To make your trading fruitful and bring you additional income, we recommend that you read how to trade on Binomo. If your forecasts turn out to be correct and the trades are profitable, it is equally important to know how to quickly withdraw funds from the platform.
- How to trade on Binomo online?
- What is an asset?
- How to start trading?
- How does Binomo work?
- The best time to trade
- History of trades
- Is there trading software?
- Read a chart
- Use indicators
- Frequently Asked Questions (FAQ)
- Can I close a trade before the expiration time?
- How to switch from a demo to a real account?
- How to be efficient in trading?
- What does time remaining mean?
- Why are some assets not available to me?
- What is the time frame?
- How to withdraw from Binomo?
- Binomo withdrawal methods
- Bank Card
- How do I withdraw funds to a bank card?
- How do I withdraw funds to a non-personalized bank card?
- E-wallet and cryptocurrency
- Skrill (International)
- Perfect Money (International)
- Advcash (International)
- Bank account withdrawals
- Frequently Asked Questions (FAQ)
- Why can’t I receive funds right after I request a withdrawal?
- What payment methods can I use to withdraw funds?
- Why can’t I withdraw funds to my bank card or bank account?
- What is the minimum and maximum withdrawal limit?
- How much time does it take for funds to be withdrawn?
- Can I withdraw in my country’s currency?
- Are there any withdrawal fees and commissions?
- What is the conversion exchange rate?
- Why do I see a “Failed” status when withdrawing?
- Can I withdraw funds from my account before I start trading?
How to trade on Binomo online?
Before talking about effective trading on Binomo and investment opportunities, it is essential to understand how to reduce the risk of losing funds. Therefore, every trader should know how the Binomo trading platform works, from choosing assets to setting up charts.
What is an asset?
An asset is a financial instrument that can be used for live trading. Examples of assets include currency pairs, indices, commodities, and equity securities, to name a few. The complete list of assets available for trading on the platform can be seen in your account in the upper left corner next to the inscription “Binomo”.
The number of assets available for online trading depends on the type of your Binomo account:
- Standard – more than 40;
- Gold – more than 60;
- VIP – more than 70.
The price of assets is constantly changing depending on the market situation. The task of traders is to analyze it and forecast how the price of an asset will change at a specific time.
To select the asset, for example, the EUR/USD currency pair, follow these steps:
- Click on the asset in the upper left corner of the platform to see the list of available assets.
- Choose one of the assets to trade. The assets available for your account type (Standard, Gold, or VIP) are divided into sections.
If you’re using the web version of a platform, you can trade on multiple assets at once. Click on the “+” button to the left of the asset section. The asset you choose will add up.
Note! Some assets are only available on certain days of the week.
How to start trading?
Having the necessary capital is one of the steps to start trading on Binomo. But the availability of funds is not enough to ensure positive results. It is important to understand how Binomo works, what trading tools it provides, and how to use them effectively.
That is why beginners should first try their hand at a demo account before moving on to real investments and trading on Binomo. It is a safe environment with virtual $10000 where you can learn how to trade on the platform. At the same time, the demo account allows you to use live charts for trading.
Note! Binomo provides its service in Hindi, English, and others (except Malayalam).
How does Binomo work?
The Binomo investment platform is available in India, Nigeria, and more than 130 countries worldwide. Here, a trader can invest and trade regardless of their experience. And all thanks to the convenient and straightforward FTT system (Fixed Time Trades).
Let’s take a look at how to invest and trade on Binomo:
- Select an account type. Before live trading, do not forget to switch from a demo account to a real one.
- Select an asset from the list available for your account type. The percentage indicated next to the asset determines its profitability. The higher it is, the more you will get from the trade amount in case of a correct forecast.
- Set the trade amount. The minimum trade amount is $1 or the equivalent in your account currency. The maximum trade amount is $1000. The safest way for beginners is to start trading on Binomo with a small investment to test the market and get comfortable.
- Select an expiration time of the trade. It is time the trade ends. In the “Time” section, you can set the best time for your trade from 1 to 60 minutes. In the right column, you will see 1-minute periods; in the left column, you will see 15-minute periods.
- Make a forecast. Analyze the asset price movement on the chart and make your forecast whether it will go up or down. Click on the green button if you are sure that the asset’s price will go up or on the red button if you are sure that it will go down.
If your forecast is correct, you will get additional income from the trade (the invested amount and a percentage of it). Otherwise, you will lose your investment.
Note! The profitability of the trade depends on the type of Binomo account: up to 85% for Standard, up to 90% for Gold/VIP.
