How to trade cryptocurrencies with Binomo? ++ Guide (2023)

Cryptocurrencies are everyone’s favorite assets to trade. Many trading platforms offer various Cryptocurrency assets to their clients. Even Binomo allows you to trade a few cryptocurrencies online.

You can trade Bitcoin, Litecoin, and Bitcoin Cash on Binomo. Even though Bitcoin and Bitcoin Cash might seem like the same currency, both have different blockchains and specifications, which makes them two separate currencies. You can trade both these currencies on Binomo. 

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Trading cryptocurrencies on Binomo

Binomo is one of the most loved online trading platforms. It offers you 42 different assets to trade, and Cryptocurrencies are one of them. The circulation and popularity of Cryptocurrencies are ever-growing.  

Though we can date the origin of Cryptocurrencies back to 2008, they are gaining much popularity only now. A trader can make huge profits by trading this digital money. 

Unlike other online trading platforms, it is not a hassle to get started with trading Cryptocurrencies on Binomo. You can follow these steps to trade Crypto on Binomo. 

Step 1: Sign Up for the Binomo trading account

The first thing you should do to trade Binomo Crypto is to sign up for an online trading account. The process does not involve any complications as you only have to enter a few details like your email ID, phone number, etc., and create your Binomo trading account.

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Step 2: Verify your account and fund it with a minimum deposit

In the next step, Binomo shall ask you for your identity verification. You can provide them with the requisite documents to complete the verification process. When all the documentation formalities are complete, you can fund your Binomo account with a minimum deposit to start trading Binomo Crypto. 

Step 3: Choose your asset to trade

After you have finally chosen the account type on Binomo, verified your identity, and funded your account with a minimum deposit, you can select the asset you want to trade. To do this, you can log in to your Binomo trading account and click on the dropdown list. 

The dropdown list appears on the Binomo logo’s right side. The dropdown list will open a list of assets available to trade on Binomo. This list will present you with all the choices, including Litecoin, Bitcoin, and Bitcoin Cash. 

You can select the Cryptocurrency you wish to trade from this list. Once you choose the Crypto, a chart will appear on your screen, and you are ready to buy or sell your favorite Cryptocurrency. 

For example, if you wish to trade Bitcoin on Binomo, you can choose Bitcoin from the dropdown list, and the Bitcoin chart will appear on your screen, enabling you to deal with it. That is all you have to do to trade the Binomo Crypto.

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Some terms you should know while trading crypto 

Cryptocurrency trading on Binomo

You should acquaint yourself with a few terms while trading Cryptocurrencies on Binomo. 

These terms are:

Spread

Every trader has heard of the word ‘spread‘ in trading. Advanced and professional traders might know everything about it. Even beginners might have heard or read about this word while researching trading. 

Generally, the word ‘spread’ has a wide connotation in derivative trading. However, it is widely used in Cryptocurrency trading as well and refers to the gap between the Ask Price and the Bid Price.

Multiplier

Another word about which you should know while trading Crypto is the multiplier. While trading Cryptocurrency on Binomo, if you ever come across a word such as BTCx100, x100 is nothing but the multiplier. 

The multiplier means the leverage which gets applied to any asset. 

In more simple terms, BTCx100 means that the amount you invested in your Bitcoin trade will be able to control Bitcoin that goes above 100 times its value. 

The multiplier effect works wonders on your investment. Interestingly, if you put $100 into a BTCx100 trade, your trade would amount to $10,000 in regular BTC. 

The multiplier enhances your online earning potential and makes things uncomplicated for traders willing to invest a lot of money. 

However, a trader should always make planned and strategized moves to make profiteering trades. If the trader does not make the right trading decisions, he might lose his investment even while investing in BTCx100. 

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Change

A trader should be aware of the term ‘change’ while trading Cryptocurrency online. A ‘change’ is nothing but a depiction of the rise or fall in the asset’s price. 

It tells you if the price of your traded Cryptocurrency has risen or fallen over the past 24 hours. If a trader understands how to use ‘change’ accurately, he will be able to make the adept decision about entering or exiting a position or buying or selling a Cryptocurrency. 

Is it all right to invest in crypto on Binomo?

If you wonder about safety while investing in Binomo Crypto, you don’t need to worry. Binomo is a regulated broker, and a trader does not need to worry about trading with the broker. 

However, it is paramount to learn trading before investing a sum of money. No trader can shield himself from making a few losses as trading is not all sunshine. 

Investing in Binomo Crypto is a perfect option for traders who wish to invest their funds in the long term. The popularity of Cryptocurrency is not coming to a halt, and it is this popularity making this asset highly volatile. 

During its peak time, many investors have earned plenty of profits trading Cryptocurrency on Binomo.

Cryptocurrency is not a suitable asset for beginner or short-term traders looking to buy and sell their assets to profit. However, if you wish to invest in Cryptocurrency for a long time, you can start right away without a second thought. 

Many traders make immense profits trading Cryptocurrency on Binomo. Sometimes, the asset is not much volatile, and it is easy for the trader to hold his position for some time and gain from it. But, once this price falls out of its stability zone, it can become highly volatile and thus become an unfavorable trading asset for short-term traders. 

So, if you wish to trade Binomo Cryptocurrency with all your heart, you should invest in it for the long term. 

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Trading Binomo crypto

To trade any asset, you will have to work on your trading strategy and accept that any trading strategy cannot always be successful.

To trade Cryptocurrency with Binary Options, you can perform best by using the resistance and support levels. A beginner should keep one thing in mind about Cryptocurrency it stays within a certain limit before becoming highly volatile. 

The Cryptocurrency trends usually last for some time, which simplifies checking the resistance and support levels through their charts. A trader can use charts like the 1-hour interval charts to figure resistance and support levels. Once you can do that, you can switch to the charts of shorter intervals. 

Trading Cryptocurrencies is not completely unfavorable for beginners. If you have accurate guidance and expert advice, you can make high profits by trading Cryptocurrencies. It would be best for you to trade Cryptocurrency on Binomo if you have the patience to hold your position for long. If you are skeptical about trading Binomo Crypto, you can start with the demo account. You will be able to gather some knowledge about Crypto trading through your Binomo demo account. 

Conclusion – Trading cryptocurrencies on Binomo is easy

The Cryptocurrency craze among the investors is not fading away any time soon. There are plenty of online trading platforms allowing their users to trade Cryptocurrencies online, but Binomo is the best among them. 

Most beginners prefer to trade Cryptocurrencies on Binomo because of its simple user interface. You can sign up with Binomo today to start trading Cryptocurrencies like Bitcoin, Litecoin, and Bitcoin Cash. 

Before getting into the real Cryptocurrency market, a trader should ensure he does his research. You can use the Binomo trading tools and indicators to draw inferences about the market. Also, try to maintain your patience levels while trading Binomo Crypto, and you will be fine!

Stop using Binomo: Start trading with the best alternative Quotex!

(Risk warning: Your capital can be at risk)