Binary options broker does not withdraw money! 6 real reasons
Sometimes a trader is faced with the problem of withdrawing money from Binary options broker - The profile topics of the forums are full of complaints, accusations and even threats. However, it is not always the broker's fault. How can a trader harm himself while withdrawing money from a binary options broker?
Situation #1. Impatience
The sin of many traders is that few read the regulations posted on the broker's official website. Having sent a request for withdrawal of funds, the trader expects their receipt not less than immediately. And according to the rules practically companies have a period of 1 to 5 working days (!) for the withdrawal of the funds. If you withdraw your funds directly to your bank account the term may increase additionally. Read the rules carefully and save your nerves.
Situation #2. Lack of verification at the broker
The prerequisite for withdrawing funds from any binary options broker is the verification of the trading account. This is not a whim of companies that put sticks in the wheels of profitable traders, it is a categorical requirement of financial regulators. This is partly to combat money laundering and partly to protect client funds from fraudsters.
Do not be lazy to go through the procedure of full verification - each broker clearly indicates what documents are required. This will save you from a long and tedious correspondence with the managers of the company and give you the opportunity to withdraw your profit without any problems.
Situation #3. Trading in the account after withdrawal request
This is one of the most common reasons making it difficult to withdraw money. Having sent a withdrawal request, the trader continues to trade in his account. This can be the reason why your application will be delayed. It is better to pause and resume trading only when you receive your money.
Situation #4. Money on the account is less than in the application
This situation is a logical continuation of the previous one. By submitting an application and continuing to trade, you can make a loss. The amount of available funds in your account may well be less than the amount specified in the withdrawal application.
Naturally, such an application will be rejected and you will have to make a new one, taking into account the adjustment of the balance.
Situation #5. There are active bonuses on your trading account
Bonus programs are a very effective way to attract customers and many binary options brokers use it successfully. There is nothing wrong with that, right up until the moment you decide to withdraw your profits from your account.
If the bonus you received, which you probably forgot about, is active, then until you work it off, withdrawal requests will not be executed. As an alternative, it is possible to withdraw money, but with the simultaneous writing off of the bonus.
Situation #6. Invalid registration data
When filling out the registration form at a binary options broker, many traders become paranoid. As a result, the trading account turns out to belong not to Sergey Ivanov, but to some Sebastian Pereira, an ebony trader.
Laugh out loud, but when you withdraw money from a trading account you have to prove its real ownership through long communication with managers and sending megabytes of documents with your real data.
In addition, you can simply make a mistake when filling out the registration form, wrong name or address. This, too, can be an obstacle to the withdrawal of money.
Conclusions
The situations described above may seem ridiculous and even funny, but when there are problems with the withdrawal of honestly earned money, then it is no laughing matter. Try to exclude in advance all possible reasons from your side, which can cause problems with withdrawal of money, and then you will be able to devote time exclusively to binary options tradingnot by litigating with a broker.
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