One of the main characteristics that differ Binomo from the rest is the tournaments. These are the events when pit traders compete against each other aiming to get their share of the prize money. Apart from the possibility to get plenty of fun from participation, traders got a chance to assess their trading talents in Binomo tournaments. This is also an opportunity to obtain plenty of cash rewards without spending a lot.
Ways Binomo Tournaments Operate
Binomo will notify about the upcoming tournaments regularly on their site. There is also a possibility to get informed about the upcoming tournaments via your trading interface. You just need to click on the feature “Tournaments” on the left in the interface. The duration of the tournament can vary from 1 day to 1 month. The fee to enter the event also differs from $2 to $20 based on the tournament’s length and prize pool.
It is allowed only to trade options during Binomo tournaments.
To take part, you need to pay an entry fee. The prize pool of the tournaments usually comprises a percentage from this fee, and it is usually from 60% to 80%.
As soon as you sign up, Binomo will make a special account for the tournament with a fixed 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 tournament timeframe.
At the beginning of the tournament, Binomo makes a specific leaderboard. All the participants of the tournament can monitor it. Its principal goal is to reveal how much money every participant of the tournament has earned. It will encourage transparency.
Binomo also informs how the prize pool will be shared out. For instance, between the first 10 competitors. That’s why your target is to enter the list of the first 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 just 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.
May the force be with you!
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