Question
Hi Mr Philip,
I have made some money with my broker trading binary options. BUT!
I cant seem to withdraw my money back as my ‘senior broker’ is telling me that they can make me a whole lot more. The fact is that im just sick and tired of trading this and il go back to learning my forex.
Theres no education and knowledge sharing I can find online except signals, scams and more promotions.
Will you please please please help me out here. I need to be liquid and desperately need to withdraw.
Thank you for even reading this.
Yours sincerely
Fikri
Answer
Dear Fikri,
Thank you very much for addressing this problem you are facing to Philip. He and the team of other experts here at binaryoptionswire.com feel that your case highlights a lot of the problems that underpin the online retail binary options field. It is true that because binary options trading is newer and much less consolidated than forex and still much less regulated, unfortunately binary options brokers resort to all sorts of shenanigans to try and retain customers. Of course as regulatory authorities step up their pace and the online binary options world moves closer to effective regulation the situation is improving. However, we can see why many traders who try out binary options soon get frustrated and decide to return back to forex trading, which although more complex and difficult , is at least carried out in a more “controlled” environment, where bending the rules and acting against the interests of traders is much less tolerated and commonplace.
Your basic problem which has to do with being unable to withdraw your funds proved very inspirational because it is also a problem often raised by other readers on our site. This is why the team here have prepared a detailed article on this topic, which you and others can access it “Binary options withdrawing funds – Broker Investigator“.
Moreover, you can also find enlightening and useful pointers on how to deal with your situation in another post in our beginner’s guide “Dealing with fraudulent brokers in the Binary options and Forex market“, while you may also refer to yet another post on our guide, which deals with discerning the good from the bad when it comes to binary options brokers.
All that being said, in your particular case the short advice, if you are certain you want to withdraw your funds, is to resist the baits and promises of your broker and insist that they give you your money back. You don’t provide enough detail so we don’t know if the funds are real profits or bonus funds, given after you agree to a specific strings attached kind of promotion. If it is indeed genuine profit money and not bonus funds then you are completely entitled to withdraw as you like. If your broker is regulated you can resort to the respective regulator in their jurisdiction for more assistance, while in case they are unregulated you can warn them that you will go on a defaming campaign against them on the internet, to make them feel the heat and pressure and force them to allow you to disengage with them.
Hope all this helps and good luck with this and all your future trading endeavours and always feel free to come back to us on this or any other concerns you may have.
Yours sincerely
Nancy Eleutheriou
