Bonus Trading Requirements for Withdrawing Funds
Bonus Trading Requirements for Withdrawing FundsNovember 20, 2013
If your withdrawal request has ever been declined due to trading requirements that were not met, chances are you were not careful enough to read the bonus criteria as they are explained in the terms and conditions section of your binary options broker’s website.
But why can’t I just withdraw my funds? Well, if the broker provides you with hard cash without setting requirements, there would be nothing to stop you from just taking the money. In fact, they will be giving away money and we all know that’s not how the game is played. Unlike Forex, binary options have no spreads and the broker charges no fees (although they may charge withdrawal fees at times).
Deposit Bonuses: A Brief Overview
Bonuses, (AKA educational allowance) serve as the primary tool for the brokers to keep you coming back and re-investing. There are all sorts of bonuses, but all of them are designed to get you to do one of two things, the first is to get you to deposit or fund your trading account. Or alternatively, get you to re-invest or cancel your withdrawal if you had winning trades. Here’s a brief comparison of how 3 of the leading brokers do it today.
- Traderush: 30 times the deposit bonus or 20 times if its a refund bonus.
- Optimarkets: 30 times the deposit amount.
- Cedar Finance: 40 times the sum of the bonus.
Bonus to Re-invest (Cancel Withdrawal)
This type of bonus is offered to traders who have met the trading requirements and wish to cash out their winnings. Fair warning, chances are if you take this offer you won’t be able to withdraw your money the second time around. However, if you like the action take the cash and trade but know that it’s most likely money lost.
Understanding how bonuses are used and logic behind the incentive program will make you a much better trader. Now, the customer service reps are aware that whenever traders start asking about volume criteria, their chances of selling the platform decrease significantly. However, if you ask the broker to cut you a special deal with lower requirements on a higher deposit, 9 times out of 10 they will agree.
I have used this strategy as a bargaining chip and found it to be extremely effective. At the end of the day, the less trading requirements you have the higher your chances are of cashing out. The way to do it is to appeal to their sense of greed and larger deposits. A word to the wise, when doing so make sure you have everything documented because I had a manager call me up and try to get me to cancel my withdrawal. Of course, I copied and pasted the chat I had with my broker’s account manager and there was not much they could do.