by Making investments by forecasting the rise and fall of asset prices is certainly not a new concept. With the high use of technology, we have moved from being physically present in the financial market to trading in our comfort at home via online platforms.
Binomo is such platform that provides online trading services in more than 130 countries. Founded in 2014 by Dolphin Corp., Binomo is one of the most popular trading platforms for traders in different countries, including South Africa.
Wondering how Binomo works and how to invest and trade on the platform? You are in the right place.
How does Binomo work?
Binomo is created by keeping beginners and experienced traders in mind. With their user-friendly facility, trading in Binomo is really convenient. The basic principle is analyzing price charts and making forecasts.
Binomo uses FTT trading mechanics or Fixed Time Trades; the main idea of FTT is that you select whether the price of an asset will rise or fall.
When the trade finishes, you will earn an extra income if your forecast is correct. If not, then you will lose your funds invested in the trade.
Register on Binomo
and get $10.000 to your demo account
Training on a demo
Immediately after signing up on Binomo, a demo account is opened for each new client. With this, you can learn to trade in the real market in a safe environment. This is an excellent way for training and getting a practical tutorial on how to trade on Binomo. You can practice with unlimited virtual funds, increase trading skills and learn new strategies.
Don’t mistake this for a tutorial on how to play Binomo because it’s not. A demo account helps understand the trading process on Binomo without fear of actually losing funds. Here you learn to read charts and analyze the market, which is not a piece of cake.
Education and strategies
Not only do you get access to a trading platform, but you also get access to trading tutorials. Binomo provides free trading education with video instructions, pop-up tips, an economic calendar, and other useful tools.
The economic calendar helps to understand the financial market. Every day, the market evolves, and it may and should be investigated. If you learn how to analyze the market movement, it will help you make correct forecasts.
Binomo also has a helpful section with strategies that are conveniently divided into three blocks: for beginners, experienced and professional traders. Each trading strategy is described step by step, so you can study them on a demo account and then apply them in trading.
Note! You should remember that no strategy is winning and cannot guarantee a 100% trading result. They must be applied in a specific situation, coupled with the analysis carried out. It will help you make an accurate forecast.
How to use Binomo to trade?
After you practice trading in the demo platform, you can start actual trading.
- Switch on a real account
To begin trading, you must first select a real account. You can see it directly above the chart in the upper right corner and change the demo account to a real account.
- Choose an asset
After confirming that you are trading with a valid account, choose the asset you want to trade. There are more than 40 asset types to choose from where some of them you can use right away. Others will become available once the trading status rises.
- Select a time frame
Set the end time of the trade and the number of funds you want to invest. Trading time on Binomo can vary from 1 to 60 minutes. It will show as a solid red line on the chart.
- Make your forecast
After that, you choose between the green and red buttons to indicate which way you think the chart will go. If you forecast the asset price will go up, select the green button, and if you think it will go down, choose the red button.
Wait for the trade timer to expire, and if your forecast is correct, your additional income will be deposited into your account immediately.
Note! Binomo does not prohibit the use of other people’s signals while trading. However, please note that the responsibility for the loss of currency in the event of an incorrect forecast lies with you.
Helpful trading tips and FAQ
The Help Center (as FAQ section) on Binomo answers the most common questions that almost all traders have. For example, “How to invest money in Binomo?” or “What bonuses are there on the platform?”. You can also contact the Cody bot, which is available in your account. There is another option to get an answer to your question – write to support@binomo.com.
Also, don’t ignore the following trading tips.
- Practice various strategies: study them on a demo account to understand which method works best in which situation. With practice, you will improve your trading skills and minimize the risk of losing funds.
- Use funds management rules: do not invest more than you should and know how to stop in time.
- Analyze the market carefully before and after the trade: in the case of both additional income and loss: it is crucial to understand how to repeat the result and avoid the same mistakes.
- Maintain your composure: trading is influenced by a critical emotional context, whether positive or negative Mistakes are caused by other emotions. If you’ve been encountering these sentiments while trading, pause, take a big breath, and then continue.
Register on Binomo
and get $10.000 to your demo account
Conclusion
If your goal is to find how to make money on Binomo, this might not be the right place for you. Here, you trade and study the market. It is a trading platform that allows you to earn additional income without leaving your day job or business. The platform is especially friendly to beginners. Thanks to free tutorials, step-by-step strategies, and a demo account, you can learn how to trade on real charts without making a deposit.
However, you should be aware that real trading exposes you to the risk of financial loss. Constant practice and learning to trade will help reduce this risk.
