Okay this article has been a long time coming, we are constantly inundated with emails informing us of problems in trading or withdrawing funds with this or that binary broker. To answer all those questions I decided to create this one post that I hope will help you out whether you have encountered similar issues, or whether you are soon to encounter them.
Okay, first thing’s first. If you have ever entered your details on a binary broker’s website in order to create an account you have probably been contacted by them pretty swiftly by a high pressure sales type person trying to convince you to complete the sign-up process by depositing some money and/or accepting some kind of bonus. This is all perfectly legal and above board but make sure you read the terms and conditions before agreeing to anything. The major issue arises with accepting a bonus offered by most binary options brokers nowadays. The bonus is all well and good, but it comes with a certain trade volume that has to be met before you are allowed to withdraw any funds. The bonus can effectively double the money you deposit into your trading account, which is excellent and very generous and all that good stuff but if you are keen on making quick withdrawals then you probably shouldn’t accept it.
Of course it comes with certain benefits depending on just how much you have deposited and what account you qualify for, some brokers will offer you a personal broker to assist you in your trades. They will keep a close eye on your trading activities and provide you with trading signals. These guys are excellent at what they do and their trading signals are more often than not right on the money. Obviously these benefits come at a price, there is nothing shady about them but you should be informed so that you’re going in knowing all the details of what exactly you have agreed to. If you want to be left alone to learn the trading game in peace and at your own time then do not go for one of the higher tier accounts. Politely decline, get your basic entry level account and do your own thing. 9 out of ten complaints made about binary brokers are simply a case of misunderstanding. So know what you’re getting into and act according to what you want from your relationship with the brokerage you have chosen to trade with. The same thing goes for the bonus. If you are keen on pulling money out sooner rather than later then you don’t have to take the bonus.
Now onto regulation. Trading is a big industry nowadays. Huge in fact. And its obviously bound to attract some bad apples. Before signing up with a broker check the reviews online and see if everything is legit and above board, we offer some recommended brokers on this site that can help you sift out the reputable brokers from the rest of the pack. Now with binary options experiencing an explosion in popularity certain changes are afoot in the industry. The most important of which is regulation. Regulation protects you, it means you’re dealing with a reputable binary options broker that has had to literary jump through hoops to get licensed. At the time of writing only a couple of firms are fully licensed and many others are currently awaiting decisions from the relevant regulatory bodies. Trade with a regulated broker and you are safe. Trade with anyone else and yes you may still be safe, but you never know who exactly is at the other end of that Ethernet cable. You could get unlucky.
So to recap. Take your time, read reviews, don’t succumb to high pressure pitches from sales people until you have read all the relevant legal bumf. Don’t accept bonuses unless you’re comfortable you can meet the trade volume required and are not in a hurry to pull out your funds. Finally go for the regulated brokers, they make the most sense. If you follow all these simple steps you will never be in a situation where you feel hard done by. Oh and make sure you take the time to smell the roses on your journey from compulsive site surfer to high rolling trader extraordinaire! Good luck homies. Happy trading.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.