FAQs about Binomo account verification

To join the millions of Binomo traders, you first need to create an account on the platform. Also, the correct step would be account verification, which will open access to many functions, including withdrawing funds. In this article, we will cover traders’ most frequently asked questions about verifying identity and payment methods.

General

Below are a few common questions that Binomo users usually ask about account verification.

What is verification? Why do I need it?

Verification is a confirmation of your identity and payment methods. This process primarily aims to protect your account and the funds from unauthorized persons. If suddenly your account is hacked, you can get your funds back.

Most often, Binomo requests verification no earlier than the first withdrawal request, but the company has the right to do this at any other time. Once requested, the withdrawal will be limited until you complete verification. However, you will still be able to trade and make deposits. In addition, verification usually takes no more than 10 minutes.

Note! Detailed information about verification is provided in the Client Agreement.

When will I be able to withdraw funds?

Once you complete the verification, you can submit a request to withdraw funds, which Binomo processes based on the type of account you own. For instance, it may take up to three working days or more for traders with Standard status, up to 24 hours for Gold account owners, and a maximum of 4 hours for VIP traders.

Note! The final period for crediting funds from your Binomo account depends on the payment service provider.

How long does verification take?

It usually doesn’t take more than 10 minutes to verify your Binomo account. If the automatic process fails, which is rare, hand verification will be done, which may take up to seven working days. However, this does not deny you the opportunity to trade. So, you can continue getting extra income as you wait for the verification process to complete.

How do I pass verification?

Passing your account verification is simple if you follow all Binomo instructions. The documents you need to provide to verify include:

• Photo of your passport/ID card or driver’s license. If the document to verify has two sides, provide both. Note that the papers suitable for verification vary depending on the country of residence, so be careful when uploading.
  
• Photo of the front side of the payment card.
  
• A bank statement photo if you are verifying a non-personalized bank card.
  

These documents should be valid for a month or over after uploading. The acceptable formats to verify are pdf, png, and jpg. The photo should include all corners of the document, and all information should be visible.

To verify your identity, complete these steps after confirming you have the necessary documents:

• Verify identity by uploading both sides of your ID document photo.
• Verify the payment method by uploading the front side of your bank card. For a non-personalized one, you will also need to upload the front side of your bank statement.
• Wait for around 10 minutes for verification to complete.

Once through, you will be notified that your Binomo account is verified.

Do I need to verify on registering?

No. After registering the Binomo account, you only need to confirm your email. The platform usually requests verification during your first withdrawal to protect funds from falling into the wrong hands.

Can I trade without verification?

Failure to pass verification limits the ability to withdraw additional income from the Binomo account, but you can make deposits and trade anytime you wish. So, if you don’t want the platform to verify your identity and payment method today, just continue trading. However, it is not worth being afraid of verification because the process is automatic and usually takes up to 10 minutes.

Identity verification

Let’s look at the answers to common questions Binomo traders have about identity verification.

How do I verify my identity?

Verification is a process aimed primarily at securing your Binomo account and preventing funds from falling into the hands of strangers. Binomo may ask you to verify your identity anytime after registration. If this happens, you will see a pop-up notification on your screen and the “Verification” item on the menu. Information about the verification process will also be sent to your email.

Here are the steps you need to follow to complete the verification process:

1. Click “Verify” within the pop-up message.
   
2. The “Verification” page will appear. You should first verify your identity by clicking the button next to “ID Card”.
   
3. Tick the two check boxes (agreeing to terms and conditions and consenting to process your data) before beginning the verification, then click “Next”.
   
4. Press the drop-down menu to select the country of issue for your documents, followed by their type. Note that document types to verify vary as per country.
   
5. Upload the doc selected for verification in jpg, pdf, or png format. If it has two sides, begin with the front, then upload the backside. Note that the document must be at least one month valid from the date you upload it. All content on your ID should be readable and all corners visible. Click “Next” when finished submitting.
   
6. When you submit your documents, you can go back to the verification page by pressing the “OK” button.
   
7. Your ID verification status will automatically be changed to “Pending”. Verifying takes up to ten minutes, but the process can take several days in exceptional cases.
   

When your identity verification is complete, the status will change to “Done”, and you can begin verifying your payment method. You shall immediately receive the “Verified” status if it does not require verification.

Can I trade if I’m underage?

The rules of the Binomo trading platform prohibit minors from registering. If you violate this clause of the Client Agreement and try to verify your account, it will be blocked.

Why do I need to verify my phone number?

Phone number verification is not a requirement but is essential to keep your data and funds safe. For example, if your Binomo account is hacked or you forgot the password, you can recover it using your mobile number.

Besides, you can receive information about bonuses and other benefits offered by the platform before other traders. VIP traders who decide to verify their numbers immediately get a personal manager.

Payment methods verification

Once you have verified your identity, Binomo may ask you to verify your means of payment. Let’s take a closer look at this process by answering the FAQs.

