Customers are increasingly preferring to pay through EMIs while buying high-value consumer items, as affordability has become a key factor in the post-pandemic scenario, payments solution provider Ezetap said on Thursday. Buying ability of consumers across the country has been significantly reduced due to the pandemic. They are either avoiding a single big payment or entirely skipping to buy any new item, Ezetap said.
This has impacted sales across brands and created a vast need for affordable solutions for customers across different sectors.
Ezetap has recorded a steep increase of 220 per cent in the transactional volume of equated monthly instalments (EMI) in July 2021, compared to February 2020. EMI volume as part of total transactions has increased to 18 per cent in the mobile and consumer durables segment, compared to 9 per cent in the pre-pandemic period of March 2020, it said.
“This indicates a growing inclination of consumers towards affordability solutions, which help increase their purchasing power. This also indicates that EMI or affordability presents a massive opportunity for brands to grow their sales across diverse product segments,” it added.
Delhi led metro cities with an increase of 258 per cent in total EMI volume followed by Bengaluru, clocking a growth of 206 per cent.
There has been a significant increase in the adoption of EMI transactions in non-metro cities with a combined contribution of 59 per cent in the total EMI volumes. Ahmedabad and Pune registered growth figures of 230 per cent and 210 per cent, respectively.
“This shows that affordability solutions play a positive role in impacting sales…This may be partially attributed to the fact that a large portion of the working population have moved back to their hometowns due to work from home models, and have contributed to EMI sales in their respective hometowns” it added.
According to Ezetap, a surge in debit card EMIs is one of the main reasons behind the steep increase in such transactions and it has increased significantly with nearly 25 per cent contribution in the total EMI volumes.
Through a tie-up with several banks, Ezetap offers instant EMIs via credit and debit card. The average ticket size of EMI transactions recorded by Ezetap has increased from Rs 18,000 in February 2020, to Rs 32,000 in July 2021.
In a move to expand the benefits of EMIs, Ezetap has also tied up with ZestMoney to provide NBFC EMIs.
Another factor for large-scale uptake of EMIs is no-cost EMIs and vouchers available to customers by various brands. Nearly 50 per cent of Ezetap EMI transaction volume can be attributed to no-cost brand EMIs, it said.
On the mobile and consumer durable space, there is at least one card offer being rolled out by various brands to drive more sales. Ezetap has also partnered with Xiaomi to provide EMIs to customers.
Customers are avoiding bulk payments and preferring affordable payment options to reduce the monetary burden, and some non-metro cities have growth of over 200 per cent in EMI transactions, Byas Nambisan, CEO, Ezetap, said.
“We have been able to reduce the transaction time by nearly 80 per cent and eliminate the manual errors with EMI integrated into the merchant’s billing POS. We will continue our efforts to provide the retail businesses with robust and integrated Buy Now Pay Later solutions, like EMIs, to improve the purchasing power of their end customers,” he said.
People have been investing in gold for ages, and the yellow metal is considered a safer investment option than, say, debt and equity. Now, unlike in the past, there are other options to invest in gold, and this article is about one that is fast becoming popular — digital gold. But before you proceed further a disclaimer: digital gold does not come under the purview of any financial sector regulator; it’s a regulatory grey zone.
What is digital gold Like the term suggests, ‘digital gold’ is an online product which enables you to hold gold virtually without owning a safe or bank locker. The seller keeps an equivalent weight of physical gold in a secure vault for each online buy. There are no minimum purchase limits, so you can buy for as less as Rs 100.
Where you can buy Digital gold service providers like Gpay, Phonepe and broking firms like Paytm Money, HDFC Securities, Motilal Oswal, etc allow investors to buy gold in small amounts to incrementally build gold holdings. Buyers can sell or convert it to physical gold – like coins and ingots – whenever they want.
