How to Trade at Binomo for Beginners

Mar 28, 2024

Embarking on the journey of online trading can be both thrilling and daunting, especially for beginners. Binomo offers a user-friendly platform that empowers individuals to step into the world of financial markets with confidence. Understanding the basics of trading on Binomo is pivotal for beginners to navigate this exciting terrain.

Registering an Account on Binomo: A Step-by-Step Guide

How to Register Binomo Account with Email

Step 1: Visit the Binomo website

The first step is to visit the Binomo website. You will see a yellow button "Sign up". Click on it and you will be redirected to the registration form.

Step 2: Fill in the registration form

There are two ways to register a Binomo account: with your email or with your social media account (Facebook, Google). Here are the steps for email:

Enter a valid email address and create a secure password.
Choose the currency of your account: USD, EUR, or your local currency for all your trading and deposit operations.
Check the box to accept the Client Agreement and Privacy Policy of Binomo.
After filling in the form, Click on "Create account".

Step 3: Verify your email address

After creating your account, you will receive an email from Binomo with a verification link. You need to click on it to confirm your email address and activate your account. If you don’t see the email in your inbox, check your spam or junk folder.

Step 4: Choose the account type and go trading

Binomo offers a demo account to its users to help them practice trading and get familiar with the platform’s features without risking real funds. They are an excellent tool for beginners and experienced traders alike and can help you improve your trading skills before moving on to trading with real funds.

Now you are able to access your demo account. You will get $10,000 in your demo balance and you can use it to trade any asset on the platform.

Demo trading accounts simulate real trading conditions but do not require real money to open orders. The trading conditions are exactly as they would be in the trading account were real.

Once you build confidence in your skills, you can easily switch to a real trading account by clicking the "Real account". Switching to a real trading account and depositing funds on Binomo is an exciting and rewarding step in your trading journey.

Congratulations! You have successfully registered a Binomo account and made your first trade. You can now explore the platform and use the various features and tools to improve your trading skills and results. Remember to always trade responsibly and wisely.

How to Register Binomo Account using Facebook, Google

Step 1: Visit the Binomo website

The first step is to visit the Binomo website. You will see a yellow button "Sign up". Click on it and you will be redirected to the registration form.

Step 2: Fill in the registration form

Choose one of the social media platforms available, such as Facebook or Google.
You will be redirected to the login page of your chosen platform. Enter your credentials and authorize Binomo to access your basic information.
You will be automatically registered and logged in to your Binomo account.

Step 3: Choose the currency and account type.

Select your account currency. The setting can’t be changed after registration.

Then choose the account type to start trading.

Step 4: Access your demo account

You will get $10,000 in your demo balance and you can use it to trade any asset on the platform. Binomo offers a demo account to its users to help them practice trading and get familiar with the platform’s features without risking real funds. They are an excellent tool for beginners and experienced traders alike and can help you improve your trading skills before moving on to trading with real funds.

How to Register an Account on the Binomo App

More than 70% of traders are trading the markets on their phones. Trade on the go conveniently with the Binomo App on your Android or iOS device. In this article, we will go through how to navigate these apps on your preferred device.

1. Install the Binomo app on the Google Play Store or App Store.

2. Open the Binomo app and click [Sign up].

3. Select a registration method, you can choose from Email, Google account, Apple ID, or LINE.

4. That’s it! You have successfully registered your account on the Binomo app.

Features and Benefits of Binomo Trading Account

Secure and Regulated Platform: Binomo is a category A member of the International Financial Commission. This guarantees the company’s customers quality of service, transparency of relations, and protection from a neutral and independent dispute resolution organization.

User-Friendly Trading Platform: Binomo provides a user-friendly platform with a clean and intuitive interface. It is designed to accommodate traders of all skill levels, allowing for easy navigation and efficient trade execution.

Demo Account for Practice: Binomo provides a demo account feature that allows traders to practice trading without risking real funds. This feature is beneficial for beginners to learn the platform, test trading strategies, and gain confidence before transitioning to live trading.

Wide Range of Tradable Assets: Traders on Binomo have access to a wide selection of financial instruments. This includes commodities, currencies, and more, enabling traders to diversify their portfolios and capitalize on various market opportunities.

Advanced Technical Analysis Tools: The platform offers a range of technical analysis tools, indicators, and charting features. These tools assist traders in conducting in-depth market analysis, identifying trends, and making informed trading decisions.