How to verify a bank card?

For Binomo to protect the funds in your account, you must verify that the card you use to deposit and withdraw funds belongs to you. Once you are through with identity verification, follow these instructions to verify your bank card:

1. Select the payment method you want to verify on the “Verification” page. In this case, it is a bank card. Verification of payment documents takes place after your identity is confirmed.
   
2. Upload your bank card photo’s front side, clearly showing the holder’s name, card number, and the date it expires in jpg, pdf, or png format. Go back to the verification page by pressing “OK”.
   
3. The status will change to “Pending”. Verifying a bank card may take at least 10 minutes.
   

You will receive a notification after verification is completed, and your status will change to “Verified”. Additionally, you will be allowed to withdraw funds.

How to verify a virtual/unnamed bank card?

To complete the verification of your virtual bank card, just do the following:

• Select your virtual bank card on the “Verification” page, then press “Verify”.
  
• Take a screenshot of your virtual bank card for verification and upload it. Ensuring its first 6 and 4 last digits, expiration date, and cardholder name are visible and readable.
  
• Press “OK” when your document is sent.
  

It usually takes 10 minutes to verify a virtual bank card. Once the verification process is completed, you will receive a notification, and the payment method status will change to “Done”.

Note! The screenshot must not be edited, or your card will fail verification.

To verify an unnamed bank card, follow the simple instructions below:

• Select a virtual/unnamed bank card in the “Verification” window and click “Verify”.
  
• Upload the front side of your card in jpg, pdf, or png format, ensuring that its expiration date and number are visible.
  
• Add your bank statement photo, showing your name, stamp, and issue date. This document for verification should not be more than three months old.
  
• Press “OK” to head back to the verification page once you submit your documents.
  
• Your bank card’s verification status will change to “Pending”, and you must wait for it to complete. Binomo usually spends no more than 10 minutes verifying.

Once the verification process is complete, you can withdraw your funds from the platform to this card.

Can I verify a card that isn’t mine?

You cannot verify a bank card or any other payment method that does not belong to you. Following clause 5.3 of the Client Agreement, crediting funds to Binomo using payment details of third parties is prohibited.

Note! If you have problems verifying your identity or payment methods, do not hesitate to contact the managers at support@binomo.com.

How to verify a BTC, LTC, or e-wallet?

If you only use BTC, LTC, or e-wallet as your deposit and withdrawal method, you will not need to verify it but only your identity.

Safety and troubleshooting

If you doubt how safe it is to provide Binomo with your data and documents, it will be helpful to read the information below.

Is it safe to send Binomo my private data?

Yes. Here is why you can trust that your private data is safe on Binomo:

• Your entire data is kept on servers in an encrypted format. The servers are housed in data centers that adhere to the international safety standards TIA-942 and PCI DSS.
• Data centers of the trading platform are modern and safe from failure. Plus, they are serviced by a security service around the clock.
• Your sensitive information won’t be accessible to anyone with malicious intentions because decryption keys are maintained separately from the actual data.
• Cryptographic encryption protects the channel via which all data is transferred. The service automatically obscures or blurs a portion of symbols when you upload any private images, payment information, etc. Even if fraudsters try to steal your personal information, they will only be able to obtain encoded characters that are meaningless without a key.
• Besides, Binomo does not share their clients’ information with other parties nor use them for other people’s purposes.

So, you can be sure that your private data are safe during and after verification. You can get more information on Privacy Policy.

Why have I been asked to pass verification again?

If you use a new payment method, you will need to verify it. You can avoid confirming again by continuing to utilize the payment methods you’ve already verified. But in cases when cards and bank documents are due to expire, Binomo also requests re-verification.

Occasionally, Binomo requires clients to re-verify their identity, email address, or other personal information. Re-verification happens after a policy change or as part of the company’s anti-fraud activities.

Why have my documents been rejected?

It could be because uploaded photos do not meet the requirements. Ensure that the four corners of documents that verify your identity and payment method are visible and that everything written on them is readable.

You will always find the “Try again” option on the verification page. Click on it, and you will see an explanation of why your documents were rejected.

Correct the photos according to the comment and add them to verify by clicking on the “Upload new” link.

If any of the documents you submitted to verify are declined, the system could not read them correctly. Click on the unaccepted file and then on “Contact support”.

The email client will open, and you will see a draft describing the problem. Send an email to the support staff, and the issue with your verification will be resolved.

How do I know verification has been successful?

The “Done” status will be applied to all of your documents. A pop-up message and an email confirmation will also be sent to you.

Can I verify in advance?

It is not necessary as the verification process is automatic and mainly implemented when you withdraw funds from the Binomo account. Don’t worry; you won’t miss a request to verify your identity and payment method. A pop-up notification will display, and the “Verification” menu item will appear to enable you to complete the process.