How To Make Money Trading On The Binomo App

In this guide, I will walk you through how to make money trading on the Binomo app.

Binomo might not be one of the most popular online trading apps, but you can still make money.

If you compare Binomo to Quotex, you’ll see a pattern emerge. Binomo has been kind of flying under the radar as if they are trying not to draw attention.

Quotex, on the other hand, is causing waves all over the industry. Currently one of the most sought-after online trading platforms, Quotex offers you a unique opportunity to make money using your smartphone.

If you wish to learn more about this new way to make money trading online, I have a comprehensive review here.

Go through it, of course, after finishing this guide on how to make money trading on the Binomo app.

What is Binomo?

As we’ve already hinted, Binomo is an online trading platform. It allows you to trade on several assets, including currencies, stocks, commodities, and indices.

If you’ve used Olymp Trade before, you will find Binomo familiar. It has the same type of fixed-time trading vibe going on.

For the new guys, this means that you predict whether the price of an asset will go up or down within a certain time frame.

And if you are right, you make a profit.

But if you are unlucky and your prediction is wrong, you only lose your invested capital, not the entire account.

I think this is one of the best bits about online trading platforms like Binomo.

On a little history, Binomo was founded in 2014 and is headquartered in Seychelles.

Can you trust them with your hard-earned cash?

Well, it is regulated by the International Financial Commission (IFC), which is an independent organization that regulates financial markets.

I don’t know what you can make of that, if not safety😁.

In the features section, Binomo offers a variety, including:

• A user-friendly platform that is available in multiple languages
• A demo account so that users can practice trading before investing real money
• A variety of educational resources to help users learn about trading
• 24/7 customer support

Pros and Cons of Making Money on Binomo

Before we look at anything on how to make money trading on the Binomo app, it makes sense to first look at its pros and cons.

I mean, you shouldn’t waste your time if it isn’t for you, right?

Pros of Making Money on Binomo

• Potential for high returns: Compared to traditional trading, binary options offer the potential for higher returns within shorter timeframes. This can be appealing to those seeking quick profits.
• Simple platform: Binomo’s platform is user-friendly and accessible, even for beginners. The interface is straightforward, and trading involves simply predicting price movements within set timeframes.
• Demo account: Binomo offers a demo account where users can practice trading with virtual funds before risking real money. This allows individuals to familiarize themselves with the platform and strategies without incurring financial losses.
• 24/7 customer support: Binomo provides customer support 24/7 through various channels, potentially assisting users with questions and concerns.

The Cons of Making Money on Binomo:

• High risk of losing money: Binary options are inherently risky. Unlike traditional trading, where losses are limited to the invested amount, binary options involve the potential to lose your entire investment on every trade. This makes it easy to lose money quickly.
• Not regulated in all jurisdictions: Binomo is regulated by the International Financial Commission (IFC), but regulations can vary depending on your location. Some countries may have stricter regulations or even prohibitions on binary options trading.
• Addiction risk: The short-term, all-or-nothing nature of binary options trading can be addictive, especially for those seeking quick money. This can lead to risky behavior and potential financial losses.
• Limited control: In Binary options, you don’t own the underlying asset, you are simply speculating on its price movement. This means you have limited control over the outcome and are relying heavily on chance and market fluctuations.

This should give a clear picture before diving into making money trading on the Binomo app.

How To Make Money Trading On The Binomo App

Now that you know what’s in it for you, let me take you through the steps to make money trading on the Binomo app.

Sign Up

The first step to making money trading on the Binomo app is to create an account.

Head over to binomo.com and click on the signup button.

You have three options to create a free account.

• Use your Facebook account
• Use a Google account, which is your Gmail account. 
• Provide an email and password.

My go-to way is to use the Gmail account. I don’t have to remember a password at all!

Next, choose your preferred account currency, tick the box to accept terms, and click Create Account.

It’s as easy as that to sign up for the Binomo app for free.

Binomo Trading Platform Walkthrough

This is what the Binomo trading platform looks like.

On top, you can pick the asset you’d like to analyze, and hopefully trade to make money.

