Creation of an account and confirmation of the identity of the trader

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To start trading on Binomo, of course, you need to register an account. Creating a personal account is necessary to access the trading platform, financial transactions, 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 an account to an account on the social networks “Facebook” and “Google+”, but this method is unlikely to be faster than standard registration, unless personal data in your account is filled in automatically.

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

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, then you should familiarize yourself with the rules. They describe in detail the mechanisms of interaction and settlements between the client, broker and the regulator. Often, it is precisely because of ignorance of the basic rules of working on the trading platform that account locks occur, which subsequently can lead to problems with withdrawals and the restoration of access to the trading platform. The agreement contains only 13 sections of 1-10 points, so it won’t take much of your time.

Verification on Binomo

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

• Firstly, the current legislation in the field of the provision of broker services in the financial markets.
• Secondly, the age limit. Often, minors use the personal and payment data of relatives and friends to carry out trading activities. It would seem that there is nothing of the kind in this, but the user agreement concluded with the 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. Yes, and income from trading in financial markets is taxable, which means that the person who received them must necessarily declare them. Otherwise, we can talk about a completely different level of responsibility.
  
• Thirdly, linking the user’s identity to the account is necessary to prevent fraudulent schemes. This is an effective method from preventing fraud, and from the search for the perpetrators.

The truth is to make a reservation that verification does not need to take place 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, the user can restore the password from the personal account.

Documents required for verification

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

Before and after the verification procedure at the request of the Binomo administration, all the 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 the analysis of scanned documents, the trader will block the possibility of financial transactions. The administration has the right to require a videoconference to confirm the identity of the 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 recalling the importance of studying the PS before registering an account with Binomo, and not only with them.