Digital gold providers In India, gold is offered and stored in vaults mainly by three companies a) Augmont Goldtech b) MMTC-PAMP India, which is a joint venture between the government-owned Metals and Minerals Trading Corporation of India (MMTC) and Swiss company MKS PAMP c) Digital Gold India, with its SafeGold brand.
Regulation on digital gold Digital gold falls in a regulatory grey zone as the sector presently does not come under the purview of any financial sector regulator and is said to have a self-regulatory audit and diligence mechanism. ET has reported that the National Stock Exchange (NSE) instructed its members, including stockbrokers and wealth managers, to wind down the sale of digital gold on their platforms by September 10. This came after markets regulator Sebi flagged such sales as a breach of the Securities Contracts (Regulation) Rules (SCRR), 1957.
How Sebi order impacts investors New-age fintech brokers such as Upstox, Groww, Paytm Money as well as traditional brokers such as HDFC Securities and Motilal Oswal etc will be affected by the new ruling. Brokers cannot now offer such unregulated products through their Sebi-registered entity or platform. These companies have been given time till September 10 to discontinue the product and inform customers.
Non-broking platforms such as PhonePe and Google Pay, which also offer digital gold to customers, are not likely to be affected by the new ruling. Customers already holding digital gold would also not be impacted.
Advantages of digital gold Storage: You don’t have to pay bank locker rent, insurance cover or additional investment of Fixed Deposit (FD). Sellers say the digital gold is stored in an insured, secured vault at no extra cost. Investment convenience: You can start with even Rs 100, and build up your holding over time. Investment in physical gold requires a lot of money. Uniform price: The price of physical gold varies from city to city and jeweller to jeweller while digital gold prices are the same across the country. Physical gold carries high making charges; digital gold has just the 3% GST.
Purity: Sellers point out that digital gold investment is made in certified 24 Karat, 999.9 pure gold. Ascertaining purity of physical gold attracts additional cost.
Sell or Redeem: Digital gold can be sold or redeemed at the click of a button. You can sell the digital gold instantly and the value of your gold is instantly transferred into the bank account through a 24×7 market-linked rate. If you want to redeem your holding, the physical gold will be delivered at your doorstep.
Instant liquidity: You can sell digital gold instantly, while physical gold can only be exchanged or sold through a jeweller, or sometimes several jewellers.
Collateral: Digital gold can also be used as collateral for taking loans.
PCFS runs an instant mobile loan app ‘Cashbean’ and is accused of remitting money abroad for non-existent software and marketing services. ED is probing several NBFCs for money-laundering via instant micro loans on mobile apps. “PCFS is a wholly-owned subsidiary (WOS)of Oplay Digital Services, SA de CV, Mexico, which isa WOS of TenspotPesa Limited, Hong Kong, owned by Opera Limited (Cayman Islands) and Wisdom Connection | Holding Inc(Cayman Islands). The ultimate owner is Zhou Yahui, a Chinese. The original Indian company PCFS was incorporated in 1995, got NBFC licence in 2002 and after RBI nod in 2018 ownership moved to Chinese controlled firm,” the ED said.
While the foreign parent firms of PCFS brought in Rs 173 crore as FDI for lending business, within a short time the company made foreign remittances of Rs 429 crore for fake software services received from related foreign companies.
“PCFS also showed high domestic expenditure of Rs 941 crore. Most of its foreign payments were made to companies related/owned by Chinese who run the Opera group. The Chinese picked the foreign service providers and price,” the ED said.
According to ED officials, all PCFS payments were as ordered by country head Zhang Hong who directly reports to Zhou. PCFS sent Rs 429 crore to 13 foreign companies in Hong Kong, China, Taiwan, US and Singapore in the guise of payments for license fee for Cashbean mobile app (Rs 245 crore/ annum), software technical fee (about Rs 110 crore) and online marketing & advertisement fee (about Rs 66 Crore).
