How to Participate Binomo Tournaments
The advantage of Binomo are tournaments where pit traders compete with each other, receiving their share of prize money, and such tournaments help to assess their trading talents.
Ways Tournaments OperateBinomo will notify about the upcoming tournaments regularly on their site or via your trading interface. You just need to click on the feature “Tournaments” on the left in the interface. The duration of the tournament can vary from 1 day to 1 month. The fee to enter the event also differs from $2 to $20 based on the tournament’s length and prize pool.
To participate, you need to pay an entry fee. The prize pool of the tournaments usually comprises a percentage from this fee, and it is usually from 60% to 80%.
After registration, you will have a special account for a fixed-price tournament. Your main task is to increase your account balance within the tournament timeframe.
At the beginning of the tournament, Binomo makes a specific leaderboard. Its main goal is to show how much funds every participant of the tournament has earned. It will encourage transparency.
Binomo informs the distribution of the prize pool the the first 10 competitors. The trader who earns the largest amount of money on a tournament account receives the largest part of the prize pool. The amount you will get as an award will depend on the sum you added to your account.
Binomo permits limitless rebuys. A rebuy is just an investment into your tournament account with actual money. The rebuy is added to the prize pool. For instance, if you have $100 on your tournament account, you can rebuy by investing $100 from your actual account. In this way, you will get $200 on your tournament account balance. You can rebuy only if the current account balance and gain from open positions is smaller than the initial balance.
If you appear among the traders, your reward will be sent to your actual account automatically.
This is what you need to know about Binomo tournaments. Have you taken part in any of the tournaments here? How did you cope? We will be glad if you share your experience in the comments section below.
The trading platform Binomo holds competitions in trading on its platform. There are two main types of tournaments: free and paid.
Free tournamentsFree tournaments generally last one day. They have a smaller prize pool and more competition because they are sponsored by the trading platform. By participating in this competition you will get a chance to get additional income without spending your own money.
Paid tournaments differ from free ones in that the reward Bank depends on the participation price paid by traders, and the more participants, the higher the prize pool. After that, the trader is given access to tournament account. After the start of the tournament, all participants have the same balance. If you increase the tournament score you will be in the leader board and you will get a prize.
Go to the list of tournaments. With tournaments on the platform, which is important, you can spend time and earn additional money in the company. Paid tournaments require the ability to trade, and in a free tournament you do not risk anything, but the competition is higher and the prize is less.
For example, you had 1,000T in your tournament account and during the tournament it went down to 100T, then what result will be counted in the table?
How are tournament results counted in the table?
If the goal of the tournament is to have the highest possible balance during the tournament, then 1,000₮ will be taken into account as the maximum balance that you achieved during the tournament. If the goal of the tournament is maximum turnover, then the turnover completed from the moment when the balance was 1,000₮ to the present will be in the table. If the goal of the tournament is the highest possible balance at the end of the tournament, then the balance at that moment,100₮, will be displayed.
The prize fund is formed from the amount of a certain percentage of all tournament fees (sign-ups and rebuy fees). The percentage is indicated in the terms of the tournament. Moreover, in each tournament there is a guaranteed prize fund - a value the prize fund will not be less than.
How is the prize fund formed?
A tournament is an event that takes place on a separate tournament account.
The tournament account appears after signing up for the tournament at the start of the tournament. After the tournament ends, the tournament account disappears.
Different tournaments will have different tournament accounts. That means you can participate in different tournaments at the same time, you just need to switch between accounts. Each tournament account has the name of that tournament.
Real money can only be used in tournaments for signing up or rebuys in the tournament.
A rebuy is an opportunity to increase your tournament balance by the amount of the rebuy.
When you make a rebuy, the cost of the rebuy will be deducted from your real account.
If rebuys are available in the tournament, then there are no restrictions on the number of rebuys.
At the same time, the amount of balance and investments in open transactions should not exceed the value specified in the tournament conditions.
The Rebuy button is placed to the right of the remaining balance amount. Please click on this button.
After that, you will see the cost of Rebuy and the button "Pay". Click on the "Pay" button.
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