Binomo binary options broker appeared on the market in 2014. Despite the relatively young age, the trading company was able to gain the trust of thousands of users around the world. It’s easy to explain: the platform offers a real opportunity to make good money. You can make a profit in many ways. For example, take part in tournaments that regularly take place on the official Binomo website. Becoming a winner of the competition, you can get from several tens to several thousand dollars. This article provides a brief overview of the tournaments that are held at Binomo.
What are tournaments on Binomo
These are competitions held among registered users of the trading platform. The total prize pool is from 300 to 70,000 dollars and more. It is distributed among several participants who managed to achieve maximum profit for the period while the tournament was taking place.
There are two types of competitions on Binomo:
- Free or Daily Free. Such competitions are best suited for beginners, as participation in them is completely free. They allow you to get the necessary skills and increase the level of mastery in the field of binary options trading.
- Paid. The cost of participation starts to range from 10 dollars. The prize pool depends on the type of competition and the total number of participants.
Competitions are held on special contest accounts. Starting conditions for all participants are the same. If you want to take part in the tournament program with a demo account, you need to replenish it for an amount of $ 10 or more. Money will not disappear anywhere: at the end of the competition it can be withdrawn from the system back to your electronic wallet or bank card, from which the deposit was made.
If the contestant spent all the funds from the account (virtual currency is used in the tournaments), he can buy them for real money. All purchases have fixed prices.
How to participate in the tournament at Binomo
To participate in the competition, you must register on the official Binomo website and submit a tournament application. Registration on the platform is quite simple:
- Go to the platform on this link https://binomo.com/.
- Press the button «Sign Up» or «Try».
- A new form will open in which you should enter your data: email address, login, password, etc. You can also register through social networks. The second option is even faster and easier.
- Select the type of account: real or demo.
- Indicate the currency in which you want to trade: dollars or euros. After registration is completed, the currency cannot be changed.
- Carefully read the terms of the “User Agreement” and check the corresponding box.
It remains to open your mailbox and follow the attached link from the sent letter from Binomo. In such way you confirm the registration.
You can find out about current competitions on the official Binomo website. The corresponding tab is located on the left toolbar, and more detailed information can be found in the “Information” section. Select the appropriate tournament and click the “Register” button. If the competition is paid, the required amount will be automatically charged from your account.
In the upper right corner of the Binomo trading platform you will find basic information about the tournament:
- The time left;
- your place in the overall ranking of players;
- approximate winnings.
If you are not in the prize place, this block displays the maximum bonus that you can get.
If something is not clear in the platform’s operation, you can always contact the support service (email@example.com), where they will give high-quality and detailed advice.
Types of tournaments on Binomo
Binomo binary broker constantly modifies the list of tournaments, coming up with new interesting competitions. The following competition types are the most popular among traders:
- Daily free. It is carried out daily and lasts exactly 24 hours. The prize fund can reach 600 dollars, and the number of prizes is 60-70. This is a free competition that is good to use for training on the platform.
- WeekEnd. It is held once a week: from Saturday to Sunday. The total prize pool is from $1,500. To apply for participation, you need to pay 10 dollars.
- First Race. The play is held every week and lasts 7 days: from Monday to Sunday. The prize pool is impressive – $7,000. Other conditions are similar to WeekEnd.
- Lucky Trader. Here the prize pool is from $20,000 and above, depending on the number of participants. The first-place player can get up to $2,500. The promotion lasts 10 days, and only users with Standard account status and above are allowed to participate. The cost of the application is $15.
Binomo also hosts occasional team competitions. The example is an interzonal tournament. From time to time an international (world) tournament is organized.
How to cash out winnings on Binomo
After applying for registration in the tournament, a competitive account will automatically open. If you get on the list of winners, you will see a notification about receiving a cash bonus in the “Gifts” section (left panel of the terminal). After the gift is activated, the full amount of the winnings is credited to your real deposit account.
The prize received for participating in the tournament does not require training. In other words, the funds won can be immediately withdrawn from the system to your electronic wallet or bank card. The exception is for individual tournaments, the rules of which indicate the relevant conditions. Therefore, we recommend that you should carefully analyze the information before applying for participation.
Can I win anything in Binomo tournaments?
Thousands of traders take part in the competitions held on the trading floor, so the chances of winning are not as great as we would like. Many consider this a boom of fools, as if the truth is there is blind luck. However, to win in major competitions is possible for real professionals who have trained hard for a long time.
To get into the top 5 traders, you need to increase the starting deposit at least 30 times. To achieve such a result in a fairly short period of time, the usual trading strategy with classic money management is clearly not enough. Therefore, you have to take risks.
Some users spend up to 50% of their funds in a deposit account during the contest. However, more winnings cover all losses. This is the main advantages of this binary options broker and its tournaments. Remember that Binomo is a really fast-growing office that gives every user a chance to earn money.