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Suppose you have long wanted to participate in Binomo tournaments but didn’t know how, so we will tell you in detail. You will find out what tournament types exist, the conditions for participating, and how they can be helpful to you.
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What are Binomo tournaments?
Binomo tournaments are time-limited trading competitions with a prize fund. You can participate in them to test your trading skills, compete with other traders and get additional income.
The traders with the highest tournament balance at the end share the prize fund. It is the goal of every Binomo tournament.
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How do Binomo tournaments work?
Binomo periodically updates the list of available tournaments on its website or app. To find out which contest is coming up soon, click on the trophy icon on the left side of the interface. It can last from one day to one month. Depending on the duration and reward, the cost of participating in a tournament can vary from $1 to $200.
The tournament ends at the time specified in the conditions. Your task is to have as many funds as possible in your account by now. In this case, you will share the prize fund with other participants who made it to the leaderboard.
How to sign up for the tournament?
Follow these steps to join the tournament:
- Click on the trophy icon on the left side of the platform (for web users) or in the menu (for app users).
- Click on the tournament you want to participate in.
- Click “Sign up”. If the tournament is free, you will not pay anything; if it is paid, you will pay the cost from your real account.
- Click “Confirm” (for web users) or “Pay” (for app users).
You are in! The tournament account will become available after the start of the Binomo contest.
Tournament account
Each tournament takes place on a separate account. All funds on it are virtual — ₮. It becomes visible after the start of the tournament and disappears after it ends.
You can always switch to your demo or real accounts from the tournament one. Also, you can have multiple tournament accounts if you participate in several competitions simultaneously. Don’t worry; you won’t mix them up because each account has the tournament’s name.
Note! A common question new traders ask is how to play the Binomo tournament. However, this is not a game. You must use all your trading knowledge to correct predictions and take one of the top spots in the tournament.
Now let’s figure out what types of tournaments are on Binomo.
Free tournament
The free contest is available to every trader on Binomo, even with a demo account. It lasts one day and is called “Daily Free”. Since a trading platform sponsors it, the prize fund is small. However, this is an excellent opportunity to show what hit you have achieved in trading! You can also earn extra funds by participating in this tournament without investing.
Paid tournaments
A paid contest differs from a free one in that the participation cost paid is added to the guaranteed prize fund. Thus, the more participants, the larger the prize fund.
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After signing up and paying for participation, you get access to the tournament account. All participants have an equal balance of 100₮ when the tournament starts. If you maximize this amount, you will appear on the leaderboard and share the prize fund with other leaders.
Accounting for tournament results in the table
A leaderboard is created at the beginning of the Binomo tournament. It displays a list of participants with the highest tournament balance. If you have made a successful trade and your balance has increased, you move up the leaderboard. Everything is as transparent as possible — the results are calculated during and before the tournament ends.
Let’s say you initially had 100₮ in your tournament account, and by the end of the tournament, you earned 520₮. The higher your balance, the higher your position on the leaderboard.
You can always see your rating in the leaderboard during the tournament. It is located in the upper right corner of the chart for web users or under the trophy icon for app users. There you can find out the end time of the tournament, the list of participants with their results, and your rating.
Formation of the prize fund
Each tournament has a guaranteed prize fund. In addition, its amount increases due to rebuys and registration fees. The prize fund must be at least the amount established by the tournament conditions.
After the end of the tournament, it is divided among traders who have won prizes in the leaderboard. The number of prize places is different for each tournament.
Tournament rebuys
A rebuy is a financial investment into your tournament account from a real one. It also increases the prize fund. Let’s say the rebuy is worth $1. Your tournament account is now 80₮, but you want to increase it. You spend $1 from your real account and get 100₮ to your tournament account. As a result, your balance will be 180₮.
So, rebuys allow you to boost the tournament balance. However, you can rebuy when your balance and open trades sum less than the initial balance. The cost of the rebuy for each tournament is different. Also, Binomo doesn’t set a limit on the number of rebuys.
To make a rebuy, go to the tournament account, click the “Rebuy” button, and pay. Its cost will be deducted from your real account, and the amount will be added to your tournament balance.
Can the tournament prize be withdrawn?
Accept your reward under the “Bonuses” section if you earned it in the tournament. The prize will get in your account, where you may freely withdraw them to any accepted payment method.
Remember that you can only withdraw funds through the payment method you used to deposit. Payment systems usually take one to three business days to transfer funds to your bank account or e-wallet.
The bottom line
Binomo tournaments offer every trader an excellent opportunity to maximize profits and test their skills in a competitive environment. You can use the information above to sign up and start your tournament journey with Binomo.
Remember that risk will always be associated with trading. Therefore, you must ensure you practice your skills by participating in the free contest before registering for paid tournaments.
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