I thought I might take a moment just to mention a couple of things I have evidenced in the last few weeks subsequent to my trial of Option Bot, the binary options betting bot.
As part of this trial/review I had to open accounts with a handful of brokers as required by Options Bot in order to trade.
Opening these accounts was simple and within a few minutes signup, was complete and with my initial deposit accepted, I was ready to trade.
When you sign up some brokers offer an additional welcome bonus on top of your initial trading deposit which is all well and good you might think. But, all is not as you may expect as it would seem at first glance.
You see the bonus you are credited with is considered as that which, if you make any profits, was attained using THEIR contribution and so you will find that you have to exceed their rollover limits which no doubt are buried somewhere deep within their terms and conditions if you have the time and inclination to work your way through. So, if you have not achieved these ‘rollover’ requirements – accounts on which you have made a profit will not permit you to withdraw your deposit (excluding their generous welcome bonus), including your profits. So, you will only be able to withdraw your initial deposit.
After I had completed my review I attempted to withdraw my funds and the process became very protracted. As part of money laundering regulations, you will be required to comply with the requirements of EU Law(perhaps?), and send the broker a valid form of ID (passport/driving licence), recent utility bill AND also a scan of the card used to make your deposit (albeit with some of the key figures on the card ‘BLANKED’ out). If you do not provide this information, then they are not obliged to return your funds to you.
I am guessing that many of these Binary Options brokers are internationally based and a couple of them that I signed up to had no telephone number for you to call to progress your withdrawal application, so the brokers are able to answer your enquiries from the security of his/her email Inbox. This makes it rather frustrating when things seem more than a tad drawn out and all you wish to do is to speak with someone for reassurance that your withdrawal application is being processed in order for you to get your money back.
I opened 4 binary options accounts on the 8th Jan / withdrew funds from same accounts on the 11th Jan. Here follows the time-frames involved to receive my monies back.
DEPOSITS DEBITED FROM ACCOUNT
3 accounts 9th Jan (A,B,C) / 1 x account on 11th Jan (D)
FUNDS CREDITED BACK TO ACCOUNT
2x accounts (A,D) 16th Jan / 1x account 29th Jan (B) / 1x account 8th Feb (C)
As you can imagine, with the overlong period of time for the last two accounts to return my funds, I was growing increasingly concerned that my funds would never be returned. I was very glad to have been proved wrong, having read some of the horror stories on the internet. In all fairness these may have been written by people overcome with anger at how long the process was taking and upset with the email only service. They may well have been returned their money in the fullness of time ……. (would they update their entry after the event to advise that this was the case….?)
So, the point to this blog entry is that all prospective traders in any market are well advised to carry out (what is termed), ‘due diligence’ in choosing an online broker be it Binary Options or otherwise. I am sure that some are offering a regular and decent service for you to use but beware – as jazzy and current as the website seems, you could be walking into something that is not as clear-cut and straight forward – with little or no telephone support you really are at their whim. So do your homework before pulling your card out of your wallet/purse and keying-in those digits and hitting that Confirm button……