Mobile Trading: Binomo’s platform is available as a mobile application for both iOS and Android devices providing traders with flexibility and convenience by allowing them to access their accounts and trade on the go. The apps offer full functionality, including real-time charts, market analysis tools, and order placement, enabling traders to monitor and execute trades from anywhere at any time.

Competitive Trading Conditions: Binomo strives to offer competitive trading conditions, including low minimum deposit requirements, competitive spreads, and transparent fee structures. By prioritizing these aspects, Binomo aims to foster a trading environment that is easily accessible and favorable for traders of all levels.

Educational Resources: Binomo provides educational resources, including tutorials, video lessons, and webinars, to help traders enhance their knowledge and improve their trading skills. These resources are beneficial for both beginners and experienced traders seeking continuous learning opportunities.

Customer Support: Binomo offers reliable customer support services to assist traders with their inquiries and concerns. Support is available through various channels, including live chat, email, and phone, ensuring traders receive timely assistance.

How to Verify Binomo account

Why do you need to Verify your account on Binomo

Verifying your account on Binomo is mandatory for all users who want to withdraw their funds from the platform. Verification is a process that confirms your identity and address and prevents fraud, funds laundering, and identity theft. By verifying your account, you also prove that you are over 18 years old and that you agree with the terms and conditions of Binomo.

How to Verify your account on Binomo

To verify your account on Binomo, you need to provide documents: proof of identity. You can upload the document in the verification section of your personal profile on the Binomo website or app. The documents must be clear, legible, and valid.

Proof of identity is a document that shows your full name, date of birth, and photo. You can use one of the following documents as proof of identity:

Passport
National ID card
Driver’s license

The document must be in color and show all four corners. The photo must be clear and match your appearance. The document must not be expired or damaged.

1. Log in to your Binomo account using your registered username and password. If you don’t have an account yet, you’ll need to create one before proceeding.

2. Access the pop-up notification and click on the "Verify" option.

Alternatively, open the menu by clicking on your profile picture.

Choose either the "Verify" button or select "Verification" from the menu.

3. You will be directed to the "Verification" page, which displays the list of documents that need verification. Begin by verifying your identity. To do this, click on the "Verify" button next to "Identity document".

4. Prior to commencing the verification process, ensure that you mark the checkboxes and click "Next".

5. From the drop-down menu, select the country where your documents were issued, followed by the document type. Click "Next".

Note: We accept passports, ID cards, and driver’s licenses. Document types may vary by country, so refer to the complete document list at the bottom of the page.

6. Upload the selected document, starting with the front side, and if applicable, the back side (for double-sided documents). Accepted file formats include jpg, png, and pdf.

Please ensure that your document meets the following criteria:

It is valid for at least one month from the upload date.
All information is easily readable (full name, numbers, and dates), and all four corners of the document are visible.

Once you have uploaded both sides of your document, click "Next".

7. If necessary, click "Edit" to upload a different document before submitting. When ready, press "Next" to submit the documents.

8. Your documents have been successfully submitted. Click "OK" to return to the "Verification" page.

9. The status of your ID verification will change to "Pending". The identity verification process may take up to 10 minutes.

10. Once your identity has been confirmed, the status will change to "Done", and you can proceed with verifying your payment methods.

If there is no requirement to verify your payment methods, you will immediately receive a "Verified" status. You will also regain the ability to withdraw funds.

How long does Binomo Verification take

Typically, the verification process for your account is completed in under 10 minutes.

In rare instances, some documents may require manual verification if they cannot be automatically verified. In such cases, the verification period may be extended for a maximum of 7 business days.

While waiting for verification, you can still make deposits and engage in trading activities. However, fund withdrawals will only be possible once the verification process has been successfully completed.

Can I trade without Verification on Binomo

Until the verification process is initiated, you have the freedom to deposit, trade, and withdraw funds from your account. Typically, verification is triggered when you attempt to withdraw funds. Upon receiving a pop-up notification requesting verification, your withdrawal capability will be limited, but you can continue trading without any restrictions. Once you successfully complete the verification process, your withdrawal functionality will be restored. The great news is that our verification process usually takes less than 10 minutes to verify a user.

