by In addition to providing numerous benefits to traders, the Binomo platform contains interesting feature tournaments. The popularity of the trading platform is growing, and more and more users are participating in its tournaments. In this review, we will discuss what these tournaments are and how they help traders achieve great trading results.
What are Binomo contests?
Tournaments are time-limited competitions amongst traders in which a prize fund is shared among the participants who have achieved the best results. The competitions are open to anyone with a Binomo account. In tournaments, you have an opportunity to earn extra income. Of course, this all depends on your level of expertise. Beginners should participate in the free competition “Daily Free” and complete the training on the platform.
On the other hand, advanced users should focus on the paid form of the tournament, as they can get more extra income if they make it to the leaderboard. By participating in Binomo contests, you may put your trading talents to the test, diversify your trade, and have the best tournament balance.
Register on Binomo
and get $10.000 to your demo account
Tournament types
Binomo offers two types of tournaments, free and paid. Each of these contests has its distinctive features, which we’ll go over in detail below.
Free tournament
Only one free tournament, “Daily free”, is available on Binomo. Even demo account holders can participate in it.
This type of competition attracts a large number of users; however, the prize pool is smaller than in paid tournaments. The free tournament lasts one day and is a great opportunity to earn additional income without spending your funds. If you’re a beginner trader, it’s best to participate in the free tournament as possible to gain experience.
Note! You can withdraw funds received in the tournament only after making the first deposit.
Paid tournaments
These tournaments are usually appropriate for those who have sufficient trading experience. The prize fund in the paid tournaments varies according to the number of traders and the participation fee.
A rebuy is a way to increase your tournament balance by using your real cash account. In other words, the higher the number of participants and rebuys, the higher the prize pool.
How to create a tournament account?
When you sign up for a tournament, a special account is created, which you can see on the balance tab with your other accounts, such as your demo or real account.
Furthermore, tournaments have their virtual currency – ₮, which has no relation to the funds in your demo or real account. Depending on the tournament, the beginning balance is 100₮, but you can make a rebuy for real funds.
You may ask where to find the tournaments and register. Follow these steps:
- Click the Tournaments icon on the left side of the Binomo platform on the web version or in the Menu section on the mobile app.
- Select the type of tournament; their duration range from one day to one month.
- Click “Sign up”. If the tournament is paid, the participation fee will be deducted from your account.
- Click “Confirm” on the web version or “Pay” on the mobile app to complete the registration process.
Binomo creates a leaderboard at the beginning of the contest. Its main purpose is to show each competitor’s result. The better you perform, the more extra income you get.
Each tournament has a specific fund prize that can grow with the number of participants. This prize pool is usually distributed among the traders who made it to the leaderboard. If you’re one of them, your prize will be saved in your account’s bonuses tab to be activated. After that, you’ll be able to activate it and add it to your real account.
Register on Binomo
and get $10.000 to your demo account
Should you take part in tournaments?
The Binomo platform holds tournaments regularly. These are international contests between traders and are free or paid. Each user can take part in the tournament if he fulfills the conditions for participation. The choice is up to the user – the free contest is for beginners while paying ones are for experienced users. Participating in these competitions offers numerous advantages, including additional income and increased trade knowledge.
In addition to the advantages, these tournaments also have risks: one of them is losing funds. It is best to sign up with a limited amount of funds until you reach your desired level of expertise to minimize such a risk. In addition to this, participating in a free tournament will give you a chance to practice your skills and develop your trading strategy.
