(Common Problems and Questions)
Binomo is a world-renowned broker platform where users can use trading instruments to invest and earn profit. On top of that, the platform offers a free demo account for users to practice trading and get familiar with the dashboard.
But, if you're interested in trading with real money, it's essential to go through safe and smooth processes for depositing your funds. Binomo makes it easier to deposit money into your trading account by providing numerous methods to go through the process.
Keep reading to learn more about the various features and methods of depositing money in your Binomo Account.
For More Information on Binomo, read our Article: Binomo Review – Is it a Scam? [South Africa, 2022]
Binomo provides traders with a wide range of convenient and user-friendly payment methods. Here are the ways you can deposit money into your trading account:
#1. Credit and Debit Cards
Traders can use any bank card issued to them to add money to their Binomo account instantly. It includes personalized or non-personalized cards or even a card in a currency different from the one your account uses.
E-wallets are an increasingly popular choice to pay for products and services online today. Above that, this payment method allows users to make instantaneous and secure transactions conveniently and smoothly.
Binomo accepts payments from e-wallets like CashU, PayTM, ADVcash, MPesa, Skrill, and many more. But these wallets have different terms and conditions you'll need to fulfill before you can freely deposit money into your Binomo Account.
Deposit Limitations in Binomo
Users need to deposit a minimum amount of funds to begin trading using online brokers. These prices vary based on minimum trade size, different currencies, and other factors.
Traders can deposit a minimum of 10 USD/EUR or the equivalent of 10 USD in their Binomo account. Also, the minimum trade size is 1 USD on the trading account.
However, the minimum deposit in Binomo may change depending on the trader's country and currency. For instance, in countries like India and Kenya, users can invest the equivalent of 5 USD and begin trading on their real accounts.
Binomo doesn't apply additional fees or commissions for depositing funds. Factually, it's quite the opposite because you might get exciting bonuses for adding money to the account. However, some payment service providers may charge fees, primarily if the Binomo account and payment method utilize different currencies.
Transfer fees and conversion losses vary greatly depending on the payment provider, country, and currency. These charges are usually specified on the provider's website or shown during the transaction order.
Steps for Depositing Money To Your Binomo Account
The process of depositing money to your Binomo Account is quick and straightforward. Regardless of whether you're using a smartphone or a computer, here's how you can add money to your Binomo Wallet:
After making the deposit, it'll be assigned the 'Pending' status. It means that the payment provider is now processing the transaction.
In most cases, Binomo credits the funds to your account within an hour or even instantly. However, the trading platform may take longer depending on the trader's service provider. Other factors like the payment processing for your country or national holidays also affect the time it takes for the money to enter your Binomo account.
How to Check Deposit Status?
To find the information about the average and maximum transaction processing time for the pending deposit, follow these steps:
Now, traders can see all the previous deposits they've made in the account, including the amount and transaction status.
Deposit Transaction Statuses
The deposit status is shown in three different ways to inform users about their transactions. They are:
This status means that the payment provider is processing the transaction. The provider may also wait for you to take some action, so make sure you've completed all the necessary steps.
The processing period will vary depending on the payment provider. But, if you have waited for more than one day, click on 'Waiting for more than 1 day(s)?' or Contact support to find out more about the transaction.
The completed status indicates that the transaction process has ended. In other words, the trading platform has deposited the money into the funds of your Binomo Account.
It happens if the payment provider or Binomo cancels the transaction due to non-compliance with any condition. Then the deposit will appear as 'rejected' in your payment history. In some cases, Binomo gives you the reason for rejection, which can be checked by clicking on your deposit.
#4. Promo/Deposit Bonus
Binomo grants up to 200% additional bonuses for users making their first deposit. In other words, beginners get additional money for free to spend on trading. Veterans won't miss out on the bonuses as Binomo offers them to accounts that deposit a certain amount of money.
Additionally, traders can use coupons to get discounts, bonuses, and cashback while depositing money into the Binomo account. Users can look out for these codes during Binomo promotional events or on the official website.
