The advantage of Binomo are tournaments where pit traders compete with each other, receiving their share of prize money, and such tournaments help to assess their trading talents.
Ways Tournaments Operate
Binomo will notify about the upcoming tournaments regularly on their site or via your trading interface. You just need to click on the feature “Tournaments” on the left in the interface. The duration of the tournament can vary from 1 day to 1 month. The fee to enter the event also differs from $2 to $20 based on the tournament’s length and prize pool.
To participate, you need to pay an entry fee. The prize pool of the tournaments usually comprises a percentage from this fee, and it is usually from 60% to 80%.
After registration, you will have a special account for a fixed-price tournament. Your main task is to increase your account balance within the tournament timeframe.
At the beginning of the tournament, Binomo makes a specific leaderboard. Its main goal is to show how much money every participant of the tournament has earned. It will encourage transparency.
Binomo informs the distribution of the prize pool the the first 10 competitors. The trader who earns the largest amount of money on a tournament account receives the largest part of the prize pool. The amount you will get as an award will depend on the sum you added to your account.
Binomo permits limitless rebuys. A rebuy is just an investment into your tournament account with actual money. The rebuy is added to the prize pool. For instance, if you have $100 on your tournament account, you can rebuy by investing $100 from your actual account. In this way, you will get $200 on your tournament account balance. You can rebuy only if the current account balance and gain from open positions is smaller than the initial balance.
If you appear among the winners, your reward will be sent to your actual account automatically.
This is what you need to know about Binomo tournaments. Have you taken part in any of the tournaments here? How did you cope? We will be glad if you share your experience in the comments section below.
The broker Binomo holds competitions in trading on its platform. There are two main types of tournaments: free and paid.
Free tournaments generally last one day. They have a smaller prize pool and more competition because they are sponsored by the broker. By participating in this competition you will get a chance to win without spending your own money.
Paid tournaments differ from free ones in that the reward Bank depends on the participation price paid by traders, and the more participants, the higher the prize pool. After that, the trader is given access to tournament account. After the start of the tournament, all participants have the same balance. If you increase the tournament score you will be in the leader board and you will get a prize.
If you lose the entire tournament balance you need to reach the prize again.
Go to the list of tournaments. With tournaments on the platform, which is important, you can spend time and earn money in the company. Paid tournaments require the ability to trade, and in a free tournament you do not risk anything, but the competition is higher and the prize is less.