Successful binary options trading depends on many factors. Convenient withdrawal of funds is one of its elements that makes the work process the most comfortable. And yet, often the withdrawal of earnings is not the most pleasant experience. Every trader faces this process, because, in addition to trading on the stock exchange, you also need to use the earned funds.
To withdraw funds, you need to submit an application to the broker, that is, this is not an automatic process. Only after processing your application, the broker transfers funds to you. Often there are situations when requests for withdrawal of funds are rejected by the broker.
Reasons for rejecting an application for withdrawal of money by a broker:
In today’s article, we will tell you about the main reasons for rejecting withdrawal requests, as well as what to do to speed up the withdrawal of your money.
Lack of verification of documents with a binary options broker
Licensed binary options brokers are required to require you to provide supporting documents.
The trader must be over 18 years old
On all platforms, the terms and conditions of brokerage services usually immediately indicate that they are not allowed to provide services to persons under 18 years of age. Therefore, if the trader has not provided a scan of the passport, the broker cannot be sure that the trader has reached the required age and is able to trade and, accordingly, withdraw funds.
All over the world, only persons over the age of 18 can participate in financial trading, to confirm this, you need to provide a passport or driver’s license. At the same time, remember that:
- Your documents have not expired
- The photo in the passport should not be smeared
- Your documents should be clear, the information should be easy to read so that the broker does not have doubts about your identity.
We often met with cases that traders wrote about, when children opened accounts with brokers without the knowledge of adults and were interested in how to withdraw funds. The broker asked for verification and withdrew all funds. Also, dishonest traders, in order to deceive the broker in order to pick up the money lost during trading, make applications for the return of these funds. In such cases, the broker does not withdraw funds, asks for confirmation, for example, that the trader declares the theft of money in a form certified by a notary.
By providing your data (age, passport scan), you guarantee your legal responsibility with the broker’s agreement, and also perfectly understand the risks of options trading.
Trader’s place of residence
Brokers do not serve all countries, for this they need a license to operate. This is also necessary because brokers often send documents in your name. If your current place of residence differs from what is indicated in your passport, you should contact the broker’s manager and clarify what to do in such cases.
And only after that, we recommend depositing your funds on the site and you can trade, knowing that there will be no problems when withdrawing your funds. It is also worth doing if you live in a dormitory or your bills are paid by your parents. The broker should be aware of this even before you deposit funds.
Payment card confirmation
The broker requires you to send a copy of your payment card on both sides. It is worth paying attention to the methods of withdrawing your funds, often brokers limit the withdrawal to the card. You can further check with the manager about the existing restrictions.
Register an account only in your real name. So that in the future you do not have problems with the withdrawal in the future, indicate only real data about yourself.
After providing all the documents to the broker, remember that the process of processing them takes up to 10 working days, which is immediately spelled out in the terms of work with the broker.
Unused broker bonus
When using the broker’s bonuses, remember that all their conditions are spelled out additionally, and you should know everything about them, otherwise it can also turn into further problems, for example, when withdrawing funds earned on the exchange. If you take broker’s bonuses, be aware that most often they need to be worked out. For example, the YUTRADER broker has clearly spelled out the conditions for granting a bonus, as well as withdrawing funds:
By opening a real account, you most often immediately receive a broker’s welcome bonus, which will reduce the risks of loss, especially with a small deposit. The bonus is automatically credited to your account and often you cannot withdraw money until the bonus has been worked out.
Working out the bonus means that you must make a number of trades with a volume exceeding the size of the bonus. Often, trading platforms, in order for a trader to withdraw funds, also require a minimum number of transactions.
Remember that you cannot withdraw funds without working out bonuses. Before you use the bonus, carefully study the conditions for working with it. With trading experience, you can calculate the average monthly trading volume of transactions, as well as the time it takes to work out the bonus. If you would like to withdraw money earlier, then it is better not to take bonuses.
The broker does not return the money: what to do?
Rejection of the withdrawal request due to lack of funds in the account
When filling out an application for withdrawal of funds, check if there are enough funds in your account. You can withdraw money from the site only if there are free funds on the account. For example, if you have $1000 in your account, there are 2 open trades of $50 each, you can only withdraw $900, which are considered real free funds for withdrawal.
Often there are situations when a trader submits a request for withdrawal of funds and continues to trade. At the time when the broker processes the application (about 24-48 hours), changes occur on the account, which the broker is guided by, reporting a refusal to withdraw funds.
When starting work on the site, ask the manager about what the minimum withdrawal amount is, how you can withdraw this money and what is needed for this.
How to withdraw money from a binary broker without delay
In order for your withdrawal request for a binary options broker not to be rejected and there are no delays in payments, you should be aware of what needs to be done for this:
- Check with your manager about what documents are needed for verification. Double-check that you have all the documents, and if something is missing, contact the manager and resolve the issue.
- Find out how many days your documents will be verified.
- Find out how long it takes to process your withdrawal request.
- Read the terms of use of the bonuses that you used (how much and how you should work them out, as well as what are the conditions for withdrawing these bonuses).
- Check the availability of funds in your account that can be withdrawn.
- Familiarize yourself with the conditions for withdrawing profits (what are the methods of withdrawing money, what are the conditions of each of these methods).
Conclusion:
If your binary options broker is not a scammer and you are fully verified, there is no reason to refuse to withdraw your money.
Before you replenish the deposit with real funds, ask the broker how long it takes to process the application, what are the withdrawal conditions. Also, remember that some financial institutions may charge a commission on the withdrawal of funds.
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