Binomo Account Setting
The world of online trading has been massively impacted by one of the best available online trading platforms, Binomo. Not just professional trading, the application also allows novice traders to try their luck in the currency market through demo accounts. Beginner traders can trade through a demo account that gives all the experience but no losses.
Binomo offers its users the opportunity to participate in a mock live market while gaining insights into how the online platform works, its operational features, and its benefits.
Aside from being easy to use, the platform lets traders participate in trading tournaments with 23 different assets for demo users and 42 for professionals.
With a platform like Binomo, it is essential to understand the details of its user interface and account settings' options. An in-depth understanding of the application will only benefit traders to master the varied strategies, tricks, and available elements.
What's more, the user-friendly interface and simplified distribution layout enable a smooth online trading experience.
For More Information on Binomo, Read our Article: Binomo Review – Is it a Scam? [South Africa, 2022]
How to Use the Binomo Application?
The Binomo application is operational in all handheld gadgets such as mobiles and tablets after installing from AppStore or Play Store. The UI is built to ensure the primary fulfillment of ease of use. Additionally, the app lets traders use Binomo's trading services immediately after downloading.
The Binomo account contains an array of relevant features:
Apart from these, Binomo gives its account holders an additional array of features to assist them in earning a profit on the platform.
Binomo Account Settings and Features
The Interface Binomo application provides aspiring traders with a simple, well-structured interface for a smooth and fuss-free trading experience. Although the background color is a non-customizable black and grey, it helps the numbers and letters appear clearly.
The main components of the trading interface are listed below. When the user logs into their Binomo account, this is the main operation page.
- There is a tab for managing and reviewing the transaction history.
- Additionally, a tab that shows the economic calendar for the day is present. Economic calendars contain index values, publication forecasts, and actual values that can help determine the most profitable periods for trading.
- The following tabs include information on contests, promotion codes, and offers granted on Binomo.
- Lastly, there is a tab for indicators and graphical tools users to use on graphs.
- It lets the trader replenish their deposit account and withdraw funds through e-wallets and bank accounts.
- Allows the user to view and examine their transaction history.
- Has a feedback portal for Binomo to implement changes according to user grievances.
- A panel that lets users set all contracts' investment names, period, direction, etc.
#1. Trade Room Settings
Another practical tip to maximize chances of success on Binomo is through trade room settings. Some vital customizable options in the settings tab are:
Traders may change the appearance of the trade room by choosing a different color scheme and background. They can also select the interface scale and modify the information displayed on the price charts.
Under the "Trading" tab, users can modify settings for deals. Simply put, they can decide whether they want confirmation for each trade or not.
Customizing notification settings, language preference, and the timezone is also possible. These small details add up to form a more convenient trade room.
#2. Drawing Tools on Binomo
To facilitate the traders in performing successful trading transactions, Binomo offers a variety of technical analysis tools. For example, the "Chart Preferences" icon presents the user with two tabs: Indicators and Tools.
The "Indicators" tab shows the trending indicators used frequently by most traders on the platform. In addition, users can choose from standard tool palettes, including moving averages, oscillators, and ready-made sets like Ichimoku Kinko Hyo.
However, the distinctive feature of the Binomo platform is its "Tools" tab. It allows beginner and professional traders to use standard elements like horizontal lines and trend lines. In addition, advanced tools like price channels, Andrews Pitchfork, Fibonacci tools, and Gartleys are available for use in charts.
Traders can draw price channels on their own with the available drawing tools. Further, another helpful tool lets you add shapes and figures (arrow, checkmark, focus arrow, heart) to the charts. For example, the trader can mark the maximum transaction price with an arrow and use other built-in tags to trace the spots where users opened transactions in a single day.
While monitoring a trend, an essential tool is the "Continuous line." This tool enables the user to track the trend structure manually.
#3. How to Use the Drawing Tools
The drawing lines tool assists in determining price fluctuations over a specified period. Trading aspirants can utilize the tools to track market trends, mark vital points, and draw indicators and figures on charts. It is the most effortless technique of drawing support and resistance lines on the platform.
