Binary Options Withdrawal – Things You Need to Know
Did you ever experience major issues regarding depositing money with a binary options broker? I am sure that, you did not. Depositing your money into a broker account is very easy because no one will deny taking your money away. Like all business, depositing your money is smooth and efficient. However, the problem generally arises when you want to withdraw your revenues back. There are a few main reasons why withdrawal is usually more complicated than depositing. Some reasons are related to economy restrictions, some related to the broker and other related to the human factor.
Basic Withdrawal System
In today’s global economy, almost all binary options brokers are located in one country and the traders are based all over the country. The broker agencies provide their customers several options to deposit their money such as Credit Card, e-Wallet, Wire Transfer etc.
However, the same methods are used to withdraw funds but this process is more complicated because customers are required to submit some necessary documents to adhere to the laws regarding anti money laundering system. It is required by law so a broker cannot skip this process. So, don’t be frustrated when binary options brokers ask for this document from you. It is for your protection and fund safety. And this is the main reason why brokers want to make sure that the person who is requesting for withdrawal is the account owner. It is a traditional verification system and we all are familiar with this system. We always go through this system when we request a withdrawal from our local bank. We need to submit identity documents to withdraw funds from our bank account.
It is possible to withdraw the initial deposit amount via the same payment method that are used for deposits. However, profits are usually withdrawn via wire transfer. The other reason is the minimum/maximum withdrawal amount. Because it differs among brokers. Some brokers allow a high amount for withdrawal, on the other hand many brokers have limits for the withdrawal amount.
Keep Calm and Withdraw Your Money
When you buy something then the process is very easy and quick, but if you are not satisfied with the product and want to refund it, then the process will be complicated. And think about something else like, if you deposit money in to the bank then nobody will pay you anything but in case of withdrawal, you have to complete the formalities with some documents. They maintain these formalities for your safety and because they do not want to take any risk. If anything goes wrong with your fund, it is their liability to refund the amount.
What Do We Need?
The following identification and forms are usually required by almost all binary options brokers in order to perform the withdrawal process that you have requested.
- Official ID
- Proof of Address
- Front and Back Copies of your credit card (only last 4 digits)
Lots of traders are waiting a lot of time thinking that they are a victim of scams when they receive those requests. But you need to know that, these are the as usual formalities and this is how it works, and will work in future. For all binary options brokers, the ID card is must require. I am sure that once we see more and more regulated brokers then the withdrawal process will be a lot smoother and faster but you will still need to provide them your proof of who you are.
To ensure your protection, to comply with the Anti-Money Laundering Policy and to reduce their risks, they will always ask the verification details of their customers. And thus, the withdrawal process will remain slow process as like now.