Written by: Sophie May
Binary options brokerages often make it very easy for customers to deposit and start trading on their platform. Yet if you try to withdraw, at best you will find yourself in the process of document verification. At worst, you risk not seeing your funds again. Why is this the case?
Verification is Standard
Account verification is a standard procedure among financial institutions. This verification process protects customers by ensuring that only the account holder can access their account. In simple terms, it prevents another person accessing your funds.
With the new CySEC regulations in place, in order to maintain their license, firms will certainly have to comply with this verification process and guarantee the safety of their customer funds.
The documents required by Banc De Binary, and acceptable alternatives should you not have the normal ID documents, are listed on our main website here.
Invest with Reputable Firms
Please be aware that while most brokerages are large and reputable companies, some binary options firms provide a less than acceptable service and can make it (near) impossible for you to withdraw. It is important to understand this before you deposit money into a trading account.
A quick way of discerning the good from the bad is to call the firm up directly and ask about the withdrawal process. If they answer the phone, and sadly not all binary options firms do, that is a good start. Make sure that they can provide you with set and clear guidelines about the withdrawal process, and that what they say matches the information available on their website.
To avoid any possible confusion or doubt, it is highly advisable to only invest with firms who are being regulated by CySEC.