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?
- 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?
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.
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.