Binary Options Withdrawal?

[joeybob]

Hello

I was not sure where to post this, so I decided on the General Forex Forum. If this is the wrong spot, feel free to move it.

I have a question regarding typical withdrawal process at Binary Options Brokers.

I signed up at a broker back in June. I deposited $1000, and received a bonus. The terms and conditions state I must turn over 50x the bonus I received. But elsewhere in the terms it seems like I should be able to withdraw my initial deposit without the attached bonus.

I've been trading, and I am a little over half way to my withdrawal restriction. I've been having issues with the brokers platform the last few weeks, and they cannot seem to do anything to help me. I'm trying to just quit now, and get my initial deposit back.

I currently have more than my initial deposit, plus the bonus received, sitting in my account. I figured withdrawing my initial deposit wouldn't be a problem, since I have more in my account, than what I started with, essentially not less than my deposit + Bonus. I emailed my account manager today regarding withdrawing my initial deposit, and he said "Sorry there is no option".

Maybe I am at fault, but I don't feel that I am.

What do you think?

 

[joeybob]

I re-read the terms of service, and it only mentions not being able to withdraw the added funds("Bonus"), before the withdrawal restriction is met. Nowhere does it say anything about the initial deposit, not being able to be withdrawn.

 

[Pharaoh]

Cyprus made it very plaint that brokers regulated there can NEVER legally tie up deposits based on minimum trade volume requirements. This hasn't stopped many binary brokers (and probably a few forex brokers) regulated by Cysec from continuing to do this.

If you can't get your money, go ahead and open a complaint about whoever this is in the Scam Alerts folder.

 

[joeybob]

The broker I am talking about, is actually based in London, and is regulated by the FCA(Financial Conduct Authority).

I heard from my account manager today, he is adamant that I need to meet withdrawal requirements(50x my bonus), before I can withdraw my initial deposit.

I'm thinking about going to my bank about this, but I made the deposit back in June, not sure if they can do anything about this and return my transaction, but it may be worth a shot.

 

[Pharaoh]

Check their FCA registration closely. Brokers regulated elsewhere in the EU (like Cyprus) can get "passported" to the FCA - which means they can do business in the UK, but there is no FCA or FOS protection.

If they really are directly registered with the FCA, go ahead and contact the FOS to get the latest procedure for filing a complaint.

 

[joeybob]

Thank you for this information

Would their FCA Registration be at the FCA's website? I'm not really sure where to look.

 

[Pharaoh]

Search for FCA UK and you should be able to find it.

 

[joeybob]

Thank you.

I was still unable to find anything on their registration, so I went ahead and contacted the FCA.

 

[Pharaoh]

Another way to find out is to act like a new potential client in a chat with the broker. Ask them for all the places they are regulated. If they list anything in Europe other than the FCA, this makes the chances that the FCA regulation is just passported much more likely.

You can also ask the UK FOS. They are usually very quick about informing traders if a company doesn't qualify for FOS services - passported companies don't.

 

[FXWarriory]

Simply, if your broker is not located in the UK, there's no way FCA can help you, it will send you to CySec to complain.

Anyway, its only a deposit deposit more deposit..machine, binary brokers and withdrawal never matched