How to Trade and Withdraw Funds from Binomo

Mar 14, 2023 235 0

How to Trade at Binomo

What is an asset?

An asset is a financial instrument used for trading. All trades are based on the price dynamic of a chosen asset. There are different types of assets: goods (GOLD, SILVER), equity securities (Apple, Google), currency pairs (EUR/USD), and indices (CAC40, AES).

To choose an asset you want to trade on, follow these steps:

1. Click on the asset section in the top left corner of the platform to see what assets are available for your account type.

2. You can scroll through the list of assets. The assets that are available to you are colored white. Click on the assest to trade on it.

3. If you’re using the web version of a platform, you can trade on multiple assets at once. Click on the “+” button left from the asset section. The asset you choose will add up.

How to open a trade?

When you trade, you decide whether the price of an asset will go up or down and get additional profit if your forecast is correct.

To open a trade, follow these steps:

1. Select an account type. If your goal is to practice trading with virtual funds, choose a demo account. If you’re ready to trade with real funds, choose a real account.

How to Trade and Withdraw Funds from Binomo

2. Select an asset. The percentage next to the asset determines its profitability. The higher the percentage – the higher your profit in case of success.

Example. If a $10 trade with a profitability of 80% closes with a positive outcome, $18 will be credited to your balance. $10 is your investment, and $8 is a profit.

Some asset’s profitability may vary depending on the expiration time of a trade and throughout the day depending on the market situation.

All trades close with the profitability that was indicated when they were opened.

Please note that the income rate depends on the trading time (short – under 5 minutes or long – over 15 minutes).

3. Set the amount you’re going to invest. The minimum amount for a trade is $1, the maximum – $1000, or an equivalent in your account currency. We recommend you start with small trades to test the market and get comfortable.

4. Select an expiration time for a trade
Expiration time is the time to end the trade. There’s a lot of expiration time for you to choose: 1 minute, 5 minutes, 15 minutes, etc. It is safer for you to begin with a 5-minute time period, and 1$ for each trading investment.

Please note that you choose the time the trade will close, not its duration.
Example. If you chose 14:45 as your expiration time, the trade would close exactly at 14:45.

Also there’s a line that shows the purchase time for your trade. You should pay attention to this line. It lets you know if you can open another trade. And the red line marks the end of the trade. At that time, you know the trade can get additional money or can not get.

5. Analyze the price movement on the chart and make your forecast. Click on the green button if you think the price of an asset will go up, or the red button if you think it will go down.

6. Wait for the trade to close to find out whether your forecast was correct. If it was, the amount of your investment plus the profit from the asset would be added to your balance. In case of a tie – when the opening price equals the closing price – only the initial investment would be returned to your balance. If your forecast was incorrect – the investment would not be returned.

Where can I find the history of my trades?

There is a history section, where you can find all the information about your open trades and trades you’ve concluded. To open your trade history, follow these steps:

In the web version:

1. Click the “Clock” icon on the left side of the platform.

2. Click on any trade to see more information.

In the mobile app:
1. Open a menu.

2. Choose the “Trades” section.

Note. The trade history section can help you improve your trading skills by regularly analyzing your progress

How to calculate trading turnover?

Trading turnover is the sum of all trades since the last deposit.
There are two cases when trading turnover is used:

You made a deposit and decided to withdraw funds before trading.
You used a bonus that implies a trading turnover.

In the first case, when you top your account and decide to withdraw before your trading turnover is double the amount you’ve deposited, there is a possibility of a 10% commission. To avoid this commission, you have to complete a trading turnover.

Example. A trader deposited $50. The amount of trading turnover for the trader will be $100 (double the deposit amount). When trading turnover is completed, a trader can withdraw funds without commission.

In the second case, when you activate a bonus, you have to complete trading turnover to withdraw funds.
Trading turnover is calculated by this formula:

the amount of the bonus multiplied by its leverage factor.
A leverage factor can be:

Specified in the bonus.
If it’s not specified, then for bonuses that are less than 50% of the deposit amount, the leverage factor would be 35.
For the bonuses that are more than 50% of the deposit, it would be 40.

Example. A trader deposits $100 and uses a bonus for a 60% increase on the deposit. They will receive $60 in bonus funds. In this case, since the bonus exceeds 50% of the deposit, the leverage factor will be 40. The sum of trading turnover will be: $60 * 40 = $2,400.

Note. Both successful and unsuccessful trades count for trading turnover, but only the asset’s profitability is taken into account; investment is not included.

How to read a chart?