The best time to trade
Day trading is perfect for you if you have learned how to manage your capital, identify trends, and instantly react to changing market conditions.
At night, the market is calm, so for beginners, it is the best time to trade. The chosen strategy also affects the trading time. For instance, the “Night channel” strategy can work at night, but it will bring losses during the day.
History of trades
The Binomo platform allows you to track your trading activity. You can find information about completed trades in the “Trades” section. The history of trades is available in the Binomo web version and the mobile app.
To view the history of opening and closing trades, follow these steps:
- In the web version, select the clock icon and click on the preferred trade.
- In the mobile app, open the menu and select the “Trades” section.
- In the new Android app version, tap on the clock icon in the menu bar at the bottom.
Trade history is a valuable tool to help you track and analyze your trading progress. All this will eventually improve your trading skills.
Is there trading software?
You can trade leisurely on your PC on the Binomo platform at home or use the mobile app to invest and trade on the go. The mobile software is in no way inferior to the web version of the platform, while it is available wherever there is an Internet connection.
Note! You can download the mobile app on the official website www.binomo.com using the QR code or the Google or Apple app stores.
Read a chart
The chart displays the change in the price of an asset in real-time; therefore, it is an important trading tool for a trader. The platform has four types of charts: Bar, Candle, line, and Mountain. You have to choose a chart type that will allow you to analyze the market, invest and trade in real-time effectively.
Let’s see how to customize the chart according to your preferences:
- Click the chart icon in the bottom left corner of the platform and select a chart type. As a rule, the Candle chart is the most informative and useful.
- Click the time icon and set the time frame, which displays the frequency of new price changes in the asset.
- Adjust the chart’s scale by pressing the “+” and “-” buttons or scrolling the mouse. If you use a mobile application, zoom in and out on the chart with your fingers.
Note! You can select the chart type, time frame, and indicators in the new Android app version on the panel above the chart.
Use indicators
Indicators are another useful trading tool for chart analysis. They clearly show how the market and the price of an asset are changing. Indicators work well with strategies to help traders make correct forecasts.
There are various indicators on the Binomo trading platform: RSI, Moving Average, Bollinger Bands, and others. You only have to choose which indicators are best for their purposes.
Consider how to set up indicators on Binomo:
- Click the “Trading tools” icon in the lower-left corner of the platform.
- Click on the indicator you need.
- Customize it as you wish and click “Apply”.
You can see all active indicators above the list. If you use the mobile app, they are displayed on the “Indicators” tab.
Despite the variety of trading instruments and demo accounts for practice, it is essential to remember that trading always carries the risk of losing funds. Only improving your trading skills and the ability to use the strategies and functionality of the platform correctly will reduce this risk.
Frequently Asked Questions (FAQ)
Below are some frequently asked questions that will help you understand how to trade on the Binomo platform.
Can I close a trade before the expiration time?
The Binomo platform uses FTT mechanics, so you cannot close a trade before expiration. For example, if you select 17:30 as your expiration time, the trade will close at precisely 17:30. You cannot change the end time of the trade.
How to switch from a demo to a real account?
You can switch from a demo account to a real one at any time by following these steps:
- Find your account type at the top corner of your Binomo dashboard and click on it.
- Choose “Real account” on the dropdown menu.
- Wait for a notification that you are now using a real account.
You will be able to start trading with real funds after switching from a demo account to a real one.
How to be efficient in trading?
To trade effectively, making the most of every opportunity is crucial. It will allow you to correctly forecast the asset price movement, eventually leading to additional income.
Below are some tips to help you improve your trading efficiency:
- Explore the platform first before embarking on an actual trading journey. You can use a demo account to familiarize yourself with the different tools and strategies available on Binomo. You can also participate in the free “Daily Free” tournament to test your potency against real traders.
- Choose familiar assets for trading. If you don’t know what assets are popular, start by researching them. Focus on one asset and try to forecast how its price will change.
- Test the market by depositing small amounts. On the Binomo trading platform, you can open a trade for as little as $1. You can increase the trade amount when you are confident in your trading skills.
- Learn new strategies, techniques, and mechanics in trading. Doing so will help you make sound trading decisions in the long run. For example, you can find an excellent strategy section on the Binomo platform that describes how to use them step-by-step.
What does time remaining mean?
The remaining time is the time left for the trader to open a trade with the selected expiration time. In the mobile software, it is called “Time to buy”. It is marked with a red vertical line on the chart and displayed above it (in the web version).
The remaining time depends on the set expiration time. When you change the expiration time, the remaining time also changes.
Why are some assets not available to me?
