What Is Verification In Binaries
Each binary broker sets special technical conditions on its platform for handling accounts of traders. Some, for example, request one payment service, others set commissions or limitations for minimal and maximal withdrawal values, but the main condition is the verification.
In our article we consider the details of this process and give suggestions, which will let you to avoid this complicated process by profit monetization.
What is verification?
To start in binary market as a successful investor you need to pass the simple registration procedure, which usually comes to the filling in a common form. Here you don’t need any documents or specific information – just e-mail and name, which nobody checks, neither your age.
But it is more complex when it comes to the profit withdrawal. To receive your money you have to pass the verification procedure, or identity authentication, plain at first sight.
This is related to the law concerning campaign against money laundering, according to it the market provider needs to know clearly whom it s paying out to. For the very reason brokers request from customers the scans of private papers, confirmation of the registered or living address, shown in documents (utility bill payment receipt). The list of documents may vary significantly. So by monetization of funds to the bank card you may be requested for its photo or a copy of bank service contract. Some information may sure be hidden in the special editing program, but the card shall be embossed and be yours.
The additional reason for verification of traders is regulating authorities issuing licenses for brokers. The point is that such agencies ask from providers the complete reporting for financial calculations and transactions, and the refusal to fulfill demands involves sanctions. Everything is logical – nobody will risk for hefty penalties to pay out a couple of hundreds dollars!
Verification is the request from scam artists
A while back there was the sentiment in some feedback from traders – there are swindlers only who ask you for verification to delay payouts! They were quick to explain it: a fair market provider asks for the verification at the start (while opening an account), otherwise it’s scam artists!
But it’s far from it and there is no need to believe it. All assumptions for the verification of customers we explained above, and the request for this process by an account registration is absolutely another issue. Most of customers don’t get to the point of the profit withdrawal, so there is no sense to ask for investor’s documents when he just started. The rather that the data check takes time delaying the trader to get started with the platform, so the reason is the simple marketing. The sooner the customers starts to work in the market, the sooner the company starts getting profit, so the issue of verification is postponed by all brokers with no exception.
Binaries with no verification
In the infancy of binary trading there were the platforms with payouts without verification, but now they are the black swan, if not the exception. Among hundreds of «fair» and «big» brokers though you may find such platforms. Is it bad or not really?
For traders this issue is certainly sexy – there is no hassle with photos, no need to submit private information, the finances of the customer are well secured. And there are no checks from odd authorities! Seems like everything is perfect, but how it is indeed?
And in very deed, exactly the scam artists can provide you with such conditions. Remember we explained the reasons of verification request from brokers. Well, if the company offers for you the withdrawal conditions without identity authentication – it is a defrauder performing with no license form a regulating authority, which can handle your money and technical conditions of trading at its pleasure. Still want to get your money with no verification?
Our main recommendation is to work in conditions of high legal safety, meaning with brokers obeying the law and requirements provided by the regulating authority. So you won’t only save your money, but create the most safe conditions for your financial security. As for avoiding such a process as verification, it’s so easy: by calculations with one payment service the broker won’t request verification, such conditions are laid down for example by the apparently professional Binomo broker. So the legal and safe options exist, even in such a complex business like binary trading.