Binomo minimum deposit guide for new traders

Binomo deposit? Before you can trade with any broker, you must commit your funds. However, the deposit process across brokers might be different and sometimes complicated. This piece guides you to Binomo deposit methods and the minimum deposit.

Binomo trading platform

Binomo trading platform

Introduction to the minimum deposit:

Online trading refers to predicting the potential price movements of assets listed in financial markets and making trades to fit the predictions. For instance, if one predicts that the price of a commodity like crude oil will go down, one can make an appropriate trade (a SELL) to correspond to that prediction. Trading with Binomo works on the principle of Up or Down – and that is why it is referred to as “binary.”

Like every other financial instrument, you need a broker to trade online. One that is worth checking out is Binomo.

Quick facts about the Binomo minimum deposit: 

  • The minimum deposit is $10
  • Multiple currencies are available
  • Different payment methods (depending on your country)
  • No fees or costs
  • Fast and secure deposits

(Risk Warning: Your capital can be at risk)

Binomo deposit methods:

There are many methods through which you can deposit funds into your Binomo trading account. Binomo actually provides traders with multiple options – and this is quite commendable. With the diverse options provided, traders are free from the restrictions placed by the inaccessibility of certain payment channels in whatever countries they may reside in. The different deposit and payment channels include:

  • Bank Wire
  • E-wallets, including Neteller, Qiwi Wallet, and Perfect Money.
  • Bank cards such as MasterCard and Visa
  • Cryptocurrency, majorly Bitcoin and Litecoin.
Note:

The payment methods depending on your country of residence.

How to do a deposit with Binomo:

Start trading and investing is not easy for beginners. In this article, we want to clarify how it works step by step. Follow the next points to do your first deposit on the Binomo trading account.

1. Open your free trading account

Open your trading account within a few seconds. You only need your e-mail address and a secure password. After that, you get direct access to the trading platform.

Sign up with Binomo first

Sign up with Binomo first

(Risk Warning: Your capital can be at risk)

2. Verify your trading account

In order to have access to all functions of the trading platform, you should verify your account by email and phone. You can easily do it in the account dashboard. For withdrawals, Binomo may ask additional information about identity documents.

Verify your Binomo trading account

Verify your Binomo trading account

3. Do the minimum deposit

Then you can go to the “cashier” and do the minimum deposit. You should choose your country of residence and then the payment methods will show up. See the picture below:

Choose the deposit methods

Choose the deposit methods

The payment methods are depending on your country of residence.

Use the following payment methods:

  • Credit cards/bank cards
  • Bank transfers
  • Online banking
  • E-Wallets
  • Cryptocurrencies

Fees

Binomo does not charge any fees on the deposits.

(Risk Warning: Your capital can be at risk)

What is behind Binomo?

Binomo is a globally recognized broker providing binary options and derivatives trading services to traders all over the world. Currently, it is reportedly present in at least 130 countries and boasts of over 1 million daily active traders on its platforms.

It is based in Cyprus. However, it has not been licensed by the Cyprus Securities and Exchange Commission (CySEC) although there are plans underway to do so. Nevertheless, it is registered with the International Financial Commission (FinaCom), a global body of derivatives brokers.

Binomo regulation

Binomo regulation

Trading with Binomo

Trading with Binomo is similar to trading with other brokers to some extent. However, there are some unique features the broker provides as well.

Options for trading

Trading with Binomo uses the traditional CALL/PUT system usually for up 60 seconds. However, this is where we notice some of the limitations that come with it. It does not offer some trading options like Long Term Trading.

Minimum Trade Size

The minimum amount of capital that you can commit to trading for each trade you enter is $1. This is also the rate you will find with most other brokers. So in short, it is somewhat the industry standard. We strongly recommend that while trading, you apply basic risk management principles, including not risking too many funds per trade you take.

Types of accounts in Binomo

Binomo, just like most other quality brokers, offers different types of accounts for its traders. Each account type comes with its own features. Usually, what differentiates each account is the minimum deposit that is required to be deposited into the accounts.

