Binary broker verification

Binary.com – reputable company in the field binary options tradingwhich was founded in 1999. Now the broker serves more than one million accounts worldwide.

Bainari has 6 operating licenses, which are issued by reputable regulators whose jurisdiction depends on the country of registration of the trader. This means that every client can feel protected by the regulatory authorities of his country. One more peculiarity of the company is several trading platforms and programs for analysis. Clients also like the flexible trading conditions with a minimum deposit of $5 and the smallest lot size of 50 cents. It gives the possibility to manage the capital flexibly in the course of trading which is important for newcomers traders.

 

Verification at a binary options broker

Verification of account at Binary options broker – a prerequisite after the first deposit and the start of operations. This is a requirement of the licensing authority and the convention against the laundering of illegally obtained proceeds.

What is a broker verification?

Verification is necessary for timely withdrawal and receipt of funds from the trading account. To pass it successfully when opening an account, you need to use only real data. These are full name, phone number and e-mail. In the future, the administration will compare this information with data on the first deposit. If the information is different, there may be problems with withdrawal and a long delay. You also need to provide the broker with copies of documents according to the list that should be provided on the company’s website. Each broker may have different requirements.

Binary’s copy list includes scans of passport, bank card, bank certificate of account holder, last utility bill and proof of source of income. These documents must be sent to the email box and wait for the decision on verification. Generally, it takes 1-2 days. If the decision does not come within 3-4 days, you need to write a letter to the broker, finding out what the problem is. There are a few nuances that one should know before going through the verification:

• By scanning your passport, you can have its number taped. It is not necessary to provide a full copy of this document.
• By scanning the card, you can tape 2 and 3 digits of the number (from 5 to 12 digits); if there is no utility bill because the apartment is rented, you can ask to replace this document with another.

It is best to go through the verification process immediately after opening an account. If you do this when withdrawal is required, you may receive your earnings with a delay.

Why does a trader need verification?

To avoid conflicts and problem situations related to deposits and withdrawals, brokers try to make transactions as secure as possible, for which verification is used. The cases of fraud with different types of payments forced companies to find ways to protect the interests of clients.

The verification process protects the trader’s personal account with passwords that exclude access by third parties, and prevents unauthorized actions on user accounts. Without verification, the broker cannot trace access to the market to persons under 18 years of age. Depending on the place of registration of the company and the organization that provides the transactions, a certain package of documents must be provided.

If a broker does not open an account without verification, it indicates his responsibility and legal status, as unlicensed companies may not engage in such procedures. Some brokers also require proof of legal income. On the one hand, this makes it difficult to access the work, but on the other hand, it shows the reliability and quality of the services provided.

Methods of verification

Each broker has its own requirements and methods of verification. For example, some require only proof of identity, while others ask for proof of address and bank account. There are also those who may demand to prove the source of income. The list of documents for verification should be read before you start working with the broker, so that it is not a surprise. The list of such documentation should be specified on the company’s website. If you could not find it, it is worth clarifying this point with the administration of the service. Binary has a standard list of documents:

• A copy of your passport or other identity document.
• Proof of residence. Since your address may not be the same as your home address, a copy of your passport page may not be enough. The broker may ask for a utility receipt or bank statement. The main thing is to have the client’s name and address on it.
• Proof of source of income – pay slips or bank statement.

Some brokers additionally require confirmation of the depositing method. Often traders open deposits with the help of bank cards. In this case it is necessary to use the card that belongs to the client. When depositing from WebMoney and wallets of other payment systems, the administration may request a screenshot from the personal cabinet, where the process of payment will be visible.

The moment of the verification procedure also differs depending on the broker. Some companies ask to confirm the identity and address already at registration, others allow to do it before the withdrawal of funds. But you should not put off verification. If you pass it before applying for withdrawal, you may receive funds with a delay, because the procedure takes 1-2 days.

Another nuance is the way documents are submitted. As a rule, you can send both scans and high-quality photos. But there are brokers who ask to be photographed with your passport in hand or to send photos without foreign objects. The option of sending the documents is also important. Some brokers just need the client to send a scan of the documents by e-mail, while others ask to send them by registered mail. In any case, verification requirements should be checked with each company separately.

 

Verification and Withdrawal at Binary

The company’s website does not have a separate section that tells about the verification procedure. Some points can be read in the “Terms and Conditions”.

What documents are needed for verification

On the “Terms and Conditions” page, there is information that the broker uses the “Know Your Client” policy, within which he may require additional documents:

The list of documents in the WSC policy includes:

In addition, Binary has the right to request documents to comply with other legal obligations. This means that customers agree that the broker may use the personal data provided for anti-fraud checks. All information may be disclosed to competent authorities or authorities for fraudulent schemes.

To withdraw funds, it is not enough to pass verification. It is necessary to comply with several other rules. For example, withdrawal can only be made in the name of the owner of the account. If money is deposited via bank transfer, funds will be transferred to the owner of that account. The trader undertakes to provide the correct account number and name for money transfers.

If a deposit is made with a bank card, the withdrawal will be transferred to the same card. In addition, the user cannot accept funds to his account from one or more persons. It is forbidden to sell or transfer accounts from other traders or other clients. Transferring money between users is also not allowed. One person may have only one account. If several accounts are opened by the same person or a fictitious name is used for registration, withdrawal will not be made.

How do I get verified at binary.com?

Broker binary.com requires mandatory verification if the trader’s trading turnover exceeds the limit of $10,000. But the terms of the service provide for the right of the company to refuse to process a withdrawal request for those who have not been verified. Therefore, it is worth to implement this procedure, regardless of the trading turnover. There is no detailed instruction on verification on the site. Even in the “Contacts” section, where there are answers to popular questions, there is no information about this procedure. Therefore, all the nuances must be clarified with the administration.

How do I check the verification status at Bainari broker?

There is no information on how to check the verification status on the Binary website.

 

Conclusion

Binary (get verified) is a well-known broker, which has been working on the binary options trading market for a long time. Verification on the service is mandatory for those whose turnover has reached $10,000. But even if the amount is lower, and the trader has not passed this procedure, the company has the right to refuse to process his application for withdrawal. Therefore, it is better for each client to be verified at once.

However, there are no detailed instructions on the broker’s website on how to do this. The rules describe only the documents that need to be provided to confirm identity, address, and source of income. Perhaps the company should take care to describe the entire procedure and its steps in more detail, including how to send and contact information. Right now, there is no information on the broker’s website about an email or legal address.