Binomo FAQ

General Questions

What is verification? Why do I need it?

Verification is a confirmation of your identity and means of payment (for example, bank cards). User verification is required by financial market regulators and payment service providers. This is a standard procedure all trading platforms use. Every Binomo trader will be asked to go through verification at some point. After that, funds withdrawals will be restricted, until the trader has been verified.

Apart from being a law-enforced requirement, verification also helps protect your funds. Should the account be stolen, verified users have a chance to get their funds back.

You can find full information regarding user verification in the Client Agreement, paragraphs 4 and 5.

When will I be able to withdraw funds?

You can withdraw right after verification has been completed. The verification process usually takes less than 10 minutes. The withdrawal request will be processed by Binomo within 3 business days. The exact date and time youll receive the funds depends on the payment service provider.
 

How long does verification take?

Verifying your account normally takes us less than 10 minutes.

There are few rare cases when the documents cannot be verified automatically, and we check them by hand. In this situation, the verification period may be extended for up to 7 business days.
You can make deposits and trade while waiting, but you won’t be able to withdraw funds until the verification has been completed.

How do I pass verification?

After you’ve received a verification request to successfully pass verification you’ll need:

• Photo of your passport, ID card, or driver’s license, both front and back sides (If the document is double-sided). Types of documents may vary by country, check the full documents list.
• Photos of the bank cards you used to deposit (front side only).
• Photo of a bank statement (for non-personalized cards only).

Note. Make sure the documents will be valid for at least one month from the upload date (for residents of Indonesia and Brazil validity is irrelevant). Your full name, numbers, dates, and all corners of your document must be visible. We accept documents in the following formats: jpg, png, pdf.

Once all your documents are ready, there are 4 steps to complete:


1) Identity verification.

To pass this stage, you’ll have to:

• Upload photos of your identity document, front and back sides.

Note. Refer to How do I verify my identity? for detailed instruction.

2) Payment method verification.

If you used bank cards to deposit or withdraw funds, we will ask you to verify them. To do this, you’ll have to:

• upload a photo of the bank card you used to deposit, front side only;
• upload a photo of a bank statement (for non-personalized cards only).

Note. For detailed instructions, refer to How to verify a bank card? and How to verify a non-personalized bank card? articles.

3) Wait until weve checked your documents, it usually takes us less than 10 minutes.

4) Upon completion, youll get a confirmation email and a pop-up notification and be able to withdraw funds. Thats it, youre a verified Binomo trader!

Do I need to verify on registering?

Theres no requirement to verify on registering, you’ll only need to confirm your email. Verification is automatic and usually requested when you withdraw funds from your Binomo account. Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu.
 

Can I trade without verification?

You are free to deposit, trade, and withdraw funds until verification has been requested. Verification is usually initiated when you withdraw funds from your account. Once you’ve received a pop-up notification asking you to verify the account, withdrawal will be restricted, but you are free to trade. Pass verification to be able to withdraw again.  

The good news is, it usually takes us less than 10 minutes to verify a user.

Identity verification

How do I verify my identity?

Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu. To verify your identity, you’ll need to follow these steps:

1) Click on “Verify” in the pop-up notification.

2) Or click on your profile picture to open the menu.

3) Click on the “Verify” button or select “Verification” from the menu.

4) You’ll be redirected to the “Verification” page with the list of all the documents to verify. First, you’ll have to verify your identity. To do so, press the “Verify” button next to “ID Card”.

5) Before you start verification, mark the checkboxes and click “Next”.

6) Choose the country of issue of your documents in the drop-down menu, then select the document type. Press “Next”.
Note. We accept passports, ID cards, and driver’s licenses. Types of documents may vary by country, check the full documents list.

7) Upload the document you’ve chosen. First front side, then – back (If the document is double-sided). We accept documents in the following formats: jpg, png, pdf.

Make sure your document is:

• Valid for at least one month from the upload date (for residents of Indonesia and Brazil validity is irrelevant).
• Easy to read: your full name, numbers, and dates are clear. All four corners of the document should be visible.

