5 Essential Tools You Must Know for Effective Trading

 

Binomo, one of the innovative platforms, is for both beginners and professional traders. The user-friendly and easy-to-understand interface allows the traders to avoid confusion while trading. Thus, this reduces the chances of getting involved in hassle and increases the chances of focusing on trading.

Besides, Binomo allows you to begin trading financial assets with as little as $10. With this minimum investment, you may expect a maximum return of roughly 90% in case of a correct forecast. However, it’s not necessary that you earn an additional amount every time as trading is risky and there are  possibilities  of losing the invested funds.

Nonetheless, below are a few essential tools that you must be aware of for effective trading on Binomo.

1. Demo Account:

Everyone, including both beginners and experienced traders, can open a demo account on Binomo for free and practice trading with unlimited virtual funds in a secure environment. The Binomo Demo Account has been created to closely resemble a real trading environment with current market circumstances. Binomo believes that the Demo trading environment must be as similar to the Live trading environment as possible in order to align with the company’s basic values of honesty, openness, and transparency, and provides a smooth transition when opening a Live Account to trade on the real market. Therefore, you can become a Binomo member now and receive $1,000 in your demo trading account.

Once you learn the trading techniques through a demo trading account, you can switch to a real account (i.e. Standard, Gold and VIP) to earn real additional income. However, you must be aware of the fact that a demo account is a tool for you to learn trading on Binomo and enhance your trading skills by trying out new mechanics on the real-time chart without risks. Thus, the funds on the demo account are not real and you cannot withdraw them.

2. Tournaments:

A tournament is a great method to compare yourself to other traders and develop your trading skills over time. There are two types of tournaments on Binomo: free and paid. The free event "Daily Free" is open to all users, including demo account holders. After the first deposit, the following contests are offered for real accounts. Paid tournaments differ from free tournaments in that the prize pool is determined by the participation fee paid by traders.  To participate in a tournament, you have to pay an entry fee. The prize pool of the tournament comprises 60% to 80% of this fee. Once you register for the desired tournament, you will get access to a special account for a fixed-price tournament. Thus, your main aim is to increase your account balance within the timeframe of the tournament. Binomo creates a specific leader board at the start of the competition. Its major objective is to indicate how much funds each tournament participant has won as it will stimulate transparency. The leader board looks like the following, indicating the prize and result of each participant trader.

3. Bonuses:

Binomo is not just well-known for its reliability but also for the variety of bonuses it offers. There are rewards available when you sign up with Binomo so traders can increase their trading capacity.

i.Bonus Coupons:

When you fund your Binomo account, you can use your bonus coupons. The platform provides you with an additional reward for the amount you intend to deposit. When you deposit, you'll see the option of the coupon amount.

ii.Deposit Bonus:

Traders on Binomo receive a 25% welcome bonus when they sign up. Second, when you deposit funds into your own account, you may be eligible for deposit incentives. It must be a real trading account, not a practice account. As a result, the amount of the incentive for deposit varies depending on your account: up to 100% for Standard, up to 150% for Gold, and up to 200% for VIP.

iii. No-Deposit Bonus:

The company provides a Bonus code for traders to use. This code is what activates the bonus you'll receive initially. You can activate the reward by entering the code in the appropriate field. Binomo bonuses can be obtained in one of two ways: when you fund your account or when you activate a no-deposit bonus. Promotions, on the other hand, can include a no-deposit bonus (free). If you have a Gold or VIP account, you can also acquire it through your personal manager (under specific agreements). No-deposit incentives must be activated in the client's personal account within three days of the bonus being awarded.

Read the terms and conditions before activating any bonus on Binomo. Some awards, for example, may have a required trading turnover, which means you won't be able to withdraw funds until it's completed. However, once it's over, you'll be able to withdraw using the same methods you used to deposit. Traders have the option of withdrawing up to $3,000 per day, $10,000 per week, or $40,000 per month. Nonetheless, withdrawal limitations may be imposed by some payment methods.

4. Learning Indicators and Strategies:

 Indicators can allow you to make more accurate forecasts on Binomo, by adopting several methods like Bollinger Bands , Relative Strength Index(RSI), Moving Average (MA), Moving Average Convergence Divergence (MCAD) and many more . The combination of learning and adopting the correct strategy would help a trader to trade efficiently . Furthermore, no trading technique can guarantee a 100% successful   trading  result on its own. You must seek to understand how to switch them so that you can develop your own price predicting approach over time.

Binomo offers various learning strategies for traders to efficiently trade. These strategies range from beginners to experienced traders.

5. Responsive Customer Support:

If you encounter any problems when registering or trading, you can contact Binomo's customer service staff immediately. This platform offers live chat in a variety of languages. 24/7 customer support is available for a speedy response. However, if you believe your issue does not require immediate attention, you can send an email with your questions.