When choosing a trading platform, traders often ask themselves: “Is it real or fake?” To be convinced of the reliability of the platform, many users read the forums and reviews. Indian traders also want to be confident in the safety of the Binomo trading platform. So let’s try to answer if the Binomo trading platform is legal in India or is it a scam.
Why is Binomo verification needed?
Unfortunately, facts of fraud in the financial markets take place not only from unfair trading platforms.
- First, some traders use prohibited trading methods.
- Secondly, malefactors use Internet services with payment functionality to launder money.
- Thirdly, it is not uncommon when minors or malefactors use other people’s passport data, addresses and bank details, which may entail certain obligations for a person who does not even suspect this.
In order to minimize these risks, trading platforms oblige users to undergo verification procedures. This is a process of person identification by uploaded documents (ID card or passport; documents proving address of registration and actual residence; bank details).
How to get verified on Binomo?
All verification information is set out in section 4 of the company’s Client Agreement. Moreover, questions about verification can be asked at any time to the support specialists via chat or email.
Usually, Binomo’s managers ask you to verify your identity when withdrawing funds. Documents are sent from the email address that is associated with your account to email email@example.com. Uploaded documents are considered within 3 days (in some cases, up to 10 days). You can deposit and trade while waiting, but you won’t be able to withdraw funds until the verification has been completed.
Verification is a legal requirement required by financial market regulators and payment service providers. It also helps to protect your deposit. If your account gets stolen, a verified Binomo customer can get their funds back.
Note! If the trader unjustifiably refuses to provide the documents and/or information requested for verification, Binomo can suspend the servicing of the client’s account with subsequent blocking.
In some cases, it is possible to re-verify your identity. This is possible if there is a suspicion of falsification of submitted documents, fraudulent activities or account hacking. Re-verification procedure is initiated exclusively by the Binomo administration, for the same reasons as with delays.
There are many myths that verification is just an excuse to postpone / refuse a user to pay his income. Indeed, during verification, withdrawals are limited until the trader is verified. This is done only to protect your balance from scammers. But at the same time to get a complete withdrawal of funds is possible only by refusing to provide repeatedly previously downloaded documents (admit it, that will not be difficult for an account holder, but it is absolutely inaccessible for a frauder).
In certain cases, the Binomo administration, as an additional verification, may require a video conference with the user. In this case, the trader needs to add the Company (support.binomo) to his Skype account and prepare a passport / ID and bank cards that he used to deposit.
Note! Binomo representatives will notify you within 24 hours about successful identification passing.
What documents will be required for verification?
How can I verify my identity and prove to Binomo that I am not a scammer? For verification, Binomo manager are entitled to require you to provide photo or color scan of:
- National passport / ID card or other identification document. Photo, name and surname must be visible on the document.
- Bank cards and e-wallets you used to deposit. Cardholder’s name, the first 6 and last 4 digits of the card’s number, the wallet number, owner’s name, and the details of your latest transaction to Binomo should be visible.
Responsibility for accuracy of the submitted documents lies with a client.
Strive to provide quality scans or photos of documents. All information should be relevant, readable and not contain contradictions in different documents. If you have not passed verification voluntarily, be prepared that Binomo will act as initiator, at a first request for withdrawal. Therefore, to save time, take care of this in advance.
When passing through the primary identification of a person, immediately download all documents from the above list, even if it is not required. Thus, you will simultaneously avoid additional time losses for checks, and provide maximum protection for your account.
Study the Client Agreement, and most importantly, follow it to avoid the need for additional checks. Re-verification is not required when withdrawing to cards / accounts / electronic wallets from which you made a deposit. If you need to withdraw income to any other account, prepare documentary evidence in advance.
And one more thing. As you can see, Binomo is not a scam. Verification is necessary to protect your funds from fraud. But you must remember about the risks of trading, so as not to lose part or all of your deposit.