You want to know why binary option brokers ask you for pictures of personal documents before they allow you to withdraw money? Find out about the Magnum Options validation now!
How to handle the Magnum Options validation process
Security is the most important aspect of binary options trading. If your broker can’t keep your money safe, what good are even the highest the returns, the best payouts, and the most trading success? When choosing a broker, you should therefore strongly consider the security aspect as one of your top criteria.
To keep your money as safe as possible, the Magnum Options validation process is undertaken for each new withdrawal method you want to use. Simply put, whenever someone wants to use a new withdrawal method with your account, Magnum Options asks this person to verify that they are really you.
To make sure only you can withdraw money from your account, Magnum Options asks every new withdrawal option to be verified by sending pictures of two or three documents to them. Those documents are:
1) A government issued photo ID, front and back, with your photo and the expiration date clearly visible.
2) A proof of residences. Anything that proofs that you truly live where you claim to live will do, for example a utility bill or a document signed by a notary.
3) If you want to withdraw money by credit card, you need to provide a picture of the credit card with only the last four digits visible, thereby proofing that it is really your credit card you are withdrawing with.
You can send pictures of these document to Magnum Options’ customer support by email. Verifying your account should take you no longer than a few minutes. Customer support will then process your claim quickly, usually within one or two business days. After that, your payment method is cleared and you can withdraw money with it as often as you like – without any further verification.
This system has two advantages:
1) It stops criminals from stealing money from your account. Since every new withdrawal has to be backed up with your ID and proof of residence, you can be sure that no criminal can ever steal your identity and then your money – a great security advantage.
2) It stops money launderers from using Magnum Options’ service. Money launderers often try to use online payment systems by credit card to turn money from illegal activities into clean money. By asking you to provide a picture of the credit card you want to withdraw with, Magnum Options can make sure that you are only withdrawing money to yourself, thereby stopping money launders.