“All these services are available in India at a fraction of the cost incurred by PCFS. All its clientele are in India but huge payments were made abroad without proof of receipt. During the same period, PCFS also booked domestic expenditure of similar amount under the same heads. PCFS management failed to give any justification for these expenses and admitted all remittances were done to move money out of India to accounts of group companies controlled by the Chinese promoter,” the ED said.
Start credit outreach scheme: FM to banks | page 1 FM Nirmala Sitharaman has asked bankers to begin a credit outreach programme from October, meet industry bodies, exporters and help to promote one product for export from each district.
FM to banks: Start credit outreach scheme from Oct | page 9 Mumbai: Finance minister Nirmala Sitharaman has asked bankers to begin a credit outreach programme from October. They have also been asked to meet industry associations and exporters, and help to promote one product for export from each district.
“To keep up the momentum of stimulus that we are periodically giving, we have also asked banks to go out and give credit,” she said, addressing a press conference after her review meetings with bank chiefs in Mumbai on Wednesday. The finance minister referred to the 2019 ‘loan melas’ undertaken by banks across 400 districts to promote credit in retail, agriculture & MSME (referred to as RAM).
“Approximately Rs 4.9 lakh crore was disbursed as part of this outreach between October and March 2019. This year, too, there will be a credit outreach in every district of the country,” said Sitharaman. She pointed out that it was too early to conclude that there is a lack of demand for credit and the festive season would see a natural pickup.
“In the context of fintechs, I have highlighted to banks two aspects — the advantages to banks of technology, and also meeting the needs of fintech as a sector,” she said. The public sector banks have also been asked to come up with a plan for credit flow to eastern states with high deposits and low credit offtake.
The finance minister was all praise for public sector banks, which she said have done well financially by recording profits and coming out of the Reserve Bank of India’s prompt corrective action framework. They have also managed to raise capital from the market even as they serviced government schemes during the pandemic without going off track in their amalgamation process. Before the pandemic, the government had announced the merger of 10 public sector banks into four, which has since been completed.
On the divestment of stake in public sector insurance companies, the finance minister said that the government has decided to have a minimal presence in the insurance sector.
Hyderabad: The government has set an ambitious target of USD $400 billion exports for financial year 2021-22 and 38% of this target has already been achieved by August, said Srikar K Reddy, joint secretary, department of commerce, ministry of commerce and industry, while addressing participants at the CIIMSME Summit virtually on Thursday.
Reddy pointed out that the government is keen to provide more market access to Indian companies, specially MSMEs, by inking free trade agreements (FTAs) with certain countries. The government is fast tracking FTAs with countries like UAE, Israel, European Union, UK, Australia and Canada.
On Covid-19’s impact on MSMEs, he said various studies have shown that MSMSE’s were severely impacted and over 90% of them faced challenges pertaining to liquidity, labour, raw materials and logistics.
Sameer Goel, chairman, CII Telangana, said MSMEs play an important role in the overall economic growth and therefore the development of this segment is extremely critical to boost employment.
SEBI, the stock market regulator in India, in its recent direction has asked stock brokers to stop selling digital gold and has sent a circular to the brokers to comply with the new guideline. The regulator has mentioned that there is no rule or regulation around digital gold in the exchanges. SEBI earlier identified digital gold trading as a breach of Securities Contracts (Regulation) Rules, 1957. Hence, it is certainly a trouble for the fintech platforms (like Groww, Upstoxx, Paytm Money) and traditional brokers that facilitate in purchasing of digital gold. Now they will be obliged to stall the activities by September 10, this year.
Digital Gold is a way of buying precious metal without the requirement to physically store the gold, by the investor. Although digital gold, from September, cannot be traded at the exchanges, the demand for the same will hover. So how can one investor buy digital gold in India now? There are online transaction platforms like Google Pay and PhonePe; those will continue operating in the digital gold market, like before.
