Binomo Verification: How to Verify Your Trading Account

In this article, we will cover essential aspects of Binomo verification, including the importance of verifying your account, the steps for account verification, the required documents, common problems you may encounter during the process, as well as what to do if your verification is rejected.

Steps to Verify Your Binomo Trading Account

You will be prompted to verify your account once you are trading live (with real money). The following is the step-by-step process for verifying your account:

Step 1: Prepare the documents and wait for verification

First, prepare your valid ID, which can either be a Passport, ID card, or Driver’s License. Also, prepare the bank card (typically a debit card) you used to deposit your capital. Then, simply wait for the verification prompt. As mentioned above, you cannot request verification in advance. 

Note: The verification prompt usually triggers when you try to withdraw from the platform.

Step 2: Identity Verification

Second, once the verification prompt shows on your screen, you will proceed phase by phase. The first phase is verifying your identity. To pass this phase, you must upload a clear photo (front and back) of your valid ID, which can either be a Passport, ID card, or Driver’s License. 

Note: Check if your identity card is acceptable based on your country of residence. Visit Acceptable Identity Verification per Country and look for your country’s valid card types.

Step 3: Payment Method Verification

Third, after completing and passing the identity verification stage, you will move to the next phase, which is verifying your payment method. To pass this phase, you must upload the bank card (typically a debit card) you used to deposit your capital (front side only). 

Note: If you used a non-personalized card to deposit funds in your portfolio, you’ll also be asked to upload a photo of your bank statement (it must be less than one month from the upload date).

Step 4: Wait for the checking of your documents

After you finish submitting the required documents, they will undergo Binomo’s automated checking process, which usually lasts within 10 minutes. However, if your documents cannot be checked automatically, they will have to be checked manually. In this case, the verification period can be extended for up to 7 business days.

Note: You can still trade as usual and deposit additional funds during this waiting period. However, you will not be able to withdraw funds until you complete your verification.

Step 5: If successful, you can now withdraw your funds

Lastly, you can withdraw your funds on Binomo once you receive a confirmation email or a pop-up notification advising that you have been verified. 

Note: If you fail the verification process. Don’t worry! Follow the tips we outlined in the later part of this guide to have a better chance of passing the next verification process.

Required Documents:

The following are the required documents during your verification process:

• 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 (see the link below)
• Photos of the bank cards you used to deposit (front side only).
• Photo of a bank statement (for non-personalized cards only).

For the complete types of identity cards acceptable per country, you can visit this link: Acceptable Identity Verification per Country

Additionally, the documents you will submit must be: 

1. Valid for at least one month from your upload date.
2. Your full name, numbers, dates, and all corners of the documents must be clearly visible. 
3. In the following formats: JPG, PNG, or PDF.

Common Problems in the Verification Process

Problem #1: Mismatched Information

Solution: Ensure that your provided information, such as your name, date of birth, sex, country, and contact information, is consistent with your provided documents, such as your ID and bank card. Also, check if the information in your ID is updated and consistent with your bank card. Any discrepancy can lead to a longer verification process or outright failed verification.

Problem #2: Mobile Phone or App Issues

Solution: There are cases where your uploaded document is of lower quality, or worse, you cannot upload it on your phone’s browser or mobile app. This problem is more variable since it could be a specific issue stemming from your phone’s model, settings, or software. Hence, uploading your documents on a laptop or desktop may be advisable for better consistency.

Problem #3: Unable to Upload Documents on a Laptop/Desktop and Mobile Phone

Solution: If you cannot upload your documents to your laptop, desktop, or mobile phone, then it may indicate an incompatible format. Remember that only documents in JPG, PNG, and PDF formats will be acceptable, and other formats are not supported. Thus, you would need to convert your documents into one of these acceptable formats.

Can you trade without verifying your account?

Yes, before the verification process, you will be able to freely trade, deposit, and withdraw funds. However, once you receive a verification prompt — while you can continue to trade and deposit funds — withdrawals will be restricted until you complete and pass the verification process. Hence, you will not be able to cash out any profit, if any, until your account is verified.

Verification Rejection: What can you do?

If you fail the verification process, first check if the documents you submitted meet the criteria and if you followed all instructions. If you do, make sure you resend a brighter and clearer version with full visibility of all the documents’ corners, names, numbers, and dates. Also, ensure that your ID and bank card are not expired and will not expire within one month of submitting your document. Finally, check if the document format is supported (they must be either PDF, PNG, or JPG).

You can also visit the Binomo Help Center to seek further guidance in verifying your account. Likewise, you can file a ticket explaining your specific scenario and wait for Binomo’s support to assist you in moving your verification process forward. 

Conclusion 

Considering all these, Binomo’s verification process is relatively more straightforward compared to other brokers in its category. The average verification time of less than 10 minutes is commendable, and the flexibility in the types of documents you can submit helps users comply more easily without unnecessary complexity. Still, it’s crucial to be mindful of its verification requirements and the available resources so you can address potential issues more effectively.