To avail coupons and bonuses, you need to add them during the transaction process of depositing your money. Binomo informs how much money they earn or save before you invest into the account.
How Much Money Should You Deposit into the Binomo Account?
Traders can obtain three different account statuses depending on the amount they invest in while trading. These give users additional benefits that can help them come across a series of brand-new assets and other features on Binomo.
Now, let us explain the account statuses Binomo users get from depositing their money into the account:
#1. Standard Account
To get a standard account status at Binomo, you need to deposit 10 USD in the wallet. It gives users the freedom to invest in 48 unique assets. Additionally, you can participate in tournaments against other Binomo users to see who comes out on top.
As a standard account holder, you also gain these benefits:
#2. Gold Account
Users that have deposited more than 500 USD get the status of a Gold Account. This status offers the ability to trade 60 different assets. A gold account is perfect for those who want to make a more substantial investment.
Also, you'll have the ability to withdraw payouts from your account within 24 hours instead of waiting for three days.
Above that, a gold account gives you several benefits traders won't get from a standard account. They include:
#3. VIP Account
Users have to deposit 1000 USD in their account to be a part of the VIP squad. It's the highest account status in Binomo that grants users access to trade 70 different assets. Also, you get the ability to withdraw your money within four hours.
On top of that, VIPs also get exclusive access to these exclusive features:
Depending on the features users want, they can opt to deposit the required amount to own a Standard, Gold, or VIP account.
Binomo offers convenient ways to users who desire to deposit funds into their accounts. However, there are certain instances where users may face an issue.
Users can solve a majority of these problems themselves by checking if the information entered is correct. Here are a few issues traders face, along with tips to fix them quickly:
If you're having issues completing the deposit process on your mobile device, use a computer or laptop to finish the transaction.
Users can be declined if they enter the wrong CVV or 3-D secure code during the transaction.
Certain deposits are declined due to the bank restricting international payments. In such a case, contact the bank for more information or use a different credit card.
Yes, it's safe to deposit money in Binomo as it's a legitimate and renowned online trading platform used by traders daily.
On top of that, Binomo is a category 'A' member of the International Financial Commission. This reduces the possibility of any fraudulent services. The company is also a member of The Financial Commission, known to protect client funds up to 20,000 USD.
Yes, users need to verify their identity to deposit funds on the account. This ensures that no fraudulent activity takes place while trading.
Traders have to submit a photo of their ID, such as a passport or driver's license. If you are depositing funds using a bank card, you will be requested to upload a photo of the card. Remember to cover the CVV and show only the first six and last four digits of the card.
No, Binomo prohibits users from using payment methods that don't belong to them. Therefore, use cards and wallets that you own while depositing money into the account.
Also, you can use a non-personalized card if it's issued to use. Make sure to use your real name when depositing money while using this type of card.
Users don't need to follow any procedures to use cards with a different currency. They can make a deposit using the cashier section on Binomo. The trading platform will automatically convert funds to the currency your Binomo account uses.
On top of that, Binomo won't charge users with any currency conversion fee. The funds directly translate to the current rate of the bank paying the amount. Also, users can't always check the amount in the target currency before confirming the payment.
You cannot change the currency of your real account. The base currency will be fixed the first time you make a deposit. For example, anyone depositing US dollars will have the base currency of their account set to USD.
Users can choose the currency directly after creating the account. After that, even customer care cannot help in changing the account's currency. Though this still allows users to deposit any currency, IQ Option will automatically convert it to the currency of your account.
Now, readers are aware of all the payment modes to deposit money in their Binomo Account. Every method has its benefits and drawbacks, so users must select the best-suited option for themselves. They can take various factors like the amount, convenience, and frequency.
Overall, it's incredibly secure to deposit money in a Binomo Account, and you'll get additional bonuses to use while trading. Don't hesitate, join the trading hype and hop onto the Binomo trading platform today.