How to buy digital gold from Google Pay
An investor, via Google Pay, can buy 24 carat gold units from MMTC-PAMP. MMTC-PAMP India is an advanced gold and silver refining and minting facility which is a joint venture between India’s MMTC (a government of India undertaking) and Switzerland’s PAMP SA (bullion brand). The physical gold will be stored in a Gold Accumulation Plan (GAP), with 100% insurance by MMTC-PAMP, for the custodian who bought digital gold from Google Pay.
To invest in digital gold, after opening Google Pay on phone, the investor should go to the ‘Business and bills’ segment where the Gold window can be found. Here the customer will be given the option to buy, sell and gift 99.9% pure gold securely. Here, as one is interested to buy gold, on the transaction bar the exact amount will have to be put in INR, which will be counted including GST. The GST on Google Pay is currently standing at 3% in Kolkata, but that will vary on the location. Then ‘proceed to pay’ and put UPI on the tab below. As the payment is done, the investor will receive the transaction ID, invoice number along with the exact quantity of gold bought.
To sell the already purchased gold, the investor should wait till the price of 24 carat gold goes up, to make profit. One should remember that digital gold is unlike Sovereign Gold Bond, where the GST is not needed to pay, thereby puts additional costs. So, while selling digital gold from the Google Pay account, the price should be higher than the buying price.
Google Pay Gold Locker
At the ‘Gold Locker’ which is a visual, digital representation of the Gold Accumulation Plan (GAP) account balance, one can check the details of gold purchased or received on the Google Pay account. All gold transactions can be viewed from here. Google Pay is a reliable option to invest in gold as it maintains the security of the customers exclusively. The ‘Gold Locker’ is linked to the verified SIM card and phone number; in any case of an unusual or suspected transaction, Google Pay will block access to the account automatically.
If an investor has no problem paying the GST on gold purchases, digital gold will be a viable option, without the tension of storage. Additionally, digital gold allows investing even precisely in a minimum amount of money (like Rs. 100) that will not be possible in other investment options like SGB or physical gold.
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Story first published: Friday, August 27, 2021, 8:30 [IST]
Sharekhan has set a target price of Rs 22,395 on the stock of Nestle, as against the current market price of Rs 20,030. The broking firm believes that Nestle has maintained its thrust on achieving double-digit revenue growth by penetrating deep in rural markets (covered 89,288 villages), innovation (that contributes 4.3% of sales) and accelerating footprint through new channels.
Nestle is the largest food company with a strong portfolio of brands in the packaged food & beverages space, which will help it achieve good growth at a time when consumers are shifting to trusted brands, rural aspirations are improving, thereby boosting overall penetration.
According to Sharekhan, Nestle is planning to reward its shareholders with a higher dividend in the coming years by transferring Rs. 837 crore from the general reserve to retained earnings.
“We maintain a Buy on Nestle India with a revised price target of Rs. 22,395. Revenues and net profits are expected to clock a CAGR of 14% and 18% over CY2020-23,” the broking firm has said.
Buy L&T Infotech, says Sharekhan
Sharekhan has set a price target of Rs 5,750 on the stock of L&T infotech as against the current market price of Rs 5142.
According to Sharekhan, L&T Infotech is expected to witness sustainable growth leadership in FY2022E on account of strong client relationships, recovery in impacted verticals, strong spending in top accounts in resilient verticals, prudent hiring and talent policies, and superior digital competency position.
“Further, management eyes net profit margin of 14-15% going ahead despite investments in capability building and bolstering of sales team, aided by strong revenue growth, higher offshoring, productivity enhancement, cost-optimisation measures, and hedging strategy.
We estimate L&T Infotech to report USD revenue/EPS CAGR of 17%/19% over FY2020-FY2024E. At the current market price, the stock is trading at 38x/32x/28x its FY2022E/FY2023E/ FY2024E earnings, which although expensive, is justified given its market-leading revenue growth potential with stable margin, strength in its business model, and strong return ratios. Hence, we maintain our Buy rating on L&T Infotech with a revised price target of Rs. 5,750,”
Disclaimer
The above stocks are based on the report of Sharekhan. Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor
CFOs have to play a major role during the pandemic in their organisations and be ready from the technology and business perspectives.
