Have you ever come across a situation where you had a very sour experience withdrawing money from your binary options broker? We bet that you did experience such kind of situation in the past. The reason is quite simple: depositing cash money in the trade account is simple but withdrawing the same is a herculean task because no one would like to give away your money! Just like any other type of business, depositing money is a very hassle-free, expedited and efficient process with less amount of paperwork.
The problem only arises when you experience profits and want to withdraw money or whatever is left in your trading account. There are many reasons responsible for this painstaking withdrawal process; some consider it has to do with the global economy, some consider it is the fault in the broker concerned while some people relate it to certain human evolved factors. In this article, we have tried to shed light on this issue and attempt to find possible explanations related to the withdrawal process in the binary options market.
Basic Information Regarding Withdrawal of Funds
At the present global economy, the brokers in binary options are located in one country while their trader concerned is living in somewhere another part of the world. It is very rare to find both of them staying in the same country. People generally make deposits through various payment options like credit card, electronic wire transfer, eWallet, MasterCard etc. The same payment method is to be used at the time of withdrawal but in this case, the process is somewhat complicated because one is required to submit several documents owing to anti-money laundering issues. These are standard procedures and no broker can skip even if they want to because they are obliged by the law. Brokers need to be double sure that you are the same person who wants to withdraw money. As a result of which the identification process takes some amount of time and hence the withdrawal process gets delayed.
Imagine that you have your credit card stolen and the person who gets your credit card asks for a withdrawal of funds. The broker cannot straightforwardly go and process the request outright. They make standard two process verification that no one else gets the money which would put the blame on the part of the broker for such kind of act. So if your broker is asking for some identification proofs at the time of withdrawal of fund, don’t get agitated or infuriated because they are governed by the law to carry out such procedures and they have no say in this thing. You should rather be glad enough that such strict verification is carried out so that the money does not end up falling in the hands of wrong people.
There are Binary brokers who would ask for a commission or a few fees while processing your withdrawal request. You are supposed to pay the same keeping in view of the leviathan verification process they have to carry out on your part. When it comes to withdrawal, it is recommended that you use the electronic wire transfer, especially for large money because it is the most secure form of transaction. Always remember that you are using the same payment method for withdrawal that is used at the time of depositing and the same information should be intimated to the broker at the time of opening the account.
Withdrawing Your Binary Options Account Funds
Withdrawal of Funds: Keep Your Calm
When you want to buy something, the process is really very quick and easy. But in the event, if you are not satisfied with the product and want a refund of your money, then complications begin to crop up. The restrictions begin to apply like you can get a refund within 1 month of purchase, purchase receipt is required and what else. It might look like a lifetime when you get your money refund but only after running from pillars to post. Imagine that you have put some money in a bank and no one is paying any interest on the same. But when you want to withdraw the same, you are asked to pay some processing fee. You need to understand that it is a standard procedure and well known general practice which is followed by all brokers. So don’t get alarmed and lose your mind when the broker is asking for a small fee in return at the time of withdrawal of funds.
It is important that you have the necessary ID proof to be provided at the time of withdrawal else your request will not be granted. Some of the common documents that are asked by the broker at the time of withdrawal of funds are discussed below under the headings:
- A photo-based identification proof.
- Address proof like credit card statement, bank statement, utility bill etc.
- If you are using a credit card for funds deposit, Xerox copies of front and back
There are many traders who have to wait as long as 7 days before their withdrawal requests are processed. They are asked to produce several documents and blame their broker concerned. They consider their broker to be a scam one because the procedure does not seem to be hassle-free. You should not lose your head and understand that this is the process and the same will be for the coming future also. You will be asked to produce a valid photo ID and address proof as and when required by the broker and you have nothing to say in this regard.
Generally, the money travels from one country to another and you can expect the money to arrive in your bank account within 7 days of making the request. If there is some delay, you are free to contact the broker and ask for the delay. We believe that once the number of regulated brokers begins to increase, we might experience some level of expedited in terms of withdrawal and the process would be a lot more smooth in future. But still, you will be asked to produce an ID; for both your protection and to keep away money laundering scams. You cannot simply run away from this and you are advised not to blame anyone in this regard.
I am living in London. I am an e-entrepreneur. I have been working in the financial trading industry as a professional since 2003. I am a fan of Chelsea team. I am married. I like cycling.