What is Binomo verification and why is it needed

This post is also available in: Indonesia

The Binomo trading platform took a good start on the financial market and in 6 years has become one of the most popular platforms in over 130 countries.. Traders like the trading terms offered by the company, small minimum deposit (from $5 in India), bonuses and tournaments. However, you can find online reviews, where clients complain that they are not withdrawing funds. Usually, Binomo requires a scan of passport or ID, and other documents. Without this withdrawal funds may not be available. But some are afraid to send copies of documents for fear of fraud, so they do not get their extra income. This article will tell you how to pass the verification on Binomo, whether the procedure has risks and why it is needed.

Why is it necessary to pass the verification?

binomo india

Verification is the procedure of confirming the client’s identity. Many novises think that we shouldn’t trust https://binomo.com/ because they don’t withdraw funds. However, this statement is fundamentally incorrect. You should pass the procedure for the following reasons:

  • The requirement of regulatory bodies. Regulators do not want to have problems with the authorities, so they force companies that have been issued certificates to conduct their activities transparently. They want to know that trading platforms and their clients do not launder funds or engage in other illegal activities.
  • An age censor. It is written on the Binomo website that only persons who are over 18 can trade. However, many teenagers want to try themselves as traders. They register under fictitious names, use bank cards of relatives. This is a fraud, which is punishable by law. Moreover, parents can later sue the company and it will have to pay compensation. To avoid such situations, Binomo requires documents to be sent to ensure that the client is 18 years old.
  • Protection against fraud. The trading rules of most companies stipulate that withdrawals are made only to the direction from which the account was deposited. This point is also prescribed for a reason. Thanks to the verification of the client’s funds will be reliably protected, scammers will not be able to steal it.

Based on the above reasons, we can conclude that the procedure is not a whim of Binomo trading platform. First of all, it is aimed at protecting the trader’s funds and preserving its reputation.

Verification on Binomo: peculiarities of the procedure

binomo verification

The process is not complex and time-consuming, Binomo has simplified it as much as possible. It requests the following documents:

  • a color scan or digital photo of your passport or ID (both the front and back sides);
  • screenshots of the e-wallet that you used for the deposit (it’s number, account holder name and details of the last transaction in Binomo);
  • a color scan or photo of the bank card that you used for the deposit (the first 6 and last 4 digits of the card’s number, the cardholder’s name).

All scans and screenshots must be of good quality and details must be clearly visible.

Most often a scan of passport or ID and payment methods documents are requested. However, when requesting a large amount of funds, Binomo may also request a photo with the passport or ID in your hand. This is necessary in order to know that the funds went to the client of the company, and not to a third party.

It is important to understand that it takes time to check the documents, so you will have to wait a few days. However, Binomo does not delay the procedure, most often it takes 1 to 3 days to check documents. Sometimes you have to wait for about 10 days. You can deposit and trade while you are waiting for verification; the restriction applies to withdrawals only.

Binomo has the right to refuse to withdraw the funds if the client’s passport or ID are overdue. Also, if the document expires, it is necessary to replace it and send a new scan to support@binomo.com. In other words, it will be necessary to undergo verification again.

If your passport or ID are lost, it is advisable to notify Binomo and send it a copy upon receipt of a new document. In such cases, it is necessary to send a photo with it in hand, to prevent any problems in the future.

id verification

There is no menu for uploading scans or screenshots in the personal area. You will first need to write to the support service and clarify your email and the list of documents. After that, you will need to scan them and send them to the specified address. Within a day, a trader will receive a notification on the successful completion of the procedure. If defects are detected, it will be necessary to eliminate them and send the documents again.

You should not be afraid that the company employees will be able to use your personal information for fraudulent purposes. Only a few people work with the data and they do not share it with third parties. The transmission channel is secure.

Conclusion

Verification on Binomo requires minimal time. All you have to do is to send a scan or photo of your passport or ID. When withdrawing a large amount of funds additionally, the company may request a photo together with the passport or ID.. If the copies are of good quality, the details will be visible on them, then within 72 hours, the trader will be notified about the successful completion of the procedure. In some cases, this period may be extended to 10 days.

There is no need to worry about personal data, as the company has taken care of its protection. But in any case, remember that trading involves risk. No one is insured against loss of a deposit. You can mitigate this risk by using knowledge and experience in trading.

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