Tips for successful Binomo Verification

Here are some tips to help you verify your account on Binomo without any problems:

Make sure you use the same name and address for both registration and verification.
Make sure you upload the documents in high quality and avoid any glare or blur.
Make sure you upload the documents in a supported format (JPG, PNG, PDF) and size (up to 8 MB).
Make sure you contact the support team if you have any questions or issues with verification.

How to Deposit on Binomo

Binomo Deposit Payment Methods

Below are the main deposit methods on Binomo that you can use to fund your account and start trading. Each method has its own advantages and disadvantages, so you should choose the one that suits your needs and preferences. You should also be aware of the fees and commissions that may apply to each method, as well as the processing time and security measures.

Credit or Debit cards

The first deposit method on Binomo is a credit or debit card. This is the most convenient and widely used option, as it allows you to instantly fund your account with any Visa or Mastercard card. To use this method, you need to enter your card details, such as the card number, expiry date, and CVV code. You also need to verify your identity by providing a photo of your card and a proof of address. The minimum deposit amount for this method is $10.

E-wallets

The second deposit method on Binomo is an e-wallet. This is a fast and secure option that lets you use various online payment services, such as Skrill, Neteller, Perfect Money, WebMoney, Jeton, and more. To use this method, you need to have an account with one of these services and link it to your Binomo account. You can then choose the amount you want to deposit and confirm the transaction. The minimum deposit amount for this method is $10.

Bank Transfers

Binomo offers a convenient and secure method for traders to deposit funds into their trading accounts using bank transfers. Bank transfers provide a reliable way to deposit funds, particularly for those who prefer traditional banking channels. You can initiate a bank transfer from your personal bank account to the specified account details provided by Binomo. The minimum deposit amount is $14.

How to Deposit Funds on Binomo: A Step-by-Step Guide

Step 1: Log in to Your Binomo Account

Visit the Binomo website and enter your login credentials to access your trading account. If you don’t have an account yet, you can create one by signing up on the Binomo platform.

Step 2: Access the Deposit Page

Once you are logged in, navigate to the deposit page. Click on the "Deposit" button, which is typically located in the top right corner of the page.

Step 3: Select the Deposit Method

Binomo provides several deposit options to accommodate the diverse needs of traders. These include credit/debit cards, e-wallets, and bank transfers. Select the option that best meets your needs and financial goals.

Step 4: Enter the Deposit Amount

Enter the amount you want to deposit into your Binomo account, keeping in mind any minimum deposit requirements set by Binomo or your selected payment method. When deciding on the deposit amount, consider your trading objectives and risk management plans.

Step 5: Provide Payment Details

Based on your selected deposit method, provide the necessary payment details. For credit/debit cards, enter the card number, expiration date, CVV code, and billing address. If using an e-wallet, you might need to provide your account information or email associated with the e-wallet service.

You will be redirected to the bank page. Enter the one-time password (OTP) that was sent to your mobile number, and click “Submit”.

Step 6: Wait for Confirmation

After the transaction is complete, you will receive a confirmation message indicating that your deposit was successful. The funds should appear in your Binomo trading account shortly.

Step 7: You can check the status of your transaction in the “Transaction history” tab.

What is the Minimum Deposit for Binomo

The minimum deposit on Binomo is generally set at $10 or an equivalent amount in other currencies. This makes Binomo an affordable option for beginners and low-budget traders. This means that you can start trading with a small amount of funds and test your skills and strategies without risking too much.

Binomo Deposit Fees

Binomo does not charge any fees or commissions for depositing funds. In fact, they offer bonuses for adding funds to your account. However, certain payment service providers may impose fees, particularly if your Binomo account and payment method involve different currencies.

The fees associated with transfers and potential currency conversion losses can differ significantly based on factors such as your payment provider, country, and currency. Typically, this information is provided on the provider’s website or shown during the transaction order.

How long does Binomo Deposit take

Most payment systems process transactions instantly after the confirmation’s 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 provider’s website or displayed during the transaction order.

I haven’t received my funds. What should I do?

The first step you should take is to verify whether you are using a Demo or Real account. If you haven’t switched from the Demo account, you won’t be able to see any progress with your transactions.
If your payment remains in the "Pending" status for more than one business day, or if it has been completed but the funds have not been credited to your account, please reach out to us at [email protected] or through the live chat for assistance.