All eyes are on the P&L projections and the growth expectations from the businesses. With various factors that have come out of the pandemic, I would imagine that CFOs are at the centre with all the strategies that organizations are playing right now, Sudeep Bhatia, Group CFO, Lendingkart, said at the panel discussion CFOs’ View: Building Pandemic-Proof Balance Sheet at ETBFSI Summit.
“For CFOs, the major focus has moved more towards a strategist, acting as a catalyst. How you can adapt to every day. Making sure you are ready from a technology and business perspective,” Upma Goel, CFO, Ujjivan Small Finance Bank, said.
Adapting to new normal
Niraj Shah, CFO, HDFC Life said in these times, flexibility and agility is something that comes to the fore, and that’s something that a CFO needs to prepare the organization for.
Investing ahead of the time, and being agile, to try and adapt to the changing customer preferences because of the changing environment, he said.
The RBI and GOI have taken multiple steps and interventions with every step, and, therefore, all the financial institutions, and all other organizations as well, had to adapt to the situations very fast, Bhatia of Lendingkart said.
Every business will be affected in a different way. Given the situation, and we adjust to that, but just in principle it’s about keeping sights on your long-term strategy, at the same time, adapting, to the short-term situations, Shah said.
Emphasising the need to have a fine balance to make effective use of the liquid cash, Goel of Ujjivan SFB said, “We cannot afford at this point of time not to have the liquidity and wait for the real demand. Demand has started picking up”
The challenges
The Covid pandemic has been the most serious challenge to financial institutions in nearly a century and CFOs need to maintain our distribution and recovery channels open, despite the social distancing advice by the supervisory and compliance function, said G S Agarwal, CFO, Shriram Housing Finance.
‘The struggle to manage between these things and keep your balance sheet and P&L intact has been the biggest challenge. Also, to do the compliances remotely sitting remotely without any paperwork, without any physical signatures has been quite challenging, he said.
Customer requests and expectations have grown multifold. “I haven’t seen this kind of customer engagement before even from the existing customer base. This is because they need support from the organization as well,” Bhatia of Lendingkart said.
Scheme: An open ended dynamic asset allocation plan
Benchmark- CRISIL Hybrid 50+50 – Moderate Index TRI
Exit Load
NIL – If units purchased or switched in from another scheme of the Fund are redeemed or switched out up to 10% of the units (the limit) purchased or switched on or before 1 year from the date of allotment
1% of the applicable NAV – If units purchased or switched in from another scheme of the Fund are redeemed or switched out in excess of the limit on or before 1 year from the date of allotment
NIL – If units purchased or switched in from another scheme of the Fund are redeemed or switched out after 1 year from the date of allotment
Application Amount
Rs. 5000/- and in multiples of Rs. 1 thereafter
Additional Purchase: Rs. 1000/- and in multiples of Rs. 1 thereafter
Features of the SBI Balanced Advantage fund:
1. Optimal asset allocation: Various parameters are accounted for to determine the accurate mix of assets for fund deployment. The assets are equity, for the purpose of making arbitrage gains as well as in fixed income assets.
2. Lower liquidity: Dynamically managed Debt and Arbitrage portion of the scheme helps in reducing the volatility when the equity market become unfavourable.
3. Complete flexibility: Investors can choose between 0-100% in debt or equity
4. SWP (A) facility: the fund comes with an option that allows withdrawal of some fixed portion of the investment or specified amount to get regular cash flow.
Who should invest in SBI Balanced Advantage Fund?
Risk averse equity investor class with an investment horizon of a minimum of 3 years and chasing capital appreciation and wealth creation need to target such funds. The fund also typically adjusts between equity and debt allocation in view of the market momentum, so those of you who don’t want to actively track your investment can take peace by investing in this SBI fund.
