Participating in Binomo Tournaments

The Binomo tournament is a limited-time event where traders compete to receive a prize fund. Participating in the Binomo tournament can help evaluate trading skills by allowing user to compete with other traders. User can polish strategies, improve trading, and earn additional income if user achieve impressive results on the leaderboard.

How do Binomo tournaments work?

Binomo tournaments
Binomo tournaments

Each person in the Binomo tournament aims to have the highest tournament balance by the end. The participants who reach the top spots get prize money. But, please note that the Binomo tournament is not a game. It is a fair competition between traders where trading knowledge and experience are needed.

Binomo tournaments can last from one day to several weeks, and participation fees range from a few dollars to a few hundred dollars, depending on the prize funds, status, and duration of the tournament.

How to find the Binomo tournaments?

Binomo regularly informs its users about tournaments. You can check the list of tournaments either on the website or the mobile app.

For Binomo web users

  1. Find the Tournaments icon on the left corner of the Binomo platform, and click on it
  2. User will see a list of tournaments that are available. To join a tournament, click on it to get more information and register for the Binomo contest

For Binomo mobile app users

Binomo tournaments in mobile app
Binomo tournaments in mobile app
  1. Open the menu and tap the Tournament icon
  2. Look at the list of available tournaments. Tap on any tournament to sign up or learn more about it

If user have the new version of the Android app - find the tournaments list at the bottom of the screen

Checking details for Binomo tournament

Binomo tournament details
Binomo tournament details

To enter a Binomo contest, follow these steps:

  • Select a tournament to view details such as minimum balance, rebuy costs, prizes, and guaranteed funds
  • Check the Conditions tab for the tournament requirements
  • Check the Tournament Details tab for the number of participants and contest time
  • Check the Leaderboard for the participants and leading traders
  • Pay the entry fee and get a special Tournament account
  • Increase your balance during the time limit of the Binomo tournament

Tournament account

Once sign up, user have a Binomo tournament account with a special currency called ₮. This currency is only used in Binomo contests and is separate from the money in Real account. User see ₮ in Balance tab. User can switch to Tournament account to take part in Binomo tournaments.

Free tournament

Binomo offers only one free competition, Daily Free, which is available to all registered traders, including novices who use the demo account. This tournament is a free tool for traders to test their skills and strategies in honest competition with other traders for a real prize fund. Although the prize amount is lower than paid contests, it is still sponsored by the platform. To use the funds received in the tournament, traders who make it to the leaderboard without a real account must deposit the minimum amount to Binomo ($5 for India and $10 for other countries).

Paid tournaments

Binomo Paid tournaments
Binomo Paid tournaments

Paid contests are only for traders with a real account, and some are exclusive to Gold or VIP account holders. The prize pool depends on the participation fee and the number of participants. Paid tournaments are more rewarding but also more risky if user lack the necessary skills.

Adding tournament results to the table

To win a Binomo tournament, user want to end up with the highest balance or turnover. For example, if user start with ₮50, make trades to reach ₮500, but end up with ₮100 at the end, user's score will be ₮500 if the goal was to have the highest turnover. If the goal was to have the highest balance, then user's score will be ₮100. Improve trades to increase balance and move up the leaderboard.

Creating the Prize Fund

Binomo tournaments Prize Fund
Binomo tournaments Prize Fund

Binomo tournaments have a guaranteed prize fund that grows with the number of participants and rebuys. However, the fund will never be less than the guaranteed amount specified in the tournament's conditions. At the end of the tournament, the fund is distributed to the top-scoring participants. The number of prizes varies by tournament, and higher prize places receive a higher percentage.

Tournament rebuys

Binomo Tournament rebuys
Binomo Tournament rebuys

To increase Tournament account balance, simply use a rebuy. User can get as many rebuys as want, but only if user's tournament balance and trades are less than the starting balance. The cost of a rebuy will be deducted from real account balance. To know the cost of a rebuy, click on the Rebuy button located on the right of the remaining balance amount under the Conditions section, then click Pay to get the rebuy. Keep in mind that trading on Binomo requires knowledge, strategies, and practice on a demo account, and comes with inherent risks.

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