What are the FX financial products on the Binomo Platform and How to Trade Them?

FX financial products on BinomoThe FX financial products overview

The FX financial products are the Forex financial products exchangeOpens in a new tab. financial products which means they are the contracts for the exchange of the currencies. The contract allows you to trade one currency for another at a specific time at a fixed rate.

You can choose between two kinds of the FX financial products. The first one allows you to buy a particular asset and is called a CALL option. The second one is known as a PUT option and carries the right to place the sell order.

You can trade financial products according to predicted market direction
You can trade financial products according to predicted market direction

Trading the FX financial products on the Binomo platform

To trade the FX financial products you must follow a few steps. First, you need to determine how much you would like to invest in this particular transaction. Write the correct amount in the top right field or use plus/minus buttons. Then, decide on the expiration time for your option. Again, you may use plus/minus keys or choose an exact time after you click on the Time window. The last step is to decide which type of the FX option you are going to trade. Choose the green button for a call option and the red one for a put option.

You need to define trade amount, expiration time and predict direction
You need to define the trade amount, expiration time and predicted direction

Once you open the trade, you will see the remaining time and the expiration time on the chart. The red vertical line represents the end of your transaction.

Expiration time is shown on the chart (red line)
The expiration time is shown on the chart (red line)

In the top left corner of the Binomo platform, you will find the clock icon. You can review all your opened transactions there. You will see all the details about your trade that is what the currency pair is, how big the investment is, when the entry took place and when the trade is supposed to finish. Moreover, you will get a preview of the expected profit.

You can monitor open position by clicking clock icon
You can monitor open positions by clicking the clock icon

The Forex financial products exchange financial products gain popularity every day. Learn more about them and give them a try on the Binomo demo account. This is a place where you can open risk-free transactions so you do not have to worry about losing your money. This is a place where you have an amazing opportunity to practice different assets, to find out which hours suit best to your trading style or to perfect your strategies. Make good use of this practice feature. Let us know if you have some experience trading the FX financial products. You may also ask your questions in the comments section down below.

Enjoy your trading!

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