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Unfortunately, facts of fraud in the financial markets take place not only from unfair trading platforms.
- First, often, traders use prohibited trading methods.
- Secondly, many 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 process of person identification by uploaded documents (identity card; documents proving address of registration and actual residence; bank details).
How to pass verification on Binomo?
All information on the primary and additional verification procedures is set out in clauses 1.3 – 1.9 of the user agreement of the company. Moreover, verification questions can be addressed to support specialists at any time.
Identity verification might be carried out both by initiative of trader, and by initiative of administration of the trading platform. Documents are sent from email address that is associated with your account to mail support@binomo.com. Uploaded documents are considered within 10 days (in some cases, up to 30 days).
By “individual cases” is meant a suspicion of falsification of submitted documents, fraudulent actions 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 delay / refuse to pay user his income. Indeed, certain restrictions are imposed, but this is done only to prevent money laundering and protect your balance from hackers. But, at the same time, to get a complete money withdrawal refuse 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 hacker).
In case of suspicion of fraudulent acts, there is a partial presumption of innocence in place, and accordingly more loyal restrictions. Client able to withdraw funds, but transaction amount cannot exceed amount of all the user’s deposits for 30 days.
In certain cases, the Binomo administration, as an additional verification, may require provision of PhotoID (a photo that shows both the person and passport), as well as a video conference with the user. Binomo representatives will notify you within 24 hours about successful identification passing.
What documents will be required for verification?
One shoudn’t worry about transferred personal data and payment details. In the privacy policy, which is in addition to the user agreement, clearly indicated purpose of collecting and processing data and list of actions that can be performed with this data. For all other actions, the administration needs consent of the user.
For complete verification, Binomo representatives are entitled to require you to provide scanned copies of:
- Passport / ID card or other identification document;
- Actual utility bills or a copy of the opened passport containing information about place of the citizen registration;
- Contract with a bank on opening personal account or scan copies of bank cards;
- Face ID.
Translation of documents not required for citizens of countries into which languages the Binomo platform is translated, including some CIS countries (Kazakhstan, Ukraine, Moldova). Responsibility for accuracy of the submitted documents lies with a client.
Recommendations
Strive to provide color and quality scans 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, saving time, take care of this in advance.
When passing through the primary identification of person, immediately download all documents from the above list, even if it is not required. Thus, you will simultaneously avoid additional time losses for additional checks, and provide maximum protection for your account.
Study the user agreement, and most importantly, follow it to avoid need for additional checks. Re-verification is not required when withdrawing to cards / accounts / electronic wallets from which the deposit was made. If you need to withdraw income to any other account, prepare documentary evidences in advance.