Benefits of Deposits on Binomo

Making deposits on Binomo provides several advantages that can improve your trading experience and boost your chances of success. Here are some important benefits of depositing funds on Binomo:

Access to a Wide Range of Financial Instruments: Depositing funds on Binomo gives you access to a wide range of financial instruments, such as commodities, currencies, and more. This allows you to diversify your trading portfolio and explore different markets.

Seamless Trading Experience: Depositing funds ensure that your trading account has enough capital, enabling you to make trades quickly and seize market opportunities as they arise. With a well-funded account, you can smoothly navigate the platform and make timely trading decisions.

Promotions and Bonuses: Binomo often provides promotions and bonuses to its traders, many of which are linked to making deposits. By depositing funds, you can qualify for these promotional offers, which may include additional trading capital, cashback, or other incentives. These promotions can enhance your trading potential and offer extra value.

Improved Account Security: By depositing funds on Binomo, you can enhance the security of your trading account. A funded account enables you to use additional security features provided by the platform, such as two-factor authentication, to safeguard your funds and personal data.

How to Trade on Binomo

How to Open a Trade on the Binomo Website

Binomo is a popular online trading platform that allows you to trade various assets such as currencies, commodities, and more. We will explain how to trade on Binomo in a few simple steps.

Step 1: Choose an Asset
Binomo offers you a wide range of assets. you can find the most popular currency pairs (EUR/USD, AUD/USD, EUR/GBP...), commodities (Gold and Oil...), and variable equities (Apple, Tesla, Google, Meta...). There are 70+ assets in total. You can use the search bar or the filter option to find the asset you want to trade

Step 2: Set the Expiry Time
Once you select an asset, you can choose an expiry time for your trade. Binomo offers a range of expiry options, allowing you to choose a timeframe that aligns with your trading goals. Expiry times can vary from 1 to 5 minutes or 15 minutes to 1 hour. Consider the asset’s volatility and your desired trading duration when setting the expiry time.

Step 3: Set the Amount
You can use the plus and minus buttons to adjust the amount of funds you want to invest in each trade. The minimum amount is $1, and the maximum is $5,000.

Step 4: Predict the price movement
The final step is to predict whether the price of the asset will go up or down by the end of the time frame. You can use the technical analysis tools and indicators provided by the platform to help you make your prediction. Once you are ready, you can click on either the green button for a call option (HIGHER) or the red button for a put option (LOWER).

A call option means that you expect the price of the asset to rise above the strike price by the expiry time.
A put option means that you expect the price of the asset to fall below the strike price by the expiry time.

You will see a countdown timer and a graph showing the price movement of the asset.

Step 5: Wait for the outcome of your trade
You can monitor your trade on the platform or on your mobile app. You will see whether your trade was successful or not when the timer reaches zero. If your prediction was correct, you will receive a fixed payout based on the asset and trade type. If your prediction was wrong, you will lose your investment amount.

That’s it! You have just learned how to place a trade on Binomo.

How to Open a Trade on the Binomo App

Step 1: Open the Binomo App: Launch the Binomo app on your mobile device and log in to your account.

Step 2: Choose a Trading Asset: Select the financial instrument or asset you wish to trade from the list of available options. You can also see the payout percentage, the price chart, and the trading time for each asset.

Step 3: Set the amount and the expiration time of your trade: Binomo usually allows you to enter the desired investment amount manually or select from predefined options, which can be as low as $1 or as high as $5,000. Additionally, set the duration of the trade, which can range from 1 minute to 1 hour.

Step 4: Choose the Trade Direction: Determine whether you believe the asset’s price will increase (Green) or decrease (Red) within the selected trade duration. Make your selection accordingly. If your prediction is correct, you will get a gain based on the payout percentage. If your prediction is wrong, you will lose your investment amount.

Step 5: Monitor and Manage the Trade: After placing the trade, closely monitor the asset’s price movement on the app’s real-time charts. You can see your open trades on the bottom of the screen, where you can also view your potential gain or loss. You can also close your trade before the expiration time by clicking on the sell button and accepting the offer.

How to make a Withdrawal on Binomo

Binomo Withdrawal Payment Methods

If you are a trader on Binomo, you might be wondering how to withdraw your funds from the platform. Binomo offers a variety of payment methods for its users, depending on their location and preferences. We will explore some of the most popular and convenient options for withdrawing funds from Binomo.

