Binary Options Withdrawals
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The binary options industry has had many cases of withdrawal problems. These are largely due to the policies of certain brokers, although some withdrawal problems may arise from miscommunication. In general, many binary options brokers have been dealing with these problems and have various mechanisms in place to ensure that the withdrawal is done in a timely fashion. However, many traders are expecting instant withdrawals. This expectation leads to frustration and further misunderstanding.
Binary options brokers generally speaking, cannot issue instant withdrawals, so traders should be more patient. Traders should in any case be on the lookout for brokers that tie their withdrawals unfairly. There are a set of precautions that traders must take in order to prevent misunderstandings and steer clear of brokers that are known for having withdrawal problems. The most important concept to have in mind regarding binary options withdrawal problems, is how the system should work.
There are many ways to both deposit and withdraw funds from a binary option account. These include various E-wallets like Skrill and Neteller. However, the method of deposit will not necessarily become the withdrawal method. Many brokers for example, will only allow traders to withdraw their profits via wire transfer. This means that brokers will allow traders who funded their account with credit or debit cards for example, to withdraw the original deposit by crediting it to their cards. Their profits will have to be transferred by wire. Most of the time this is done for security reasons. In any case, traders should check their broker’s withdrawal policy and make sure that there will be no withdrawal problems.
Here is a withdrawal check list which will help traders avoid withdrawal problems, and will help them understand what to expect:
- Always check the withdrawal policies of your chosen broker before you open an account
- Make sure that you have all the requirements necessary to withdraw your funds
- Make sure you choose a recommended broker by reading the reviews
- Get withdrawal proof from your broker
Beyond these precautions, traders must understand that many brokers give out bonuses that come with strings attached. Some brokers will stall withdrawals or block them outright if the trader is trying to withdraw bonus money. Although this might seem unfair, some brokers do have strict policies about withdrawing bonuses, and it is up to the trader to read about these policies.
To help you navigate the world of binary options withdrawals, our team has put together a list of the top 5 brokers with the best withdrawal policies. Make sure you read about them, understand their withdrawal policy and follow our instructions above, to avoid any kind of withdrawal problems.