Not being able to see certain assets in your Binomo account is due to two reasons:
- Your account status. Some assets are available only to owners of certain accounts. For example, if you are a Standard account holder, you may not be able to access some assets that are only available to Gold or VIP account holders.
- Asset availability. Some assets are available only on certain days of the week.
What is the time frame?
It is the period during which the chart is formed. In the web version and mobile app, you can change the time frame by clicking on the icon in the lower-left corner of the chart. In the new Android app version, this function is located on the panel above the chart.
Note that the time frame can be different depending on the chart type:
- For the bar and candle charts, the minimum frame allowed is 5 seconds, while the maximum is 30 days.
- For the line and mountain charts, the minimum frame allowed is 1 second, while the maximum is 30 days.
The time frame you set for each chart will determine the number of times that price changes are displayed on the charts. With an increase in the time frame, the main trends in price movement become noticeable, with a decrease – current, local trends.
How to withdraw from Binomo?
This review will help you find answers to questions about withdrawing funds from Binomo: payment methods, withdrawaloptions, conditions, limits, and time.
Binomo withdrawal methods
Among the most popular topics traders want to know before registering on a trading platform is the possibility of withdrawing funds. That’s why Binomo details the withdrawal process for India and other countries in the Help Center, proving their concern for users.
Among the questions of interest to beginners, you can find the following:
- How to withdraw money from Binomo in a bank account?
- What is the minimum withdrawal amount?
- What is proof of withdrawal?
- Is there a withdrawal limit?
But most of all, traders are interested in withdrawal options. Binomo provides various methods by its withdrawal policy. Traders can withdraw funds using bank cards, e-wallets, or bank transfers.
Bank Card
This withdrawal method is available only to users from Ukraine and Kazakhstan or users whose cards are issued in these countries. Let’s find out how to withdraw money from Binomo to a bank card, personalized or not.
How do I withdraw funds to a bank card?
These steps will help you withdraw funds from Binomo:
- Click on the profile icon and select the “Cashier” section on www.binomo.com.
- Tap the “Withdraw funds”.
- Enter the amount you wish to withdraw.
- Choose your preferred withdrawal method: Visa, MasterCard, or Maestro bank cards.
- Click the “Request withdrawal” button.
You will receive a message once your request is confirmed. It serves as your withdrawal proof.
If you are using the Binomo app to withdraw funds, the steps are pretty much the same. You need to open the left side menu, select the “Balance” section and click the “Withdrawal” button.
If you are using the new version of the Android app, click on your Profile icon, go to the “Balance” tab, and then click on “Withdrawal”.
Withdrawals can be credited to your bank card within 12 hours or more, depending on the payment methods you choose and the status of your account. Sometimes this period may be extended up to 7 business days due to your bank’s withdrawal policy or other reasons beyond Binomo’s control.
To track the status of your withdrawal request, go to the “Cashier” section and find the “Transaction history” tab if you are using the web version or the “Balance” tab if you are using the Binomo app.
Note! You can continue to trade while your withdrawal request is being processed.
How do I withdraw funds to a non-personalized bank card?
Non-personalized bank cards do not have the cardholders’ names, but they are used for cash withdrawals. If you are a non-personalized bank card holder, enter your name as specified in the agreement with your bank, and then follow these steps:
- If you are using the web version, tap on your Profile icon and look for the “Cashier” tab in the dropdown menu. Tap the “Withdraw funds” button.
If you are using the mobile app version, find the “Balance” tab on the left side menu and click the “Withdraw” button.
If you are using the new Android app version, click the Profile icon, click on the “Balance” tab and then click “Withdrawal”. - Enter the required details, such as the amount you wish to withdraw and the bank card type you are using, e.g., Visa, MasterCard, or Maestro.
- Click “Request Withdrawal”.
You will receive a notification that your withdrawal request is being processed. Remember that you can trade and enjoy other platform features while waiting for your withdrawal.
To track the status of your withdrawal request, you can go to the “Cashier” section and click “Transaction history” if you are using the web version. In the mobile app version, go to the “Balance” tab.
Note! You can withdraw funds only to those bank cards from which you replenished the deposit.
E-wallet and cryptocurrency
All traders who have deposited an amount in their accounts can withdraw funds using their e-wallets or BTC/LTC wallets (for bitcoin). The most popular e-wallet options include Skrill, Perfect Money, and Advcash. Withdrawal from Binomo for traders living in India is also available using Paytm.
Skrill (International)
To withdraw funds using Skrill, follow these steps:
- For web version users:
- Open the “Cashier” section by clicking on your Profile icon.
