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Some reasons why brokers refuse to withdraw money

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What should you do if your broker refuses to withdraw your money

The main goal of a trader is to get profit and withdraw it. However, to withdraw money is often the biggest problem. I collected the most popular reasons why brokers refuse and what to do in this case. Read it and you’ll know how to save your money and nerves.

Why some traders can't withdraw money

Binary options traders often have problems with money withdrawals. These problems can often be solved quickly. However, sometimes, these problems can’t be solved in principle because the trader is faced with a scam. In these cases, traders immediately write in forums about the broker as a scammer.

I have collected the most common reasons why brokers can refuse to withdraw money. These reasons will help you understand whether you will be able to get your money or should forget about it and find another binary options broker.

1. Your deposit is not verified

What does the honest broker say?

An honest broker tells you that you have to confirm your registration from your email and then need to verify your account. Most often, the manager calls you and asks you to verify the account to start trading. If you haven’t verified your account, the broker is constantly reminding you about this.

What do the scammers say?

Scammers don’t say you need to verify your account, or they write about it somewhere it’s impossible to read. Verification occurs when you apply to withdraw money. Then, the broker asks you to verify the account, and the manager checks the verification some days later. Afterward, you re-apply for a withdrawal, and the broker considers it for a few days.

Thus, you have already lost three to five days. A not quite honest broker can just waste your time. Some scammers check your documents for a month until you get tired of waiting and you just forget about the money.

What should you do?

When registering, ask if you have to verify your account. If the broker requires verification, immediately do it. Then, deposit your money so the broker can see that the one who registered is the same one who makes deposits. In addition, you will have all the receipts.

2. Quotes are not correct

What does the honest broker say?

The honest broker doesn’t have such a problem. It gives you a real quote. If the broker has problems, he or she applies to the quotes’ supplier.

What do the scammers say?

The broker gives you quotes that are delayed one to two minutes. Thus, you can see only see the real quotes on another site, before buying the option with your broker. That is, you know in advance where the price will go. Many brokers use this reason to not pay traders income.

What should you do?

Quotes problems are broker problems. This means that your broker is not giving you quality service. If you manage to bring such a broker to court, you will definitely win. You also need to work with those brokers that are registered in your country. The court can find and punish those broker. If the broker is registered in another country, the court will deny you.

3. You have not returned a bonus

What does the honest broker say?

You certainly know that by taking the bonus, you agree to trade in a volume that is 20 to30 times greater than your bonus. This is stated in the conditions of the bonus. If you wish to withdraw your money in advance, the broker will take the bonus, and any losses that you had at that time, from your account. You will receive the balance.

What do the scammers say?

They just say that you can withdraw the money only when you make the necessary volume of trades. They will also show you the bonus terms. There's nothing for you to trade on.

What should you do?

Before taking the bonus, please read the rules carefully. It is also desirable to take a screenshot of the rules, so that if something happens, you can submit these rules to the broker.

4. You aren’t registered

What does the honest broker say?

The honest broker sends you a daily report of all the transactions during the day. This ensures that the broker will not refuse you withdrawal of funds since all operations are copied to your email.

What do the scammers say?

At first glance, it may seem ridiculous, but there are cases when brokers delete your account. In that case, you can’t prove anything because you don’t have the account, the history of deals, or access to the site.

What should you do?

It is better to print or make screenshots of all the transactions you make during the day. In this case, you can show them to the broker and the court.

I’ve described the most common reasons why brokers refuse withdrawals. Therefore, when you register, carefully read all the rules. Always remember about verification, history of your transactions, and quotes. Don’t hesitate to ask a lot of questions of support service.

It is better to clarify everything and refrain from trading than to count your losses.

If you had other reasons that you were denied a withdrawal, I'd be glad to read about them. Together, we can help other traders avoid scammers and trade safely.


SanPaulo's picture

Usefull tips. I think it's possible to understand that you'll have the problems with the withdrawal from the firt moment - site, conditions, support. all these details can show if the broker is fair or just wants to get your money.


Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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