Follow the given steps to learn how to use graphical tools on Binomo:
Step 1: Click on the "Drawing Tools" icon from the left side panel.
Step 2: Select the preferred tools from the list.
Step 3: Select the color and line style according to personal interface requirements. Then, click on "Apply."
Step 4: Place the lines in the price chart wherever necessary. Press on "Stop Drawing" after all essential markings are drawn.
Step 5: The active tools or tools in use appear at the top of the list. Once done using them, delete the active tools by clicking on the trash bin icon beside the tool name.
Popular Trading Tools on Binomo: Explained
We have looked at the primary functions and methods to use drawing tools on Binomo. Now, here are some popular trading tools that assist the user in figuring out market trends.
#1. Fibonacci Levels
The Fibonacci tool is a graphical element that appears as a few lines spread between 0 and 100 values on the price chart. They help to mark entry and exit points for different transactions.
Follow these steps to configure Fibonacci lines from your Binomo account settings.
Step 1: Set the price chart with Japanese Candlesticks as a technical analysis tool and choose an appropriate asset.
Step 2: Move the cursor to the "Chart Preferences" icon.
Step 3: From the "Tools" section, select "Fibonacci."
Next, the trader must determine if the trend is upward or downward, as the Fibonacci lines will seem somewhat different in both circumstances. Finally, click on the price's greatest value in an uptrend and move it to the chart's lowest point. Then, the Fibonacci levels will be organized after the mouse button is released.
In a downturn, reverse the process. That is, click on the lowest price values on the chart and move the cursor to the highest price. The Fibonacci line gets scattered throughout the price chart when the trader releases the button.
#2. Trend Lines
To accurately identify trend lines, at least two troughs and two peaks should be present on the price chart. Subsequently, use Binomo's graphic tools to connect the two points and mark a trend line successfully.
The trader must wait until the price hits the trend line again before bouncing off to enter a profitable trend.
#3. Exclusive Settings for Demo Accounts
The demo account acts as a tutorial stage for beginners in forex trading. The app creates a trading environment with all the live market conditions intact. This helps beginner traders to sharpen their skills with dummy money before dealing with actual currency exchange.
Besides regular demo trading opportunities, the account holders can choose "Daily Free" trading tournaments from the account settings. This is available for website application users only.
In addition, the account also lets users play around with trading strategies and chart preferences to get familiarized with the different winning strategies and choose the most effective tools.
Players can also alter indicator settings to fit their requirements. For example, the indicator settings let you set the number of candles while using the Momentum Indicator.
Binomo's free-account users can claim bonuses provided after registration. However, these bonuses are available only after depositing funds, depending on the account status and amount deposited.
#4. Exclusive Settings for VIP Accounts
The Binomo VIP account requires a higher than usual initial deposit for traders to claim the account. Nonetheless, it provides multiple advantages and additional services to VIP account holders. All in all, this type of account makes the user trading experience significantly more accessible than the other accounts. As a result, trading also yields more profits.
VIP users have an extensive list of assets to choose from while engaging in a trade transaction.
They are offered a weekly cashback of 10% through real funds.
The investment insurance also takes place through tangible means.
Advantages of the Binomo Platform
Seasoned traders have taken to the online trading platform provided by Binomo and have reaped its many benefits.
The platform is streamlined, straightforward, and simple, making both beginners and professional traders have a good experience.
A wide range of analytical tools is available to assist you with market analysis. Further, this can also aid in making predictions based on the acquired data.
The minimum deposit of 10$ and trading amount of 1$ encourages traders to participate in small and low volume transactions.
Binomo offers an array of assets, including currency pairs that allow traders to explore different markets and expand their trade portfolios.
Top-ups of up to 100% on depositing funds into your account and other profitable promotions, coupons, and offers act as additional features for online trading aspirants.
Binomo has given a multitude of traders a convenient platform to carry out trade transactions online. In addition, its easy-to-access customization tools, account settings, and services elevate customer experiences and help expand its client base.
Binomo is an excellent fit for everyone, from people with ground-level knowledge about trading to absolute professionals at it.