Binomo Account Statuses
While making a Binomo account, the trading platform immediately introduces its traders to account statuses. Here, they can choose based on the trading benefits and advantages they get by using the application.
The higher the account status, the more privileges you get from trading.
This article will review the four available account statuses and explain their features, benefits, and how traders can acquire them.
For Detailed Review on Binomo, Read our Article: Binomo Review – Is it a Scam? [South Africa, 2022]
Which Account Statuses Can You Get in Binomo?
Users can pick between four account statuses, with each of them catered towards assisting via unique features and benefits while trading in Binomo. They are:
Now, let's look at the status features and how you can leverage them on your Binomo account.
1. Demo Account
The demo Binomo trading account is perfect for those looking to learn about the trading features without facing any risk of losing their money. Consequently, it's a brilliant option for experienced traders who want to try out trading strategies without facing any losses.
What's best, you don't need to submit your credit or debit card details to create a demo account.
How to Make a Demo Account?
Simply follow these steps and try out all the demo account trading features of the trading platform for free:
After that, Binomo will directly take you to the demo account. Also, you will be given dummy $10,000 or the equivalent of the currency to start trading. Don't be afraid to spend the money, as you can recharge the demo account without losing cash from your bank account.
Features of a Binomo Demo Account
Traders have praised the freedom Binomo has given to their demo account users in terms of using trading instruments. Let's take a look at these features that'll convince even the most skeptical traders to invest on the platform:
Unlimited Demo Account Balance
Opportunity to learn the procedure of making a binary options contract:
However, to begin trading with real money, you'll need to create a real account with a standard status.
2. Standard Account
Traders that want to invest real money in Binomo must upgrade to the standard account. Fortunately, you don't need to pay additional fees for upgrading to a standard account.
Users must invest $10 or the equivalent of their currency on Binomo to upgrade to the standard account. However, they'll need to submit and verify their documents first before they can deposit money in the account.
After that, traders can choose from a series of payment methods like debit or credit card, e-wallets, wire transfer, and more.
Features of a Binomo Standard Account
These are the features you'll receive by investing in a standard account:
3. Gold Account
Traders will gain access to the gold status by depositing at least $500 in their Binomo account. Moreover, all privileges you receive from the standard account will remain, along with additional benefits such as:
There are 12 additional assets available for Gold account traders. These include GBP/CHF, USD/DKK, Twitter, Nvidia, Yum brands, Intel, Starbucks, Visa, Weibo, Qualcomm, JPMorgan, and Ferrari.
4. VIP Account
VIP is the highest account status anyone can get in their Binomo Account. Picking this status is highly recommended if you want to make large deposits. Additionally, an individual account maintenance program, exclusive trading conditions, and more features are offered to traders with this status.
To become a VIP, users have to deposit $1,000 or equivalent of their country's currency on the account.
Features of a Binomo VIP Account
These are the features you'll get by having a Binomo VIP account:
Along with the ones from previous statuses, traders will have the ability to trade 13 additional assets. They are EUR/HKD, EUR/CHF, EUR/AUD, CAD/CHF, GBP/AUD, Apple, Alibaba, Netflix, Facebook, Tesla, CitiGroup, Yandex, and eBay.
VIP Account: Advantages
The most significant benefit of a VIP account is the possibility to earn a higher return on investment, keeping in mind the risks from the associated capital. The maximum earning potential for every trade becomes as high as 90%, 4% percent higher than the gold account.
Another advantage is a personal account manager assigned to each VIP account. They will guide you in trading decisions and any disruptions with your trading account's functionality. It's like a personal mentor who'll give you advice on every feature in Binomo. Finally, support tickets and withdrawal requests will be prioritized and processed faster.
Here are some additional VIP benefits and how they function in Binomo:
- Happy Hour
A happy hour is a special offer by Binomo to encourage traders to invest their money. During this period, the trading platform increases the profitability of automatically selected assets.
Here are a few conditions related to happy hour:
Traders should download the Binomo app on their smartphones to get notified about a happy hour at the very moment it happens on the platform.
- Risk-free Trades
Occasionally, Binomo offers trades that won't take up your money even after going through losses. These are called risk-free trades and are exclusively offered to trading professionals with a VIP status.
They can receive them in three different ways from their personal manager. They are:
Note: You can always ask your manager if any risk-free trades are available.
Binomo will offer cashback to VIP traders as compensation for unprofitable trading for one trading week. The trading platform will automatically credit the money on Mondays from the previous week. To further explain, the amount of cashback depends on your account status.
Note: The cashback calculation doesn't consider the potential profit of the trader but only the loss related to the money entered.
All in all, the trader's loss amount is calculated if the trade was unsuccessful.
For example, suppose you had an account holding $10,000 and withdrew $5,000 during the week. If you have $1,000 left by the end of the week, the following calculations are made:
10,000-5,000-1,000 = $4,000
Then, Binomo concludes you've made a loss of $4,000 over the week and compensates a percentage of the money depending on the account status. Also, you can see the payment history for a trading week In the Transaction History tab on the Cashier or Balance menu.
Privileged traders can opt to make investment insurance while trading on Binomo. And, if the trade was unsuccessful and the real account balance reached zero; the platform will compensate traders for their lost investment.
To explain, the compensation depends on the amount of money invested.
When the investment ranges from:
When an insured event takes place, you can choose between two methods of receiving your money. Either you get 10% of the amount from insured investments by risk-free transactions and bonus funds or real money compensation. Regardless, pick the option that's most convenient for you.
How to Apply for Insurance in Binomo?
If you want to activate the offer, make sure to inform Binomo about the intention to apply for insurance on your investment via email or online chat.
In addition, keep these points in mind during the insurance period:
Frequently Asked Question (FAQ)
A real account allows users to trade with real funds. Also, you can only get the Standard, Gold, and VIP status with a real account.
We recommend switching to a real account after you've learned about the trading features on the demo account. Remember, you can switch between your demo and real accounts, and trade on them simultaneously.
No, the funds on the demo account are not real. You can increase your dummy money by making successful trades but can't withdraw them.
The demo account is used to get users familiar with the platform, practice trading skills on different assets, and try out their instruments on a real-time chart without risks. Once you're ready, you can start trading and gain funds by switching to a real account.
Contact Binomo using email and live chat and ask to connect with your personal manager. They'll get in contact with you during business hours in any convenient way, via email or a phone call.
Make sure to add the correct phone number to your profile. Otherwise, they won't have any way to call you.
No, Binomo will only activate all bonuses and personalized offers for VIP traders upon their request. These offers are usually generated twice a month, on the 1st and 15th. Once Binomo offers these bonuses to your account, it stays valid for two weeks.
But, if you didn't activate your bonus during the two weeks it was credited, the offer will expire, and you can't get it back again. Instead, you can continue trading and wait for another offer in the future.
The availability of bonuses depends on your trading and financial activity. They are calculated automatically twice a month. In other words, if you haven't made any trades in two weeks on Binomo, the chances of getting bonuses are pretty low.
To find out if you have any bonuses or risk-free trades, contact the Binomo support team through email or live chat. After that, they'll get in touch with your manager, who'll inform you about bonuses and add them to your account.
Binomo offers a wide range of features that make it user-friendly for investors interested in entering the trading market. These account statuses ensure users get the privileges they need while trading on the platform.
Taking all the features in mind, it's totally up to you to decide if getting an expensive status is worth it. All in all, each status on the platform offers advantages that gear up beginners and veteran traders alike to earn profits from their investments.