Binomo has emerged as a go-to trading platform on the internet because of a wide range of features that make the user's trading experience more convenient and engaging. For instance, tournaments play a significant role in showing how you can match up against other traders in terms of earning the most money in a limited amount of time.
Binomo holds tournaments every week where traders can earn cash prizes ranging from $300 to $70,000. What's best, the participation fee can be as low as $1 or even free of cost on special occasions.
Ready to earn extra prize money with your trading skills? In this article, you'll learn about different tournaments, how to participate in them, and other tournament-related features offered by Binomo.
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What is a Binomo Tournament?
A Binomo tournament is a competition between traders where the winner will receive assets or prize money on the platform. In each contest, participants will receive a unique account, where they'll have the same amount of money as their competitors. The main objective is to earn the highest profit within a specific period.
Remember that you can only trade from the assets shown in the tournament account. However, you can figure out these assets based on which traders can participate in the competition. For instance, in VIP tournaments, participants will have complete freedom to trade all binary options featured in Binomo.
How to Participate in a Binomo Tournament?
To participate in a Binomo tournament, you should follow these steps:
Make sure to note when the tournaments begin and end to start trading for profits and climb up the leaderboard ladder. Also, you might learn about more profitable investments without risking too much of your money.
However, before choosing a competition to earn more prizes, you should know about the rules and regulations of these tournaments.
How Do Binomo Tournaments Operate?
Binomo informs their users about their upcoming tournaments via a notification on the site or through the trading interface. Those interested need to click on the tournament feature found on the left side of the application.
The duration of the trading contest may vary from one day to one month. Additionally, the fees to enter the competition range from $1 to $20, depending on the duration and prize pool. However, the rewards of these tournaments usually take a percentage of these fees, and it usually ranges from 60% to 80%.
In other words, the prize pool increases if more traders participate in a tournament. But, it also means more competition during these contests. Therefore, traders should attempt to find the perfect balance between rewards and the number of opponents before signing up for these tournaments.
#1. Tournament Account
Binomo creates a separate tournament account for users to participate in the competition. It appears after participants sign up for the tournament, and you gain access to it when the contest begins.
On top of that, different tournaments will have separate accounts. To explain, you can take part in multiple competitions simultaneously by switching between these accounts. Participants won't have any issues with identification, as each account will have a label of their tournament name.
Also, participants can only use their real money for signing up or purchasing rebuys in these competitions.
#2. Rebuy in Binomo Tournaments
In Binomo, you can refill your tournament balance by re-paying the entry with the money in your real account. The number of rebuys during a tournament is unlimited, but only if your current balance is lower than the amount given at the beginning.
For instance, if you fell from $100 to $50 on the account during trading, you can rebuy with real money to get back on the starting balance of $100. In other words, rebuys are primarily used if you had a bad start and want to get another chance to earn profits on the tournament account.
Also, like the entry fees, a part of the rebuy amount will go towards the prize pool. However, some competitions may not permit users to rebuy during the tournament. To find out, make sure to look at the description on the tournament page before applying for one.
#3. Binomo Tournament Leaderboard
At the beginning of each tournament, Binomo creates a brand-new leaderboard. The main goal is to showcase transparency by showing how much funds every participant of the contest has earned.
In addition, Binomo shows the prize pool among the top 10 competitors through the leaderboard. Throughout the tournament, the prize pool will increase due to constant rebuys and additional participants in the competition. The trader who earns the highest amount receives the most money from the prize pool.
Traders can choose to hide their names, so others can't see their profile on the leaderboard. However, viewers can still see the amount of money they've earned in their tournament account. Every participant can view the leaderboard throughout the tournament to understand how much profits they need to make it to the top.
Types of Binomo Tournaments
Binomo traders can participate in various tournaments with varying prize pools and entry fees. We can categorize these tournaments into three different types:
#1. Free Tournaments
Free Tournaments generally last for one day. They consist of a smaller prize pool and have more players. Binomo sponsors these tournaments, meaning the prize pool remains the same.
Participants will get a chance to earn additional income without spending anything from their pocket in these tournaments.
#2. Paid Tournaments
Paid tournaments are different from the free ones in terms of the prize pool. The reward depends on the participation entry paid by traders and the number of participants. In other words, if the tournament has a large number of competitors and entry fees, the prize pool will be higher.
These tournaments are perfect for trading professionals to test their skills against the regular users of Binomo. Users can view the updated prize pool on the tournament page and determine where they would like to participate.