Once you’ve uploaded both sides of your document, click “Next”.



8) If necessary, press “Edit” to upload a different document before submitting. As you are ready, press “Next” to submit the documents.

9) Your documents have been submitted successfully. Press “OK” to return to the “Verification” page.

10) The status of your ID verification will change to “Pending”. It may take up to 10 minutes to verify your identity.

11) Once your identity has been confirmed, the status changes to “Done”, and you can start verifying the payment methods.

To learn more about payment methods verification, please refer to How to verify a bank card? and How to verify a non-personalized bank card? articles.

12) If there is no need to verify the payment methods, you’ll get the “Verified” status right away. You will also be able to withdraw funds again.

Can I trade if Im underage?

You must be of legal age to trade on the Binomo platform. It’s also stated in paragraph 4.3 of the Client Agreement. For further information and assistance, please contact us at [email protected] or in the live chat

Why do I need to verify my phone number?

You dont have to, but verifying your phone number helps us ensure the security of your account and funds. It will be much faster and easier to restore access in case youve lost your password or got hacked. Youll also be getting updates on our promotions and bonuses before everyone else. VIP traders get a personal manager after phone number verification.

Youll get a pop-up notification prompting you to enter the phone number. It can also be specified in advance in your profile.

Payment Methods Verification

How to verify a bank card?

Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu.
Note. To verify a payment method, you’ll have to verify your identity first. Please refer to How do I verify my identity ? above
Once your identity has been confirmed, you can start verifying your bank cards.

To verify a bank card, you’ll need to follow these steps:

1) Click on your profile picture to open the menu.

2) Click on the “Verify” button or select “Verification” from the menu.

3) You’ll be redirected to the “Verification” page with the list of all the unverified payment methods. Choose a payment method you would like to start with and press “Verify”.

4) Upload a photo of your bank card, front side only, so that the cardholder’s name, card number, and expiration date are visible. We accept photos in the following formats: jpg, png, pdf. Press “Next”.

5) Your photo has been submitted successfully. Press “OK” to return to the “Verification” page.

6) Bank card verification status will change to “Pending”. It may take up to 10 minutes to verify a bank card.
You have to verify all of the payment methods on the list to complete verification.

7) Once verification is complete, you’ll get a notification, and your status will change to “Verified”. You will also be able to withdraw funds again.

How to verify a non-personalized bank card?

Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu.
Note. To verify a payment method, you’ll have to verify your identity first. Please refer to How do I verify my identity?above

Once your identity has been confirmed, you can start verifying your bank cards.
To verify a non-personalized bank card, you’ll need to follow these steps:

1) Click on your profile picture to open the menu.

2) Click on the “Verify” button or select “Verification” from the menu.

3) You’ll be redirected to the “Verification” page with the list of all the unverified payment methods. Choose a payment method you would like to start with and press “Verify”.

4) Upload a photo of your bank card, front side only, so that the card number and the expiration date are visible. And a photo of the bank statement with the stamp, date of issue, and your name visible. The document must not be older than 3 months.We accept photos in the following formats: jpg, png, pdf. Press “Next”.

5) Your documents have been submitted successfully. Press “OK” to return to the “Verification” page.

6) The status of your bank card verification will change to “Pending”. It may take up to 10 minutes to verify a bank card.
You have to verify all of the payment methods on the list to complete verification.

7) Once verification is complete, you’ll get a notification, and your status will change to “Verified”. You will also be able to withdraw funds again.

Can I verify a card that isn’t mine?

Using payment means belonging to third parties to credit your Binomo account is prohibited by clause 5.3 of the Client Agreement. For further information and assistance, please contact us at [email protected] or in the live chat.

How to verify an e-wallet?

Send one of these documents to [email protected]:

• Screenshot from the page detailing the owner’s personal information: the wallet number and owner’s name should be visible.
• Screenshot with the details of the latest transaction to Binomo: the date, transaction sum, wallet number or owner’s name.

Important! The documents must be sent from the email you specified on registering. You can also attach them to a message in the support chat. We accept documents in the following formats: .pdf, .jpg, .png, .bmp.


