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The truth about binary options brokers

When they hear the word binary options brokers, people get excited or start thinking about trusting a virtual broker to manage their money. Online trading platforms are one of the most revolutionary inventions since the beginning of trading on Wall Street. However, it is true that sometimes the benefits of this industry are somehow overestimated and misinterpreted.

withdrawal process

It’s not fair to put all your eggs in one basket when it comes to brokerage firms. It can happen that sometimes merchants experience late withdrawal issues. However, we must understand that the procedures are what they are and can sometimes take a long time. In addition, there are some factors that can further delay a withdrawal process which are:

  • Missing compliance documents: Not all merchants submit all required documents. Thus, the process slows down not only for them but also for others. Brokers usually deal with several withdrawal processes at the same time. Therefore, if some processes consume more time than expected, the others will be delayed.
  • Holidays: In my experience, there have been times, especially around holidays, where I have experienced a delay in this particular process. Therefore, if traders requested a withdrawal the day before a holiday, there is a chance that their requests will be postponed to a later stage.

Broker reputation

Options trading is a sector full of opportunities. Due to the profitable opportunities it offers, this industry is also very competitive. Brokers constantly try to be among the elite by improving their services and features. Various online reviews describe the benefits of trading Options and using platforms that are easy to use. This dense competition has tarnished the reputation of many brokers, which is why traders are so afraid to subscribe to a platform nowadays.

Trust your broker

A broker’s income is derived primarily from the number of traders it has. Without traders, brokers cannot survive and that is why they all strive to offer excellent and innovative services. If a broker misbehaves, sooner or later traders will find out and close their accounts. Consequently, this is the reason why credible brokers are not allowed to engage in such behaviors. The Internet may be a vast virtual world, but rumors circulate at the speed of light. The web can be very influential on a trader’s psychology. So, do your own research, collect your findings, and build trust between you and your broker. After all, it is your investment and only you can decide how you will invest it when you trade.

Binary Options Complaints

Complaints about binary options are going more viral than the flu during the winter. Trader dissatisfaction can affect any and all brokers, whether they are regulated or not. The source of the problem is that traders do not do well losing money. They are influenced by the bonus percentage offered by brokerages and tend to forget that losses are part of the industry as well. Among the most popular are the withdrawal procedures and lack of customer support. In my research, there are very few reviews targeting service providers directly. As such, it is of the utmost importance to contact your account manager and get in touch with them about any of your queries.

The bottom line

From what has been discovered, it can be concluded that there is no correlation between traders and their brokers. In fact, after analyzing the complaints, it can be seen that most of them are generic and do not personally attack the reputation of the broker.

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