Binomo is a great trading platform that’s perfect for beginners. It’s intuitive, easy to use, and allows you to trade without risk, thanks to a demo account. In this step-by-step guide, we’ll walk you through how to set up your Binomo account, fund it, choose assets to trade, and put in your first trades.
Before you know it, you’ll feel like a pro and be on your way to getting your first profit. The best part is you can do it all in your spare time from home or on the go. Ready to get started on your trading journey? Let’s go!
Register and Log in to Binomo
To start with Binomo, you must first register for an account. It’s free to sign up and only takes a couple of minutes:
- Go to www.binomo.com and click “Sign In” at the top of the main page.
- Enter your email address, create a password, and choose a currency to trade in, like USD or EUR.
- Check your email for a verification link. Click it to confirm your registration.
Once you’ve verified your email, you can log in to your Binomo account. Your dashboard will show your balance, account status, open trades, trading history, and more.
Before diving into real trading, we recommend learning the ropes. Try out the Binomo demo account to get familiar with how everything works. It uses virtual money, so you can practice without risk for as long as you like.
When you feel ready, you can deposit funds and start trading for real. Binomo offers several ways to fund your account: bank cards, e-wallets, and even cryptocurrencies. The minimum deposit is just $10, so you can start small and build up from there.
Remember, only risk money you can afford to lose since there is always a chance of losing funds when trading assets. But with some experience, you’ll be well on your way to great results with Binomo.
Depositing Funds Into Your Binomo Account
To start real trading on Binomo, you must fund your account. The process is straightforward and only takes a few minutes.
Binomo offers several convenient ways to deposit funds:
- Bank cards: This is the quickest method. Visa, Mastercard, and others are accepted. Your funds will be available instantly.
- Wire transfer: You can wire money directly from your bank account. While secure, funds can take 1-3 business days to appear in your Binomo account.
- E-wallets: Binomo accepts e-wallet services like Skrill, Neteller, and Advcash. Deposits are instant, but the payment provider may charge a transfer fee.
- Cryptocurrency: For crypto enthusiasts, you can deposit Bitcoin, Ethereum, Litecoin, etc. Your funds are credited within 30 minutes.
How to Deposit Funds?
Let’s see how to use Binomo deposit methods to fund your account:
- Log in to www.binomo.com and click “Deposit” at the top of the page.
- Select your preferred deposit method and enter the amount you wish to fund your account with. The minimum deposit for most methods is $10.
- Follow the instructions to complete your deposit. You’ll enter your information for bank card payments or e-wallets, and funds will be instantly credited. For wire transfers or crypto, initiate the transfer from your bank or wallet.
Once your deposit is complete, your account balance will update to reflect the amount. If you have any issues depositing funds or have additional questions, Binomo’s support team is available 24/7.
Configuring the Binomo Platform Settings
Once you’ve signed up for a Binomo account, it’s time to configure the platform settings to your preferences. This will ensure you have the best experience using the platform.
Selecting a Trading Mode
Binomo offers two main trading modes:
- Demo Account: This is a practice account with virtual funds, so you can get familiar with the platform. Trades you make have no real financial risk. Use this to learn strategies and gain experience.
- Real Account: This uses real money and allows you to trade and earn real profits. Only switch to a real account once you’ve become comfortable with the demo account.
Choose the mode that suits your current needs. You can switch between demo and real accounts at any time.
Setting Trade Amounts
In your account settings, you can set trade amounts for both demo and real accounts. For demo accounts, the amounts are virtual but follow the actual values. For real accounts, set an amount that fits your budget and risk tolerance. Binomo has a minimum trade amount of just $1.
Binomo supports many languages, including English, Portuguese, Spanish, and Vietnamese. Set your preferred language in the account settings for the best experience. All platform elements, like the chatbot, notifications, and customer support, will appear in your chosen language.
News and notifications
You can configure how often you receive platform news and notifications in your settings. Check the box to stay updated with market changes and new platform features without feeling overwhelmed.
Following these steps to configure your Binomo platform settings will ensure you have the most productive and enjoyable experience.
Opening Your First Binomo Trade
Opening your first trade on Binomo is simple once you fund your account. Here are the steps to place your first trade:
Select an Asset
Binomo offers stocks, indices, commodities, and other assets. Choose one of them that you’re familiar with and interested in trading. For your first trade, starting with a major currency pair like EUR/USD or a widely-traded stock may be most accessible.
Set Your Trade Amount
The minimum trade amount is just $1. For your first trade, start small while you learn the ropes. You can always increase your investment on subsequent trades as your confidence grows.
Pick an Expiration
Select an expiration time that matches how long you think the price will take to move in your favor. Trades can expire in as little as 1 minute or up to 1 hour. For beginners, 5 to 10-minute expirations are an excellent place to start.
Analyze and Decide
Analyze the market and decide if you think the asset’s price will go up or down over the trade period. If you think it will rise, click the green button. If you believe it will fall, click the red button.
Monitor Your Trade
Keep a close eye on the price of your chosen asset as your trade expires. If the trade time expires and the price matches your forecast, you will receive up to 90% profit, depending on your account status and the selected asset. Otherwise, you will lose the money invested in the trade.
Withdrawing Funds From Your Binomo Account
To withdraw your funds from Binomo, follow these simple steps:
- Enter the withdrawal section
Log in to your Binomo account and go to the “Withdraw funds” section. Here you’ll see your available balance – the amount you currently have available to withdraw.
- Select a withdrawal method
Choose between a bank card, wire transfer to your bank account, electronic or crypto wallet. Wire transfers typically take 3-5 business days, while e-wallets are usually faster at 1-2 days after your request is approved.
- Enter the details
For wire transfers and e-wallets, you must provide details like your account number, address, and recipient info. Double-check that all details are entered correctly to avoid delays. For Bitcoin, you just need to provide your wallet address.
- Enter the amount
Type in the amount you wish to withdraw. Make sure it does not exceed your available balance. You can withdraw all or just a portion of your funds. The minimum withdrawal amount from Binomo is $10.
- Confirm and submit
Review and confirm the details of your withdrawal request. Then submit the request to complete the process. The Binomo team will now process your withdrawal request. Once approved, the funds will be sent to your selected withdrawal method. The time for the funds to appear in your account will depend on the method chosen and can take up to 3 business days.
If you have any issues with withdrawing from your account, don’t hesitate to contact Binomo’s customer support. They aim to assist users and resolve any queries promptly.
So there you have it, a straightforward step-by-step guide on how to use Binomo effectively. Now you know how to fund your account, practice with a demo account, open a trade, and withdraw funds. The key is to start small, learn the ropes, and build up your experience. Who knows, with regular practice, you may even become an expert. But for now, take it slow, be patient, and enjoy the thrill of your first deals. If you follow these tips, stay disciplined, and keep a cool head, Binomo could become a valuable tool to generate an extra income stream.