* Why and who needs verification of documents with a binary options broker?
First, let’s figure out
why brokers are asked to go through the verification process to withdraw funds.
All binary options traders have come across this request. Send your documents or otherwise you will not receive your earned money. Some brokers explain this by the requirements of regulatory authorities, some by the protection of your account. At the same time, there are traders who claim that this is meant to delay payouts.
Let’s consider the reasons for verifying a trader’s account:
1. Requirements of financial transaction control authorities. Which apply both to the broker itself and to all companies that provide services to the broker: Liquidity provider (quote provider, trading software provider, financial integrators VISA, WM, MasterCard and others).
These requirements include age compliance, geo-location (in some countries, trading in binary options and forex is prohibited), transfer of information to government services.
It is important to clarify that brokers withdraw traders’ funds without transferring data to government agencies. Therefore, it is possible to withdraw funds to electronic systems such as WebMoney, Skrill, etc.
2. Protection of account and financial information. If your credit card has been stolen, it is not difficult for a criminal to make a deposit with a broker. However, he will not be able to withdraw money without confirming that the credit card belongs to him.
Required documents: Passport, Scan card, Receipt for payment.
While the documents are being checked, you will be able to notice that your card has disappeared and contact your bank. Also, the broker protects you from hacking your computer. Even if someone tries to steal your money, he is unlikely to succeed.
Difficulties and delays in withdrawing funds from binary brokers
Delays in payments and the time of verification of documents leads to indignation of all traders. The main problems that arise when withdrawing funds:
[list style=”guard”]
- The expiration date of the passport.
- No payment receipts – to confirm your address and country of residence.
- Loss of documents by the broker.[/list]
To avoid the above problems, you should prepare all the documents at the beginning of your bidding. At the first conversation with a representative of a brokerage company, you need to find out what documents are required and what alternative solutions exist.
- Be sure to register under your real name.
- If you live in a rented apartment and do not pay bills and do not receive official letters in your name, find out what documents you can provide.
- Find out how documents are sent: by mail or by e-mail. Mail.
- Provide real data about the place of residence.
- Think in advance which payment system is more convenient for you to use, keep in mind that, as a rule, the withdrawal of money is possible in the way and the currency with which you replenish the deposit.
- Check the expiration date of your passport. If your passport is expired, you will not be withdrawn money and you will be the only one to blame for this.
- Always keep copies of documents. If you sent documents by mail, you can always prove that you have already sent them.
[note color=”#FFCC00″]The information on all documents should be clear and understandable![/note]
If a broker requires you to verify your account, then this is a good licensed binary options broker.
As with trading, get ready to work with brokers from the start
If you have any problems with the broker, write to us and leave a review in the binary options broker review.
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