The Binomo tournament is a time-limited event in which traders compete with each other to receive a prize fund. The Binomo tournament may help you evaluate your trading skills. Here you can compete with other traders: polish your strategies, improve your trading and get an additional income if you show impressive results on the leaderboard.
How do Binomo tournaments work?
Each participant in the Binomo tournament strives to achieve the highest tournament balance by the time it ends. As a result, the participants who took the prize places are awarded prize funds. But remember, if you want to know how to play the Binomo tournament, you can’t because it is not a game. It is s a fair competition between traders where trading knowledge and experience are needed.
The duration of Binomo tournaments varies. Some tournaments end in just one day, and some go on for weeks. The participation fee also differs from a few dollars to a few hundred dollars based on the prize funds, status and time of the tournament.
How to find the Binomo tournaments?
Binomo regularly notifies its users about tournaments. You can find the list of Binomo tournaments on the website or the mobile app.
For web users:
- On the left corner of the Binomo platform, you will find the Tournaments icon; click on it.
- You will see the list of available tournaments. To enter the tournament you are interested in, click on it to get more information and register to participate in the Binomo contest.
For Binomo mobile app users:
- Click on the menu and select the Tournament icon.
- Check out the list of available tournaments. Just tap on any tournament to sign up for it or to learn more about it.
Note! If you are one of the users who use the new version of the Android app, you will find the tournaments list at the bottom of the screen.
Checking the details for a Binomo tournament
Checking the Binomo contest details will help you figure out how to enter. Follow these steps:
- To check the minimum balance you need to get started, costs of rebuys, the number of prizes and the guaranteed prize funds, just click or tap on your chosen tournament.
- Your selected tournament has three tabs in it:
- Look under the details of Conditions to check the requirements of the tournament like rebuys, prize funds and starting balance.
- Look under the Tournament Details to know the number of participants and the time of the contest.
- If you want to see the participants and leading traders, just look under the Leaderboard of the tournaments.
Pay the entry fee to participate in the Binomo contest. After you register, you will get a special Tournament account. The goal here usually is to increase your balance within the time limits of the Binomo tournament.
Tournament account
After signing up, you will get access to the Binomo tournament account that operates on the special currency ₮. It is the virtual currency used in Binomo contests only and not related to funds in your Real account. It’ll appear in the Balance tab.
Note! You can participate in different Binomo tournaments by switching between Tournament accounts.
Free tournament
There is only one free competition on Binomo, Daily Free. But the good thing is that the Daily Free tournament is available for every trader registered on the platform, even novices who only start trading and use the demo account without real funds.
Daily Free is another free tool to try hard your skills and strategies in honest competition with other traders for a real prize fund.
Note! The prize amount of the Daily Free tournament is lower than paid contests, as it is sponsored by the platform.
However, if you made it to the leaderboard without having a real account, you had to deposit the minimum amount to Binomo ($5 for India and $10 for other countries). Only in this case you will be able to use the funds received in the tournament.
Paid tournaments
Paid contests are available only for traders using a real account. However, some of them are created for traders with a Gold or VIP account.
The prize pool of paid Binomo contests depends on the participation fee. The higher number of participants results in a more elevated prize pool. Paid tournaments are generally more rewarding but are risky if you don’t have enough skill.
Accounting for tournament results in the table
Your goal as a tournament participant is to have the highest possible balance or turnover.
If you had ₮50 at the beginning of the tournament and it went up to ₮500 during the Binomo tournament, but at the end, it turned over to ₮100, then if the goal of the tournament was to have the highest turnover at the end of the contest your score will be counted as ₮500.
If the goal was to have the highest balance at the end of the tournament, then ₮100 will be counted as your balance. As you make better trades, your balance rises, and you climb higher on the leads board in a Binomo tournament.
Formation of the prize fund
There is a guaranteed prize fund in every Binomo tournament. It grows as the number of participants increases and the number of rebuys increases in a tournament. However, the prize fund will never be less than the guaranteed amount mentioned in the conditions of the Binomo tournament.
At the end of each tournament, this fund is distributed among the participants who secured the highest scoring places in the contest.
Note! The number of prizes depends on the tournament. The higher your prize place, the higher the percentage you will receive.
Tournament rebuys
You can increase the balance of your Tournament account by the amount of a rebuy. You can get as many rebuys as you want if the sum of your tournament balance and trades is less than the starting balance. The cost of any rebuy you get will be deducted from your real account balance.
Under the Conditions, you can know the cost of a rebuy by clicking on the Rebuy button on the right of the remaining balance amount. Click on the Pay button to get a rebuy.
That’s all you need to know about Binomo tournaments. Also, don’t forget about the risks. Binomo is a trading platform where traders use their real funds to generate additional income. And this requires knowledge, strategies, and practice on a demo account.
