month. Also, limits can be set by the chosen payment system. Check the withdrawal policy to learn more.
Download the Binomo app
You can use the platform through a mobile app, not just on your PC. It makes Binomo accessible to you anytime and anywhere you are, even if you're travelling.
For Android and iOS
Go to your Google Play if you use Android or the Apple store if you use an iOS device and look for the Binomo logo to download the trading app. Install it on your phone or tablet.
If you're having trouble installing the Binomo app on Android, there is another way to invest and trade on the go. No need to hack, download the APK file at the link: https://binomo.com/en/promo/android.
You, however, won’t find any Binomo software for your Windows or Mac PC because the application is only available for mobiles and tablets. Instead, use the desktop version of the website logging in through the browser.
Conclusion about Binomo
Now you know what Binomo is and how it works - it is an innovative and legit trading platform with various features available for both beginners and experienced traders. It gained great reviews on the net about its website and the app.
We hope that you learned that Binomo is not about how to make money, but it's a trading platform where traders use their skillset to get additional profit. Get started and be aware of risks - there is always a risk of losing funds.
Note: This article is for information purposes only. It is not intended to be investment advice.