#3. Special Tournaments
On occasion, Binomo will feature special tournaments with a higher starting prize pool. Typically, these competitions appear during holidays like Halloween or New Year. They are similar to paid tournaments, but they last around a month and attract more participants.
You can choose between these competitions on the tournament list displayed on the Binomo website. But keep in mind that paid tournaments require the ability to trade. Therefore, you should test your skills at a free contest first, where you don't risk anything but receive a high competition and a lower prize pool.
Examples of Binomo Tournaments
Binomo holds various tournaments with different rules, prizes, duration, and entry fees. You should understand and learn how these contests function to increase your chances of earning money. To help out, here are some examples of previously held Binomo tournaments:
1. Lucky Trader
This tournament features a prize pool of $20,000, which will increase depending on the number of participants. The first-place trader can earn up to $2,500. Overall, the contest lasts for ten days, and users with a Standard status or above can participate. The entry fee and rebuy of the tournament are $15.
2. First Race
The tournament is held every week and lasts for seven days, ranging from Monday to Sunday. It's one of the highest-paying weekly tournaments with an impressive prize pool of $7,000. To participate in the tournament, users need to pay $10.
3. Daily Free
This tournament takes place every day on the Binomo application and lasts for 24 hours. The prize fund can reach up to $600, and the money distributed to winners will be around $60 to $70. As the name suggests, this is a free competition, meaning it's perfect to practice trading on the platform and compare your results with others.
Collecting Prizes from a Binomo Tournament
If Binomo lists your account on the top 10 leaderboards, you'll receive a notification of receiving a cash bonus in the "Gifts" section. After you activate the gift, Binomo will credit all your winnings to your real deposit account.
Additionally, the prize money from the tournament can be withdrawn conveniently. In other words, you can immediately withdraw the funds from the system to your electronic wallet or bank card. However, there might be certain exceptions, which Binomo will explain on the tournament page.
Therefore, we highly recommend you carefully analyze the information given on the page before applying for participation.
Can You Win a Binomo Tournament?
Yes, by using effective trading strategies and with a bit of luck, traders can win a Binomo tournament. However, since thousands of traders participate in the competitions held on the platform, the chances of winning are not as high as many would prefer.
Due to this, many would consider winning these tournaments as a stroke of luck. However, real professionals have shown that winning in major competitions can be possible for those who've trained hard for a long time.
To get into the top 10 traders, you need to gain profits and increase the starting deposit by 30 times at least. To achieve such a result in a reasonably short time, you can't choose to always play safe. In other words, you have to take more risks compared to regular trading.
For instance, some users spend up to 50% of their funds in a deposit account during the contest. It's important to remember that more winnings cover these losses. Therefore, take calculated risks to earn more money and hopefully win these tournaments.
Frequently Asked Questions (FAQ)
Traders can only access their tournament account after the competition begins. They can find when the contest starts by going to the tournaments section on the left side of the main menu and selecting "My tournaments."
Participants can only execute their tournament strategies and invest during the active periods, so keep an eye on the time. Once the competition ends, they can't partake in any activity on the tournament account, meaning their score and position will remain the same on the leaderboard.
Participants can check their position during Binomo tournaments through the competition's leaderboard. Also, you'll be able to see the highest earners of the competition, giving traders an idea of how much others need to earn to reach the top of the leaderboard.
You can view your score at the bottom of the top ten earners, allowing you to create strategies for reaching the top of the list. Therefore, you should check the leaderboard often, especially during one-day tournaments.
You can find the Rebuy option on the top right corner of your website or application. It's shown as a bright yellow switch, and clicking it will redirect you to choosing your payment method.
The fastest way to rebuy is to use the balance on your Binomo account. However, if you don't have sufficient money, pick a credit/debit card or an e-wallet to deposit money to your account.
Yes, you can participate in multiple tournaments if you've paid the entry fee for those competitions. As you'll have to keep switching your accounts and make numerous trades, traders don't recommend doing it unless you're taking part in weekly or monthly tournaments.
Also, if you don't have a higher account status, you can't participate in gold or VIP tournaments. They are exclusive to traders with gold or VIP titles. In other words, you'd have to invest real money and get a higher status to be eligible for these tournaments.
Tournaments are a fantastic way to take a small risk and have the opportunity to obtain big rewards. However, remember that a vast majority of participants will leave with nothing in their pocket. Therefore, it's crucial to keep a strategy in mind that would help you earn profits in a short amount of time.
You won't lose too much money by taking risks in these tournaments, so don't be afraid to be a little reckless. Overall, participating in these competitions will show how you match up against other traders, making it a fantastic choice for beginners and veterans.