Since 1887, South Africans have been able to trade in the financial markets in Johannesburg. However, trading activity was not accessible to everyone. Thankfully, with the advent of technology came a way to make trading online, from the comfort of our homes possible. Now, you do not need to be physically present at the financial market or even pay fees to agents. You can conveniently make those trades on your phone or PC using the Binomo platform.
What is Binomo in South Africa?
In 2014, the Dolphin Corp. started Binomo to provide trading services to its clients. Over the years, Binomo has cemented its place in the industry as a reliable trading platform. On the platform, you can trade currency pairs, equities, commodities, indices and more assets in real-time.
It is not a scam
Is Binomo investment a safe trading platform or scam? Well, I understand if you are wary about Binomo. With the proliferation of scams on the internet today, it would be silly not to research the genuineness of Binomo’s claims. Well, I have done a little research.
Binomo is a top member of the International Financial Commission, an organization dedicated to regulating online trading platforms. Not only that, Binomo has received a certificate by Verify My Trades. Binomo has also won the IAIR and FE awards. In its six years of operation, Binomo has rightfully earned these accolades and is poised to give you a wonderful trading experience to earn an additional income.
So, is Binomo legal in South Africa? Yes, it is a legal trading platform that operates in over 130 countries around the world.
How to use Binomo?
To use Binomo, all you have to do is:
- Check that you are using a real account.
- Proceed to select your preferred asset.
- Then, decide how much funds you want to trade.
- Set the timer to determine how long the trade will run.
- Finally, you then click on the green button or red button. The green button indicates that you think the price of the commodity will increase. The red button indicates otherwise.
If at the end of the trade, your prediction is correct, you will have netted a percentage of your capital and it will be credited to your Binomo trading account. And depending on your account type, you can earn up to 90% on your initial capital.
Sign in and Login
However, before you can use Binomo, you have to create an account first. To sign in, you have to:
- Visit the website https://binomo.com/.
- Decide whether you are going to be signing in using your Facebook or Google or email address. Whichever one you decide on, enter it in the space provided.
- When you have done that, create a unique password using a combination of letters, numbers, and symbols.
- Then, decide the currency you want your account to be in.
- Read and accept the terms and conditions by ticking the box.
- Finally, click on the “Sign up” button.
Account types
There are 4 account types available on Binomo. They were created that way to better customize their services for customers with different trading experience.
Demo account
The first one is the demo account. You are given access to a demo account immediately you open a Binomo account. With this demo account comes a balance of $1,000 virtual capital which you can use to trades. The purpose of this is to help you get familiar with real-time trading without the risk of losing real capital.
Standard account
When you are satisfied with all you have learned from using the Demo account, you can then switch to using a real account the first of which is the Standard account.
- It only requires a $10 or €10 or local currency minimum deposit.
- You will get profitability of up to 85% of your initial investment when you give a correct forecast.
- Also, you may get up to 100% bonuses on deposits.
- And your withdrawals will be processed in 3 days or less, depending on your payment method.
Gold account
And for those who want more, there is the gold account.
- It requires a total cumulative deposit of €500 or $500 or local currency.
- You will get profitability of up to 90% (if the forecast is correct).
- Personal manager, insurance and 5% weekly cashback (in some cases) available.
- Also, its deposit bonuses are up to 150%.
- And your withdrawals will be processed in 24 hours or less, depending on your payment method. But in some cases it takes up to 3 business days.
VIP account
And for those who want even more, there is a VIP account.
- It requires a total cumulative deposit of €1,000 or $1000 or local currency.
- Its profitability levels are also up to 90% (if the forecast is correct).
- However, it offers deposit bonuses of up to 200%.
- And your withdrawals will be processed in under 4 hours, depending on your payment method. But sometimes it takes 3 days.
- Personal manager, insurance and 10% weekly cashback (in some cases) available.
- And to cap it off, VIP traders get access to risk-free trades. When you get a risk-free trade, whatever you earn will be added to your account but whatever you lose will not be deducted.
Tutorials
Binomo is not just another trading platform, it is quite a reliable partner. They don’t just give you a platform to trade, they also provide you with tutorials and other avenues to help fine-tune your trading skills. When you start to use the Demo account, you will get pop-up notifications guiding you, showing you how to use the platform.
Binomo customers can also participate in tournaments for additional income. You can learn more about tournaments from the video:
Strategies
As if that is not enough, the Binomo website also lists several trading strategies that have been tried and tested by expert traders. They might not be 100% accurate but they will be useful in your trades.
Deposit
You can deposit funds into your Binomo account from your bank cards or e-wallets available to South Africa. Your account will be credited as soon as your chosen payment system clears the transaction. And if you deposit in a currency other than the one in which your Binomo account is set up, the funds will be converted at your bank’s internal rate.
Withdrawal
Withdrawals can also be done using a variety of payment methods. However, you cannot withdraw funds to a bank card that you have not used to deposit funds at least once before. Withdrawals are completed in 3 days or less, depending on your account type and your payment method. Also, while Binomo does not charge any type of commissions on withdrawals, commissions may be charged by your chosen payment system.
Bonuses
There are several ways to get bonuses on the Binomo platform. You can get bonuses upon depositing funds on your Binomo account. You can also get bonuses as part of a promotion (binomo coupon). And for gold and VIP users who have personal managers, you can also get bonuses from your managers. You can find out the binomo bonus terms and conditions through the Help Center (section available on the website).
In the Help Center, you can find answers to questions such as “How to close Binomo account” or “How to withdraw bonuses from Binomo”.
Download app
Binomo has a mobile app on which you can trade and receive notifications on the go, without having to open your web browser. However, for more technical activities, you still have to visit the website.
The app is available on both Android and iOS app stores. Also, for android users who would prefer to, the app is available for download, in APK format: https://binomo.com/en/promo/android.
Is it possible to download a Binomo trading app for PC? No, it is impossible. The Binomo app is only available for mobile devices. On a PC, you can trade on the platform through the website.
Conclusion
Trading on Binomo is a convenient way to earn extra income. Even better with all the Binomo features designed to help you trade. However, you should be aware that trading comes with a significant risk of losing capital. Trade cautiously, and do not overexpose yourself to risks.
