Here’s how Binomo works in the Philippines and what traders say about it
MANILA, Philippines — Have you ever wanted to invest and trade but couldn't because you don’t know how? Well, with Binomo, you can learn trading currency pairs, equities, commodities and other assets from anywhere in the world.
However, there’s a misconception about trading in the Philippines. No, trading is not illegal here, you just have to choose a regulated and reliable platform. And when we’re talking about these qualities, Binomo comes to mind.
Established in 2014, Binomo has grown to become a trustworthy trading platform. And it's not hard to see why. With lots of bonuses and educational resources, it’s obvious that it is a platform that wants the best for its traders.
The Binomo app
Binomo understands the need for trading on the go, so they developed the app for mobile devices. The Binomo app can be downloaded from Google Play for Android users. iOS users can download it from the AppStore.
If as an Android user, you have difficulties downloading from the Google Play store, relax, you don’t need to hack it. The Apk software is available for download here: https://binomo.com/en/promo/android. It works exactly the same.
However, the Binomo app isn’t available for download on PC. The desktop version of the platform is available on Windows or Mac.
Scam or legit?
It’d be unwise to not be wary of the numerous trading platforms nowadays. So how is Binomo different? Is it a scam or legit? Yes, Binomo is safe, here’s why.
The first trait of a crooked platform is the absence of a physical office branch. However, Binomo investment company checks this box. Their head office is located in St. Vincent and the Grenadines.
Binomo is also a category “A” member of the International Financial Commission (IFC). In addition, the trading platform has been verified by Verify My Trade (VMT), an organization that certifies the quality of trades carried out on the platform using a certificate.
Binomo is also a recipient of exemplary awards such as the IAIR and FE awards. With these, I’ll let you judge for yourself, if Binomo were a scam, would they have these credible partners and awards?
How to register and login
The first step to trading on Binomo is creating your account. Account registration on the platform is straightforward. Follow these steps and you’d be done in a few minutes:
- Visit binomo.com and set the desired language, for example English.
- On the login page, press “Sign In” and “Sign Up”, and fill out the form (enter your email address and password).
- Choose your preferred currency. Choose carefully, you can’t change your currency after registration.
- Read the terms and conditions to avoid mishaps in the future while using the platform. Then check the box provided to confirm your consent.
Alternatively, you can log in to the Binomo website or mobile app through your Google or Facebook account.
Note: If you want to change the currency, you must close your Binomo account and create a new one. How to do this is described in the Help Center.
Sometimes the company asks for documents from account holders to verify their identity. Verification used to take several days, but now the automatic verification service is available on Binomo and takes a few minutes vs IQ Option.
Education on binomo.com
Binomo is particularly loved by many for the educational resources they provide. The training materials include various sections on trading, step-by-step guides, tips, contests and a demo account.
Help Center (FAQs): The Help Center is a great place to go when you’re just getting started on Binomo. Here, you’d come across lots of tips and answers to questions like in Wikipedia. They’d surely assist you in taking better decisions while trading.
A Demo account: A Binomo Demo account is a great learning tool. It is automatically created for you on registering your account. On a Demo account, you have access to $1,000 worth of virtual funds that get replenished when exhausted. With this virtual fund, you can place real-time trades without having to risk your real funds. You can take as much time as you want to learn before trading with your deposit.
Strategies: Strategies are trading methods that will help you understand how to trade on Binomo. You can take advantage of these strategies by practicing on a demo account before using real funds. Remember that strategies can't guarantee you a 100% result of a trade, it all depends on your skills.
Tournament: After practicing and learning extensively, Binomo tournaments are a great way to test your skills. Essentially, tournaments are trading competitions and are either paid or free. To participate, you need to register in the tournament. Just click on the “trophy” icon on the left side of your dashboard.
Note! Free tournament “Daily Free” is not available in the Binomo app. It’s only for P?s.
Deposits and bonuses
Binomo supports numerous deposit options. The minimum deposit is only $10. Traders in the Philippines can deposit cash into their account through popular payment methods like Gcash, bank cards, Coins.ph and others. Please note that PayPal is not available.
It also offers welcome, no deposit, and deposit bonuses to all traders. Also available to you are coupons or codes that you can get free in various promotions and supplement them with a deposit bonus. For more information on the use and operations of Binomo bonuses, consult the Client Agreement.
Note: After logging into Binomo for the first time, you will get a welcome bonus that is valid for only 30 minutes.
How does Binomo work?
Trading on Binomo is understandable. The platform uses the FTT (fixed time trade) mechanism, so your trades are closed in the shortest possible time (from 1 to 60 minutes). Here's how you can trade on the platform:
- Make sure you’re logged into your real account. You can do a quick check by confirming from the upper right corner of your screen.
- Choose the asset you want to trade.
- Set the amount of time you want your trade to run for.
- Indicate the number of funds you want to invest.
- Finally, select the direction of your forecast. If you think the asset will go up, you should click on the green icon, while you should select the red icon if you think the asset will go down.
If your forecast is right, your profit will be credited into your account after the set time. If not, you will lose your investment.
Note: For those who want to get additional income not only from trading, there is the BinPartner affiliate program.
How to withdraw money from Binomo?
You can withdraw your profit from Binomo into bank cards or e-wallets, your choice. The minimum withdrawal amount is $10. There is no fee on Binomo, vs IQ Option, where $31 is charged for a bank transfer.
However, due to the prevalence of fraud, Binomo has taken steps to secure the capital of traders. You can only withdraw funds through a payment method you’ve used previously in making a deposit. And, withdrawals can be as fast as 3 minutes or as slow as 3 days or more. Your withdrawal option and account type are the primary determinants of the withdrawal speed you’d enjoy.
Note: The policy of some payment systems provides for withdrawal limits. On Binomo, they are $3,000 per day, $10,000 per week, and $40,000 per month.
Traders’ opinions
What do other traders have to say about Binomo? It's time to hear from other people. These are real reviews from real traders about www.binomo.com:
Taabeer Ahmad: “I have no issues with Binomo. Thanks to the platform team.”
Shubhangi Dhall: “I have been using Binomo for a while now. It is proof once again that the platform is real and safe.”
Curlbury: “If you are still wondering if Binomo is real or fake, I can assure you that this is not a scam. I have been using Binomo for a year now and I am satisfied. But do not forget that we are not talking about winning, but about trading, where knowledge and experience are needed.”
Considering all the opportunities that Binomo offers traders to get additional income, it’s not surprising to hear the positive reviews about the trading platform on the net.
Should you use Binomo for trading?
If you're enthusiastic about trading in the Philippines, Binomo is a great tool to earn extra income. Its website and app are user-friendly and trader-focused. You don't need a broker or agent to invest and trade on the market, all you need is Binomo.
However, you shouldn’t trade with funds you can't afford to lose. Trading is a risky expenditure and you’re liable to lose funds (if the forecast is incorrect) just as you can earn additional income (if the forecast is correct).
Overall, trading on Binomo is a great experience if you take the time to learn how to use the platform.
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