Frequently Asked Questions (FAQ) on Binomo

Account

What types of account statuses are available on the platform?

There are 4 types of statuses on the platform: Free, Standard, Gold, and VIP.

• A Free status is available to all registered users. With this status, you can trade on the demo account with virtual funds.
• To get a Standard status, deposit a total of $10 (or an equivalent amount in your account currency).
• To get a Gold status, deposit a total of $500 (or an equivalent amount in your account currency).
• To get a VIP status, deposit a total of $1000 (or an equivalent amount in your account currency) and confirm your phone number.

Every status has its advantages: extra bonuses, additional assets, maximum percentage of profitability, etc.

Can relatives register on the website and trade from the same device?

Members of the same family can trade on Binomo but only on different accounts and from different devices and IP addresses.
 

Why should I confirm my email?

Confirming your email comes with a few advantages:

1. Security of an account. Once your email is confirmed, you can easily restore your password, write to our Support Team, or to block your account if necessary. It will also ensure the security of your account and help prevent fraudsters from accessing it.

2. Gifts and promotions. We’ll notify you about new competitions, bonuses, and promo codes so you won’t miss out on anything.

3. News and educational materials. We always try to improve our platform, and when we add something new – we inform you. We also send unique training materials: strategies, tips, expert comments.
 

What’s a demo account?

Once you sign up on the platform, you get access to the $10,000.00 demo account (or an equivalent amount in your account currency).

A demo account is a practice account that allows you to conclude trades on a real-time chart without investments. It helps you get familiar with the platform, practice new strategies, and try out different mechanics before switching to a real account. You can switch between your demo and real accounts at any time.

Note. The funds on the demo account are not real. You can increase them by concluding successful trades or replenishing them if they run out, but you cannot withdraw them.

Deposit

Is that safe to send you funds?

Its totally safe if you deposit through the "Cashier" section on the Binomo platform ("Deposit" button in the top right corner). We only cooperate with trusted payment service providers that comply with security and personal data protection standards, such as 3-D Secure or the PCI standard used by Visa.

In some cases, when making a deposit, youll be redirected to our partners websites. Dont worry. If youre depositing through "Cashier", its completely safe to fill in your personal data and send funds to CoinPayments or other payment service providers.

My deposit didn’t go through, what do I do?

All unsuccessful payments fall under these categories:

• Funds haven’t been debited from your card or wallet. The flowchart below shows how to solve this problem.

• Funds have been debited but not credited to the Binomo account. The flowchart below shows how to solve this problem.

In the first case, check the status of your deposit in the “Transaction history”.

In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu. Then click the “Transaction history” tab.

In the mobile app: Open the left side menu, choose the “Balance” section.

If the status of your deposit is “Pending”, follow these steps:

1. Check the instruction on how to deposit with your payment method in the Deposit section of the Help Center to make sure you didn’t miss any steps.

2. If the processing of your payment takes longer than a business day, contact your bank or digital wallet provider to help you indicate the problem.

3. If your payment provider says that everything is in order, but you still haven’t received your funds, contact us at [email protected] or in the live chat. We will help you to resolve this issue.

If the status of your deposit is “Rejected” or “Error”, follow these steps:

1. Click on the rejected deposit. In some cases, the rejection reason is indicated, like in the example below. (If the reason is not indicated or you don’t know how to fix it, go to step 4)

2. Resolve the problem, and double-check your payment method. Make sure it’s not expired, you have sufficient funds, and you’ve entered all the required information correctly, including your name and SMS confirmation code. We also recommend checking the instruction on how to deposit with your payment method in the Deposit section of the Help Center.

3. Send your deposit request again.

4. If all the details are correct, but you still cannot transfer funds, or if the rejection reason is not indicated, contact us at [email protected] or in the live chat. We will help you to resolve this issue.

In the second case, when the funds have been debited from your card or wallet, but you haven’t received them within a business day, we’ll need to confirm the payment to track your deposit.

To help us transfer your deposit to your Binomo account, follow these steps:

1. Collect a confirmation of your payment. It can be a bank statement or a screenshot from the banking app or online service. Your first and last name, the card or wallet number, the payment sum, and the date it’s been made should be visible.

