Verification with the broker: the delay in time or necessity?

верификация у брокера

In the last article we already talked about the procedure of money withdrawal from binary options broker. As we noted earlier, verification of the broker takes the longest time, from which withdrawals may be somewhat delayed. However, a reasonable question arises: why from e-wallet or Bank card within certain limits, the money can be transferred within a few hours (even exchange money from the wallets for cash), and take the money from the broker — 3-5 days.

How the verification at a broker works

Verification — a sequence of actions, the process of customer identification. Passing verification means the verification of all customer data, its comparison with the purpose of:

  • further smooth implementation of transactions to transfer money;
  • to check the client for compliance with international provisions, particularly the requirements of FATF on money laundering;
  • ensure absolute data security (binding the account to the customer, encryption of information).

Everything is beautiful only in theory. In practice, it is sufficient to verify only once, then the withdrawal of money in fixed limit should have no problems. But the broker will not only charge a fee for every withdrawal, he will set the frequency output (no more than 1-4 times per month, relatively), and take a time-out on time to get money and again asking for confirmation of the documents.

Why is it done? For broker of B-Book type it is important that you recharge your account. In the future, the broker will simply delay the time of withdrawal, because it could simply be the amount of cash (or it will be in circulation). The signs of a good B-Book binary options broker:

  • verification of broker is held at the time of replenishment. Broker will not accept funds until, until you pass the authentication and check;
  • the broker in the trading rules clearly defines how many times over what period, what the total limit is and with what commission the money can be withdrawn;
  • feedback about the withdrawal at the sites of regulator are positive, there are contacts of those who left it. It’s not the most reliable indicator (the reviews can be “fake”, but on the regulator’s website, they are relatively reliable).

Advice: as soon as you got the first income, try it out. If the broker strongly opposes this, write a complaint to the regulator and then change the broker while the losses are minimal.

One more advice: the third party taking part in the withdrawal process is a bank. So first the verification is necessary for the Bank, secondly, the transfer may take 3-5 days, but only after the broker sent the money! If the broker himself delays a week — it is a bad signal.

client verification at a broker

How the verification process is performed:

  • you send the broker the identity document (passport) and proof of residence. Which pages — check with broker, color copy or black-and-white — can also be a matter of principle;
  • for foreign brokers all documents must be translated into English (written in Latin). As proof of place of residence can be a residence (in rare cases, because this feature exists only in the countries of the former Soviet Union). Verification of the broker may be based on the copy of the passport and copies of utility bills. The documents should be notarized;
  • requires a copy of the card, where the money will be withdrawn to, with the two sides.

Important: you are not forced to give full data about yourself. For example, passport data after certification by a notary can be crossed out. The information will be visible, but it will be impossible to use these documents. Shade the code on the card.

Signs that a broker might be unfair:

  • no complete information about the passage of verification from a broker, including separate cases, withdrawals to e-wallets or Bank card. All information communicated to the trader after the fact;
  • broker who are not registered in the EU, require the submission of documents in accordance with European standards;
  • broker does not offer the alternative of replacing the documents, insisting only on passport data.

Verification of the broker takes 1-3 days, if this is done before the actual trade. Take this moment of maximum attention at the very beginning of trade and reduce for yourself the level of risk! Be careful!

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  • Jera 01.04.2017 at 11:01

    Just the type of inighst we need to fire up the debate.