Binomo Account Verification
Binomo has quickly become a popular and convenient online trading platform with users from 133 different countries.
Their website and application provide access to a wide range of financial assets and analytical tools. These include currencies, indexes, commodities, cryptocurrencies, and more.
Additionally, the platform is completely safe and secure for investing your money. The International Financial Commission or IFC, an impartial dispute resolution agency dedicated to ensuring a safe user experience, has validated the platform. Also, over a million users trade daily in Binomo, with 35,000,000 successful trades taking place every week.
To back up their promise of safe trading on the platform, Binomo has made it compulsory for users to verify their personal information before they make any investments. This article will explain how to verify a Binomo account, why you need it before investing your money, and frequently asked questions related to verification on Binomo.
In our article Binomo Review, we have covered basic topics like Binomo Login, Binomo deposit, Binomo withdrawal, etc., but to make sure all the features and process work seamlessly, user has to get his account fully verified.
What is Binomo Verification and Why do I Need It?
In Binomo, verification is a confirmation of your identity and means of payment like bank cards. The procedure is compulsory for financial market regulators and payment service providers to continue legally. Once verification is requested, traders can't withdraw their funds until their account is verified.
However, it only takes a few minutes to complete the verification process. Apart from being a compulsion by the law, the procedure will also help protect your funds. In other words, if the account is stolen or hacked, verified users can contact Binomo and get their hard-earned income back.
Do I Need to Verify on Registering in Binomo?
There's no compulsion to verify on registering. However, you'll have to confirm your email before you begin trading on the account. Remember that verification is automatically requested when you withdraw funds from your Binomo account.
Once verification has been requested, you'll receive a pop-up notification, and the verification option will appear on the menu.
How Long Does the Verification Process Take in Binomo?
Binomo takes around 10 minutes to verify your account. However, in some cases, the system won't be able to scan the documents, and it has to be checked by the staff manually. In such situations, it may take up to 7 business days.
You have complete freedom to make deposits and trade during the waiting period. But you won't be able to withdraw funds until you receive confirmation about the verification.
Can I Trade Without Verification in Binomo?
Users are free to deposit and trade funds until Binomo sends you a request to verify your information. The process is usually initiated when you attempt to withdraw funds from the account.
If you receive a pop-up notification; asking you to verify the account, Binomo will restrict all withdrawals, but you're free to trade. Likewise, pass verification to gain the ability to withdraw again.
What Documents Do You Need for Verification in Binomo?
After you've received a verification request, traders have to upload these documents:
General Requirements for Uploading Documents in Binomo
Frontal positioning from all documents is required, which means you can't take a picture of a file from a side angle. All edges must be visible on all sides and avoid cropping the document.
Additionally, the documents should be valid for at least one month from the upload date. The picture shouldn't contain any shadows, reflection and it can't be blocked with any objects. Ensure that the image isn't too large because the maximum image size is eight megabytes.
Your full name, numbers, dates, and all corners of the documents should be visible. Lastly, upload the pictures or files in one of these formats: JPG, PNG, or PDF.
How do I Verify My Identity in Binomo?
Once Binomo requests verification, you'll receive a pop-up notification, and the "Verification" tab will appear on the menu. You'll need to follow these steps to verify your identity in Binomo:
The status of your verification will change to pending. After that, once your identity is confirmed, Binomo will update it to "Done." In rare cases, you won't have to verify the payment methods, and you'll get the Verified status right away. Thus, you will be able to withdraw your funds again.
How to Verify a Bank Card?
Once your identity has been confirmed, you can start verifying your bank card. All you need to do is follow these steps:
After receiving confirmation, press OK to return to the verification page.
After that, the bank card verification status will change to pending, and you'll have to wait for at least 10 minutes for confirmation. If there aren't any issues, the status will convert into verified, and you'll be able to withdraw funds using your card.
How to Verify a Non-Personalized Bank Card?
To verify a non-personalized bank card, follow these steps:
After a while, the application will show the verification status as pending. Later, it will appear as verified once your documents are approved.
How to Verify a Virtual Bank Card?
After confirming your identity, you need to perform the following steps to verify your Virtual Bank Card:
You will see the verification status next to your virtual card as pending. After a while, if you've submitted your documents correctly, your status will change to verify, and you can withdraw funds again.