2. Collect a transaction ID of that payment on Binomo. To obtain transaction ID, follow these steps:

• Go to the “Transaction history” section.

• Click on the deposit that has not been debited to your account.

• Click the “Copy transaction” button. Now you can paste it in a letter to us.

3. Send the confirmation of payment and a transaction ID to [email protected] or in a live chat. You can also briefly explain the problem.

And do not worry, we will help you track your payment and transfer it to your account as quickly as possible.

How much time does it take for funds to be deposited into my account?

When you make a deposit, it gets assigned with “Pending” status. This status means that the payment provider is now processing your transaction. Each provider has its own processing period.

Follow these steps to find the information about the average and maximum transaction processing time for your pending deposit:

1. Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu. Then click the “Transaction history” tab.

For mobile app users: open the left side menu, choose the “Balance” section.

2. Click on your deposit to find out the processing period for your transaction.dep_2.png

Note. Usually, payment providers process all deposits within a few hours. The maximum transaction processing time is rarely relevant and is often due to national holidays, payment provider’s regulations, etc.

Do you charge for depositing?

Binomo never takes any fee or commission for depositing funds. Its quite the opposite: you can get a bonus for topping up your account. However, some payment service providers may apply fees, especially if your Binomo account and payment method are in different currencies.

Transfer fees and conversion losses vary greatly depending on your payment provider, country, and currency. Its usually specified on the providers website or displayed during the transaction order.

When the funds will be credited to my account?

Most payment systems process transactions instantly after the confirmations been received, or within a business day. Not all of them, though, and not in every case. The actual completion time depends heavily on the payment provider. Usually, the terms are specified on the providers website or displayed during the transaction order.

If your payment remains "Pending" for more than 1 business day, or it is completed, but the funds have not been credited to your account, please contact us at [email protected] or in the live chat.

Trading

Can I close a trade before the expiration time?

When you trade with the Fixed Time Trades mechanics, you choose the exact time the trade will be closed, and it cannot be closed earlier.

However, if you’re using CFD mechanics, you can close a trade before the expiration time. Please note that this mechanics is only available on the demo account.
 

How to switch from a demo to a real account?

To switch between your accounts, follow these steps:

1. Click on your account type in the top corner of the platform.

2. Choose “Real account”.

3. The platform will notify you that you are now using real funds. Click “Trade”.

How to be efficient in trading?

The main goal of trading is to correctly forecast the movement of an asset to get additional profit.
Every trader has their own strategy and a set of tools to make their forecasts more precise.

Here are a few key points to a pleasant start in trading:

1. Use the demo account to explore the platform. A demo account allows you to try out new assets, strategies, and indicators without financial risks. It’s always a good idea to come into trading prepared.
2. Open your first trades with small amounts, for example, $1 or $2. It will help you test the market and gain confidence.
3. Use familiar assets. This way, it will be easier for you to predict the changes. For example, you can start with the most popular asset on the platform – EUR/USD pair.
4. Don’t forget to explore new strategies, mechanics, and techniques! Learning is trader’s best tool.

What does time remaining mean?

The time remaining (time to buy for mobile app users) shows how much time there is left to open a trade with selected expiration time. You can see the remaining time above the chart (on the web version of the platform), and it’s also indicated by a red vertical line on the chart.

If you change the expiration time (the time the trade ends), the time remaining will also change.
 

Why are some assets not available to me?

There are two reasons why certain assets are not available to you:

• The asset is only available to traders with an account status Standard, Gold, or VIP.
• The asset is only available on certain days of the week.

You can find the list of available assets for your account status by clicking on the asset section on the platform and scrolling down.

Note. The availability depends on the day of the week and may also change throughout the day.

What is a time period?

A time period, or a time frame, is a period during which the chart is formed.
You can change the time period by clicking on the icon in the lower-left corner of the chart.

The time periods are different for chart types:

• For the “Candle” and “Bar” charts, the minimum period is 5 seconds, the maximum – 30 days. It displays the period during which 1 candle or 1 bar is formed.
• For the “Mountain” and “Line” charts – the minimum period is 1 second, the maximum is 30 days. The time period for these charts determines the frequency of displaying the new price changes.