Portfolio creation in the fund
Here the fund’s portfolio is constructed using these 3 points:
1. Valuations- Here relative valuation are given a higher importance and so equity valuation are compared to debt valuation across markets and time. When equities are seeming to be expensive, more of the funds are channelized into debt and vice-versa.
2. Sentiment: To arrive at a better asset allocation and here the sentiment index is developed which considers several factors such as market internals, positioning etc. These factors provide a sense of where we are positioned in the fear to greed spectrum. When the mood is depressing, more of allocations are made into equity and in the other case when it is devouring, most of it is allocated to debt.
3. Earnings outlook: Earnings outlook is also given a due weightage to arrive at the selection of stocks.
Conclusion:
For reducing the volatility and to yield optimal returns through automatic adjustment between equity and debt, the fund aims to provide offer optimal risk-reward ratio. So, risk averse investors who do not have a high penchant for risk can take an exposure into this fund and at the same time can get higher flexibility with their equity or debt allocation.
The phrase “trading” simply refers to the process of exchanging one item for another. We normally think of this as the process of trading commodities for money, or just buying something.
It’s the same approach when it comes to trading in the financial markets. Consider the case of a stock trader. They are, in fact, purchasing shares (or a small portion of a corporation). When the value of those shares rises, they profit by reselling them at a greater price. This is how trading works.
Individuals can analyse whether the price of assets will be higher or lower in a given period of time using various modern investing mechanics.
Binomo is a cutting-edge trading platform that caters to both novice and experienced traders. It is the modern way to trade online. All of Binomo’s traders use a customized trading platform. The platform implements the SSL protocol to encrypt and secure all data, ensuring that your payments remain safe at all times. This is one of the most effective online trading platforms for learning and earning additional income.
What is Binomo?
Binomo is an online trading platform for individuals who seek to increase their income while learning professional trading abilities. It is an online trading platform that emphasizes trading transparency. Under no circumstances would Binomo defraud a trader.
Is Binomo a reliable platform?
The International Financial Commission recognizes it as true, and safe in India. Verify My Trade has given it a certificate for high-quality trades. Traders can investigate evaluations of the broker on the internet through forums like Quora for more verification.
Binomo is safe and secure, both on the website and in the app, as proven by several positive trader reviews and comments. Binomo was also named the best trading platform at the FE Awards in 2015 and the IAIR Awards in 2016. It also answers the question of whether or not the Binomo investment is genuine.
What types of accounts does Binomo offer?
Binomo traders can choose from four different account tiers. These different accounts are specified based on the amount of funding you put into the platform, like with many other online platforms. This implies that increasing your tier does not involve any additional fees or program participation; all you have to do is increase the amount you deposit to alter your account type over time. The four types of account are;
Standard Account
Gold Account
VIP account
Demo Account
How to register and log in to Binomo?
It is a user-friendly website registering with Binomo: Step 1 Visit Website www.binomo.com. Step 2: Login page and click the “Sign in” option. Step 3: Enter a valid email address and a password Step 4: Choose a currency for your account – You can’t change it after registration. Step 5: Read the Client Agreement and Privacy Policy and click on accept Step 6: Click on “Create account” Step 7: Sign in using the email and password created.
How to get training on Binomo?
A Binomo demo account is a fantastic way for traders to learn the fundamentals. It provides a training budget of $1000. Binomo offers customers training and a demo account where they can learn how to trade without putting their capital at stake. Go to Binomo’s Help Center, which is similar to Wikipedia and contains hints and FAQs. Despite the fact that Binomo offers a variety of trading techniques, no strategy can guarantee a perfect trade result. To create accurate projections and earn extra funds, trading necessitates a thorough examination of the market. Contests can be found on www.binomo.com, and traders can enter them. To join and get empowerment for further trading, look for the trophy icon.
How does the trading platform work?
