Binary options traders are all trying to do one thing… make money. So naturally withdrawing money from your account is one of the most important things when it comes to trading binary options. Believe it or not, it's one of the most complained about processes in the industry as well. The reality is that every binary options broker will have its own withdrawal process. Many of them will be stringent and annoying, and many will be relatively simple. Nonetheless, no matter what your broker needs for you to be able to withdrawal your money, there will be a process. Today, we'll talk about the withdrawal process associated with binary options, what you should do before signing up for a broker, and what you need to know in advance.
The Terms And Conditions Will Tell You Everything You Need To Know
Ahh terms and conditions. You know what I'm talking about, it's that little check box at the end of just about every sign up form online today that says “click here to agree that you have read and agreed to the terms and conditions of our services” or something to that effect. Generally, as consumers, we click the check box and sign up, knowing that we haven't read a single word! However, when it comes to binary options, you're dealing with your hard earned money, and that is worth taking a few minutes out of your day to read the terms that you're signing up for.
The good thing is that just about every binary options broker will explain their withdrawal process in their terms and conditions. If they don't, DON'T SIGN UP, THEY ARE A SCAM!!! When reading the terms and conditions, you will come across several key facts associated with withdrawing your money, including, but not limited to…
- Processing Times – Withdrawal processing times will vary from broker to broker. Some will happen in a day or two, some could take a week or two. However, if you know you're going to want your money fast, pay attention to this information in the terms and conditions.
- Withdrawal Fees – Most binary options brokers that are on the up and up will allow you to have at least one withdrawal per month for free. However, some will charge you every time you take money out of your account. Withdrawal fees are charged by most brokers, so make sure you agree to them before signing up.
- Minimum Withdrawal Amounts – Most brokers will have minimum withdrawal amounts. If this amount of money isn't in your account, you won't be able to withdrawal a penny. There's a good reason for this. After all, brokers have to pay to send your money to you, and sending $5.32 isn't going to be worth the fee. So, pay attention to the minimum amounts brokers you're interested in will charge.
- Supporting Documents – Any regulated, trustworthy binary options broker is going to ask for supporting documents to prove that you are you before they will allow you to withdrawal your money. Some documents may include a copy of your identification card, a copy of your bank statement, and proof of your address. The reality is that the brokers need this to prove that you are you. While it may be annoying to put all of this together, it really is for your own protection.
While most binary options brokers will tell you everything you need to know in their terms and conditions, you need to make sure that you are clear. So, always remember… when in doubt, make a phone call! If you have a question about the withdrawal process or anything else in the terms and conditions, contact the broker and ask a representative. The last thing you should do is sign up for a financial service if you are unclear about anything!
Final Thoughts
As mentioned above, the ability to withdrawal your money is one of the key factors associated with binary options. However, every broker will have a withdrawal process that you will need to adhere to. Never sign up for a broker until you understand exactly what this process is.
