In case you don’t yet know what Binomo is by now, it is an online trading platform that allows you to trade currency pairs, equities, commodities, indices, OTCs, and others one any time of the day from anywhere in the world. But if you already know what Binomo is, you must have read about tournaments a couple of times. In this article, we have explained what Binomo tournaments are by answering 4 of the most frequently asked questions.
1. Tournament features on Binomo
Tournaments are one of the most essential features of binomo.com. They involve any number of traders signing up and contesting for tournament prizes. To participate in a tournament, you need a special tournament account for each event.
These tournament accounts are created when you sign up for a contest. Tournaments require a “Sign Up” fee (except “Daily Free”). This fee usually varies depending on the tournament. The funds are converted to сurrency of the tournament ₮. If you run out of ₮, you can make rebuys for real funds.
Note! The “Daily Free” tournament is available to all Binomo users, including demo account holders. However, it is available in the app for Standard accounts and above.
2. Why are tournaments attractive?
Binomo traders find tournaments attractive because they not only allow them to trade and get real funds, but they can also compare the effectiveness of their trading strategies with others. There are usually eye-watering prizes to get. For example, in the “Desire” tournament, the guaranteed prize fund is $50,000, which will even get more significant when percentages of all participants’ sign-up and rebuy fees are added.
3. Tournament types
There are two main types of tournaments on Binomo: paid and free.
- Paid tournaments. These are tournaments that require you to pay a “sign up” fee to participate. The fees go on to become a part of the grand prize.
- Free tournament. It’s only one. This tournament does not require a “sign up” fee. All you need to do is sign up, comply with the terms and try to become one of the leaders of the tournament table.
4. Who can participate and how to do It?
Anybody with an active Binomo account can participate in tournaments. However, before participating in a paid contest, you must have funds equivalent to or greater than the required entry fee.
To participate in tournaments, follow the steps below:
- Click on the trophy icon located on the left toolbar beside the chart.
- It will show you the available tournaments.
- Click “Read more” on any variety you prefer to learn about the terms
- Then, click on “Sign up” to join the tournament.
Binomo is an exceptional platform that allows you to get additional income. And tournament trading is one of the ways it gives you to do that. But keep in mind, you should know that you may likely lose your capital. So, before executing any trade, weigh your risk, and manage your risk exposure. Also, remember to increase your trading skills, and tournaments are just suitable for that.