One of the main characteristics that differs Binomo from the rest is the tournaments. These events allow pit traders to compete against each other for their share of the prize money. Apart from the exciting possibility to test your abilities in participating, traders get an opportunity to assess their trading talents in Binomo tournaments against other users. This is also a chance to obtain plenty of cash rewards without a large initial spending.
Ways in which Binomo Tournaments Operate
Binomo regularly notifies about the upcoming tournaments on their site. There is also a possibility to get informed about the upcoming tournaments directly on your trading interface by clicking on the feature “Tournaments” on the left of the page. The duration of the tournament can vary from 1 day to 1 month. The fee to enter the event differs from $2 to $20 based on the tournament’s length and prize pool.
It is allowed only to trade financial derivatives during Binomo tournaments.
To take part, you need to pay an entry fee. The prize pool of the tournaments normally comprises a percentage from this fee, and it is usually from 60% up to 80%.
As soon as you sign up, Binomo will create a special account for the tournament with a fixed initial sum. All the participants of the tournament will receive the same sum for trading. Your main task is to enlarge your account balance within the given tournament timeframe.
At the beginning of the tournament Binomo creates a leaderboard which all of the participants of the tournament can monitor. Its principal goal is to reveal how much money every participant of the tournament has earned as well as encourage transparency.
Binomo also informs the participants on how the prize pool will be shared out. For example, between the first top-10 competitors. That’s why your target is to enter the list of the top 10 candidates. The trader who earns the largest amount of money on the tournament account receives the biggest part of the prize pool. Yet, this sum is not specified. The amount you will get as an award will depend on the sum you added to your account.
Binomo permits limitless rebuys. A rebuy is an investment into your tournament account with actual money. For instance, if you have $100 on your tournament account, you can rebuy by investing $100 from your actual account. In this way, you will get $200 on your tournament account balance. The rebuy is added to the prize pool.
Keep in mind that you can rebuy only if the current account balance and gain from open positions is smaller than the initial balance.
If you appear among the winners, your reward will be sent to your actual account automatically.
This is what you need to know about Binomo tournaments. Have you taken part in any of the tournaments here? How did you cope? We will be glad if you share your experience in the comments section below.
Best of luck!