Bank Cards

The first option is to use a bank card, such as Visa or Mastercard. This is a simple and secure way to transfer your funds directly to your bank account. The processing time can take from 1 to 12 hours to credit funds to your bank card.

Please note:

Bank card withdrawals are only available for cards issued in Ukraine, Turkey, or Kazakhstan;
Indonesian traders can use JCB bank cards to cash out their funds

E-wallets

The second option is to use an e-wallet, such as Skrill, Neteller, Perfect Money, WebMoney, and more. These are online platforms that allow you to store and transfer funds electronically. They are fast, convenient. Withdrawals to e-wallets are available for every trader who has made a deposit.

Bank Transfers

The third option is to use a Bank Transfer. Bank account withdrawals are only available for banks of India, Indonesia, Turkey, Vietnam, Philippines, Thailand, Colombia, Argentina, Chile, South Africa, Mexico, and Pakistan. Bank transfer is a safe and reliable way to withdraw your funds from Binomo, as it does not involve any third-party intermediaries or online platforms that might pose security risks.

Binomo withdrawal payment methods are diverse and flexible, allowing you to choose the one that suits your needs and preferences.

How to Withdraw Funds from Binomo: A Step-by-Step Guide

Step 1: Log in to your Binomo account and click on the "Cashier" button on the top right corner of the screen. You will see your balance and the available payment methods for withdrawal.

In the mobile app: Open a left-side menu, choose the “Balance” section, and tap the “Withdraw” button.

Step 2: Choose the payment method that suits you best. Binomo supports various payment options, such as bank cards, bank transfers, and e-wallets. You can only withdraw to the same payment method that you used to deposit. For example, if you deposited with a Visa card, you can only withdraw to a Visa card.

Step 3: Depending on your chosen withdrawal method, you will be prompted to provide relevant information. For bank transfers, you may need to input your bank account details, including the account number and routing information. E-wallet withdrawals may require the email address associated with your e-wallet account. Follow the instructions provided by Binomo and accurately enter the requested details.

Enter the specific amount of funds you wish to withdraw from your Binomo account. Ensure that the requested amount does not exceed your available balance.

Step 4: You will see a confirmation message and a withdrawal request number.

You can also check the status of your withdrawal request in the "Transaction History" section.

Step 5: Receive your funds in your chosen payment method. Depending on the payment method and your bank, it may take from a few minutes to 12 hours for the funds to arrive in your account. You can contact Binomo’s customer support if you have any questions or issues regarding your withdrawal.

That’s it! You have successfully withdrawn your funds from Binomo.

What is the Minimum and Maximum Withdrawal limit on Binomo

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

The maximum withdrawal amounts are as follows:

Per day: a maximum of $3,000/€3,000 or an equivalent amount in your account currency, not exceeding $3,000.
Per week: a maximum of $10,000/€10,000 or an equivalent amount in your account currency, not exceeding $10,000.
Per month: a maximum of $40,000/€40,000 or an equivalent amount in your account currency, not exceeding $40,000.

Please note that in certain cases, these limits may slightly vary depending on specific payment providers.

How long does Binomo Withdrawal take

It usually takes payment providers from 1 to 12 hours to credit funds to your bank card. In rare cases, this period may be extended up to 7 business days due to national holidays, your bank’s policy, etc.

If you’re waiting longer than 7 days, please, contact us in the live chat or write to [email protected]

Are there any Withdrawal Fees and Commissions on Binomo?

We typically do not impose any commissions or fees for withdrawals.

However, there is a withdrawal limit without a fee for India. If you are from India, you can make a withdrawal once every 24 hours without incurring a commission. If you exceed this limit, a fee of 10% will be applied.

Additionally, in rare instances, payment service providers may charge a commission for currency conversion if your Binomo account and payment method use different currencies. However, Binomo will cover this commission on your behalf, and the amount will be automatically refunded to your account.

Note. Please note that if you make a deposit and decide to withdraw before engaging in trading activities, there is a possibility of a 10% commission.

Navigating the Markets: A Beginner’s Guide to Trading on Binomo

Entering the world of trading on Binomo as a beginner marks an exciting starting point in your financial journey. Embracing the platform’s user-friendly interface, educational resources, and diverse trading options equips you with the foundational tools and knowledge needed to navigate the markets and grow as a trader.