- Tap on the “Withdraw funds” tab.
- Enter desired details: payout amount and Skrill withdrawal method.
- Click “Request Withdrawal”.
- For the mobile app users:
- Launch the left side menu.
- Click on the “Balance” section and the “Withdraw” button.
- Enter the payout amount and choose Skrill as your withdrawal method.
- Click “Request Withdrawal”.
Usually, funds are credited to the account within 1 hour, but sometimes it can take up to 7 business days due to your payment provider.
Perfect Money (International)
To make a cash withdrawal using Perfect Money, follow these steps:
- For web version users:
- Open the “Cashier” section or click the yellow “Deposit” button next to the Profile icon.
- Tap on the “Withdraw funds” tab.
- Enter the amount you wish to withdraw.
- Choose Perfect Money as your withdrawal method.
- Click the “Request Withdrawal” button.
- For the mobile app users:
- Launch the left side menu.
- Click on the “Balance” section and the “Withdraw” button.
- Enter the payout amount and choose Perfect Money as your withdrawal method.
- Click “Request Withdrawal”.
Wait for the payment proof from Binomo. Usually, withdrawal time takes from 1 hour to several days (depending on your payment provider).
Advcash (International)
To make a cash withdrawal using ADV cash (International), follow these steps:
- For web version users:
- Open the “Cashier” section.
- Tap on the “Withdraw Funds” tab.
- In “Payout Amount”, enter the desired amount you wish to withdraw.
- In the “Withdrawal Method”, choose AdvCash.
- Click the “Request Withdrawal” button.
- For the mobile app users:
- Launch the left side menu.
- Click on the “Balance” section.
- Click the “Withdraw” button.
- Tap the “Withdraw Funds” tab.
- Under “Payout Amount”, enter the amount you wish to withdraw.
- Under “Withdrawal Method”, choose AdvCash.
- Click “Request Withdrawal”.
Ensure that the e-wallet you have chosen for withdrawal has already been used for making a deposit. Otherwise, your request will be denied.
You can track the withdrawal status by checking it in the “Cashier” section, “Transaction history” for the web version, or “Balance” for the mobile version.
Bank account withdrawals
Withdrawals to a bank account are carried out similarly to withdrawals to e-wallets and bank cards, with a slight difference. The steps are as follows:
- For web version users:
- Open the Binomo “Cashier” section.
- Tap on the “Withdraw funds” tab.
- Input the amount you wish to withdraw under Payout Amount.
- Choose Bank Transfer under “Withdrawal Method”.
- Click “Request Withdrawal”.
- For the mobile app users:
- Launch the left side menu.
- Click on the “Balance” section.
- Click the “Withdraw” button.
- Choose Bank Transfer under “Withdrawal Method”.
- Click “Request Withdrawal”.
- For users of the new Android app:
- Tap the profile icon located on the bottom portion of the platform.
- Click on the “Balance” tab.
- Click on “Withdrawal”.
- Under the Withdraw funds tab, enter the payout amount you wish to withdraw.
- Choose Bank Transfer as the withdrawal method.
You may have to wait for 1 to 3 business days before seeing funds in your account. In some instances, waiting time for withdrawals can extend up to 7 business days depending on your bank’s policy and other factors. If no payment has been received within a week, contact customer care at support@binomo.com.
Frequently Asked Questions (FAQ)
If you have questions about Binomo minimum withdrawal in India or your country, visit the official website or read below for some of the most frequently asked questions.
Why can’t I receive funds right after I request a withdrawal?
All withdrawal requests are processed as soon as they are received. Withdrawal time or how long the request is processed, however, may depend on the status of your account. For instance, if you are a Standard account holder, you will have to wait up to three days for the withdrawal request to be processed. If you are a Gold account holder, you will have to wait up to 24 hours.
If you are a VIP account holder, you will receive your withdrawn funds within four hours. In some rare cases, it may take up to 7 days for funds to appear in your bank account. The delay can be caused by payment system policies or national holidays, as well as many other situations that affect the ability of the payment system to transfer funds.
What payment methods can I use to withdraw funds?
You can withdraw funds from your Binomo account in several ways: e-wallets, bank cards, and bank accounts. Withdrawal of funds to an e-wallet is available to all traders who have made a deposit. Withdrawal of funds to bank cards is available only to cardholders issued in Ukraine and Kazakhstan.
On the other hand, bank transfer withdrawals are only available to traders with bank accounts in India, Vietnam, Indonesia, Mexico, South Africa, Pakistan, Turkey, and Brazil.
Why can’t I withdraw funds to my bank card or bank account?
