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07
Aug

Withdrawing money from binary options brokers

Written by Mike Roberts. Posted in Computers

If you have recently started to trade binary options and you have accumulated an amount you wish to withdraw, there are a few steps you need to follow in order to complete this procedure successfully. No matter what broker you have chosen, if you read a professional review from a provider such as Is Scam, you probably chose a legit broker who will not pose any problems in the withdrawal process. Still, the procedure can get a little complicated, even with legit brokers, so here is what you should know about it:

 

Basic information about withdrawals

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Since binary options trading is done on an international level, brokers need to transfer money to traders from all over the world, so it is understandable why this process might take a few days. While you might think that since everything is computerized it should not take more than a few hours, you need to understand that just like banks, brokers are not always capable of paying all their clients at the same time. Some brokers may have maximum withdrawal amount for their clients, so if you are planning to make big investments, you should check out this aspect before you open an account.

 

Documents needed to withdraw money

Most brokers request a copy of your official ID, a proof of address and a copy of your credit card on both side, with the front and back copies only showing the last 4 digits. This is only necessary if you used that card to deposit your funds. Even though most traders get scared into thinking that this is a scam when they see the necessary documents, the fact is that this is something completely legal and necessary for brokers to do, in order to avoid cases of money laundering and other legal problems. Do not get scared and just submit this paperwork. It will be approved fast and you will be able to receive your payment in the fastest time possible.

 

Understanding withdrawal waiting times

In an effort to avoid scams, payments are hardly ever computerized. They are manually checked and approved by broker representatives and since countless requests are submitted every day, it is understandable why a 4 to 7 days delay is present. Once the paperwork if verified, the next step the broker representative will do is to check the legitimacy of your earnings. Unfortunately, there are many people who try to hack the system by using software and brokers want to make sure this is not the case of their clients in order to protect everyone else.

 

Fees

Most brokers offer a free withdrawal for all their clients, but after that you will be charged a percentage of your withdrawal amount every time. This percentage can vary from one broker to another and from one payment type to another. Usually wiring is the cheapest method, but many people prefer the same method they used to make a deposit, even if the commissions will be slightly higher.