We have noticed from the comments of our readers and traders that some of them are asking certain questions pertaining to the validation of their binary options account with their broker. This is a perfectly normal and legal procedure. During the verification of the trading account, the broker then contacts you and asks you to provide supporting documents to prove your identity. Because providing such documents scares some traders, we will here show you how to carry out such verification, what information you can provide to the broker without any risk and what sensitive information need to be hidden on your documents before they are sent to the broker.
This is another question raised by many binary options traders; why is it necessary to take this step to verify one’s trading account? There are two answers to this question:
– First of all, this verification allows the broker and banks to ensure that no credit card fraud is being committed through binary options. Some ill-intentioned people are capable of stealing bank cards and make deposits on binary options platforms. Hence, by checking the identity and bank information, the broker ensures that it is the owner of the credit card who is depositing his own funds on his binary options account and not a fraudster.
– Validating a binary options account also allows you to withdraw your earnings. By providing certain personal information to the broker, you can easily withdraw your money. Similarly, the broker ensures among other things that the money gets to the right person.
Please be aware that a serious and regulated binary options broker will never ask you for your full personal information. The broker will always ask you to protect your own documents; i.e. only show the important information and hide the rest (credit card number, expiration date, CVC number, identification card or driving license number). Thus, there is no need for concern with respect to this procedure since nobody has full access to your personal or banking information. Simply follow the instructions outlined below if a broker asks you to provide supporting documents to validate your account.
Most brokers will initially ask you to provide a front and back copy of your credit card and more specifically the credit card used to deposit money in your trading account. The front of your card must display your full name as well as a series of 16 digits. You can hide the first 12 digits by placing a piece of paper over it or you can use a photo editing software. Also, be sure to hide your CVC number (the 3-digit security code appearing on the back of your credit card). The hidden digits will help keep your bank data private to insure that nobody will have access to it. The broker will simply use the visible information to verify your identify and validate that the payment method belongs to you.
Your broker may also ask you to provide an identification document such as an identification card, a passport or a driver’s license. Essential information such as your name and surname as well as your date of birth must be displayed to prove you are an adult. You can hide the number appearing on your document. Please note that in some cases a binary options broker may ask you for a proof of address, such as a utility bill or a bank statement showing your address. Likewise, you can display the essential data in the header and hide the rest of the document.
We advise traders to opt for regulated binary options brokers that are authorized by financial authorities. The best examples of regulated brokers are those that belong to the “Safecap Investment Ltd.” company; i.e. 24Winner, OptionTime and TopOption. These brokers are regulated by a dozen financial regulators such as the CySEC (Cyprus – EU), the AMF (France), the CNMV (Spain), the CONSOB (Italy), the FCA (United Kingdom) and the BaFin (Germany). Since they are regulated by international financial authorities, the practices of these brokers have been approved as they comply with local financial regulations, hence the personal information and documentation sent during the verification process of the binary options account remain safe.
When you proceed to opening a binary options account with one of the brokers listed on our website, you can enjoy a bonus on deposit that has been exceptionally negotiated by our team. When you open an account with the regulated brokers 24Winner, OptionTime and TopOption, you will be able to benefit from a 100% bonus on deposit (to double your initial investment), whereas under normal circumstances these brokers offer respectively only 40%, 25% and 0% bonus on deposit to their new traders.
In addition to the negotiated bonus, opening a binary options account through our website will give you the right to the BonusBinaryOptions.net Guarantee, thus allowing you to benefit from our support and influence in the event of any problem encountered with your broker.