Deposit and withdraw funds on Binomo via India

If you’re already a Binomo trader, you’ll know that it offers a variety of deposit and withdrawal methods, from bank cards, e-wallets, and internet banking. Let’s see in this review what deposit and withdrawal options the platform offers Indian users.

Bank сards

If you are a MasterCard bank card account holder in India, making a deposit in Binomo is a breeze. Just follow the instructions below, and you will be able to deposit in your Binomo account in no time.

Binomo deposit using Mastercard / Maestro

If you are a Mastercard / Maestro bank card holder, here are the steps to making a successful deposit on your Binomo trading account:

1. Launch the Binomo app on your device.
2. Find the “Deposit” button and tap it.
   
3. Select your country.
4. Select Mastercard / Maestro as your payment method.
   
5. Enter the amount your want to deposit along with your mobile number.
   
6. Tap the “Deposit” button.
7. Input the details of your Mastercard / Maestro as requested. This may include your card number, your name on the card, expiry date, and CSC.
8. Click the “Pay” button. This will take you to the page of your bank where you will be asked to authenticate your transaction.
   
9. Enter the OTP sent to your mobile number.
   
10. Click “Submit”.

You will receive a system-generated message that your payment has been completed. You may continue trading after you have sent your deposit.

Binomo withdrawal using Mastercard / Maestro

Usually, Binomo users can withdraw funds to the bank card or e-wallet from which they made the deposit. However, so far, traders from India cannot withdraw funds from Binomo to a bank card.

Internet banking

Binomo understands that more people are now using the Internet for their various financial transactions. To better cater to their patrons who want to have wider and easier options for deposits and withdrawals, Binomo also offers Internet banking capabilities on the platform. If you are one of those who prefer Internet banking as their primary form of withdrawal and deposit methods, below are the steps for a successful deposit or withdrawal process.

How to deposit in Binomo via Internet banking?

For depositing in your Binomo account via Internet banking, follow the steps below:

1. Launch Binomo on your PС or the app on your mobile device.
2. Find the “Deposit”/ “Balance” button and click it.
   
3. Choose your preferred payment method – Internet banking. For this, ensure you are in the “Deposit funds” tab.
   
4. Select your country (India) and one of the available deposit methods: NetBanking, UPI, Bank Transfer, HDFC Bank, IDFC First Bank, or IndusInd Bank.

Next, let’s look at how to deposit money in Binomo through the most popular option, NetBanking:

1. Enter your deposit details, including deposit amount, bank of account, and mobile number.
2. Click the “Deposit” button. It will take you to the login page of your bank.
3. Login to your Internet banking account.
   
4. Wait for the OTP to be sent to your mobile number, and once received, enter the digits into your bank’s login page as prompted.
   
5. Review the details and make sure they are all correct.
6. Click the “Pay” button.
   
7. If your transaction is successful, you will get a system-generated message that your payment is successful.

After deposit transactions, you can always return to Binomo and continue your trading activities.

How to withdraw money from Binomo via Internet banking?

For the step-by-step process of withdrawing from your Binomo account, read on below:

1. Open your Binomo account.
2. Search for the “Cashier” section using the platform’s web version. If you are using the mobile app, on the other hand, select “Balance” in the menu.
3. Click the “Withdraw funds” tab.
4. Enter the details of your withdrawal request: the amount you wish to withdraw from your account, your region or country, bank name, and withdrawal method.
5. Click the “Request withdrawal” button.

You will receive a system-generated message that your request is pending. You can return to the main page and continue trading while waiting for the funds to appear in your internet bank account.

Tracking your withdrawal status

While waiting for your withdrawal to be updated, you can track its status by following these steps:

1. Go to the “Cashier” section.
2. Click “Transaction history” if you are using the desktop or web version or the “Balance” tab if you are using the Binomo app. There, you can see a list of all the transactions you have performed. You will also see the status of the withdrawal you have recently made.

If enough time has lapsed and no withdrawn funds are reflected on your account, you may contact Binomo customer service via chat on the official website or email support@binomo.com. It will help you find the problem and look for a solution to expedite the success of your transaction.

