Binomo is available in over 130 countries and in many languages (Hindi, English, etc.). Its popularity is due to the simplicity of trading mechanics and free educational materials. Let’s see how to use them to make trading on Binomo effective.
Use demo for education
After the first sign-in to the Binomo platform, each user gets access to a free demo account for an unlimited period. It is a safe learning environment that will teach you how to trade on real charts with virtual funds.
The demo account contains video tutorials that will be a real help for novice traders. They will briefly explain how Binomo works. You will learn how to trade with Fixed Time Trade mechanics, where FTT allows you to get additional income in a minute.
Just follow these steps:
- Select an asset. The percentage next to the asset indicates the maximum profitability of the trade. For VIP traders, this percentage is always higher.
- Set the trade amount. The minimum trade amount is $1; the maximum is $1,000 or the equivalent in your account currency. If you are new to trading, it is better to invest a small amount.
- Select the trade expiration time. You can specify the end time of the trade from 1 to 60 minutes. Keep in mind that you choose the time to close the trade, not its duration.
- Make a forecast. Analyze the asset price movement on the chart and forecast whether it will go up or down. Click on the green button if you think the asset’s price will go up or the red button if you think it will go down.
- Wait for the trade to close. If your forecast is correct, you will get additional income depending on the trade’s profitability percentage. If your forecast is wrong, your investment will not return.
The platform also offers a useful Help Center. This FAQ section explains what Binomo is, how to change the account currency, how to use strategies, why Binomo is not a forex trading platform, and much more. If you haven’t found the answer to your question, you can always write to a chatbot or contact support@binomo.com.
Note! All Binomo educational materials are provided free of charge.
Respect the terms
Another important aspect to consider when trading on Binomo is the platform’s terms. When registering on Binomo, you must read and accept the Client Agreement and the Privacy Policy. Studying these rules will allow you to answer the question: “How does Binomo work?”.
Learn strategies
Learning and testing strategies on a demo account are essential for trading to bring results. Binomo offers different trading strategies for traders of all levels: beginners, experienced, and professionals.
Beginners will be able to learn about technical indicators, news trading, “Night Channel” and “Bollinger Breakdown” strategies. For experienced traders, the “Strategies” section contains information on trading Fibonacci levels and in flat, using the RSI, and more.
Remember that no trading strategy can 100% guarantee the result of your trades. Therefore, use the Binomo demo account to learn how to use them and improve your price forecasting skills. It is also worth using indicators along with the chosen strategy. They will reduce the risk of incorrect forecasts.
How to use indicators?
Indicators are visual tools; traders use them to monitor changes in the price of an asset on a chart. Indicators must be used in conjunction with a trading strategy for a trade to be effective.
You can select and customize the indicator in the lower-left corner of the platform:
- Click on the “Trading tools” icon.
- Select the required indicator from the list.
- Adjust the “Overbought”, “Oversold” and “Period” settings and click Apply.
Your active indicator will appear above the list. You can delete it by clicking the trash can icon.
Participate in tournaments
Traders can also participate in Binomo tournaments to improve their trading skills and compete for the prize pool. The “Daily Free” tournament is open to all users, including demo account holders. It does not require entry fees but provides an opportunity to get real additional income.
If you have a Standard, Gold, or VIP account, paid tournaments with a higher prize pool are available. The tournament’s goal is to get into the leaderboard with a large deposit at the end of the tournament. It is another attractive trading way on Binomo that allows you to get additional income in a competitive spirit.
Read Binomo’s blog
In addition to the Help Center and chatbot, which are extremely useful for beginners, Binomo also has its official blog. It contains articles explaining trading in general and how the platform works. The Binomo blog provides information about popular strategies and indicators, trading tips, and more.
But remember that the risk of losing funds is always present when trading, despite access to educational materials and free practice on a demo account. To work on Binomo, you will need all your knowledge and skills to reduce it.