 

How to verify a virtual Bank Card?

Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu.

Note. To verify a payment method, you’ll have to verify your identity first. Please refer to How do I verify my identity? above.
Once your identity has been confirmed, you can start verifying your bank cards.

To verify a virtual bank card, you’ll need to follow these steps:

1) Click on your profile picture to open the menu.

2) Click on the “Verify” button or select “Verification” from the menu.

3) You’ll be redirected to the “Verification” page with the list of all the unverified payment methods. Choose your virtual bank card and press “Verify”.

4) Upload a screenshot of your virtual bank card. Make sure that the first 6 and last 4 digits of the card number, expiration date, and the cardholder’s name are visible and easy to read. We accept screenshots in the following formats: jpg, png, pdf. Press “Next”.

5) Your screenshot has been submitted successfully. Press “OK” to return to the “Verification” page.

6) Virtual bank card verification status will change to “Pending”. It may take up to 10 minutes to verify a bank card. You have to verify all of the payment methods on the list to complete verification.

7) Once verification is complete, you’ll get a notification, and your status will change to “Verified”. You will also be able to withdraw funds again.

Safety and Troubleshooting

Is it safe to send you my private data?

Short answer: yes, it is. Here is what we do to ensure the security of your data.

1. All your information is stored in an encrypted format on servers. These servers are kept at data centers compliant with TIA-942 and PCI DSS – international safety standards.
2. The data centers are protected technically and guarded physically around the clock by specially audited security personnel.
3. All information is transferred via a protected channel with cryptographic encryption. When you upload any personal photos, payment details, etc., the service automatically hides or blurs a part of symbols (for example, the 6 middle digits on your payment card). Even if fraudsters try to capture your information, they would only get encoded symbols that are useless without a key.
4. Decryption keys are stored separately from the actual information, so people with criminal intent won’t get access to your private data.

We ensured that all personal details are not shared with other parties or used for someone’s purposes. You can also refer to our Privacy Policy for the full description of the way we handle all private data

Why have I been asked to pass verification again?

You may be asked to verify again after youve used a new payment method to deposit. According to law, every payment method you use on the Binomo trading platform must be verified. This applies both to deposit and withdrawal.

Note. Sticking with the payment methods you’ve already used and verified will save you from having to go through verification again.

We also ask for re-verification if the verified documents are about to expire.

In rare cases, we can ask you to re-verify your identity, email, or other personal data. Usually, it occurs when the policy has been changed, or as a part of the companys anti-fraud activities.

Why have my documents been rejected?

When your documents don’t pass verification, they get assigned with one of these statuses:

• Try again.
• Declined.

If you see the “Try Again” status, follow these steps to figure out the reason your document wasn’t accepted:

1.Click “Try again” on the verification page.

2. The reason your document has been rejected will be explained, like in the example below. Make sure to fix the problem and then click the “Upload new” button to upload your document again.

Note. Usually, the documents get rejected because they don’t meet all the requirements. Before re-uploading, make sure that the photo you’re sending is bright and clear, all corners of your document are visible, and your full name, numbers, and dates are easy to read.

If one of your documents got the “Declined” status, it means that the system could not read it correctly.

To resolve this issue, follow these steps:

1) Click on the document that has been declined and then click the “Contact support” button.

2) You’ll be redirected to the email client. The issue will be described in the draft. Send an email, and our support team will help you resolve the problem.

If you have any questions left, refer to How do I pass verification? article or contact our support team for assistance.
 

How do I know verification has been successful?

You can check your status on the menu in the right top corner. Once all of your documents have been approved, youll get a green mark next to the “Verification” menu item.

Also, all of your documents will get the “Done” status.

You will also receive a pop-up notification and email confirmation.

Can I verify in advance?

There is no need to verify in advance. Verification process is automatic and usually requested when you withdraw funds from your Binomo account. Once verification has been requested, you’ll get a pop-up notification, and the “Verification” item will appear on the menu.

Note. After you’ve received a verification request, you can still make deposits and trade, but you won’t be able to withdraw funds until you complete the verification.