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Creating account and confirming trader identity 

In order to start trading on Binomo, of course, one need to register an account. Creating a personal account is necessary for getting access to the trading platform, financial operations, tournaments and other broker functionality.

The Binomo registration form consists of only two fields “Email” and “Password”, so this step will not take you much time. It is also possible to quickly register by linking your account to account on the social networks Facebook and Google+, but this method is unlikely to be faster than standard registration, except that personal data in your personal account will be filled in automatically.

Also, in the registration window there is a bar with a choice of account currency. By default, it will be Euro, Dollar and national currency of the country that your IP belongs to. Be careful, changing main currency of account is subsequently impossible. Therefore, this item should not be regarded as a formality.

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Well, the last element of the registration form is a checkmark confirming your agreement with the user agreement and privacy policy. And if everything is clear with the latter, it is standard for any service that has access to your personal and payment data, but you should definitely familiarize yourself with the rules. They describe in detail the mechanisms of interaction and settlements between a client, broker and the regulator. Often, precisely because of ignorance of the basic rules of working on the trading platform, account locks occur, which can subsequently lead to problems with withdrawals and with regaining access to the trading platform. The agreement contains only 13 sections with 1-10 clauses each, so it won’t take much of your time.

Verification on Binomo

Verification is a process of verifying identity of user. The need for this procedure is dictated by:

  • Firstly, by the current legislation in the field of provision of broker services in the financial markets.
  • Secondly, by age limit. Often, minors use personal and payment data of relatives and friends to carry out trading activities. It would seem that there is nothing bad in such activity, but the user agreement concluded with a person implies certain obligations, including financial ones. And in this case, the person whose personal data was used may not even be aware of the contract requirements. And an income from trading in financial markets is taxable, which means that the person who received it must necessarily declare them. Otherwise, we can talk about a completely different level of responsibility.
  • Thirdly, linking a user’s identity to an account is necessary to prevent fraudulent schemes. This is effective method from the point of view of preventing fraud, and from the point of view of searching for perpetrators.

The truth is it’s worth to make a reservation that verification does not need to pass immediately after registration. Initial forced verification in Binomo is not provided. After creating an account, the service will only ask you to confirm the entered email address, so that, if necessary, a user could recover password from his personal account.

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Documents required for verification

Verification with provision copies of documents, according to paragraph 1.5 of the user agreement, is carried out at a request of representatives of the broker’s administration or at a request of a user in the support service. Usually, this request is one-time in nature, and is presented after a first request for funds withdrawal. In some cases, additional verification may be required. The package of documents is standard.

Before and after the verification procedure at a request of the Binomo administration, all broker’s trading and non-trading functionality is fully available. According to clause 1.6 of the Binomo user agreement, the period for consideration of documents is 10 business days (in some cases, the company reserves the right to extend the term to 30 business days). During analysis of scanned documents, a trader will be unable to perform financial transactions. The administration has the right to require a videoconference to confirm identity of a user if a discrepancy is found in some documents.

All the above verification features are described in the user agreement, which means that the procedure and terms of the procedure can be changed at any time. Therefore, once again it is worth to remind about importance of studying the user agreement before registering Binomo account and not only at them.

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