Magnum Options Security

Magnum Options Security - logoAre you worried about security when trading binary options? Learn whether Magnum Options security is up to speed!

Can you trust Magnum Options security?

When choosing a binary options brokers, security is the most important point to consider of all. Unfortunately, many binary options brokers get so caught up in high payouts and new binary option types that they fail to consider the security aspect when choosing a broker. To help you do a better job, here is everything you need to know about Magnum Options security.

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SSL encryption

When communicating with your binary options broker, you necessarily have to send important information from your device to them. If this information were intercepted by a third party, they could use it to steal your money and ruin you. Therefore, you need a broker that keeps these transmissions safe.

Magnum Options does exactly that by using the SSL standard to encrypt any important data they send to you or receive from you. The SSL standard is the most secure encryption protocol available, the same protocol any online banking service uses, and virtually uncrackable – it does not get any safer.

When you deal with important information online, SSL encryption is an absolute must. You do not want your credit card information, you password, or your bank account details to get into the wrong hands. Magnum Options does the best job possible to avoid this.

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If you are ever unsure of who to choose, we urge you to take a look at our list of trustworthy binary brokers here!

Verification process

As a binary options trader, you will regularly withdraw money from your account. These online transactions are different from when you go to your local bank: Nobody knows who you are, you could be a complete stranger. Therefore, much like when you go to a new bank for the first time, a trustworthy binary option broker will ask for your ID.

It is important to know that the person trying to withdraw money from your account is really you. Otherwise, criminals could easily find a way to steal money from your account and rob you of the fruits of your labor.

To avoid this from happening, Magnum Options asks for three documents every time you want to use a new withdrawal method. These documents, which clearly identify you as the person who owns the account, are:

  1. A picture of your government issued ID, front and back, with the picture clearly visible.
  2. A picture of a proof of residence such as a utility bill or notary document.
  3. If you want to withdraw by credit card, a picture of the credit card, front and back, with only the last four digits visible.

Conclusion

With these Magnum Options security measures, they provides a complete safe binary options service that you can trust completely.