What are Binomo tournaments?

Binomo tournaments are trading competitions with a prize fund that are time-limited. They provide an opportunity for participants to test their trading skills, compete with other traders, and potentially earn additional income.

At the end of a Binomo tournament, the traders with the highest tournament balance share the prize fund, which is the objective for all participants.

Can you please explain how Binomo tournaments work?

Binomo updates its list of tournaments regularly. To check upcoming contests, click on the trophy icon on the left side of the interface. Tournaments can range from one day to one month. The cost of participating varies from $1 to $200, depending on the duration and reward.

The tournament concludes at the designated time mentioned in the conditions. Your objective is to accumulate the highest amount of funds in your account by this point. In this scenario, you will split the prize fund with other participants who have achieved a position on the leaderboard.

Please provide instructions on how to register for the tournament.

Please follow these steps to join the tournament.

To access the trophy icon, web users should click on the left side of the platform, while app users can find it in the menu.

Please select the tournament in which you would like to participate.

Clicking “Sign up” will determine if the tournament is free or paid. If it’s free, there won’t be any charges, but if it’s paid, the cost will be deducted from your real account.

Please click “Confirm” (for web users) or “Pay” (for app users).

Upon joining, the tournament account will be accessible once the Binomo contest begins.

Tournament account

During each tournament, the funds on the separate account are virtual and denoted by ₮. The account becomes visible once the tournament begins and disappears when it ends.

Users have the option to switch between their demo or real accounts from the tournament one. Additionally, if they are participating in multiple competitions simultaneously, they can have multiple tournament accounts without any confusion, as each account is labeled with the tournament’s name.

New traders often ask how to play the Binomo tournament, but it’s important to understand that it is not a game. To succeed in the tournament, you need to apply your trading knowledge and make accurate predictions to secure a top spot.

Now let’s explore the different types of tournaments available on Binomo.

Free tournament

Every trader on Binomo, including those with a demo account, can participate in the free contest called “Daily Free”. It only lasts for one day and is sponsored by the trading platform, so the prize fund is small. However, it’s a great chance to showcase your trading skills. You can also earn additional funds by participating in this tournament without any investment.

Paid tournaments

A paid contest is different from a free one because participants have to pay a participation fee, which is then added to the prize fund. As a result, the size of the prize fund increases with the number of participants.

Upon registration and payment, participants are granted access to the tournament account. Each participant begins with an equal balance of 100₮ at the start of the tournament. By maximizing this amount, participants will have the opportunity to appear on the leaderboard and share the prize fund with other top performers.

Including tournament results in the table.

At the start of the Binomo tournament, a leaderboard is formed. This leaderboard shows the participants with the highest tournament balance. If you have a successful trade and your balance increases, you move up the leaderboard. The calculation of results is transparent and done both during and before the tournament ends.

If you started with 100₮ in your tournament account and ended with 520₮, your position on the leaderboard will be higher based on your balance.

During the tournament, participants can view their rating in the leaderboard. The leaderboard can be found in the upper right corner of the chart for web users or under the trophy icon for app users. It provides information about the end time of the tournament, the list of participants and their results, as well as your own rating.

The prize fund is formed.

Each tournament has a guaranteed prize fund which is further increased by rebuys and registration fees. The prize fund must meet the minimum requirement set by the tournament conditions.

After the conclusion of the tournament, it is distributed among traders who have earned prizes based on their rankings. The number of prize positions varies for each tournament.

Tournament rebuys

A rebuy is when you invest money from your real account into your tournament account. This increases the prize fund. For example, if you spend $1 from your real account, your tournament account balance will increase by 100₮. So, if your tournament account balance was originally 80₮, it will now be 180₮.

Rebuys can increase your tournament balance. You can only rebuy if your balance and open trades total less than the initial balance. The cost of rebuying varies for each tournament. Binomo does not have a limit on the number of rebuys.

To initiate a rebuy, access your tournament account and locate the “Rebuy” button. Click on it, follow the payment process, and the corresponding amount will be deducted from your real account and added to your tournament balance.

Is it possible to withdraw the tournament prize?

If you have earned a reward in the tournament, please accept it under the “Bonuses” section. The prize will be deposited into your account and you can freely withdraw it using any accepted payment method.

Please note that withdrawals can only be made through the payment method used for the initial deposit. Transfer times for funds to your bank account or e-wallet typically range from one to three business days.

The bottom line

Binomo tournaments provide traders with the chance to increase profits and showcase their skills in a competitive setting. Use the information provided to register and begin your tournament experience with Binomo.

It is important to be aware that trading always carries a level of risk. To enhance your skills, it is recommended to participate in free contests before registering for paid tournaments.