Some years ago when I did not know anything about Binomo Forex Trading, I came across a woman that was discussing Forex Trading with her colleague at workplace, and one of those things they discuss was the volatility and liquidity of Forex market which is how risky and profitable it was then.
But what they talked most was how dangerous it was Trading Forex.
They were of the notion that if you do not have a robot that will be trading on your behalf, then you cannot be able to make money on Binomo Forex trading.
What got me scared was that the cost of purchasing a robot and the minimum deposit like they said was up to $400, and I could not afford that.
But even at that, I continued with my research for a better option till recently I came across Binomo trading platform that helps me to make money by trading on forex and other stocks. There are so many trading platforms, but we are Using Binomo as a case study.
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How to Open a Forex Trading Account on Binomo
Just like every other trading platform, Binomo is one of the easiest when it comes to account opening. Just log on to www.Binomo.com. Then you can sign up with your Google, Gmail or Facebook Account.
If you sign up with your Gmail, you need to go to your mailbox and verify the account before trading.
If you also use Facebook, it will retrieve your Facebook details, and you can start trading immediately, but that does not mean that you will no longer verify the account.
After verification, it will take you to the trading platform where you start trading, but before you start trading, you need to deposit to your account.
How Do I Deposit Using My Naira MasterCard or Visa Card
When you have mastered the trading interface, the next thing should be how to deposit to the platform. When you want to deposit cash, you will see by the right-hand side, cashier and click on it then another window will open asking you how you wish to deposit money, whether it is by visa or master card or even bank transfer.
For me I use the master card, then you type in your card number and pin it will be credited immediately, and you will get a debit alert from your bank. At this juncture, you’re ready to trade and make money online trading forex on Binomo platform. The next thing to talk about is how to trade.
How do I Know When To Trade Forex?
In this section, we will learn the right time and day to trade. Generally, it is advisable to trade forex from Monday to Wednesday then you stay off for the rest of the days.
The reason for this is that market is always noisy that means so many people are buying and selling during those days, but from Thursday to Friday the population of the market begins to reduce, at this point your trading on your own risk.
This is the principle that is guiding the global forex world for those that wants to succeed, but that does not mean that the market will be closed, the market will be open, but you will also notice that the indicator (indictors are lines that shows the direction of the market) will not be moving fast the way it moves on Monday to Friday.
Another thing that affects forex market is strike and holiday. Whenever Banks in America are on holiday or strike it, do affect the general forex market.
But there is a way to check all these things, even the number of people trading in the whole world and the stocks they are trading.
The website is www.forexfactory.com. You will get every information or news you need as long as forex trading is a concern.
Since this one is satisfied we move to on-site analysis, at the left-hand side of the website, you will see different stocks to trade such as Bitcoin, Etherium, USD, bitcoin cash, Monero and many of them.
All of them have their time of opening and closing along with their percentage. For instance, Euro/Usd open 6. A.M in the morning and closes by 8.P.M at night.
Anyone that is open you will see it attached with it percentage such as 60%, 70%, 80% or 90%, the rate means the possibility of making a profit from that particular stock and those without percentage implies that they are closed you cant trade on them.
When you select the one you want to trade and the type of indicator you want like moving mountain or Candlestick depending on the one you will understand, for me I like using Candlestick. You lookout for the radar by the right-hand side of the website.
Radar is an important thing for consideration in Binomo Forex trading, in that website the radar appears on red and green colour with percentage, the red one shows that the stock is going downward trend and the green one shows that the stock is going upward trend.
The radar tells you the percentage of people predicting up and down even robots.
Let us take for instance you want to trade that the stock is going upward, but the percentage is 40 or 50 you don’t purchase because it can change very fast here, but when it is from 60, 70 and above that is a perfect time to buy and make on Binomo forex trading platform. Once you win a trade, it will be credited to your account immediately.
When you place an order, you will see the amount you set and the duration of expiry, and I mean the time that the trade will expire.
The time can be 1,2,3,4,5,10, 15 minutes. it can also be in the form of weeks and months depending on your choice but the best time frame is 5 minutes.
If you place a trade that after 5 mins a particular stock will rise and after 5 mins it remains up then you win the trade, the same thing applies to a downward for trend.
What are the Devices that I can Use To Trade Forex On Binomo?
Technology has made things easy for us these days in the sense that most of the websites we do visit are now transformed into a simple app.
Binomo has an android app where you can trade and monitor your trade at any time from anywhere.
It supports at least Android version 4.0. log on to google play store and type Binomo trading app it will appear for you to download and start making money on Binomo trading platform.
If you have a laptop or desktop, it is also good. Still, the essence of creating an android application is that you can get notify about the market trend and even place a trade at anytime you want as long as you have access to an internet connection.
How to Withdraw From Binomo
To withdraw your fund from Binomo is as easy as anything you can think of, here the minimum withdrawal is #1,800(One Thousand Eight Hundred Naira).
Just click on the cashier where you get to deposit and withdrawal, then click on removal and input your card details or your bank details and the amount you want to withdraw, you will get a credit alert within the next 30 minutes. You can also use your fund to invest in their platform.
Binomo Investment Plan
When you open an account, you will be given two account option, the demo and the real account.
The essence of a demo account is for you to learn the interface and how to place a trade. When you have mastered the whole platform, you can now deposit and trade on a real account; to make real money.
These two accounts are different from investment account through similar.
The investment account is the type of account that you also open in the Binomo platform, you will be required to maintain a particular amount in the report for one week then you will qualify for their weekly dividend share.
You can trade with this account, but you must maintain the agreed amount like 1,800, 3,000, 5,000, 10,0000 etc. This type is suitable for those that don’t want to trade.
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I believe that the information gotten from this article can make you a professional when it comes to online forex trading.
Still, the most important thing is not getting the information but acting towards it.
So you’re advised to start from somewhere even if it is to open a demo account and start practicing for the meantime before you know it you will be a forex trading master.
There is risk in everything we do in life. Procrastination is the thief of destiny.