How to Verify a BTC, LTC, or an E-wallet?
If you primarily use BTC, LTC, or e-wallets to withdraw and deposit; then there's no need to verify your payment methods. You only need to verify your identity.
Traders only need to verify their bank details if they're using bank cards to deposit or withdraw money from their Binomo account.
Can I Verify a Card that Isn't Mine?
No, you can only use and verify a bank card that's been issued to you. As stated in paragraph 5.3 of the Client's agreement, crediting an account using the payment details of third parties is prohibited.
If you're having issues verifying your bank card, contact the Binomo support team, and they'll try to help you out.
Phone Number Verification
Verifying your phone number isn't compulsory, but it helps to ensure the security of your account and funds. It'll be much faster and easier to restore access to the Binomo account if you ever lose your password or get hacked.
However, users will be asked to verify their phone number once they've achieved the VIP status. The procedure is pretty straightforward, with the app requesting verification via an SMS confirmation code.
Is It Safe to Send Binomo My Private Data?
Yes, it's completely safe to send your private data, as Binomo takes the necessary measures for data protection on their platform. To explain, here's what the exchange platform does to ensure the security of your personal information:
Note: Binomo has taken significant measures to ensure that personal details aren't shared with other parties.
Common Problems with Binomo Verification
Due to unexpected factors, users might face some issues while attempting to verify their Binomo account. Here are some common problems you might face during the verification process:
Documents Rejection
When your documents don't pass verification, they get assigned a try again or declined status.
Try Again
If you see the try again status, follow these steps to find out the reason for the rejection of your documents:
Usually, the document gets rejected because they don't meet all the requirements for verification. Before uploading, make sure that the photo you're sending is bright and clear, the corners of your document are visible, and your full name, date, and numbers are easy to read.
Declined
If one of your documents gets the declined status, it means that the system couldn't read it correctly.
Repeating the Verification Process
Binomo will ask traders to verify again after you've added a new payment to the deposit. It's because, according to the law, every payment method you use on the trading platform must be verified. This rule applies to both deposits and withdrawals.
Moreover, Binomo will ask for re-verification if the previous documents are close to expiration. In rare cases, you might have to redo the process of verifying your identity, email, or other personal data. Typically, it occurs when there are changes to the policy or due to the company's anti-fraud activities.
Underage
Another reason for rejection is if the Client is under 18 years old. It's stated in paragraph 4.3 of the Client Agreement that if the person isn't a legally capable adult, then Binomo will immediately terminate the account.
Conclusion
Binomo has made verification mandatory to ensure that users have a safe trading experience. Therefore, expect to verify your email, phone number, personal information, and bank details to receive all the features on the trading platform.
What's best, it's a one-time process, and users will need to spend around 10 to 15 minutes to submit all the necessary documents. Occasionally, you might face issues during the verification process. However, we've explained the solution to all the common verification problems on Binomo in this article.
Now, officially make yourself a Binomo trader, and start trading without restrictions!
Frequently Asked Questions (FAQ)
Payouts can be made through the following payment service providers:
- Webmoney
- Yandex Money
- Epayments
- Skrill
You can also opt for a bank transfer. If you don't find a payment service provider, you can contact the support team to create other payment options on your account.
If you're in this situation, you should check your account and look at the estimated time. In addition, you must count only the working days since transactions aren't processed over weekends or holidays. Make sure to verify your account and upload all the necessary documents.
Moreover, ensure you have entered the correct bank account details and e-wallet address. Keep in mind the withdrawal fee when you add the withdrawal amount. You can also contact support to learn about the reason for the withdrawal delay.
Typically, the reason for rejection is written on the verification page. However, if you're still unsure if your documents are valid, you can check the requirements on the FAQ section on the Binpartner website.
These are the common reasons for rejection:
- The document was blurry or had watermarks on it.
- The document you submitted is expired or incorrect.
- The document doesn't belong to you.
Risk Warning:
We do not provide any investment advice and we are not responsible for any losses caused by your trading activity.
Fixed time trading and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how online trading works and whether you can afford to take the high risk of losing your money.
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