Binomo accepts a variety of deposit options. Investments can be made in India via deposit methods such as NetBanking, UPI, Paytm, Indian exchangers, or GooglePay. Binomo does not charge a withdrawal fee, some charging $31 for each bank transfer. Funds can be withdrawn from Binomo using the same payment systems that were used to deposit it, and it can take anywhere from a few minutes to three days or more, depending on the account status and payment method.
How to make a deposit and withdrawal on Binomo?
Depositing funds is a straightforward procedure. All you need to do is click the yellow Deposit funds button and fill out the required information. The Deposit button may be found on the main Binomo website. It can be found in the upper right corner of the website. Here is the minimum amount you must deposit. The money will be automatically converted if you are using a different currency.
Step Select Payment and Country
You will then be routed to a page where you must select your country’s name and payment method. If you decide to deposit funds with a card, be sure it is current and has your name. It must also handle international internet transfers.
Enter the amount
Depending on the card you’re using, enter the amount you’re depositing. Manually enter the number or select one of the pre-defined financial items on the left side. You can also gain VIP status on Binomo if you deposit $1,000 or more
Following that, you will be prompted to enter your card information, including the card number, expiration date, CVC code, and cardholder name. Click the Confirm and pay button.
Transaction confirmation
A new page will appear, prompting you to enter the 3D secure code in order to assure the safety of your internet transmission. As a one-time authorization password, it will be emailed to your mobile device.
If you have problems with authorization, you should contact your bank to activate this feature.
In a new window, you’ll see a confirmation of the transaction’s successful completion. The deposited funds will be immediately available for trading on the Binomo platform.
How to Withdraw Funds From Binomo?
You must be logged into your Binomo account to use this feature. In the top-right corner of the platform, click on your profile symbol. Then select “Cashier.”
You will be led to a page where you can make a withdrawal request. Choose the “Withdraw Funds” tab. Then you’ll have to decide how much money you want to transfer and how you want to withdraw it. The final step is to click the yellow “Withdrawal Request” button.
Payout amount
There is a minimum withdrawal amount of $10/€10 or its equivalent in your country’s currency. However, in some countries, a reimbursement for a smaller amount might be requested. Contact the Binomo support team to confirm the minimum withdrawal amount in your area.
Withdrawal method
It is recommended that you utilize the same method that you used to make the original investment. It also depends on the payment method. This will help the entire procedure go more smoothly. Either a bank card or an electronic wallet can be used.
What are the pros and cons of the Binomo app?
Pros of trading in Binomo;
The app is customer-friendly and straightforward to use.
It is quite easy for customers with hectic schedules to trade while on the go.
Beginners can use a demo account to practice trading with virtual funds for free.
A large number of educational resources, such as videos and tutorials, are available to help beginners become acquainted with the program.
The platform provides tournaments with appealing conditions for various accounts.
Online customer service is available 24 hours a day, seven days a week.
There is no withdrawal commission.
Available in a variety of languages.
For traders in India, the minimum deposit amount is relatively modest – merely $5.
Traders can learn how to forecast using strategies and analytic tools.
Cons of trading in Binomo;
Some payment methods are not accessible.
There are a limited number of assets to pick from (70+).
Not supported in some countries.
It is impossible to block your account on your own – you must visit the website or contact the support service.
Only after depositing funds may you participate in tournaments via the app.
Binomo Mobile App
On Google Play/AppStore, look for the Binomo logo to find the mobile app, download it, and log in. On Android and iOS, Binomo offers a free app for investing and trading. There is no Binomo program or app for computers (both Windows and Mac). Log in using the website’s desktop version.
How to contact customer service?
Customers can contact Binomo for help through a variety of methods, the most popular of which being live chat. Live assistance is offered immediately through the Binomo platform, so traders don’t have to open a new window to talk to the support team about their questions and issues. A backup email support service is also available, with a response time of typically 24 hours: support@binomo.com
It should be noted that trading carries the risk of capital loss!
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