How cool would it be to be able to get additional income, just using your phone? Many Indians have already found this way by trading on Binomo.
There are stories everywhere on the internet: from Binomo app reviews on app stores to reviews on YouTube and reviews on public discussion fora.
For years, people have been able to trade on the financial markets, extra earnings on the intermittent rise and fall in assets prices.
However, modern technology allows you to do this without leaving your home. This is where Binomo comes in. It is a platform where you can trade currency pairs, equities, commodities, indices, and other assets in real-time.
Binomo was established in 2014 by the Dolphin Corp in St. Vincent and the Grenadines. Like every other company, it had a few teething problems at inception but has since gone on to become a reputable trading partner in the industry over 130 countries, including India.
Binomo real or fake?
You might begin to wonder whether Binomo is fake, is it real and legal in India? That is not surprising, given the prevalence of scams on the internet these days.
However, you must know that Binomo is not one of them. As I said earlier, the company is duly registered in St. Vincent and the Grenadines.
Not only that, Binomo is regulated by the International Financial Commission, an organization solely concerned with regulating online trading platforms.
Not only that, its processes have been audited by Verify My Trades (VMT), another organization that checks the legality of trades. The company has also won the FE and IAIR awards in 2015 and 2016 respectively further proving its reliability.
Registration and login
However, before you can be allowed to access the Binomo trading platform, you must first sign up and create an account. This is no cause for alarm though because the process consists only of a few easy steps.
All you have to do is:
- Go to the website at binomo.com.
- Enter your email address in the space indicated.
- Pick a password. Make sure it is strong, to enhance the security of your account. I advise that you use a mashup of numbers and letters.
- Select the currency in which you want to trade.
- Make sure to read the terms of the Client Agreement and when you are done, tick the little box to indicate.
- Finally, click the “Sign up” button and your Binomo account will be created.
Account types
There are 4 types of accounts available on Binomo. The company designed it that way to properly tailor the experience to everyone’s financial capabilities. They are listed below.
Demo
The demo account is not a real account. It was made so that traders can experience the feel of live trading without risking real capital. Immediately you create your Binomo account with virtual $1,000 to trade.
With this, you can trade in real-time over 20 assets, learning the intricacies of the market. And should the funds get used up, it simply gets replenished.
Standard
When you are finally ready to trade real funds, your first variant is the Standard account. I explain the features below:
- You are only required to deposit a minimum of $5 or €5 or 350 INR.
- You have 40+ assets available for trading.
- You are eligible for up to 100% deposit bonuses.
- With the correct forecast, you can get a profitability of up to 85%.
- And when you want to withdraw, your request will be processed in 3 days or more, depending on your payment system.
Gold
The next step after the Standard account is the Gold account. It offers you slightly high benefits and a whole lot of other perks.
- You are only required to deposit a cumulative of $500.
- You are eligible for up to 150% deposit bonuses.
- You have 50+ assets available for trading and insurance.
- You are eligible for up to 5% weekly cashback (in some cases) and expert guidance from a personal manager.
- With the correct forecast, you can get a profitability of up to 90%.
- And when you want to withdraw, your request will be processed from 24 hours on 3 days or more, depending on your payment system.
VIP
The highest account Binomo offers is the VIP account. Not only do you get the highest deposit bonuses, but you also get the highest cashback.
And it offers the fastest withdrawal time.
- You are only required to deposit a cumulative of $1,000.
- You are eligible for up to 200% deposit bonuses.
- You have 60+ assets available for trading, insurance.
- You are eligible for up to 10% weekly cashback (in some cases) and expert guidance from a personal manager.
- With the correct forecast, you can get a profitability of up to 90%.
- When you want to withdraw, your request will be processed from 4 hours on 3 days or more, depending on your payment system.
- You will be granted exclusive access to risk-free trades where earnings are added to your accounts but losses are not deducted.
Trading on Binomo
When you have created an account and have logged in, you can now trade. If you want, you can use the demo account to hone your skills.
And when you are done with that, you can now trade real funds. When you are ready to do that, the first thing you have to do is check the upper right corner to be sure whether you are logged in to a real account or a demo.
When you are sure that you are logged into the account of your choice, analyze the charts. The charts show the price change of assets relative to time.
Set how much you want to trade and then predict whether the price of the asset will increase or decrease. If your forecast is correct, funds will be credited to your account immediately.
Note! We recommend that you learn strategies and practice on a demo account before real trading!
However, you should know that trading is a technical endeavor. Because of this, the Binomo platform has gone to great lengths to provide help to their clients.
There are several, detailed education materials and Help Center on the website to answer whatever questions you might have. When you first start with the demo account, you are given pop-up tutorials that show you how to use the Binomo platform.
And on the website, there is a list of strategies that have been tried and tested by expert traders. And to even help you hone your skills further, Binomo hosts trading tournaments where you can compete with other traders and have the opportunity to earn extra income.
How to deposit and withdraw funds?
You can deposit funds in your Binomo account by transferring them directly from your bank accounts. You can also use any e-wallet available in your region.
And there is no need for you to worry if your bank account is in a currency different from the one your Binomo account is set in. the funds will be simply converted at your bank’s internal rate.
Withdrawals work almost the same way. You can withdraw funds directly to your bank accounts or e-wallets. However, as a security measure, your funds can not be withdrawn to an account that has not been used to fund your Binomo account at least once.
The processing time for a withdrawal request may take from several minutes to 3 days or more (depending on the status of your account and payment system).
Benefits of using the Binomo trading app
What is a Binomo app? The company created a mobile trading application. It is available on the iOS and Android app stores.
And for Android users, it is available for download as a Binomo Apk file at link: https://binomo.com/en/promo/android. The mobile application is available not only in English but also in Hindi.
It allows traders to trade on the go. You can just open the app and monitor your positions without going through the stress associated with opening web pages.
Also, you will get notifications, alerting you to different situations. However, for more technical analysis, you will still have to visit the website.
Results
So, the Binomo platform is one of the best and most reliable places where traders from India can plunge into the world of trading.
As long as you follow the guidelines, go through demo trading and adapt the strategies, you will be more likely to improve your trading skills and get additional income on Binomo.
However, trading is risky. You have to remain mindful of your risk exposure. Only trade funds that you can afford to lose.