Bank card and bank account withdrawals are not available to residents of certain countries. It is because some local banks charge high withdrawal commissions. Only traders whose bank cards are issued in Ukraine and Kazakhstan can request withdrawals to a bank card.
Traders who have a bank account in India, Indonesia, Turkey, Vietnam, Brazil, Pakistan, South Africa, and Mexico can request a withdrawal from Binomo to a bank account that is recommended to be linked to a bank card. Thus, the funds will be credited to the card.
If you cannot withdraw funds to your bank card or bank account because these withdrawal options are unavailable in your country, you can deposit and withdraw funds using e-wallets instead. You can use AdvCash, Skrill, Perfect Money, Paytm, and others.
What is the minimum and maximum withdrawal limit?
You can withdraw a minimum amount of $10 or equivalent in your currency. Maximum withdrawal amounts may vary depending on whether withdrawals are made per day, week, or month:
- There is a $3,000 withdrawal limit per day.
- There is a $10,000 withdrawal limit per week.
- There is a $40,000 withdrawal limit per month.
Sometimes payment systems set a withdrawal limit so that the amounts may vary.
How much time does it take for funds to be withdrawn?
Fund withdrawals undergo three stages once you make a request:
- Approval stage. Your withdrawal request will be approved and passed on to the payment provider.
- Processing stage. The payment provider will process the withdrawal.
- Transfer. Funds will be credited to your account.
In the approval stage, your request may be assigned a “Pending” or “Approving” status. Binomo tries to approve all withdrawal requests as quickly as possible, but the processing duration may depend on your account type.
If you want to track the approval period of your withdrawal request, you may do so by following these steps:
- For web version users:
- Click on your profile icon.
- Click the “Cashier” tab.
- Click “Transaction history”.
- Click “Withdrawal”.
- For mobile app users:
- Launch the left side menu.
- Click “Balance”.
- Click “Withdrawal”.
After that, you will see the approval period of your request.
If the approval period takes too long, you can contact customer support by clicking the “Waiting for more than N days?” or the “Contact support” button if you use the mobile app version. Binomo will help you find the problem and will try to speed up the process.
As soon as the request receives the status “Approved”, it goes into the processing stage. The request is sent to the payment service provider. “Processing status” may take some time, depending on the payment service provider. In the “Transaction history”, you will see your request’s average and maximum transaction processing time.
Payment service providers could take a few minutes to three business days to credit the funds in your account. In some instances, transfers could take as long as 7 days or more. Processing time can also depend on the payment service provider’s policy.
If the funds have not been credited to your account, you can contact Binomo support by clicking the “Contact support” button if you are using the mobile app version, or you can click the “Waiting more than N days?” if you are using the web version. Binomo will track your withdrawal and help you get your funds as soon as possible.
Can I withdraw in my country’s currency?
Yes, you can withdraw in your country’s currency. Upon registration, you will be asked to set your account currency. You can choose the dollar, euro, or currency of your country. It will be used for trading, deposits, and withdrawals.
Are there any withdrawal fees and commissions?
Binomo does not usually charge any withdrawal fees. However, you can withdraw once every 24 hours without a fee if you are from India or Brazil. If this withdrawal limit is exceeded, you will be charged a fee of 10%.
In some cases, payment providers may charge a fee if the currency of your Binomo account differs from the one you chose as the payment method during the withdrawal process. A fee is charged for currency conversion. However, Binomo will pay this fee, and the deducted amount will be automatically returned to your account.
Note! Binomo charges 10% of the amount you deposited into your account and decided to withdraw without making a trading turnover.
What is the conversion exchange rate?
The conversion exchange rate depends on the current market rate. If the currency of the payment method you choose when withdrawing is different from the currency of your Binomo account, it will be converted automatically.
Why do I see a “Failed” status when withdrawing?
It can happen due to the following reasons:
- You entered incorrect payment details.
- The payment service provider is encountering technical difficulties.
Payment providers usually do not indicate the reasons for the problem. But sometimes, you can find an error description when you open the “Transaction history” section.
If an error occurred while submitting a withdrawal request, you could submit another one. If the error still appears on the second try, contact support@binomo.com. The support team will help identify and resolve the issue.
Can I withdraw funds from my account before I start trading?
Yes, you can withdraw funds from your account before trading. However, you will be charged a 10% fee if you withdraw funds before your trading turnover is double the deposit amount. It is done only due to the company’s anti-fraud policy.
Note that Binomo is always ready to assist you when you have problems with your cash withdrawals. Contact their support team via email if you encounter any issues. For email inquiries, send them to support@binomo.com.