In this article we’re going to talk about the Binary Living Way channel video, where they talk about five different things that you should know about the withdrawal process before get into any broker, that video would answer the most common questions about withdrawals, so, let’s start.
1. The broker doesn’t want to pay you: we all know how binary options work, so when we start making money, the broker is losing money as well, however, if they are making money from other people that is losing money, but you are making money so they are recovering it in there.
So, what will happen if in one week, 80% of the people trading with the platform to make money? They’re actually in a balance with the company, so when you come and request the withdrawal is like you are asking them to give their money, so no broker wants to give it to you, they have their financial team, and all, so depending on what broker you are working with you will not have any problem with it, such as IQ options, 24 options, they’ll give you the withdrawal with no questions asked, even BinaryMate used to have that issue but now is pretty fast when they want to give you withdrawals.
There are some brokers that are really small, we don’t know the names exactly, but it is important to know that they may have issues to give you the withdrawal, but that doesn’t mean that you aren’t going to get your money, because we're going to tell you how you can push them to receive your money, and also it’s important to know that this kind of problem is more common when is a small broker.
2. Bonus requirements: if you take a bonus, you can just forget about a fast withdrawal, you won’t need a trade from 20 to 50 times the amount you invested, so, if you had one hundred dollar investment, you’ll have to have five thousand dollars, like a turnover.
This is because if you place ten trades today of ten dollars is a hundred dollars, maybe you’re asking, you how much time it will take you to get to the fifteen thousand dollars, it’s a lot of time, also is important that you know that not all of the brokers offer you a bonus now because of the regulations, the regular brokers aren’t offering you a bonus but actually there are other brokers that offer you a bonus, and you need to be away from it and just avoid them.
If you want to take them, make sure that they pass all the requirements, because there is a lot of people that take bonuses, that trade much and then they get the money plus the bonus, which is really good because is depending on your level of experience and on your level of trading knowledge that you can do that, but if you are a beginner and if you don’t know much about the bonuses I recommend you to stay away from it immediately.
3. Required documents: this is about the documents that you need to send, like your profile identity, basically the problem with this topic is that sometimes a lot of people says that the broker is a scam because they aren’t giving them their money and they say that their withdrawal has been canceled and the question to ask them is, did you send the documentation? And sometimes they don’t answer back because that was exactly what they forgot to do.
So, you need to stay sure you send the documentation that is required as soon as you make your account, you need to send your documentation clear to avoid issues in the future, and if they disapprove it just don’t let it like for some other day, resend the paperwork, contact them son you can have your account verified to avoid this issue and to be able to get your money in the future.
Watch the 5 Secrets to the Withdrawal Process in a Video!
4. The difference between a scam and a delay on a withdrawal: when you are going to accuse a broker for be a scam they can actually take legal action on you if you don’t have enough proofs about what are you saying, so before knowing if it’s a scam or a delay you need to know if that never give any withdrawal to anyone in the world, then it’s a scam, but if they have given at least one withdrawal it’s just a delay, and you need to know how to find that.
Because the problem when we withdrawal the money is that we need the money right now, but when we have a delay there are some excuses like the salesperson hasn’t approved it yet, or we haven’t received the approve from the finance department, so many excuses that the brokers are going to give you, is just like to delay the process and maybe they are waiting to recover it in the next week so they can pay you money, but the problem is that lot of people find this as a scam but it is not, you have to remember that the broker doesn’t want to pay your money.
Basically, what you need to do is to complete with all the requirements such the paper works and minimal trades, and get the approve from the salesperson directly and if they are taking so much time you can push the, the way to push them is not to tell them that they're a scam, it’s just to say them the problem.
So, it’s important that you understand that brokers don’t want to get in any trouble with any trader because they don’t know who is in the other side, they don’t know if you have a website, a blog or a YouTube channel where you can expose them to thousands of people, because if you do that they’re going to lose a lot of opportunities to work with other traders, so what they’re going to tell you is here is your money back, they prefer to give you a few thousand dollars instead of losing a bunch of thousand dollars.
Plus, you need to be careful when you trade with brokers and if a problem happens to you, in the Binary Living Way channel they can help you to expose that brokers because they have done that before, because when they talked with the brokers to get these people money back, they gave the money back because they know the people behind the Binary Living Way channel and they know that they can affect their reputation and even when these people get the money back they expose them as a not trustworthy broker.
5. The bigger the amount is, the longer time it will take: this doesn’t happened with all the brokers, like IQ options, Binary mode, or 24 options, they don’t have this issue, they just give it the money back, but they handle millions of dollars daily so they don’t have a problem if you withdraw ten thousand dollars or if you withdraw one thousand dollars they don’t see it, they see withdrawals over one hundred thousand dollars and then they freak out.
But, you need to understand that if you trade for three months and then you get like one hundred from ten thousand dollars and you want to withdraw those ten thousand dollars is going to take a while, because they’re going to put bunches of excuses, like documentation, and all of that, they’re going to tell you that to delay the process and maybe to make you change your mind and to allow you to keep on trading.
The recommendation is that you have to be smart, if you don’t want to have issues with withdrawals try to withdraw small amounts, if you deposit one hundred dollars just withdraw two thousand dollars.
You need to know that these is a recommendationbased on the people who is behind the Binary Living Way channel, is not a financial advice, it’s just a recommendation, also if you have any question you just need to write them on their email and they’re going to help you.