Withdrawal request denial from your binary options trading account can be infuriating and is always the precursor to finding out you have been the victim of a vast scam. Currently, refusal in withdrawals has been the most obvious binary options scam, which has duped many traders of their money.
Traders have a right to withdraw profits easily, anytime they desire. Absolutely right! However, the trader did not consider the requirements of the withdrawal process.
What is included in the withdrawal process?
Withdrawal process is not as straight forwards as making deposits. You will need to tick a few boxes for allowing the broker to take action towards your request.
Choose the amount
Choose withdrawal amount. It can be a part of your profit or entire deposit from the account. Select carefully because depositing and withdrawing accompanies some extra charges. The broker has set minimal and maximal withdrawal requirements, which you need to verify, in advance.
Select payment method
Brokers offer many repayment methods. They can either refund your credit card or use e-wallet or wire transfers.
Confirm your decision
You may need to confirm withdrawal request in the third step via call from broker or confirmation email. Some traders consider this process a hindrance, so they complain about brokers blocking withdrawals. Actually, they need to honour the commitment.
Traders with a desire to access money instantly will find it frustrating to wait. Withdrawal times can take 3 to 5 business days. Some traders who chose same day binary options withdrawal need to pay extra charges. The waiting period will depend on the broker’s support staff and workload.
Regulatory and compliance problems
Brokers can refuse withdrawal due to regulatory and compliance problems. Regulatory rules are beyond broker’s control, so clients need to co-operate.
Majority of professional brokers, request for the necessary documents, as soon as you set up an account with them. It is because they desire to offer you seamless withdrawal process without hindering your trading experience.
These documents are necessary for conformity purposes. It helps them ensure that the trader is really the person, who they declare to be. This sounds silly but due to some severe money laundering concerns brokers need to handle the regulators and financial institution [bank].
Document brokers need for quick withdrawal process
It can be in the form of driver’s license, passport or ID card.
It can be in the form of credit card/bank statement or utility bill. [Dated last 6 months]
Debit/credit card pictures
When depositing money, you will need to provide pictures of credit or debit card. Brokers need to know that the funds are not from stolen credit cards.
If these documents were not requested, when you opened the account then it will be required on withdrawal request. This does not mean that the broker is blocking your withdrawal.
Bonus money is another major issue
Broker’s bonus sounds very good in theory. Sometimes the broker gives 100% amount you invested. However, the free money accompanies minimum trading volume needs, which can be equal to 40 times your bonus amount value.
For example, to receive $400, you need to generate trade volume of $16,000 before you gain eligibility to withdraw the bonus.
Technically bonuses are legally binding, which keeps customers tied up until bonus terms is fulfilled.