The chart is the trader’s main tool on the platform. A chart displays the price dynamic of a chosen asset in real-time.

You can adjust the chart according to your preferences.

1. To choose a chart type, click on the chart icon in the lower-left corner of the platform. There are 4 chart types: Mountain, Line, Candle, and Bar.
Note. Traders prefer the Candle chart because it’s the most informative and useful.

2. To choose a time period, click on a time icon. It determines how often the new price changes in the asset are displayed.

3. To zoom in and out on a chart, press the “+” and “-” buttons or scroll the mouse. Mobile app users can zoom in and out on a chart with their fingers.

4. To see older price changes drag the chart with your mouse or finger (for mobile app users).

How to use indicators?

Indicators are visual tools that help track changes in price movements. Traders use them to analyze the chart and conclude more successful trades. Indicators go alongside different trading strategies.

You can adjust indicators in the bottom left corner of the platform.

1. Click on the “Trading instruments” icon.

2. Activate the indicator you need by clicking on it.

3. Adjust it the way you want and press “Apply”.

4. All active indicators will appear above the list. To remove active indicators, press the trash bin icon. Mobile app users can find all active indicators on the “Indicators” tab.

Frequently Asked Questions (FAQ)

Can I close a trade before expiration time?

When you trade with the Fixed Time Trades mechanics, you choose the exact time the trade will be closed, and it cannot be closed earlier.

However, if you’re using CFD mechanics, you can close a trade before the expiration time. Please note that this mechanics is only available on the demo account.

How to switch from a demo to a real account?

To switch between your accounts, follow these steps:

1. Click on your account type in the top corner of the platform.

2. Choose “Real account”.

3. The platform will notify you that you are now using real funds. Click “Trade”.

How to be efficient in trading?

The main goal of trading is to correctly forecast the movement of an asset to get additional profit.
Every trader has their own strategy and a set of tools to make their forecasts more precise.

Here are a few key points to a pleasant start in trading:

Use the demo account to explore the platform. A demo account allows you to try out new assets, strategies, and indicators without financial risks. It’s always a good idea to come into trading prepared.
Open your first trades with small amounts, for example, $1 or $2. It will help you test the market and gain confidence.
Use familiar assets. This way, it will be easier for you to predict the changes. For example, you can start with the most popular asset on the platform – EUR/USD pair.
Don’t forget to explore new strategies, mechanics, and techniques! Learning is trader’s best tool.

What does time remaining mean?

The time remaining (time to buy for mobile app users) shows how much time there is left to open a trade with selected expiration time. You can see the remaining time above the chart (on the web version of the platform), and it’s also indicated by a red vertical line on the chart.

If you change the expiration time (the time the trade ends), the time remaining will also change.

Why are some assets not available to me?

There are two reasons why certain assets are not available to you:

The asset is only available to traders with an account status Standard, Gold, or VIP.
The asset is only available on certain days of the week.

You can find the list of available assets for your account status by clicking on the asset section on the platform and scrolling down.

Note. The availability depends on the day of the week and may also change throughout the day.

What is a time period?

A time period, or a time frame, is a period during which the chart is formed.
You can change the time period by clicking on the icon in the lower-left corner of the chart.

The time periods are different for chart types:

For the “Candle” and “Bar” charts, the minimum period is 5 seconds, the maximum – 30 days. It displays the period during which 1 candle or 1 bar is formed.
For the “Mountain” and “Line” charts – the minimum period is 1 second, the maximum is 30 days. The time period for these charts determines the frequency of displaying the new price changes.

Note. The larger the time period, the more visible the major trends in price movement are. The smaller the time period, the more visible current, local trends.

How to Withdraw Funds from Binomo

Bank Card

How do I withdraw funds to a bank card?

Bank card withdrawals are only available for cards issued in Ukraine or Kazakhstan.

To withdraw funds to a bank card, you’ll need to follow these steps:

1. Go to the withdrawal in the “Cashier” section.

In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section. Tap the “Withdrawal” button.

2. Enter the payout amount and choose “VISA/MasterCard/Maestro” as your withdrawal method. Fill in the required information. Please note that you can only withdraw funds to the bank cards you’ve already made a deposit with. Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

Note. It usually takes payment providers from 1 to 12 hours to credit funds to your bank card. In rare cases, this period may be extended up to 7 business days due to national holidays, your bank’s policy, etc.

If you’re waiting longer than 7 days, please, contact us in the live chat or write to [email protected]

We will help you track your withdrawal.

How do I withdraw funds to a non-personalized bank card?

