The broker does not return the money: what to do?

The broker does not return the money, what to do

What to do if your binary options broker does not return money? This question is of interest to many traders. Binary options trading itself is dangerous and there is a high risk of losing money. Often, after a trader has earned money, he cannot withdraw money from the site of an unscrupulous broker.

Read a detailed review of the company here.

In this article, we will try to answer the difficult question: “How to withdraw money from a binary broker”?

We quite often receive complaints about binary options brokers from traders who claim that their broker does not withdraw money and ask what to do in this case and how to withdraw their money. To do this, we will analyze the question of how to properly file a complaint against a broker so that, once in such a situation, you are heard as soon as possible.

Как вернуть ваши деньги?

Вы столкнулись с брокерами-мошенниками? У вас обманным путём забрали деньги и не возвращают их? Сегодня это популярная проблема в интернет-торговле, поэтому мы предлагаем помощь трейдерам в таких ситуациях. Воспользуйтесь бесплатными профессиональными консультациями партнёров проекта INVESTMAGNATES.COM. Наши партнеры имеют большой опыт работы, одна из областей их деятельности - помощь в возврате денежных средств от мошеннических организаций. Если вы стали жертвой обмана, ваш брокер не выводит заработанные деньги и не отвечает на ваши письма, заполните форму, расположенную ниже и с вами свяжутся наши юристы.

What does NO mean?

Situations when traders, using the services of a broker, cannot immediately withdraw their money. In this case, the fault may be the failure to comply with the conditions of work on the broker’s site (as well as the conditions for using bonuses, gifts), without which he cannot transfer the earned funds.

For example, many brokers have binary options bonuses, the withdrawal of which is blocked until they are fully worked out according to the conditions.

And, if the trader, using the bonus, did not read its conditions and did not fulfill them, the broker will not withdraw the earned funds. Failure to comply with the terms of use of the broker’s bonuses contradicts not only the conditions of the broker, but also the conditions of the regulator, which also requires the provision of documents before withdrawing funds.

In order for your withdrawals to always be fast, you should make sure that you have completed everything on this list:

  • You have read the terms of the agreement with the broker and know exactly what documents you need to provide to the broker in order to then withdraw your funds; According to the terms of the agreement, you know exactly in which cases the broker will not withdraw money.
  • Passed account verification before making a deposit. Once again, make sure that all documents have been sent to the broker.
  • Have received a written notification from the broker that all your documents have been accepted and have been provided correctly.
  • Make sure that you have no other obligations to the broker, such as the presence of some bonuses or promotions that may limit the withdrawal of your funds.

If you have responded positively to all these provisions, having fulfilled exactly all the requirements of the broker and there is no reason not to withdraw your money, you should act according to the plan, otherwise you simply will not see your money.

Verification of documents with a binary options broker

The broker does not withdraw money: an action plan

  • Write a letter to the broker and once again make sure that you do not owe him anything.
  • Check with the broker about the conditions for withdrawing funds (about the minimum amount of allowable withdrawal).
  • Find out how long it takes to withdraw funds, which payment systems you can use.
  • Find out if there are restrictions on withdrawals, for example, on the maximum withdrawal amount.

If you have all this information and there is no reason not to withdraw your funds, but the broker still does not fulfill your request to transfer money, it is worth writing a complaint to the trading platform.

What should be a complaint against a binary options broker?

The complaint against the broker must be written correctly. It is necessary to politely explain to the manager that you would like to withdraw money. At the same time, indicate that you know and have fulfilled all the conditions for participation in the promotion, bonus. Attach screenshots of correspondence with the manager earlier, which will clearly indicate that the broker, having checked the documents sent earlier, confirmed the fact that you have fulfilled all the conditions for using the bonus.

When providing data, follow the chronology of correspondence with the manager (when you sent a request, submitted documents, etc.) so that your situation is resolved as quickly as possible. By filing such a correct and well-founded complaint, you show the broker’s representative that you are ready for a productive conversation and fulfill the necessary requirements.

Remember that the complaint is an official letter, a document of claim.

Didn’t help? What to do next?

You have written letters to the broker. If the broker does not withdraw money to you for no reason, write a letter to your manager in which you indicate all your correspondence with the broker, showing that there is no reason to delay your money.

If your manager did not respond to your request or is further looking for reasons not to withdraw your money, you should write a second letter to all email addresses of the broker with all past correspondence.

Always be polite in correspondence, do not aggravate the situation. Always save screenshots of correspondence by mail, Skype or chat on the site!

What is the right way to threaten a binary options broker?

If the letters did not help you, you can start threatening the broker, but in this case, be polite, do not get personal. Keep in mind your goal of withdrawing money. Your threats need to be specific.

Withdrawal of funds from a binary options broker

Where to complain about a binary options broker?

To file a complaint, you need to know where to send it. First, you should send letters to all email addresses of the broker. If the company is European, it is worth writing requests in English and Russian languages. If in this case there was no response, duplicate the request again, emphasizing that in the absence of a response you will complain.

In the image below at the broker, you can immediately see all the contacts, and most importantly, the license number. If you have any disputes, you can contact the FMRC with the broker’s license number.

Complaint against a binary options broker

Complaint against a licensed broker

If your broker is licensed, send a request to its regulator, adding the email address of your manager or financial department so that they can see your actions.

  • If your broker is licensed by CySEC, you can file a claim or complaint here.
  • If your broker is licensed by the FMRC, you can file a claim or complaint here.
  • If you work with an FCA-regulated broker, you can file a claim or complaint here.

What if your broker is not licensed/regulated?

If the broker does not have a license, it is not controlled, you can file a complaint:

  • To the credit company, informing that the broker does not fulfill its duties and is a fraudster;
  • In WebMoney, with a request to block the scammer ( Attach a letter with correspondence that will be proof of your words. In addition to WebMoney, you can send a letter to any payment system with which the broker works;
  • By writing reviews about the broker on the rating site and send the link to the broker.

Many traders send us complaints about brokers who do not fulfill their obligations, we publish these materials on our resource. Then, having received a request from the broker to remove the complaint, we write him the same answer:

We do not remove complaints by publishing information about the solution of this issue. The complaint will be marked as resolved only if the trader informs us about it.

So, our portal contributes to the solution of such difficult situations, having the opportunity to warn market players about unscrupulous brokers.

Is Bonus Options a Problem for Withdrawals?

The options bonus helps traders, but not always. If a trader decides to take advantage of the bonus and has read its terms, this is correct. If the broker has accrued bonuses automatically and without your consent, this can give certain difficulties. In this case, in order to avoid subsequent problems with the withdrawal of funds, contact the support service as soon as possible and ask to remove the bonus. Until you have resolved the issue with the bonus, do not start trading.

If you still decide to use the bonus, carefully read the terms of its use. The image below shows the terms of use of bonuses at the binary options broker daily-trades. The broker can block the account, not withdraw money, etc., while there are no exact conditions or explanations:

Binary Options Bonus

Before you start trading, you should check the working conditions with the broker. It cannot be absolutely stated that licensed brokers will be more honest with you than those who do not have any regulation. When choosing between a new broker with no real reviews and a trusted one, bet on a licensed company.

Reviews of binary options and scam brokers

If you encounter a binary options scammer, write to us right away. By publishing information about unscrupulous brokers, we work with you to help make trading fair.

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