The first thing you should consider before selecting a binary options broker is the policy of money withdrawal. Ideally, you must opt for a broker that allows easy withdrawal methods without any complications in funds withdrawal.
Each broker adheres to a separate set of rules, so you must clearly understand the broker’s rules and then decide. Most importantly, you should learn whether you can withdraw the fund from your account if you have accumulated enough.
An SSL encryption system ensures the security of the transactions involved in withdrawing the money. However, you must keep in mind the following aspects before withdrawing an amount from your trading account.
Minimum Withdrawal Requirement
At first, you need to ensure that your account meets the minimum amount before you withdraw your money. Thus, the withdrawal in some cases might depend on your having a certain amount, and if you fail to have that amount, you might have to pay an extra charge.
For instance, if the minimum withdrawal requirement for an account is $150, it conveys that you must have at least $1o0 in your account for taking out money, so if it is less than $100, you might have to pay the broker an extra charge.
You must be aware of the withdrawal methods allowed by the broker. Most brokers allow withdrawing funds using a credit card or bank wire. He may also allow the use of e-wallets. It is best to visit the site, check the page, and locate the bottom icons that define the methods.
The icons also convey the type of credit card the broker accepts. You can gather further knowledge by going through the FAQs section.
Withdrawal Request Submission from Your Account
If you are ready to withdraw the amount, you have to log in to your account, and after that, you must click on the withdrawal button on the account to mention the amount you want to withdraw by entering the required amount.
However, it is essential to submit the documents needed for the submission of withdrawal request. You would require the following documents like identity proof:
- Driving license,
- Utility bill.
In case of a credit card withdrawal, it is crucial to procure a photocopy or a scanned copy of both sides of the credit card. Again, the last four digits of the credit card must be properly visible in the photocopy. After submission of the necessary documents, the request is generally approved within the stipulated time.
You have to adhere to the same method for deposition into the account as the money withdrawal process. However, you need the bank wire system to withdraw an amount more than the amount you had initially been deposited.
In the case of some brokers, you have to pay a fee for taking out the money, while some brokers allow the withdrawal for free.
Again, some brokers charge money only for bank wire withdrawal, but credit cards do not charge any fee.
Usually, they charge around $35 in the case of bank wire withdrawal. Sometimes they may allow you to withdraw for free only for the first time, and from the next time onwards, you may have to pay a fee. It is advisable to clarify these aspects about taking out money from your account.
You must ask these questions directly through live chat support. You must select a friendly and supportive broker or has a team that can cater to your needs and clarifies your doubts.
So, it is observed that people engage in trade binary options online for-profit generation. After generating a significant amount of profit, they want to withdraw the amount.
The traders get confused with the wide array of methods related to withdrawal, and each broker has specific rules imposed on the traders by the binary options brokers. They strictly impose these rules to maintain order in their field of work.
However, it seems that brokers intentionally impose such rules to prevent the traders from accessing their money. However, the rules are necessary for maintaining a fair-trading system. So, you must be aware of the rules and clarify them in advance.
Time Taken to Process a Withdrawal Request
The time taken for processing the withdrawal request varies in the case of each broker. While some process the request on the same day, others may require more than a week to process the withdrawal.
Once the request is processed, it depends on the bank to proceed with the withdrawal process to display the amount taken out on the account. Generally, within ten days, the fund is credited into the bank account.
Withdrawal Waiting Time
So, it can be said that you are not likely to receive the amount of money in your account instantly. It has two main reasons:
Firstly, it happens because the withdrawals are not executed automatically using any software. Instead, it is done manually, just as in the case of deposition of money. Often, the binary options broker team is not able to process the amount of money requested for withdrawal by the trader.
Several traders request withdrawal every day that exerts pressure on the staff members who handle the task manually. As a result, the process gets delayed, and the waiting time reaches up to ten days. Then after this period of delay, the amount reaches your bank account.
Secondly, the delay is caused as the brokers screen the withdrawals. Thus, each case of withdrawal is thoroughly scrutinized by the staff members of the broker. The members verify whether the amount has been earned legitimately by the trader or some malfunction like hacking involved in earning the amount. This rule is crucial for security reasons and is not some arbitrary rule added by the brokers. To delay the process.
Contrary to the popular notions of these rules being useless, this particular rule prevents any foul practice and ensures that the traders can continue fair trading. The brokers must stick t these rules to evade unfair loss of money. If they fail to implement these rules, they might even lose their licenses, so they stringently abide by the rules.
Is it Possible to Withdraw Money at Any Moment?
Usually, you can withdraw the profits at any time. It is allowed by the providers of legitimate financial trading. However, it may not be possible to immediately take out the deposit or the bonus if you have received it.
For example, several providers of betting services offer bonuses. It is offered on the initial deposits made by the traders. These bonuses are gifts that attract the traders’ attention to register on their website and deposit money.
So, if the gifts lure you, you lose the ability to withdraw the deposit. In addition, you have to meet certain conditions for making such a withdrawal.
Such conditions include the clauses that make it necessary for the traders to buy some contracts or invest in trades. If the trader can fulfill those conditions, he will be allowed to take out the deposit along with the bonus amount.
Viewing it from a practical perspective, it may be said that these rules and conditions are necessary for the security and benefit of the trading service providers. In the absence of such rules, the traders would take undue advantage. For instance, a trader would register on a website, collect the bonus and immediately withdraw the deposit and the bonus. Thus, the brokers and service providers would have to incur losses.
On the other hand, suppose any trader has received a bonus and has not met the required conditions for withdrawing the deposit and bonus. In that case, even he will be allowed to withdraw the profits generated by the deposit and bonus.
So, if you are looking for a broker for trading options, you must select a safe and legal service provider who can ensure hassle-free withdrawal procedures. Generally, the prominent brokers do not have any minimum withdrawal requirements.
Even if you want to withdraw an extremely minimal amount like, for example, $10, then the broker must allow it without creating any hindrance or imposing some strict condition.
If you are new to this field, you can seek the assistance of online tutorials and trading guides for gathering information about binary trading options. If you want your endeavors to generate a handsome amount of revenue, you must learn every aspect related to it.
In this field, you are likely to face several challenges as well. For example, you may face problems in withdrawing money from the broker if there is some information missing on your account or some problems related to outdated documents for personal identification, or if you have produced any wrong information to the bank.
In addition, you must be careful before investing, as sometimes traders are victimized by frauds and scam artists who cheat you with false promises and drain your money. So, you should have thorough knowledge about the broker and his withdrawal rules before setting sail on this mission.