E-wallets

Binomo supports and allows deposits and withdrawals using the following e-wallets:

• Jeton Wallet;
• PayTm;
• Binance Pay;
• Phone Pe by UPI.

Below are the steps on how to deposit from each e-wallet.

Jeton Wallet

1. Tap the “Deposit” button in your dashboard’s upper right-hand corner.
   
2. Select your country (India).
3. Choose Jeton Wallet as your payment method.
   
4. Enter the amount you want to deposit or click the amount of your choice.
   
5. Click “Deposit”. This will take you to your Jeton Wallet account login page.
6. Login to Jeton Wallet. You may log in using your access details, such as your User ID, email, and password, or you may choose to scan a QR code to gain access to their system.
   
7. Select a currency.
8. Click the “Pay with wallet” button.
9. A “Payment successful” message will appear on your screen if your deposit has been a success.

To check the status of your deposit transaction at Jeton Wallet, open “Transaction history”.

PayTm

1. Tap on the “Deposit” button in your dashboard’s upper right corner.
   
2. Select your country and choose PayTM as your payment method.
   
3. Enter the amount you wish to deposit, along with other details such as your mobile number and your first and last name.
4. Click “Deposit”.
   
5. On the next page, choose PayTm on the choices.
   
6. Click “Pay”.
7. Scan the QR code that appears using your PayTm application.
   
8. On the choices, select PayTm balance.
9. Click “Pay”.
   
10. You will receive a payment confirmation message.

If you want to track the status of your PayTm deposit, simply click the “Transaction history” tab.

Binance Pay

1. Click the “Deposit” button in your dashboard’s upper right-hand corner.
   
2. Select your country (India) and choose Binance Pay as your payment method.
   
3. Click or enter the amount you want to deposit in your Binomo account.
   
4. Click the “Deposit” button.
5. Scan the QR code through the Binance app or log in and pay.
   

You will receive the message “Payment was successful” if your deposit is credited to the account.

Phone Pe by UPI

1. Click the “Deposit” button and select India in “Country”.
   
2. Choose Phone Pe as your payment method.
   
3. Enter the amount you want to deposit in your Binomo account, along with your first and last names.
   
4. Click the “Deposit” button. It will take you to the Phone Pe payment page.
5. Enter your registered number to log into the Phone Pe account and click “Send OTP to Login”.
   
6. Select how you want to complete the payment. You can choose to use your Phone Pe wallet balance, your bank card, or through UPI.
   
7. Click the “Pay” button. It will take you to your bank’s page.
   
8. Enter the OTP sent to your registered mobile number and click “Submit” to complete the payment. You can also opt to complete the payment by scanning the QR code in the Phone Pe app. If you have chosen to use UPI, you will receive a payment request in your UPI app.

After completing payment, you will be redirected back to the Binomo platform.

Binomo deposit and withdrawal problem

No platform or payment provider is without problems when making transactions. Let’s consider the most frequent ones that can be found on the platform.

Problem with depositing funds

If you feel it’s been over 24 hours since you made a deposit and still haven’t received an update, feel free to contact Binomo customer support via live chat on the official website or email at support@binomo.com.

Approval period issue

When you send your withdrawal request to Binomo, it is assigned the status of “Approved” or “Pending”. Binomo strives to approve all requests as quickly as possible.

The duration of the withdrawal process is highly dependent on your status, and you can track it by going to the “Transaction History” section. Below is a step-by-step guide on how to track your withdrawal status.

For web users:

• Click on the “Profile” icon, which is located in the upper right corner of the screen.
• Select the “Cashier” tab from the menu.
• Click “Transaction History”.
• Click on your withdrawal. Here you will see how long you can expect your withdrawal request to be approved.

For mobile app users:

• Click the left-side menu.
• Click on the “Balance” section.

If it took too long to approve your request, please contact Binomo by following these steps:

• For web users: Click “Waiting more than N days?”.
• For mobile app users: Click “Contact support”.

Binomo will try to sort out the problem and help you expedite the process.