Note. The larger the time period, the more visible the major trends in price movement are. The smaller the time period, the more visible current, local trends. 

Withdrawal

Why can’t I receive funds right after I request a withdrawal?

When you request a withdrawal, first, it gets approved by our Support team. The duration of this process depends on your account status, but we always try to shorten these periods when possible. Please note that once you’ve requested a withdrawal, it cannot be canceled.

• For standard status traders, the approval might take up to 3 days.
• For gold status traders – up to 24 hours.
• For VIP status traders – up to 4 hours.

Note. If you haven’t passed verification, these periods can be extended.

To help us approve your request faster, before withdrawing make sure that you don’t have an active bonus with a trading turnover.

Once your withdrawal request is approved, we transfer it to your payment service provider.

It usually takes payment providers from a few minutes to 3 business days to credit funds to your payment method. In rare cases, it can take up to 7 days due to national holidays, payment provider’s policy, etc.

If you’re waiting longer than 7 days, please, contact us in the live chat or write to [email protected]. We will help you track your withdrawal.
 

What payment methods can I use to withdraw funds?

You can withdraw funds to your bank card, bank account, e-wallet, or crypto-wallet.

However, there are few exceptions.

Withdrawals directly to a bank card are only available for cards issued in Ukraine or Turkey. If you are not from these countries, you can withdraw to your bank account, an e-wallet, or a crypto-wallet. We recommend using bank accounts that are linked to cards. This way, the funds will be credited to your bank card. Bank account withdrawals are available if your bank is in India, Indonesia, Turkey, Vietnam, South Africa, Mexico, and Pakistan.

Withdrawals to e-wallets are available for every trader who has made a deposit.

What is the minimum and maximum withdrawal limit?

The minimum withdrawal limit is $10/€10 or an equivalent of $10 in your account currency.

The maximum withdrawal amount is:

• Per day: no more than $3,000/€3,000, or an amount equivalent to $3,000.
• Per week: no more than $10,000/€10,000, or an amount equivalent to $10,000.
• Per month: no more than $40,000/€40,000, or an amount equivalent to $40,000.

Note. In some cases, these limits may slightly differ depending on certain payment providers.

How much time does it take for funds to be withdrawn?

When you withdraw funds, your request goes through 3 stages:

• We approve your withdrawal request and pass it on to the payment provider.
• The payment provider processes your withdrawal.
• You receive your funds.

Please note!

It usually takes payment providers from a few minutes to 3 business days to credit funds to your payment method. In rare cases, it can take up to 7 days due to national holidays, payment provider’s policy, etc. Detailed information regarding the withdrawal conditions is denoted in 5.8 of the Client Agreement.

Approval period

Once you send us a withdrawal request, it gets assigned with “Approving” status (“Pending” status in some mobile application versions). We try to approve all withdrawal requests as fast as possible. The duration of this process depends on your status and is indicated in the “Transaction History” section.

1. Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu. Then click the “Transaction history” tab. For mobile app users: open the left side menu, choose the “Balance” section.

2. Click on your withdrawal. The approval period for your transaction will be indicated.

If your request is being approved for too long, contact us by clicking “Waiting for more than N days?” (“Contact support” button for mobile app users). We will try to figure out the problem and speed up the process.

Processing period

After we’ve approved your transaction, we transfer it to the payment provider for further processing. It gets assigned with “Processing” status (“Approved” status in some mobile application versions).

Each payment provider has its own processing period. Click on your deposit in the “Transaction History” section to find the information about the average transaction processing time (generally relevant), and the maximum transaction processing time (relevant in the minority of cases).

If your request is being processed for too long, click “Waiting for more than N days?” (“Contact support” button for mobile app users). We will track your withdrawal and help you to get your funds as soon as possible.

Note. It usually takes payment providers from a few minutes to 3 business days to credit funds to your payment method. In rare cases, it can take up to 7 days due to national holidays, payment provider’s policy, etc.