Is Binomo company – scam?

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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.

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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.

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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.
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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.

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Fred Smith
Fred Smith / автор статьи
My name is Fred Smith. I graduated from the University College London UCL, and I have been trading on stock markets, binary options, and Forex for more than 10 years.
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Comments: 14
  1. Avatar
    Sachin Kaushik

    I can assure you that it isn’t a scam. I have been using Binomo for some time now. It has been an excellent platform for me for generating a passive income. As far as withdrawals go, I get mine in very less time and in term of customer service which is available 24×7

  2. Avatar
    Abbey Abramson

    I really enjoy working with Binomo. Of course, I do not rely on Binomo as my main source of income, but Binomo is ideal as an opportunity to earn additional income.

  3. Avatar
    Jikol

    I was actually scared away by reviews that Binomo is a scam. I was lucky to meet a person who had in fact traded on Binomo for a long time. And he reassured me and urged me to open an account with Binomo and it turned out Binomo works fairly.

  4. Avatar
    Milli

    I don’t understand why people suspect Binomo of cheating its customers. I have been a Binomo client since 2019 and I am happy with everything, Binomo’s service is top notch, the trading platform is perfect. There are never delays with withdrawals of funds. What then are the claims?

  5. Avatar
    Alvarenga

    Are you kidding? Really, does anyone still believe that Binomo is a scam? I’ve already got more than 100 payouts from Binomo!! So don’t tell me that Binomo are frauds!! From my own experience, Binomo is an honest company!!!

  6. Avatar
    Flover

    When I first requested to withdraw money from the binomo platform, I was asked to go through verification. The procedure is simple and takes only a few days. After verification, the money was withdrawn quickly.

  7. Avatar
    Dreik Pinhal

    In principle, for binomo such measures like providing a scan of a passport are necessary, since a lot of scammers have recently appeared.

  8. Avatar
    Benedikt

    I can’t understand those people who read that binomo is a scam. This platform pays regularly, and if someone doesn’t understand the rules of trading and loses everything, that is not a reason to believe that the platform somehow deceived you.

  9. Avatar
    Pityion

    Binomo’s not a scam. I’ve bee trading and withdrawing my profits for 2 years now and they haven’t stolen a dime. Their integrity is also supported by the large number many people who trade on Binomo.

  10. Avatar
    Raj

    Of course, the identity verification procedure on the binomo platform is a little annoying, but this is the only way to secure your money, because there are lots of scammers who can easily hack into your account and steal your money.

  11. Avatar
    Kirju

    The reputations of serious companies, including binomo, often suffer due to scammers. So it’s best to take care of protecting your account in advance.

  12. Avatar
    Sandi

    I have been working with binomo for 3 years already, and I have not noticed any prerequisites for it possibly being a scam.

  13. Avatar
    Korju

    I can advise you to never neglect protecting your account, because there are quite a few scammers on the Internet.

  14. Avatar
    Amandine

    You shouldn’t say that Binomo is a scam without exploring it from the inside. Many bad reviews about Binomo offer no evidence and, as such, are questionable. On top, there are many screenshots of payments and video reviews online confirming that Binomo is an honest company.

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