Non-personalized bank cards don’t specify the cardholder’s name, but you can still use them to credit and withdraw funds.

Regardless of what it says on the card (for example, Momentum R or Card Holder), enter the cardholder’s name as stated in the bank agreement.

Bank card withdrawals are only available for cards issued in Ukraine or Kazakhstan.

To withdraw funds to a non-personalized bank card, you’ll need to follow these steps:

1. Go to the withdrawal in the “Cashier” section.

In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

VISA/MasterCard/Maestro (Ukraine)

To withdraw funds to your bank card, you’ll need to follow these steps:

1. Go to the withdrawal in the “Cashier” section.

In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

2. Enter the payout amount and choose “VISA/MasterCard/Maestro” as your withdrawal method. Please note that you can only withdraw funds to the bank cards you’ve already made a deposit with. Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

VISA/MasterCard/Maestro (Kazakhstan)

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

Electronic Wallet

Skrill (International)

1. Go to the withdrawal in the “Cashier” section.
In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

2. Enter the payout amount and choose “Skrill” as your withdrawal method and fill in your email address. Please note that you can only withdraw funds to the wallets you’ve already made a deposit with. Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

Note. It usually takes payment providers up to 1 hour to credit funds to your e-wallet. In rare cases, this period may be extended to 7 business days due to national holidays, your payment provider’s policy, etc.

Perfect Money (International)

Go to the withdrawal in the “Cashier” section.
In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

2. Enter the payout amount and choose “Perfect Money” as your withdrawal method. Please note that you can only withdraw funds to the wallets you’ve already made a deposit with. Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

ADV cash (International)

1. Go to the withdrawal in the “Cashier” section.
In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

2. Enter the payout amount and choose “ADV cash” as your withdrawal method. Please note that you can only withdraw funds to the wallets you’ve already made a deposit with. Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

How do I withdraw funds to my bank account?

Bank account withdrawals are only available for banks of India, Indonesia, Turkey, Brazil, Vietnam, South Africa, Mexico, and Pakistan.

To withdraw funds to your bank account, you’ll need to follow these steps:

1. Go to the withdrawal in the “Cashier” section.

In the web version: Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu.

Then click the “Withdraw funds” tab.

In the mobile app: Open a left side menu, choose the “Balance” section, and tap the “Withdraw” button.

2. Enter the payout amount and choose “Bank transfer” as your withdrawal method. Fill in the rest of the fields (you can find all the required information in your bank agreement or in a bank app). Click “Request withdrawal”.

3. Your request is confirmed! You can continue trading while we process your withdrawal.

4. You can always track the status of your withdrawal in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users).

Note. It usually takes payment providers from 1 to 3 business days to credit funds to your bank account. In rare cases, this period may be extended up to 7 business days due to national holidays, your bank’s policy, etc.

If you’re waiting longer than 7 days, please, contact us in the live chat or write to [email protected]. We will help you track your withdrawal.

Frequently Asked Questions (FAQ)

Why can’t I receive funds right after I request a withdrawal?

We try to process all withdrawal requests as fast as possible. The duration of this process depends on your account status.

For standard status traders, it might take up to 3 days.
For gold status traders – up to 24 hours.
For VIP status traders – up to 4 hours.

We try to shorten these periods when possible.

Once your withdrawal request is approved, we transfer it to your payment service provider.

It usually takes payment providers from a few minutes to 3 business days to credit funds to your payment method. In rare cases, it can take up to 7 days due to national holidays, payment provider’s policy, etc.

If you’re waiting longer than 7 days, please, contact us in the live chat or write to [email protected] We will help you track your withdrawal.

What payment methods can I use to withdraw funds?

You can withdraw funds to your bank card, bank account or e-wallet.

However, there are few exceptions.

Withdrawals directly to a bank card are only available for cards issued in Ukraine or Kazakhstan. If you are not from these countries, you can withdraw to your bank account or an e-wallet. We recommend using bank accounts that are linked to cards. This way, the funds will be credited to your bank card. Bank account withdrawals are available if your bank is in India, Indonesia, Turkey, Brazil, Vietnam, South Africa, Mexico, and Pakistan.

Withdrawals to e-wallets are available for every trader who has made a deposit.

Why can’t I withdraw funds to my bank card or my bank account?

Withdrawals to bank cards are only available for cards issued in Ukraine or Kazakhstan.

The owners of bank cards issued in India, Indonesia, Turkey, Brazil, Vietnam, South Africa, Mexico, and Pakistan can request a bank account withdrawal. We recommend using bank accounts that are linked to cards. This way, the funds will be credited to your bank card.

