One of the main issues of interest to a potential investor, the withdrawal process. Binary options brokers (the same as Forex brokers) offer a variety of funding methods ranging from bank cards, to electronic wallets.
However, if the task of the broker is to lure the customer money (i.e. depositing of the account, the trader will take 10-15 minutes), then withdrawal of money — is a problem of the trader.
The withdrawal of money from the broker: procedure
Remember! Despite the same general procedure, the withdrawal of money from the broker is different at each company. Some brokers set minimum or maximum time limit for withdrawal. In the more upscale packages of binary options brokers there is a free, weekly (monthly) withdrawal. Also the fee for withdrawals vary widely, which may be either fixed or floating.
We will give a few tips:
- withdraw the average amount. Unnecessary fragmentation of profit — the cost of the commission, a major conclusion can be convenient for the broker and will take a few days;
- do not withdraw money too often, and under “zero”. For the broker it is benefitial, when your account is full (especially when working on a B-Book). If you trade successfully and constantly withdraw money, the broker may cut a fee per successful transaction.
The order of withdrawal of money from the broker is the following:
- the trader sends an application for withdrawal of funds from the broker in the prescribed form. It often happens that the electronic form is already on the website of the company;
- the application is processed, the verification data is taking place (the most difficult stage);
- the money is transferred to the customer’s account.
Possible reasons for the rejection of the application:
- the problem with the verification of identity. The broker will ask the trader passport (sometimes even in color) and additional information. Interestingly, most brokers will “remember” the verification only at the time of withdrawal by the client. And then it turns out that the passport photo is not pasted or the scans are bad — delayed time by any means;
- place of residence and the age of the trader. A priori the age of 18 years and above (however, before the replenishment you will not be asked about it). Place of residence also is important because a broker can not serve your country (that is, not to transfer money to it). As a confirmation, the broker may request utility receipts or other documents;
- confirmation of payment cards. Most likely, you will be asked to scan the card on both sides (you can stroke the code). Ask before the completion of the conditions of money withdrawal to the card. Register your account only to your real name!
On average, the processing of an order takes 7-10 days (another trick of brokers who can transfer money much faster). But here is the problem — bonus. Broker will not allow you to withdraw the profits as long as the bonus is not worked out. In other words, the bonus is repayable. And not even just return – some binary options brokers will withdraw money only when the profit exceeds the bonus multiple times! Also brokers ask to convert the minimum number of transactions. Alas, put into the account $ 10 and earn another 10 dollars is not possible.
- Advice: take the time to use the points system! It is possible to refuse! Or check the rules of mining bonuses with the broker.
One more subtlety: if you have $ 1,000, you want to withdraw them, but during 10 days waiting 10 you opened a transaction for $ 100, the broker will gladly deny the request, not moving even 900 dollars. In the period of the withdrawal it is better not to make any transactios.
The money can only be withdrawn in the currency in which the deposit is replenished, but a withdrawal from the broker is possible for a different wallet. You can replenish your account through WebMoney and withdraw money to the Bank card. By the way, to withdraw money on a Bank card broker can request data such as SWIFT code and IBAN.
And finally we will add: be wary of giving out personal data to unknown companies. Remember, they can turn against you — and there are lot of offers about selling the databases with passport number, maps and phones. Passing the scans, make a cross on them: data can be rechecked, but to use this scan for personal gain will be impossible.
Faced with the fact that the broker does not pay a profit? In addition to the police report, prepare a letter to the controller — sometimes it helps.
Good luck with your trading!