Today, many trading platforms are quite popular, one of which is the Binomo app. How to play Binomo for beginners is very easy and simple. Therefore, it is not surprising that Binomo is often recommended for novice traders.
Even so, that does not mean Binomo is only intended for beginners. Various other facilities are available for advanced users and will attract experienced traders in the binary options field.
In this article, we will discuss how to play Binomo for beginners. We’ll start with the most basic things like how to start trading with your demo account.
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How to Use the Binomo Demo Account?
Binomo has two types of accounts available, namely Demo Account and Real Account. A demo account is an account that is used to simulate trading on Binomo. All the features and information you receive in the Demo Account are the same as in the Real Account, but the funds you use are simulated only.
Why do you need to use the Binomo Demo Account optimally? As we already know, binary options are a type of trading that has a high risk. Therefore, if you have decided to play Binomo, make sure that the funds you use are “safe” funds. Do not use funds that are not prepared to suffer losses or losses.
With a Demo Account, you are free from the risk of loss due to trading so you don’t have to worry about experimenting. Once you get used to it and feel confident, then switch to a Real Account.
How to deposit Binomo?
After you are satisfied with trying the Demo Account, you can continue to deposit on the Real Account. The trick is to login into your Real Account, then click Deposit on the top right. Select your country on the Country menu, then you will be shown various choices of sources of funds, including Visa, Mastercard, and others.
After selecting the source of funds, you can enter the number of funds you want to deposit. If you are a beginner in binary options, it is recommended that you deposit the minimum amount first, which is $10. Do not be easily tempted by bonuses or similar offers. Remember, the funds you deposited can be completely lost if you make the wrong decisions in trading.
How to Choose an Asset Type on Binomo?
After making a deposit, you can now choose the type of asset to trade on Binomo. Binomo provides various types of assets, including currencies, company shares, cryptocurrencies, and commodities.
If you have struggled in the world of trading and investing before, choose an asset that you already know and understand the ins and outs of. Understanding the type of asset will help you in determining the strategy later.
How to Use Basic Keys on Binomo?
After selecting the type of asset, a graph of the price movement of that asset will appear on the screen. You can see how the value of the asset goes up or down in a given unit of time. To select the unit of time, you can click the circle button on the bottom left that says 5s. 5s means five seconds, the graph on the screen will show the value movement per 5 seconds.
You can also select the type of chart you are using, such as a hill, line, candlestick, or bar chart type. The trick is to click the circle button above the time unit button earlier.
By controlling the two buttons, you will control the shape of the chart and your point of view in determining the strategy.
On the right, you’ll find four basic create buttons and menus, namely Amount, Time, green arrow up, and red arrow down.
The Amount menu is used to enter the number of funds you want to bet. If you are a beginner, start with the smallest number, for example, $1. Meanwhile, the Time menu is used to determine the trading period you want.
The green arrow means that you predict that in the timeframe you specify, the value of the asset will be higher. The red arrow means that you predict that the value of the asset will be lower. If your prediction is correct, then you get the amount of money you bet along with the profit. However, if your prediction is wrong, then the amount of money you entered in the Amount menu will disappear completely.
Therefore, study binary options patiently and carefully. Don’t be in a hurry and make it a trading event. Take advantage of the Demo Account on Binomo and master all its features so that you become a smart trader.