Getting money out of binary options isn’t always the easiest process. Depositing into a binary options provider to start the training process is one of the easier parts of the process but getting your money out of the trading platform usually takes a bit of time.
The depositing process for binary options is usually very simple because many of the binary options trading platforms will accept any number of payments from your credit card, and online payment provider or in some cases even digital currency.
If you’ve been training for a while with the same amount of money and have finally made a profit and would like to withdraw it’s very important that you consider that the withdrawal process will take a bit longer, and getting your money may not be instantaneous. Considering this extra amount of time for withdraws will better prepare you when using binary options money as part of your investment portfolio or for part-time income.
The reason for long withdrawals
When depositing money into a binary options account you are generally sending the funds to one direct place. The withdrawal process however involves the use of at least 3 parties, which are the your bank account, the bank that is transferring the back your money and the binary broker bank account, taking under consideration that you can receive payments using a number of options including E wallets, wire transfer, credit cards and more you will usually have to provide some type of identification or security on your account before you can make a withdrawal.
This is simply to protect you from anyone that may have hacked your account to attempt to steal some of your binary options money. This identification verification process can take a bit of extra time on the withdrawal process and is one of the features that can add to long withdrawal times.
Things that binary brokers DO NOT tell you
During the time at which you are identification is being verified many brokers will send out letters and promotional material that will attempt to sway you at leaving the money in your binary trading account. This is because in order for a online broker or trading platform to continue it needs to have some type of money circulating in the accounts. If all traders will be trying to commit a withdrawal in the same time it can be detrimental to a trading platform certain makes more sense for a platform to keep money in the system.
Another important thing you should keep in mind is that there are occasionally binary brokers who are scamming people funds and do not let them to withdrawal their money, therefore it is always recommended to try and make a withdrawal of your fund over the first few days after opening a binary trading account. Also don’t get carried away when you make your first deposit with broker, regardless of your financial situation and start with a small amount.
Ultimately it’s up to you but once you have initiated the withdrawal it’s usually best to stick with it.
After the identification period is over with and the money has cleared your online payment processing option you should be able to directly withdraw the money to your bank account.