For decades, people have been able to earn extra income in financial markets, trading the various assets available. However, it wasn't until recently, with the advent of technology, that traders began placing trades online. Of the many online platforms, Binomo has emerged as a reliable trading partner. The company is just 6 years old but has asserted itself as a worthy, honest partner for traders all over the world. It has constantly reinvented itself, keeping itself ahead to serve the customers better.
The Binomo company was founded in 2014. Its head office is in St Vincent and the Grenadines. In 2018, it began to be regulated by the International Financial Commission (IFC). It is also recognized by the VMT organization that audits online trading platforms.
What is Binomo trading in the UAE?
Binomo trading is a smart way to get additional income online. It entails simply forecasting the fall or rise of the price of specific currency pairs, equities, commodities or indices. And, to help you get the best use of the platform, the company provides tutorials and demo account for practice.
Is it safe?
Yes, Binomo is a safe trading platform in the UAE and not a fraud or a scam. Like I mentioned earlier, it is regulated by the International Financial Commission. Also, it has earned a category “A” member of the organization. This is a guarantee of transparency. All Binomo clients with any complaints are entitled to the fair, independent dispute resolution provided by the IFC.
Sign in and log in
To access the trading on Binomo, you first have to sign in. Fortunately, creating an account is free and only takes a few minutes. The steps are carefully outlined below:
- First, you have to go to the official website and then enter your email address in the space provided.
- Create a unique password that only you know.
- Then, you select the currency you would want to trade on your account.
- Click on the box signifying that you have accepted the terms and conditions AML Policy and Client Agreement.
- Finally, click on 'Sign Up' and you are good to go.
Payment method and Withdrawal
Binomo accepts various payment methods. You can credit funds into your Binomo account using your bank card, or e-wallet available in your local. You can also withdraw funds into any of those payment methods. Deposits and withdrawals can take anywhere between 4 hours and 3 days to be completed, depending on your account type and payment system.
However, you cannot make withdrawals into bank cards that you have not used to credit your Binomo account at least once. Also, the company does not charge any form of commission on withdrawals. However, commissions could be charged by your payment platform.
Verification
There are no verification processes required to create a Binomo account. Also, to deposit, trade, and withdraw funds, a proof of identity might not be required of you. However, verification is requested from some users. And when it is required of you, some of your account's functions will be limited. You will be able to trade, to some extent, but you won't be able to withdraw funds.
All of these are to ensure the safety of clients. Also, it is a requirement of Binomo's regulators. All you need to do is submit the required documents. You need to send photos ID or passport, screenshots of e-wallets or photos of bank cards that you used to replenish the deposit. Verification will be completed within 72 hours and you can go back to trading at full capacity.
How does Binomo trading work?
The Binomo platform is user friendly. You just have to be logged into a real account. You then decide the asset you want to trade, how much you want to trade, and how long you want it to run for. You then indicate whether you think the price will go up or down.
Tutorial
To get it even more convenient to use the platform, Binomo offers you free access to educational materials, trading tips and resources. When you start using the Demo account, you start to get little pop-up tutorials on your screen. Also, clients who have a Gold and VIP accounts get a personal manager to guide them.
Binomo also hosts trading tournaments for you to test your skills. They are also a great way to earn extra income on Binomo. To enter a competition, you need to create a tournament account. When you do this, the signup fee will be deducted from your deposit.
Account types
There are 4 basic account types available on Binomo and I have listed them below.
Demo
When you first create a Binomo account, you get a demo account with free $1,000 of virtual trading capital. With this account, you can get trades and hone your skills without risking actual capital.
Standard
When you are ready to trade using actual capital, you can upgrade to a Standard account. It requires a minimum deposit of only 10$ or 10€ or 40 AED. Deposit bonuses are up to 100% and withdrawals take up to 3 days depending on your withdrawal method.
Gold
And if you are not satisfied with the standard account, you can upgrade to the gold account. It requires a cumulative deposit of 500$. Deposit bonuses are up to 150% and you can receive your withdrawals in a day if your withdrawal method allows it.
VIP
The best Binomo has to offer. It requires a cumulative deposit of 1,000$. However, it is worth it. You will not only get up to 200% deposit bonuses; your withdrawals will be completed in 4 hours depending on your withdrawal medium. Also, you get a personal manager and access to risk-free trades.
What is a Binomo app and how does it work?
Aware of the fact that сustomers are not always at their PCs, the Binomo team created a remarkable mobile app. It is available on the Google Play and iOS app stores and as an APK (https://binomo.com/en/promo/android), available to Android users alone. However, you will still have to visit the website for more technical stuff.
FAQ
How can I change my account currency?
After registering an account, it is not possible to change the account currency. You can create a new account in another currency after first blocking the current one. To register a new account, you must use a new email address.
How can I fund my account?
To credit your account:
- Go to the cashier section and select a payment method;
- Enter the amount to credit;
- Click “Credit” and follow the instructions from the payment system.
How can I become a VIP?
To receive VIP status, you need to confirm your mobile phone number in your personal information and deposit a total amount of 1,000$ or 1000€ or an equivalent in the local currency (4000 AED).
Conclusion
Binomo is a safe trading platform that gives you the chance to have additional earnings at your comfort. It is legal, subject to regulators who have accessed its processes and have certified them free of fraud. However, you should be aware that trading comes with a significant risk of loss of capital. Trade wisely with correct predictions and strategies.
You can learn how to trade on Binomo and trading tips from the video: https://youtu.be/Q0qsqp84cUY
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