Binomo is a trading platform known in more than 130 countries. One of its main features is the presence of tournaments. This review explains what they are and which benefits they have.
What are Binomo tournaments?
Tournaments are a type of contests designed to test your trading skills and try to get prizes. They can last from a few minutes to several months. According to Binomo rules, you can register in the tournament both before it starts and when it’s already running.
Traders use a specific tournament account which is replenished with real funds. The goal of most events is to get the highest balance at the time of its end. The Prize fund consists of participation fees and is divided among those who took the place on the leaderboard.
To increase your chances of getting on this board, it’s allowed to make rebuys. Funds to pay for it are debited from the real account. The “Rebuy” button is located to the right of the balance amount.
Note! There are specific rules for each tournament. Read them carefully before participating.
Paid and free tournaments are presented on Binomo. Most of them are of the first type. “Daily Free” is the only free-to-participate event available for each client of the platform. It has a Prize fund of $300 and 70 places on the leaderboard. “Daily Free” is suitable for practice, especially if you are new to trading. But you won’t be able to withdraw additional income until you make a real deposit on the platform.
Note! The number of tournaments on Binomo may vary. Actual information about current competitions is always posted in the section “Tournaments”.
How to take part in the tournament?
You can participate in several competitions at the same time switching between them. Tournaments are available both on the binomo.com website and in the mobile application. However, the tournaments in the app are opened only to clients with the Standard status and above, that is, to those who deposited real funds to the platform.
How to participate in Binomo tournaments:
- Click on the menu bar and select “Tournaments” under the “For traders” button.
- Sign-up for the event you want to contest in. If it’s paid, ensure the balance of your account is higher than the participation fee.
- When a fee is charged you will become a participant.
Note! The company has the right to cancel a trader’s participation if he’s engaged in fraudulent activity or violates the terms of the Client Agreement.
Benefits of Binomo contests
Binomo contests are a way not only to test and increase trading skills, but also to get additional income. While most tournaments are paid, the “Daily Free” provides the opportunity to practice trading without a participation fee or even making a deposit.
Be aware that participation in any tournament can’t guarantee additional income. Trading involves the risk of losing your investment, so learn to read charts and analyze the market. Deposit real funds only when you are confident in your trading skills.