Online trading has become a popular way to earn extra income without leaving your home. Binomo.com is one of the established online trading platforms that can help you get started on your online trading ventures.
The company was started in 2014 and is owned by Dolphin Corporation. Binomo is currently a member of the Financial Commission or FC, a global and an independent self-regulatory organization. But is Binomo legal in India and how it works, we’ll tell you in our review.
What is Binomo and is it safe?
Binomo is a trading platform. As a trader on Binomo, you can invest in trade assets (commodities, currency pairs, etc). If reviews are to be believed, Binomo has gained widespread popularity and is currently the platform of choice for hundreds of thousands of active traders. The platform has also gained recognition after winning an award from the FC in 2015, and the IAIR in 2016, further cementing its credibility.
Some of the questions that usually come up are “Is Binomo legal in India?” and “Is it safe or scam?”. The answer is “Yes, Binomo is a legal and not a fraud.” There are also some questions seeking to find out if trading in Binomo is fraudulent or if it’s real. Fortunately, the number of traders and its reputation prove that Binomo is real and reliable.
How to use Binomo?
Now that you’ve decided to start your online trading, you need to visit the Binomo sign-in page. The trading platform supports 13 languages including Hindi.
Sign in and login
You can go to the Binomo website (https://binomo.com) and proceed with setting up an account:
- You need to provide your email and provide a password.
- You can then select the currency you will use for trading. Currently, the choices include USD, EUR, and local currency (INR).
- After creating your account, you need to check your email and verify.
Once you verify the account, you can go back to the Binomo website and log-in. You can also use your social media accounts such as Facebook, or your Google account to sign in Binomo.
Now that you have your account and have gone through the website and already know some of the ins and outs of the platform, you can now determine the account types that you want to use.
The account types are the Demo account, Standard, Gold, and VIP account. These account types offer different features for you to take advantage of and they also have different minimum deposit amounts. For instance, you need a minimum deposit of $5 to have a Standard account, a cumulative deposit of $500 to have a Gold account, and a cumulative deposit of $1000 to have a VIP account.
Note! Binomo is an educational trading platform. The Demo is the practice account with virtual funds. It is needed to improve your trading skills and test strategies.
Deposit and withdraw funds
Once you’ve traded and decided to withdraw your funds, your options include bank transfers, bank cards, and electronic wallets. One good thing about Binomo is that you will not be charged a withdrawal fee. However, you will need to check the withdrawal option you’re going to use and check if there’s a fee.
You can withdraw funds to the same details that you used for the deposit. The withdrawal time depends on your payment method and Binomo account. It may take up to 3 business days and sometimes longer.
Now that you are all set, it is time for you to do the actual trading.
- First, you need to log in to your account.
- You can then review and select the asset for trade (for example, in currencies such as USD or Euro).
- You can set the time (1-60 min) and number of funds that you want to trade. You now will click either “red” or “green” buttons which will indicate if a currency is going up or down.
After the timer runs out, you can then see the result of your prediction. If your prediction is right, the amount is instantly paid to your account.
Perhaps the best strategy that you can deploy as a new trader is to review the tutorials that Binomo offers (like section Strategies for beginners and experienced traders). You can take advantage of the demo account and spend time practicing to sharpen your forecasting and analysis.
If you have any questions about trading, you should refer to the Help Center section. Here you will find answers to questions about deposits and withdrawals, account verification, bonuses, etc.
Download the Binomo App
You don’t have to stay glued to your PC or laptop for trading, as you can also download the Binomo app either on iOS or Android. Binomo app reviews have been positive, although its functionality is a bit limited compared to the website.
Also, Android users can download the Binomo apk file if the app is not downloaded via Google Play: https://binomo.com/en/promo/android.
Online trading can be a source of additional income. However, you have to be patient and should be open to learning a few tips on how to trade. Having a professional online platform like Binomo can help for you to learn the ropes when it comes to trading. Remember that trading also has risks, so it is better to prepare, as there might be times when things will not go your way.