Everyday, hundreds of broker complaints are submitted by traders within the binary option industry. A majority of unhappy traders will cry because they blindly enter situations without regards of the facts. Broker complaints seem to arise from a variety of subjects. Some complaints are legitimate and permissible, but there are those that lack a little rationale. Whether you sign up with a regulated broker or not, you may find the answers to your complaints down below.
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‘Managed Accounts’ Complaints
Have you ever received a call from a senior broker account manager? Or maybe an email telling you about managing your account? They are kind of like a money manager. A ‘managed account’ is when you authorize a broker to ultimately take control of you platform and trades. They actually place the trades for you. These brokers may have a small amount of skills in binary option trading, but they aren’t all the best. You may win a few trades here and there, but for the most part, you will lose all your money.
What binary option companies wont tell you is that when you LOSE money, they MAKE money. This doesn’t mean that its a bad business to get involved with. You just need to educate yourself so YOU make money. Knowledge gives you the advantage over binary options and increases your profit. If an brokerage manager tries to entice you with the idea of managing your account, you have the right to say NO. Remember that you are in control.
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‘Auto Traders / Signals’ Complaints
The majority of option traders are lured to the flashy gimmicks of auto-trading services and get-rich-quick schemes. Systems like The Millionaires Maker offer a “secret system” that produces thousands of dollars in a few hours. Some of these malicious systems create broker accounts with binary brokers that also hold a shady reputation.
So now you’re stuck, knee deep in the mud, with scam system that doesn’t work on one hand, and a fraudulent broker on the other.
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Bonus Policy Complaints
Evidently the number one reason many option traders cannot receive any withdrawals from their funds is do to the fact they have accepted a bonus. Before any customer accepts a bonus, you must first read or inquire about their bonus policy.
There are 2 types of Bonuses:
- Pending Bonus – funds added to your actual account ‘pending’ that you first complete a certain amount of trades. The bonus amount cannot be traded unless the trade volume is met.
- Live Bonus – bonus funds are added to you account immediately. In most cases, your ability to withdraw any funds will only be attainable after a certain percentage of profit is met. (in some cases you have to trade 20-50 times the value of the bonus)
So let me dumb it down for you. If you deposit $200 and receive a bonus of $200, you may have to trade a minimum volume of $200 x 20. That means you cannot receive any withdrawals until your balance reaches a minimum of $4,000. We believe this option to be recommended only for skilled traders who know what they’re are doing and plan to trade with a particular broker for some time.
** this does not qualify a broker to be labeled a Scam. This is all legal. It is your responsibility to read the “fine print” and ask any necessary question if you want to be a successful binary options trader
When you encounter a broker with issues of processing your withdrawal request, try to remember a few things we hope you read in the “fine-print”. Also keep in mind that a withdrawal request is a lot easier than making a deposit.
- In terms of time, a deposit is instant. Withdrawals however, can take anywhere from 1-3 to process a request. Followed by another 5-10 business day until a trader sees funds deposited into their personal bank account.
- Standard Items are required to broker accounts – Photos of Identification, Recent utility or other bill dated with the last 6 months, and photo of credit/debit card used for funding
*** without submission of these forms, you will not be able to submit any withdrawals forms. Also be sure to cover important numbers like License Number and Social Security Numbers. When submitting a picture a debit/credit card, you can cover the first 12 digits. This helps prevent any identity leakage
PrestigeBinaryOption hopes this information is useful enough to serve for troubleshooting any broker complaints you may have. If there are any other issues or questions, feel free to leave a comment below.