Why is Identity Verification Necessary?

Verification of the identity of the trader is a mandatory requirement of international law. Trading platforms often notify potential customers of the need to go through this procedure, writing conditions in the user agreement. Large international brokers practice video user authentication via Skype, but this is not necessary for trading on the binomo.com platform. It is enough to provide the trading platform with the necessary documents and wait for the verification to complete.

Verification on Binomo will not require significant effort from users. To confirm your identity in most cases, it’s enough to simply provide a high-quality photo of the spread of a civil passport or ID card (aadhaar card if you’re from India). It is important to understand that the lack of verification or the client’s refusal to provide the company’s employees with the necessary documents for this is sufficient reason to stop providing services to the trader.

It is worth saying that the problems of many novice traders in their relationship with the broker are associated with verification. Therefore, it is advisable to consider this procedure in detail.

Why is identity verification necessary?

Most new traders ignore the terms of the user agreement when registering an account with the company, which inevitably leads to problems with the withdrawal of profits.

On specialized information sites, you can see reviews from Binomo customers 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 your account is only a precautionary measure aimed at ensuring the security of client funds.

Attention! Binomo is a trading platform regulated by the competent authorities, therefore, compliance with international law is a direct responsibility of the administration.

What legislation are we talking about?

1. Persons under the age of majority may not be allowed to trade in financial instruments.
2. Under the policy aimed at combating money laundering and the financing of international terrorism, each client of a financial company is required to confirm his identity. When providing false information, the customer account must be blocked. In this case, the invested amount is returned to the user’s payment details.

Important! Monitoring the financial turnover of the company, under the anti-money laundering policy, is carried out not only by the broker concerning customers but also by regulators concerning the broker.

It is worth paying attention to another important aspect of the verification of the identity of the trader – the safety of funds. If the identity of the client of the brokerage company is confirmed, and the attackers got access to the account, then they will not be able to withdraw the client’s money to 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 the payment of profit, experienced traders recommend that you fully pass verification after making the first deposit. Next, step-by-step instructions will be presented for beginning bidders to verify their identity with Binomo.

Based on the information presented, it can be concluded that verification on Binomo is necessary to protect the funds of traders, as well as to comply with international law.

User agreement and verification requirements

This document regulates the business relationship between customers and company representatives, so the conditions presented in it cannot be ignored. In the client agreement of the Binomo platform, the first section is devoted to confirming the identity of the trader. Familiarization with the main provisions will provide an answer to the question: how to pass verification?

What documents are needed to verify identity at Binomo? Under paragraphs 1.3-1.5, the main document for user verification is a civil passport or an ID card (ID is required most of the time). However, in all cases, company representatives reserve the right to require the client to provide:

1. Receipt for utilities for the last 2-3 months. On the receipt must be the name of the owner of the trading account.
2. Bank statement or contract from the bank.
3. Photo of the front side of the bank card, through which the deposit was replenished. Also, other e-wallet payment options need to be verified.

Note: all payment methods are required to be verified in all cases of verification.

How long does verification with Binomo take? The deadlines for checking the documents submitted by the user by the security service of the company are regulated by the client agreement and under 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 no more.

Paragraph 1.8 deserves special attention. Under the terms and conditions presented, the client of the Binomo trading platform should be ready to provide the company representatives with notarized copies of documents confirming the place of actual residence, registration address, and identity. In case of refusal, the application for withdrawal of funds will be rejected. It is worth saying that such measures are rarely used by the platform.

How much of the withdrawal amount may require verification? As mentioned earlier, confirmation of the identity of the trader is a mandatory requirement of the regulator to comply with international law, so the amount of payment does not matter. The company has the right to reject the user’s request for withdrawal of funds if the identity of the owner of the trading account is not confirmed.

How to pass verification? Step-by-step instruction

After registering on the Binomo company website, you will need to sign in to the website and go to the personal data page:

Next, you will need to take a few minutes of your time to fill out the submitted questionnaire:

After that, you will need to contact the company’s support team via online chat and inform them about your intention to undergo verification. The specialist will provide detailed instructions and a list of required documents.

Attention! It’s important to mention that trader’s payment methods can be verified only after you make a deposit.

Conclusion

Binomo is a licensed trading platform that provides services to traders in strict accordance with international law. The verification of trading participants in financial instruments is mandatory and is mostly required to ensure the proper security of the trader’s funds. Therefore, do not treat this procedure as a rejection of a request for withdrawal of profit. If the client has provided all the necessary documents, then no problems with payments will arise.