Verification of a trader’s identity is a mandatory requirement of international legislation. Each trustworthy trading platform notifies potential traders about the need to go through this procedure or by writing conditions in a user agreement. Large trading platforms conduct video user authentication via Skype, but this is not necessary on the Binomo online trading platform. A trader only needs to provide necessary documents and wait for verification to be completed.
Verification on Binomo will not require significant efforts from traders. To confirm your identity in most cases, it’s enough to simply provide a high-quality photo of a civil passport or ID card in spreaded form. It is important to understand that a lack of verification or a trader’s refusal to provide the platform’s employees with the necessary documents for this procedure is enough reason to block a trading account.
It is worth saying that problems that do arise in several online trading platforms are associated with verification. Therefore, it is advisable to consider this procedure in detail.
Why is identity verification necessary?
Many traders ignore the terms of the user agreement when registering an account with the online trading platforms, which inevitably leads to problems with withdrawal of income.
On specialized information sites, one can see reviews from Binomo traders, who accuse the company of fraud due to the blocking of a trading account when trying to withdraw funds. One cannot agree with such opinions! In such cases, blocking access to accounts is only a precautionary measure aimed at ensuring security of trader’s income.
Attention! Binomo online trading platform is regulated by the competent authorities; therefore, observance of international law is a direct responsibility of the administration.
What legislation are we talking about?
Persons under the age of majority cannot be allowed to trade using financial instruments. In accordance with the policy aimed at combating money laundering and financing of international terrorism, each trader of the financial online trading platform is required to confirm his or her identity. When providing false information, a customer’s account must be blocked. In this case, the invested amount is returned onto the trader’s payment details.
Important! Monitoring financial turnover of the platform, in accordance with the anti-money laundering policy, is carried out not only by the online trading platform in relation to traders, but also by regulators in relation to the online trading platform.
It is worth paying attention to another important aspect of identity verification of a trader – funds security. If the identity of a trader of the online trading platform is confirmed, and fraudsters get access to the account, then they will not be able to withdraw the trader’s income onto personal details. That is why competent representatives of Binomo have the right to block a user account when withdrawing funds from an unconfirmed account.
To avoid problems with payment, you can opt to trade on a demo and real accounts without verification for some time but at some point they will ask for verification. Next, step-by-step instructions will be presented for beginning traders to verify their identity with the binomo.com online trading platform.
Based on the information presented, it can be concluded that verification on Binomo is necessary to protect income of traders, as well as to comply with international norms of legislation.
User agreement and verification requirements
This document regulates business relationships between traders and company representatives, so the conditions presented in it cannot be ignored. In the Binomo trading platform’s trader agreement, the rest section is devoted to confirming the identity of a trader. Familiarization with the main provisions will provide an answer to the question: how to pass verification?
What documents do I need to verify my identity with Binomo? In accordance with paragraphs 1.3-1.5, the main document for user verification is a civil passport, however, in some cases; platform’s representatives reserve the right to require a trader to provide:
Utility bill for the last 2-3 months. On the receipt must be the name of an owner of a trading account. Account statement or contract from a bank. Photo of front side of a bank card through which a deposit was done. If a scan of the back side of the card will be required, a client has the right to shade the CVC code.
How long does verification with the Binomo online trading platform take? The deadlines for checking documents submitted by a trader by the security service of the platform are regulated by the trader agreement and in accordance with paragraph 1.4 are no more than 10 working days. If specialists need additional information, then this period can be extended up to 30 working days, but not more.
Paragraph 1.8 deserves special attention. In accordance with the conditions presented, a trader of the Binomo online trading platform should be ready to provide the platform representatives with notarized copies of documents confirming place of actual residence, registration address and identity. In case of refusal, application for withdrawal of funds will be rejected. It is worth saying that such measures are rarely used by the trading platform.
From which some verification might be required? As mentioned earlier, confirmation of identity of a trader is a mandatory requirement of the regulator in order to comply with international legislation therefore, the amount of payment does not matter. The platform has a right to reject a trader’s request for withdrawal of funds if the identity of owner of a trading account is not confirmed. Also in such cases, account lockout is performed.
How to pass verification? Step-by-step instruction
After registering on the Binomo online trading platform, the trader will need to log in to the website and go to the personal data page:
Next, the trader will need to take a few minutes of own time to fill out a submitted questionnaire:
After that, the trader will need to contact the company’s support team via online chat and inform them about the intention to undergo verification. The specialist will provide detailed instructions and a list of required documents.
Attention! The list of documents for verification is determined individually and depends on a country of permanent residence of a trader.
The Binomo online trading platform is a licensed trading platform that provides services to traders from all over the world. Verification of traders of financial instruments is mandatory and for the most part is required to ensure adequate security for funds of a trader. Therefore, one should not treat this procedure as a rejection of a request for withdrawal of income. If a trader has provided all the necessary documents, then no problems with payments will arise.