It is important to understand how to deposit, trade, and earn on Binomo. But it is also equally important to know the withdrawal procedure from the trading platform. This article explains some of the basics of withdrawing funds and a few questions related to the same.
How to withdraw money from Binomo?
Withdrawal from Binomo has 2 simple steps:
Step 1:
On the website, from your profile, you can click on the Cashier option. You’ll see a webpage with 4 tabs, go to the Withdraw Funds tab.
Similarly, on the Binomo application, you will find the Balance option from the menu. Then, select the withdrawal button.
If you are using the Binomo application on Android, click on your profile in the bottom section. You will be able to find the Balance button and then click Withdrawal.
Step 2:
Under the Withdraw Funds tab, enter the amount you want to withdraw and select the payout method. Fill up all the necessary details for withdrawal and click the yellow Request Withdrawal button.
After the successful completion of both the above steps, you’ll get a confirmation regarding your withdrawal request with all the details. You can continue trading on the website while the withdrawal is under process. Under the same Cashier/ Balance tab, you can go to the Transaction History tab to follow the status of your request.
How fast will I receive money from Binomo?
The withdrawal request passes through these stages:
- Approval from Binomo and passing it on to the payment service provider
- Processing by the payment service provider
- Receipt of funds in your selected method of payout
You can find out at which stage is your withdrawal request at, from the Transaction History tab as explained above. If you have been waiting for more than a certain period for the request to move forward in the withdrawal timeline, you can contact Binomo and find out about it.
Usually, it takes around a few minutes to 3 working days to get your payout. In rare situations, it may take up to 7 days because of reasons like national holidays or certain payment policies of the provider.
Binomo maximum and minimum withdrawal amounts
The minimum withdrawal amount from Binomo is $10 or €10. For other currencies, it is the equivalent of $10.
The maximum withdrawal limits from Binomo are as follows:
Daily limit – $3,000/ €3,000 (similarly in other currencies)
Weekly limit – $10,000/ €10,000 (similarly in other currencies)
Monthly limit – $40,000/ €40,000 (similarly in other currencies)
These limits might vary a little subject to certain payment providers.
Is verification needed before withdrawal?
Verification is a 20-minute process where the client provides required documents as requested by Binomo. Verification is important to know the client’s identity as it ensures safety for everybody. In case the client hasn’t verified yet, Binomo can accept withdrawal requests to the same payment details as given during the deposit process or it may also choose to hold back funds until the verification is completed successfully.
In case when the client requests withdrawal and due to technical difficulties, it is not possible to refund in the same account as the deposit, the client is allowed to use another method of payment or another account altogether. This data of the alternative account or method should be included in the verification process.
So to sum up, verification is required for withdrawal.
Withdrawal example
Say you have deposited ₹7000 in your Binomo account via UPI, you will get a 30% deposit bonus and the trading account will show a balance of ₹9100 in total. After a few trades, you have earned profits and the trading account balance stands at ₹11,800. You have requested withdrawal of the initial ₹7000 to your UPI in the same account as deposited.
You can withdraw the entire amount as well unless it doesn’t exceed the daily withdrawal limit. The processing generally takes up to 3 business days. You can check the status of your withdrawal request on the website itself under the Transaction History tab.
How to withdraw funds to a bank card?
Bank card withdrawal from Binomo is limited to cards issued in Ukraine and Kazakhstan only. To withdraw money to these bank cards, follow these two steps:
Step 1:
From your profile menu, go to the Cashier tab and click Withdraw Funds tab.
If you’re using the mobile application, you can go to the Balance tab and click on Withdrawal
For the Binomo Android application, go to your profile from the bottom menu. Select the Balance tab and click Withdrawal.
Step 2:
Feed the amount you want to withdraw to your bank card. Choose VISA/ MasterCard/ Maestro from the drop-down menu below it.
Click the yellow button that reads Request Withdrawal.
It is important to keep in mind that you can withdraw to the card only when you’ve deposited from it.
The withdrawal request acknowledgment will be on the next screen with all the details regarding the same. You can track the process under the Transaction History head (you can find this heading past the Cashier/ Balance section).
Necessary documents for Binomo withdrawal
You need to authenticate your identity to request a withdrawal. Account verification ensures safety and prevents fraudulent activities on your Binomo account.
Status of withdrawal
Once you have successfully made the withdrawal request, you can track the status of the process from the website itself.
Under your profile menu, you can press the Cashier button. On the next page, go to the Transaction History head. You will be able to find your withdrawal request and its status. Your request goes through various stages as explained above and you can contact the support team in case you have waited for more than a certain period.
What is ARN?
ARN or Acquirer Reference Number is a distinctive number that is created for debit and credit card transactions when funds are being transferred from the merchant’s bank (the acquirer) via the payment processor, to the cardholder’s bank (the issuer). ARNs make it easy to track the refunds in case of any technical errors.