To the left, you will set options including trade history, top traders leaderboard, market, bonuses, and tournaments.

It is here also where you can find educational materials if you wish to learn more about how to make money trading on the Binomo app.

To the right sidebar, you will find the settings you need to make the trade happen.

How to place your first trade on the Binomo app

To make money trading on the Binomo app, you need to open a trade.

This is how you can do that easily.

First, pick an asset from the list here.

You can choose from different modes, including FTT, and CFDs, among others.

As you go through the assets, take note of the percentage. 

That is your profit!

For example, this instrument, EUR/USD comes with an 84% profit on the regular account.

And 86% if you are a VIP Binomo trader.

Not bad.

So once you’ve picked the asset, click on it to add it to the trading chart.

The next thing is to play around with the chart timeframe.

As you can see, we are looking at a 5-second chart, so there’s a lot of activity, up and down.

I wouldn’t be comfortable trading a 5-second chart unless I am feeling kind of suicidal🤣 if you know what I mean!

Instead, I prefer a 5-minute chart timeframe onwards.

Next, decide the amount you wish to invest in this trade.

And of course the trade duration.

This is how long you want the trade to take before closing and getting the outcome.

Here’s a simple rule I always follow.

If I am looking at a 1-minute chart, the trade duration should be 3X that. So I’d set the trade to take 2 minutes.

In this case, I am looking at a 5-minute chart, so the trade duration should be 10 minutes.

Get the concept?

The reason for this is simple; give time for the asset to react to your prediction.

The little earnings badge you see is what you stand to profit if the trade goes according to your prediction.

So, once you’ve analyzed the chart, click the green arrow if you think the price of the asset will be higher after the trade expiry.

If you think it’s going to be lower, click the red down button.

If you are right, you make a profit.

And if you are wrong, you only lose the invested capital, which in our case above, is only Ksh 100.

Not more, not less.

And that is how to make money trading on the Binomo app.

But before you jump into this, there’s one thing missing.

How to deposit funds into your Binomo app

Before you can make real money trading on the Binomo app, you need to fund your account.

As soon as you sign up, you are given access to a demo account.

In here, you get virtual cash, its purpose?

To help you practice trading and hone your skills.

Unfortunately, the money you make on the demo account can’t be withdrawn. 

Why?

Because they are not real cash, duh!

So, if you want to make real money that you can withdraw into your bank account, you need to deposit real money.

To do that, click on the deposit button on your account.

Next, choose your country and the deposit method.

And follow the instructions:

• Log in to your Binomo account and click on the “Deposit” button in the top-right corner of the webpage.
• Choose your region and select your card brand (e.g., VISA, Mastercard).
• Enter the amount you want to deposit, ensuring it meets the minimum deposit amount for your account type and country.
• Complete the payment process, which may involve entering the card details and confirming the transaction.

How long will the funds take to show up on your account?

Well, according to the Binomo help center, funds should be credited to your account within minutes of the successful completion of your transaction. 

In most cases, Binomo credits the funds to your account within an hour or even instantly. 

But in my experience, the time it takes for the funds to be credited may vary depending on your payment service provider, the payment processing time for your country, or national holidays. 

Just in case your payment remains “Pending” for more than one business day, or it is completed but the funds have not been credited to your account, you can contact Binomo customer support for assistance.

Payment methods on Binomo

This is one of the strengths of this trading app.

Binomo accepts payments from e-wallets such as CashU, PayTM, ADVcash, MPesa, and Skrill. 

If you’d rather use a card,  Binomo allows deposits through Visa, Mastercard, and Maestro.

How to withdraw earnings from Binomo

So you’ve made money trading on the Binomo app, how do you get them out?

Well, here’s a guide on how to withdraw your earnings on the Binomo app.

• Log in to your Binomo account.
• Navigate to the “Cashier” or “Finance” section.
• Select the “Withdrawal” option.
• Choose your preferred withdrawal method.
• Enter the amount you want to withdraw.
• Provide the necessary information for your chosen method (e.g., card details, bank account information).
• Review the information and submit your withdrawal request.

And that is how to make money trading on the Binomo app.