So, you’ve finally opened a new account with your binary options broker and are receiving your live 5 and 15-minute binary signals.
You carefully make your first few trades and find your account balance is higher than where it started.
Congratulations! You’re off to a positive start as a winning binary options trader.
Feeling good about your initial success, you now invest your valuable time in learning how to consistently make money in binary options trading.
Several months later, your hard work and discipline has paid off and you’re ready to withdrawal your well-deserved profits from your binary options broker.
But you suddenly discover that withdrawing money out of your account is not as fast as you expected it to be.
Does this sound familiar?
If so, continue reading to discover how the binary options withdrawal process works and why it may sometimes seem slow.
Editor’s note: This article originally appeared here
Binary Options Withdrawals – The Need To Understand
Have you ever had major issues depositing money with a binary options broker?
I bet you haven’t and the reason is simple: depositing money into any binary options broker is easy because almost no one will deny taking your money.
Just like it works in most businesses, the first step, depositing your money, is always smooth and efficient.
The problems only arise when you want to withdraw your profits or get your money back, or at least what’s left of it.
There are a few reasons why withdrawal is always more complicated then depositing.
Some are related to global economic restrictions, some related to the broker itself and still others are related to the human factor.
This article will provide you with some explanations and instructions related to withdrawals, and how your deposits can affect your withdrawals.
Basic Withdrawal Information – Don’t Let Withdrawals Be A Hurdle
In today’s global economy, binary options brokers can be located in one country while the traders who use it are based all over the world.
Customers also have many deposit options including credit cards, e-wallets (MoneyBookers, etc) and wire transfer.
In most cases the same methods are used for withdrawals but can be limited because of anti-money laundering laws, or AML.
It’s not something that a broker can skip, since it’s required by law, so don’t be so frustrated when the binary options broker wants you to provide identifications.
After all, it is for your protection. What would you say if someone stole your credit card and asked for a withdrawal from your broker?
Would you be happy if the broker sent all your money without making sure the one asking is really you? I don’t think so.
It is usually possible to withdraw your initial deposit via the same method you used for deposits; profits are usually withdrawn via wire transfers unless eWallets are supported.
Some binary options brokers allow electronic billing methods but you should check before even depositing.
Some brokers who take eWallet deposits don’t give eWallet withdrawals.
Another issue related to withdrawals is the maximum amount.
Some brokers allow a high maximum amount (over $10K) via wire transfer and reasonably high maximum withdrawals via C.C, while others limit the traders to a lower max for wires and even lower limit for C.C. withdrawal.
Traders who invest between 200-1000$ shouldn’t be too worried, those who invest more 2000-3000$ should be aware and check their broker before depositing.
No matter the limits, you can always ask for another withdrawal if you need more money… and of course, if your account can handle it.
What You Need For Smooth Broker Withdrawals
The following identifications and forms are usually required by all binary options brokers in order to perform a withdrawal (read more about brokers’ terms and conditions here):
- Official ID (with picture)
- Proof of Address – utility bill, bank statement, credit card statement, etc
- If credit card used to deposit funds: Front and back copies only shows last 4 digits
Lots of traders are wasting a lot of time thinking that they are victims of scams when they receive these requests.
Remember, this is how it works and will continue to work in the future; for all binary options brokers it’s a Must to require ID and this is being enforced by regulators.
I am sure that once we see more and more regulated brokers, the process will be a lot smoother.
However, you will still need to provide them with proof of who you are, both for your protection and to comply with the Anti Money Laundering policy..
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