Withdrawal is one the factors you want to consider when you are selecting a binary options broker. You want to choose a broker that offers an easy withdrawal process so that there is no hassle when you want to withdraw the funds. Every broker has different withdrawal terms so you must make sure you understand them prior to making a decision to sign up with them. You will want to withdraw the funds in your account once you have accumulated enough earnings.
It is completely secure to withdraw the funds because the entire transaction is protected by the SSL encryption system. The following are a few tips for you to follow to withdraw money from your trading account.
Minimum Withdrawal Requirement
Firstly, you must make sure that your account’s balance meets the minimum requirement before you withdraw. This is because there may be a minimum withdrawal, the minimum amount of money your account must have. For example, the minimum withdrawal could be $100 so this means your account must have at least $100 if you want to withdraw the money. Some brokers will charge you a fee if your account’s balance has lesser than the minimum withdrawal.
Top Binary Options Brokers with the Best Withdraw Conditions
You must find out what type of methods do the brokers let you use to withdraw the funds. All brokers let you withdraw by credit card and bank wire. The broker may also allows you to withdraw via e-wallets such as Skrill, Perfect Money, and WebMoney. You can find out the accepted withdrawal methods by looking for the icons at the bottom of the site. The icons of the type of credit cards it accept will be displayed at the bottom of the site. You can also find out what withdrawal methods it accept by browsing the FAQ page.
How to Submit a Withdrawal Request from Your Account
When you are ready to withdraw, you must login into your account and click the withdrawal button on your account and enter the amount you want to withdraw. You must not forget to submit a few documents along with your withdrawal request. The documents you are to submit are the proof of identity documents including passport, driving license, and utility bill.
Submit Identity Proof Documents along with Your Withdrawal Request
If you are withdrawing via credit card, you should also provide a photocopy or scanned copy of the front and back of your credit card. The photocopy must shows the last 4 digits of your credit card. If you have submitted all the necessary documents, your withdrawal request will quickly be approved within the promised time frame. You can only withdraw via the same method you deposit the funds into the account. If you are withdrawing more than the original deposit amount, you can use bank wire to withdraw it.
How Long Does It Takes to Process a Withdrawal Request
The time it takes for your withdrawal request to be processed vary across different brokers. Some brokers will process your withdrawal one the same day but there are also brokers that take up to 10 days to process your withdrawal. As soon as the withdrawal is processed, it will be up to the bank to process the withdrawal so that the withdrawn amount is displayed on your account. Usually, it will take 3 – 10 days for the funds to be credited into your bank account.
Some binary options brokers charge a fee for withdrawal while others let you withdraw for free. Many brokers charge a fee on bank wire withdrawal but credit card withdrawal is usually free of charge. The fee for bank wire withdrawal ranges from $25 – $35. They may allow you to withdraw for free for one time and then charge you a fee for the rest of the withdrawals.
If there is any question you have concerning the withdrawal, you should not hesitate to ask about it via the live chat support. You must make sure that the broker has a responsive and friendly customer support team that will attend to your query quickly.
In conclusion, it is important to always read reviews on the broker to find out other traders’ withdrawal experience. Illegitimate brokers will give a lot of excuses to prevent you from withdrawing the funds so it is best to only trade with a reputable and licensed broker that is confirmed to be a safe broker in the reviews by other traders.