How to Trade on CFD in Binomo

How to Trade on CFD in Binomo


What is CFD?

CFD is an over-the-counter financial instrument. This also means that during the trading process, the traders need not buy or sell the asset itself. They just need to make a forecast whether the price will rise or fall. If the forecast is correct, they will get a profit that is determined by the difference between the opening price and the closing price.
At the moment, trading on CFD is available on demo account in the Binomo application for Android.


How to trade on CFD?

In order to open a trade on CFD, please perform the following steps:

- choose the demo account;
- open the list of assets and go to a separate section for CFD, select asset;
How to Trade on CFD in Binomo
How to Trade on CFD in Binomo
- set the multiplier: 1,2,3,5, or 10;

- select the trade amount;

- open buy or sell trade by clicking on the "down" or "up" arrow;

- close the trade manually at the desired time;
How to Trade on CFD in Binomo
At the moment of the trades opening, a fixed commission of 0.02% of the trades volume is debited from the traders demo account. Please note that if the price of an asset moves in the opposite direction to the forecast and goes 95% minus, then the trade is closed automatically.

If you do not close the trade yourself, it will be closed automatically after 30 days from the time of opening.


Features of CFD trading

1. CFD is available only in the Android application, only for trading on the DEMO account.

2. The trade amount is the sum of the purchased CFD asset.

3. Trading time: from Monday 07:00 UTC to Friday 21:00 UTC.

4. Trades on CFD on the DEMO account are closed automatically after 30 days from the date of opening, at the current price of the asset.

5. If the moment when the trade is closed automatically (see clause 5) falls on:
  • holiday (on the day when the asset is not traded)
  • weekend (from Friday 21:00 UTC to Monday 07:00 UTC)
  • any other time when the asset is not traded on the platform
then the trade is closed as soon as the market price arrives in the subsequent trading period.

6. If an asset is opened with a price gap (price hike) in the direction of the trade, the closing is carried out strictly at the market price.

         If an asset is opened with a price gap (price hike) in the direction opposite to the trade, the closing is also carried out strictly at the market price, but not lower than -100% of the transaction amount.

         Please note that only in this case the "Technical Stop Loss" can be equal to -100%, and not -95% of the initial trade amount.

7. The client can close the trade manually (before the expiration of 30 days) at any time during the working hours of the corresponding asset.

8. Technical Stop Loss. If the trade loss reaches -95% of the initial trade amount, the trade is closed automatically by the system. The reason for closing is additionally displayed in the trade history.

9. No more than 20 CFD trades can be opened at the same time on the DEMO account.

10. There is no spread, but commission is charged for the opening of the trade. The commission is charged from the DEMO balance when the client opens the trade and amounts to 0.02% of the trade volume. The size of the commission is rounded up to tenths of the demo account currency (up to cents), always upwards.

11. There are no Take Profit and Stop Loss limits (except the above mentioned Technical Stop Loss).
 
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Source: https://binomoblog.com/how-to-trade-on-cfd-in-binomo-100934
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