Binomo account types

Binomo account types

The accounts are mainly divided into a demo account and a live account. The demo account is a free account. The live account is that which requires you to deposit funds to be able to trade. There are 3 types of accounts under the live account category. They include the Standard account, the Gold account, and the VIP account. These accounts operate in the form of levels or grades.

We discuss the account types and their features below:

  • Demo Account

A demo account is a type of trading account filled with virtual money. This account is provided by a broker to traders using its platform. With a demo account, you can make trades and do almost every other thing that you do when using a live trading account. However, you cannot withdraw the fund or whatever profits you make with the account. Nevertheless, as you will see, a trading demo account is a must-have.

Uses of a Binomo demo account

Listed below are ways in which the demo account has proven invaluable:

  • To Practice Trading Skills

For newbie traders, the demo trading account gives you the opportunity to put to practice whatever trading skills you might have learned. Here, you are trading real-life market situations but with fake money, without any risks coming whatsoever on your part.

  • To Test a Trading Platform

Before you sign up with a particular broker and commit your capital to it, you may want to test such a broker out first.

There is no better way to do so than with a demo account. With a demo account, you get to know how trading works with the broker, the instruments that you can get to trade with the broker, or whatever currency your trading account will be denominated in. With these, you can easily decide if the broker is worth it or not. Hence, it is recommended that before you register with Binomo, you first use its demo account for some time.

  • To Test a Strategy or System

Even as an experienced trader, you will still very much be in need of a demo account. From time to time, you will develop or come across new trading strategies, but you will need to test their effectiveness or profitability before you commit them to your live account. Your demo trading account gives you the best opportunity to do so without incurring any risks.

Binomo provides traders that do business with it with an automatic $1,000 demo account that they get when they sign up. We have to note that this is not really worth it. Compared to many other binary options brokers, the demo account funding is really small and negligible. There are brokers that provide traders with as much as $10,000. Even at that, they still also offer traders the benefit of replenishing their accounts whenever they deplete them.

  • Standard Account

The Standard account is the first type of live account you get when you trade with Binomo. It is also the most basic. You get access to the Standard account when you put in the minimum deposit requirement of $10. This is what everyone gets when they are just starting out with Binomo. With this account, if the trades you enter go in your favor, the maximum payout you can get is 85%.

You, however, will be losing out on some perks. One of such is the weekly cashback program. Furthermore, you don’t have access to some benefits like bonuses and premium customer support.

  • Gold Account

This takes the Standard account features further. With the Gold account, your maximum payout is increased to 86%, that is, if you make trades that turn out successful. Furthermore, you have access to the cashback program. Here, you are given cashback of 5% on a weekly basis. Furthermore, you have faster payouts on your withdrawals. Instead of the multiple days, it takes with the Standard Account type, you can literally get your withdrawals within as short as 24 hours.

Then, you have access to what is known as the Gold Tournament, a type of trading competition where you stand the chance to win massive payouts. Finally, there is the up to 90% bonus that comes with your deposits. To get access to the Gold Account, you need to make a deposit of at least $500 into your live trading account with Binomo.

Nevertheless, you still will be missing out on a number of features as well. These include welcome bonuses and customer service support.

  • VIP Account

This is the most advanced account made available by Binomo, and it comes with the most features. For one, you have access to an 87% maximum payout on your trades that turn out successful. You also are eligible for the weekly cashback of up to 10%. Beyond all these, the VIP account comes with some exclusive features. For one, you have access to top-notch, 24/7 premium customer service. You also have access to personalized and dedicated account managers. The account as well comes with some other bonuses and perks. These include access to the VIP tournaments (of which payouts can reach $40,000) and up to 100% bonuses on deposits.

However, for you to have access, you must first put up a $1,000 deposit into your trading account.

Conclusion on the minimum deposit: High profit possible with small amounts of money

There are many things that can get complicated with dealing with and trading online. From learning how to trade to knowing how to navigate trading platforms and depositing, the whole process is not always straightforward. The above guide should do well enough to put you through them all.

For a minimum deposit of $ 10, you will get a lot of opportunities to invest in the markets. The minimum trade amount is very low at $ 1, too. Overall, Binomo is a safe and secure broker. It is perfect for new and advanced traders.

(Risk Warning: Your capital can be at risk)