What do you do first when you start trading on a brand new platform, like Binomo, for example? If you ask us, the first thing you should do is to familiarize yourself with the Binomo trading interface.
Luckily for you, the Binomo trading interface isn’t difficult at all to navigate, even if you’re a complete beginner. In fact, everything you could possibly need in a trading platform is already laid out right on your screen, so that you can see everything from the get-go. There are also no confusing buttons or deep menus that you need to dig through in order to access all the features and tools that you need for trading.
In this guide, I’ve made a list of all the features, what they are, and how you can use them in your trading experience!
Features on the Binomo trading interface
1. Selected instrument
This option shows you the instrument that you’re trading at the moment. You can also click on it if you want to change your currently selected asset.
2. Open a new instrument
Clicking this option will show a list of all the instruments you can trade on the Binomo platform, which includes currencies, financial derivatives, and cryptocurrencies, such as BTC, LTC, USD/JPY, and EUR/AUD, among many others.
3. Dropdown menu
This button brings up a dropdown menu showing 4 main pages, namely VIP, For Traders, Training, and Information. These are all very important if you want to get to know the Binomo trading platform better.
4. Trading history
The trading history shows a record of all your recent trades. It includes details like the financial asset you were trading, the date and time of the trade, the amount you invested, the amount you lost or gained, and the entry and exit amount. You can use the trading history to improve your trading journal.
5. Strategies and guides
This button brings up a list of different strategies and guides that you can implement in your trading sessions. They are divided further into three sections: beginner, experienced, and professional. It might do you some good to browse a few of these strategies and try them out yourself.
One of the best extra features of Binomo is the regular tournaments. You typically have to pay some money in order to join the tournament, but there’s also a free daily tournament with a prize pool of $300. You can use join tournaments if you want to augment your profits from regular trading.
7. Economic calendar
The economic calendar shows any important economic news related to the various tradeable assets on Binomo. Make sure to check this often since trade prices can be highly impacted by economic events.
The gift tab shows all the gifts that you receive in the Binomo platform, which includes tournament prizes and bonuses from deposits. If you only have a demo account, this section will be empty since it only works if you have real money invested in your account.
9. Chart preferences
Clicking the button ‘Chart preferences’ will show two tabs, the Indicator tab and the Tool tab. The Indicator tab shows all the indicators that you can use on the Binomo platform, such as the RSI, MACD, Stochastic Oscillator, etc. The Tool tab contains various graphical tools that can help you with trading. For instance, you can use the Line tool to create support and resistance lines.
10. Chart type
There are four chart types on Binomo: Candlestick, Line, Mountain, and Bar. Candlestick is the most common chart used by both beginners and experienced traders alike. All chart types have their own strengths and weaknesses though, so it would do you good to explore using different types every now and then.
11. Time period
Time period refers to the time interval between sessions on Binomo. If you choose 15 minutes, for example, there will be a new bar or candle for every 15 minutes that pass. If you choose 30 minutes, a new candle or candle will develop only after 30 minutes.
12. Support team
Click on this button if you want to contact the support team.
13. Deposit funds
You can use this feature to make a deposit to your real account. You can also use it to withdraw funds, view your transaction history, and view the different account types.
14. Account type
This feature shows what your current account type is, as well as how much money is remaining in your account. You can also click on this button to switch your demo account to the real account and vice versa.
15. Trade amount
This shows the amount of money at stake should you enter a trade. You can adjust it by clicking the plus or minus signs at the right or manually typing the amount you wish to trade.
16. Trade expiry
Trade expiry refers to the time that your trade will expire. You can manually set the time yourself by picking a preset time or by clicking the plus or minus signs at the right.
Click the Higher button if you think the market price will increase.
Click the Lower button if you think the market price will decrease.
Trading on the Binomo trading interface
1. Total investments
This is the total money that you’ve got invested in the current trade. In this case, it says $1 because I only invested $1 in this particular trade.
2. Expected monetary earnings
Depending on the movement of the market, this number shows the monetary value of how much you are expected to gain or lose. Take note that you’ll only see the final value once the trade has expired.
3. Time remaining
This feature shows how much time is remaining before the trade expires. As you can see, my current trade still has 52 seconds before it expires.
4. Next trade time
This feature is depicted by a vertical line with a countdown encircled at the top. This number shows how much time you’ve got left before you can enter another trade.
5. Trade amount
This number refers to the amount of money you put in the trade. Since I only invested $1 in my current trade, this number also shows $1.
6. Expected percentage earnings
Here you can see my expected earnings or losses from the trade including the percentage. In this trade, I’ve got an 83% return, which means my expected earning is $1.83.
7. Majority opinion
This is a helpful feature that shows which position that people are betting at the moment. In my current trade, it’s a 70-30 scenario. 70% of people are voting Lower while 30% are voting Higher.
As you can see, it’s very easy to familiarize yourself with the Binomo trading interface, especially if you use it to practice your trading skills. Make sure to sign up now for a demo account – it’s completely free of charge!
Do you have any questions or clarifications about the Binomo trading interface? Feel free to ask us in the comments below!
Good luck on your trading journey with Binomo!