As businesses and sectors adopt innovative solutions such as digital payments, online banking, online trading and cashless transactions, technology is reshaping economies. Financial operations are altering as a result of digital technologies in capital markets.
The incorporation of the internet is perhaps one of the most significant changes in the financial sector. Due to internet accessibility, anyone with a device can trade online. The trading industry has been one of the fastest-growing categories, fuelled by smartphones. Those fascinated by this field will often explore for information to help them grasp what online trading is all about.
Thus, with technology innovation, growth in a global economy can be observed. Global online trading attained a growth of $8.59 billion in 2021. Even if you are not a high-profile investor with a significant sum, nonetheless, the many online trading platforms available in today's challenging but promising corporate world can help you get additional income.
Today we are discussing with David Clark, APAC Managing Director at Binomo regarding how the financial markets around the globe have elevated, the contribution of online trading platforms, including Binomo, to the global economy, and how Binomo can become one of the key drivers to multiply the capital of investors in 2022.
How innovation in technology contributes to the growth of trading?
David: Traditional investing has evolved from broker-driven trading to direct analysis and execution by individual investors, especially to greater access to enormous public corporate information. Investors no longer have to depend on financial advisors as the technology has integrated many trading strategies that the traders can choose to trade according to their preference.
What are the factors that drive trading?
David: Generally, the financial market is driven by economic indicators. A trader must be updated with economic and political information every time. Similarly, Binomo integrates an economic calendar that lists all significant upcoming and past events that can impact the financial market.
What are trending financial assets for 2022?
David: There is a range of financial assets available including equities, commodities, financial indexes and currency pairs. Nonetheless, to earn higher yields, traders must look at the assets – Coca-Cola, McDonald’s, Apple, Dollar and Gold.
How is Binomo different from other online trading platforms in Pakistan?
David: Binomo is an internationally recognized trading platform that offers 70+ financial assets. In other words, traders in Pakistan now have access to get additional income in the international market. Not to forget, traders can also have access to trending financial assets through Binomo.
Secondly, Binomo is created for both beginners and experienced traders. Therefore, before trading on the real account, traders can use a demo account to gain knowledge through charts and other insights without risking their funds. Your demo account will have $1,000 to learn trading with.
Thirdly, there is an automatic verification service that minimizes the time it takes to verify the account holder's identity to 10 minutes instead of several days. This is known as FTT mechanics which allows traders to trade with a short expiration time. In addition, other benefits include:
● The platform offers 24/7 customer support service.
● The educational material is based on trading strategies for both beginners and experienced traders
● The low trading entry threshold thanks to a $10 minimum deposit and minimum investment trade are $1.
● All traders can participate in the tournament as the platform doesn’t believe in discrimination
Can beginners use Binomo for trading?
David: Binomo, as previously stated, is suited for both beginners and experienced traders. Beginners are given special consideration. The platform includes comprehensive training tools, including step-by-step video lessons on how to trade on Binomo, a Strategy section, a Glossary, a demo account, and a free tournament called "Daily Free," where you may learn and improve your trading skills.
How does Binomo encourage experienced traders to trade?
David: Binomo offers various benefits to experienced traders as well. This includes:
● 70+ high yielding financial assets
● Variety of chart analysis tools: indicators and charting tools
● No overloaded trade room
● VIP status with its benefits like Prestige Club. Thus, it is a premium package with extra benefits available to VIP traders who have deposited $3,000 or more per month. The following membership leads to gaining deposit bonuses of up to 300%. Moreover, premium tournaments are held that are high-level closed contests for the ideal traders with valuable rewards.
It seems like VIP members have greater benefits. Does this link to the term “Binomists” that is often been used by many on the internet?
David: That’s not certainly true. Binomists can be anyone: a friend, coworker, or neighbor. They are connected by one thing: a desire to attain their trade objectives. Binomists don't believe in luck. They take advantage of every opportunity to improve their trading abilities, such as learning new methods, practicing on a demo account, and competing in tournaments. Binomists recognize that following this path will aid them in achieving trading success.
Trading is said to be incomplete without analyzing the charts. So, how do technical charts on Binomo help the traders?
David: That’s certainly true! A chart for the trader is an essential tool that displays the price dynamic of a chosen asset in real-time. Traders can adjust the chart according to their preferences. Binomo offers 4 chart types – Mountain, Line, Candle and Bar. Usually, traders prefer the Candle chart but again at the end of the day, it depends on the preference. Traders must select the time frame to examine how often the prices have changed.
A chart scanner supports the traders to monitor and identify the trend. The trends comprise 7 moving averages: Exponential Moving Average (EMA), Simple Moving Average (SMA) and Hull Moving Average (Hull).
Moving further to regulations, it is important to choose a licensed trading platform. Does Binomo offer that?
David: Yes definitely. We believe in offering a reliable and secure trading platform to the users. Thus, in order to maintain its credibility, Binomo is regulated by The Financial Commission since 2018 and categorized as an ‘A’ category member.
The platform's credibility is additionally ensured through a Verify My Trade audit, which Binomo proactively passes it. Every month, this impartial body examines 5,000 trades on the site, certifying their quality with a specific certificate.
Does Binomo offer convenient payment methods for traders in Pakistan?
David: Yes, Binomio is linked with a range of international and local payment methods for the convenience of investors. The payment methods include AdvCash, AstroPay, Perfect Money, STICPAY, Mastercard, CashMaal, UnionPay, Visa, American
Express, JCB. However, an investor can only use the bank card/e-wallet verified by its name.
Similarly, traders can easily cash out their returns as well. All they need to do is, click the deposit button at the right top corner, choose “Pakistan” as the country and select any payment methods associated with Pakistan. The status of your deposit will be "Pending" when you deposit it. The payment provider is presently processing your transaction, as indicated by this message. Processing times vary per service provider. If there is no national holiday or any other payment provider's regulation, the payment is processed within a few hours on average.
On the other hand, the withdrawal processing time for each account varies. The Standard account ensures the payout in 3 days, for the Gold account in 24 hours along with cashback of 5% and for the VIP account in 4 hours along with cashback of 10%. Based on the investor’s country, the payment provider has the right to charge a deposit and/or withdrawal fee. The fee rate may vary accordingly.
Why do asset prices on Binomo vary from other platforms?
David: When comparing asset prices across several platforms, traders may notice slight variations. It's owing to the fact that quotations from suppliers and platform response times differ. We use asset prices offered by reliable companies and significant news agencies, as well as other platforms. Our vendors offer the quotes, which we then export directly to the platform using specialist software without any modifications or revisions.
How useful is the customer support provided by Binomo?
David: If you visit the website, a chat window will pop up and provide you with a live chat option that supports multiple languages. However, if your concern doesn’t require an immediate response then you may send an email to support@binomo.com.
What strategies would you recommend for traders to conduct efficient trading?
David: The primary goal of trading is to accurately predict the movement of an asset to get additional income. Every trader adopts its own strategy to forecast the trends precisely. However, here are a few key guidelines that I would like to recommend:
You can use a demo account to explore new assets, strategies, and indicators without risking any funds. It's usually a good idea to be prepared while trading.
Begin by trading with small amounts, such as $1 or $2. It will assist you in gaining confidence and testing the market.
Make use of assets you're already familiar with. This will make it easier for you to anticipate changes. Begin with the most popular asset on the platform, the Oil, for example . However , trading with over-the-counter(OTC) financial instruments involves significant risk.
The article does not necessarily reflect the opinion of Business Recorder or its owners