For residents of other countries, bank cards and bank account withdrawals are not available due to high withdrawal commissions charged by local banks.

If bank withdrawals are not available in your country, we recommend you to deposit and withdraw with these electronic wallets: AdvCash, Perfect Money, Skrill, Neteller.

What is the minimum and maximum withdrawal limit?

The minimum withdrawal limit is $10/€10 or an equivalent of $10 in your account currency.

The maximum withdrawal amount is:

Per day: no more than $3,000/€3,000, or an amount equivalent to $3,000.
Per week: no more than $10,000/€10,000, or an amount equivalent to $10,000.
Per month: no more than $40,000/€40,000, or an amount equivalent to $40,000.

Note. In some cases, these limits may slightly differ depending on certain payment providers.

How much time does it take for funds to be withdrawn?

When you withdraw funds, your request goes through 3 stages:

We approve your withdrawal request and pass it on to the payment provider.
The payment provider processes your withdrawal.
You receive your funds.

Approval period
Once you send us a withdrawal request, it gets assigned with “Approving” status (“Pending” status in some mobile application versions). We try to approve all withdrawal requests as fast as possible. The duration of this process depends on your status and is indicated in the “Transaction History” section.

1. Click on your profile picture in the top right corner of the screen and choose the “Cashier” tab in the menu. Then click the “Transaction history” tab. For mobile app users: open the left side menu, choose the “Balance” section.

2. Click on your withdrawal. The approval period for your transaction will be indicated.

If your request is being approved for too long, contact us by clicking “Waiting for more than N days?” (“Contact support” button for mobile app users). We will try to figure out the problem and speed up the process.

Processing period
After we’ve approved your transaction, we transfer it to the payment provider for further processing. It gets assigned with “Processing” status (“Approved” status in some mobile application versions).
Each payment provider has its own processing period. Click on your deposit in the “Transaction History” section to find the information about the average transaction processing time (generally relevant), and the maximum transaction processing time (relevant in the minority of cases).

If your request is being processed for too long, click “Waiting for more than N days?” (“Contact support” button for mobile app users). We will track your withdrawal and help you to get your funds as soon as possible.

Note. It usually takes payment providers from a few minutes to 3 business days to credit funds to your payment method. In rare cases, it can take up to 7 days due to national holidays, payment provider’s policy, etc.

Can I withdraw in my country’s currency?

When you register, you set your account currency – it can be dollar ($), euro (€), or your country’s currency. You can trade, make deposits, and withdraw funds in that currency.

If the currency of the payment method you’re withdrawing to differs from the currency of your Binomo account – your funds will be automatically converted. The conversion exchange rate depends on the current rate of the market.

Are there any withdrawal fees and commissions?

We generally do not charge any commissions or fees for withdrawals.

However, there is a limit on the number of withdrawals without a fee for India. If you’re from this country, you can withdraw funds once every 24 hours without a commission. If you exceed that limit, the fee will be 10%.

Also, in rare cases, payment service providers may apply a commission for conversion if your Binomo account and payment method are in different currencies. This commission is paid by Binomo and will be automatically returned to your account.

Note. If you made a deposit and decided to withdraw before trading, there is a possibility of a 10% commission.

What is the conversion exchange rate?

Your funds will be automatically converted, if the currency of the payment method you’re withdrawing to differs from the currency of your Binomo account. Your funds may also be converted by the payment service provider during processing. The conversion exchange rate depends on the current rate of the market.

Please note that in rare cases payment service providers can also charge a commission when converting your funds. The commission amount is usually specified on the provider’s website or displayed during the transaction. This commission is paid by Binomo and will be automatically returned to your account.

Why do I see a “Failed” status when withdrawing?

When you see a “Failed” status when withdrawing funds, it means that the problem with your transaction happened from the payment provider’s side. There are two possible reasons for this problem:

You applied incorrect payment details.
Technical difficulties on the payment provider’s side.

In some cases, you can find an error description in the “Cashier” section, “Transaction history” tab (“Balance” section for the mobile app users). But payment providers don’t always indicate the reason for the problem.

You can try sending a withdrawal request one more time, or you can contact our support team in the live chat or write to [email protected] We will help you identify the problem.

Can I withdraw funds from my account before I start trading?

Yes, once you’ve made a deposit, you can withdraw funds even if you didn’t trade.

However, if you decide to withdraw before your trading turnover (the sum of all trades) is double the amount you’ve deposited, there is a possibility of a 10% commission.

This commission is only charged in rare cases, and it is due to the company’s anti-fraud activities.