Tuesday, September 10th, 2013 by James Franklen
Many sources will tell you how to judge a broker before depositing your money, mediums of depositing the money or running your trades. Often times we get information on how to make the trades successful, how to perform crucial analysis, which assets to go after or whether to stick with fundamental or technical analysis. What most people often forget in this hullabaloo is the management of your account with broker. Frankly, I have not seen many traders cautioning others about the hassles of withdrawing money from brokers. Although depositing money is really very easy, withdrawing your amount from it is initially not easy. You must be aware of the prudent measures regulators and brokers keep in place to keep your money safe. For them it is a much more risky business than for you, because they have got their reputations and whole business life ahead to think of. Therefore, due to this reason on your first withdrawal your broker will ask you to provide identity details, your credit card information and other relevant details.
Tips for a Smooth Withdrawal – Avoiding Withdrawal problems with your broker!
There are two ideas that can keep your withdrawal smooth. First is that you keep ready all your identity documents. Make sure you do not have any last moment hiccups. Second is that once you deposit your money; withdraw a minor amount very soon; that would grease up your future withdrawals. When you do this, give the reason that you want to know if broker is legit or not, or any other solid reason. That’s because often time brokers lag on those people who withdraw all amount or large amount. They do this because they assume that people who are doing this waste their time and quite frankly it also costs them some dimes.
Take into consideration that a binary options bonus may restrict your ability to request a withdrawal until you meet the bonus restrictions!
How long should I wait before requesting a withdrawal?
Another thing you should consider seriously is that your broker is not a bank. You should not leave your money stored in it for extended periods of time. The account with your broker is your capital for you to trade in and you do not get interest income on it. It tells you about your risk appetite, that is, how much you are willing to lose. To add further, you should not deposit crucial funds in the account, in case there’s some emergency and you end up waiting a few days. If you are trading 10-15 times a week, there is little reason for you to keep more then $200 or $250 in the account. Even If you have a losing streak, you can deposit money within seconds. If you keep the amount in your account limited, it will also save you from over-trading .