Most binary options brokers and forex brokers offer to start trading in just 15 minutes. You just need to open a trading account, replenish the deposit – and go ahead to conquer the peaks of the Olympus exchange! But as soon as it comes to withdrawal, the most interesting begins … It turns out that the broker needs all your data, and then it turns out that you entered something wrong in your account and now you need some additional information, etc. Withdrawing money from the wallet is delayed for 10-14 days.
A reasonable question: why are bank transfers going for 3 days, transfers from electronic wallets are moments, and withdrawing money from a broker’s deposit is a problem? Is verification of a broker so important and is it not a way of manipulation?
Trader Verification Procedure:
Broker verification – the process of identifying a client (trader) with the aim:
Further smooth implementation of transactions for the withdrawal of money;
Checking the trader’s data for international provisions FATF;
Securing your data (encrypting it, linking the account and card to the customer).
In practice, each broker individually sets the rules for withdrawing money. Depending on the deposit amount the trader sets a limit on the number of withdrawals (1-4 per week). Moreover, for each withdrawal fee is charged and the process itself can take at least 5-7 days. Broker is beneficial to the trader replenished the account, and then the client’s problems. In fairness, we note that this does not apply to all brokers, but certainly to more than half.
Signs of a responsible broker:
Verification with a broker occurs at the time of account replenishment. Until it is passed, the broker will not give permission to trade;
on the broker’s website is clearly demarcated how many times, in what quantity, with which commission money can be withdrawn and how long it will take;
reviews of those who have already withdrawn money (although they may be fake).
Tip: Once you have earned your first small profit, immediately try to withdraw it. Does not work? Write a complaint to the regulator, initiate the Chardbeck procedure and change the broker. Losses are minimal.
A trader sends a scan of the document (passport) and something confirming the place of residence (utility bill with a personal account, for example). Scan may be needed in color;
copy of the card, where the money will be displayed from both sides. Individual code is pre-hatching;
for foreign brokers all documents are translated into English and notarized.
A sign of a broker’s bad faith will be the persistent reluctance to offer an alternative list of documents (for example, a copy of a foreign passport instead of a passport). Or the broker’s requirement to provide data in accordance with European standards, although he does not have registration in the EU. Preparation of documents takes 1-3 days, the withdrawal period is individually for each broker.
Still have questions? Ask the experts FxCash rebate service! FxCash – always up to date information for stock trading. And also, the opportunity to earn extra money for free!