Processing period issue

After your withdrawal transaction has been approved, Binomo will then transfer your payment to your chosen payment provider for further processing. At this stage, your request will be assigned a “Processing” or “Approved” status.

The different payment providers have their processing periods. Some may process your request faster, while some may process it longer. To know how long it will take for your payment provider to process your withdrawal, go to “Transaction history”. There, you will see the average transaction processing time and the maximum transaction processing time.

If your withdrawal request takes too long to be credited to your account, click the “Waiting for N days?” or the “Contact support” button (for app users). Binomo will track your withdrawal and help you get your funds as soon as possible.

It usually takes payment providers one to three days to process withdrawal requests. In some rare instances, it can take up to 7 days to have your funds credited to your account. Usually, the delay is caused by national holidays. The provider’s withdrawal policy may also play a part.

With the significant number of payment providers supported by Binomo, you no longer have to wonder how to deposit or withdraw money in INR. Just choose from the variety of payment providers they have, and you will go through the deposit and withdrawal process in a breeze.

Frequently Asked Questions (FAQ)

Below we will analyze the main questions users ask when they have a problem with a deposit or withdrawal.

What is the minimum deposit amount at Binomo in India?

The minimum deposit in Binomo is $10 or 400 INR to switch to a real account and start your trading journey.

Binomo also offers a free deposit of virtual funds on a demo account. It is designed to familiarize you with the Binomo platform and understand how to trade.

What is the minimum withdrawal amount from Binomo in India?

The minimum withdrawal amount from Binomo is $10 or the equivalent in INR. You can withdraw funds only to the account or e-wallet from which you made the deposit.

Binomo withdrawal and other limits

Other limits have also changed for Indian traders:

• The minimum/maximum deposits are 400 INR and 800,000 INR, respectively.
• The minimum/maximum trade is 80 INR and 80000 INR, respectively.
• Gold status is unlocked when the total amount of deposits reaches 40,000 INR, and VIP status is from 80,000 INR.

Binomo also has set withdrawal limits that traders can make within a day, week, or month. For all traders, they are as follows:

• Per day: no more than $3,000 or the equivalent of $3,000.
• Per week: no more than $10,000 or the equivalent of $10,000.
• Per month: no more than $40,000 or the equivalent of $40,000.

These limits may vary slightly depending on the payment service provider you choose.

How to track the status of your withdrawal?

While waiting, you may track the status of your withdrawal request by performing the following steps:

1. Сheck the “Cashier” section on the web platform or the “Balance” section on the app.
2. Tap the “Transaction history” tab.

There you will be able to see a list of all the transactions you have made. You will also see the status of the withdrawal you have recently made.

What to do if there are problems with the withdrawals?

If enough time has passed and the withdrawn funds are still not showing up in your account, you can contact Binomo support via live chat on their official website or email support@binomo.com. Keep a copy of your withdrawal details so you can give proof of your transaction in case of a problem. The Binomo support team will help you resolve everything quickly.

How long does it take to withdraw money from Binomo?

Note that the withdrawal time usually takes from a few hours to three days. It may take up to seven days, depending on the status of your Binomo account and your payment provider’s withdrawal policy.

Extended withdrawal periods can be frustrating, but you must understand that specific processes are followed. At Binomo, your withdrawal requests go through three stages, namely:

• Binomo approves your withdrawal request and forwards it to your chosen payment service provider.
• The payment system is processing your request.
• Funds are credited to your account.

In addition, the Binomo withdrawal conditions may sometimes differ from those set by banks and payment systems. If you have a VIP account, you are served in the first place, and the withdrawal time will be up to 4 hours. If you have a Gold account, then up to 24 hours, and if you have a Standard account, then up to 3 days.

Conclusion

As you can see, Indian traders can deposit funds on Binomo using different payment methods. But the most popular are still electronic wallets. Withdrawing funds is also easy. The only thing to remember is that cash withdrawal is impossible because these are online transactions.

Also, do not worry about transfer security because Binomo only works with reliable and trusted payment providers. And remember that your income depends on how competently you invest your funds in a trade and how correct your forecast will be. To improve your trading skills, get to know the platform well using a demo account, and only then make a deposit.