What has been your experience guys? How much is OK to withdraw daily before they try to block your account or do weird things with it? Thanks for your advice.
I assume you don't have any experience trading with a broker yet so let me explain in more detail:
1. most brokers delay withdrawals, usually 3-5 BANK days or even two weeks. There are exceptions of course.
2. read the terms and conditions for the broker/brokers you are interested in, some have limits, others don't. It differs!
3. with most brokers, withdrawals cost, first one might be free or even once per month. You might want to consider the fees/commissions too.
4. document your trades. Just in case anyone would ever accuse of cheating.
Anyway, you are not going to win every day... that's a reality - you might for a few days, even a week or x period but you won't win everyday.
I recommend you make a small deposit, maybe the minimum with the broker you choose and first try to see how it feels trading live and you might need to
do some changes to your strategy (live and backtesting is different you will see once you try it). And if (hopefully) your results are that good that you start to worry after
a few big withdrawals. Then there is something you can do, choose multiple brokers. Trade one month/week on this one then the other, then the third (of course all regulated brokers)
but that's a bridge to cross later.
OptionHeimer: I am become debt, destroyer of accounts!
Withdrawing your money without any issues and complications is the most important part of your collaboration with the broker. As Binary Options trading is well known in the financial world for the overabundance of unregulated, unscrupulous brokers, now scams have designed a more strategic approach to stealing traders` money.
It is commonly thought that scam brokers impose unexpected fees and charges, gradually eating away your entire capital. However, in reality, you will almost never have $0 in your account. Contrarily, they try to tantalize and engage the customers even more in the game by deluding them with oftentimes exaggerated rewards. At this point, the broker either encourages you to leave the money in your account and invest even more for an additional reward or sets the minimum withdrawal so high that it is already a significant sum. As a proof, CySEC has now prohibited bonuses for the brokers regulated by them. Under this circumstances, you only understand that your broker is a scam when you try to withdraw your money. In most of the cases, the account is either frozen blaming it on technical issues, or the persons responsible for that job disappear entirely showing an error when you try to re enter in your account. You cannot sue anybody because the parent company turns out to be nonexistent.
Speaking of regulated, reliable brokers, the minimum withdrawal is not too significant. In most of the cases it is around 20$.The only problematic issue is confirming your identity before the first withdrawal. Afterwards it is smooth and easy, taking no more than 5-7 business days.
To summarize, do not be disillusioned and fall into the most common traps like bonuses. Backtesting doesn`t work neither as it only is a theoretical view of the result at a 100% yield and serves no purpose. Instead, in order to ensure that your broker is entirely reliable make the first withdrawal as soon as possible.
Last edited by BinaryScamSniffer; 03-04-2017 at 09:06 PM.
Binary brokers and forex brokers seem to be 2 different animals. Seems more difficult to deal with binary brokers because alot aren't regulated.