How do Binomo tournaments work?
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
- Find the Tournaments icon on the left corner of the Binomo platform, and click on it
- 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
- Open the menu and tap the Tournament icon
- 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
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
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 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
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.