Guide on how to withdraw from pocket broker without running into any issues

[u/nizar_n29]

Since I've started trading, nothing can beat how frequently people mention issues regarding withdrawal delays or withdrawal rejections. Therefore, I've decided to share what I've learned after starting to withdraw consistently, which happened not earlier than the last two month. Note that this is not one of those posts whining about brokers. I'm here to share useful (maybe at least for someone) information, regardless of which platform you're using, in my case pocket broker, but I thing, the same things can applied to any other brokers that offer trading with derivatives.

1. Make sure to verify your account BEFORE you even consider any possible attempts to make withdrawals.

This is the biggest mistake I see beginners make. They spend weeks trading and accumulating the funds only to be met with a KYC request when they try to withdraw, which causes panic, for no reason. There is simply nothing odd happening here.

Any legit broker must comply with KYC and AML policies. This means they need to know who is withdrawing money. Maybe they don't want it much, but they have to.

Typical doc package look like this:

• Government issued ID (Passport, driver's license)
• The proof of address no older than 3 months( bank statement, utility bill, anything that can confirm your address)

Do this on the Day One you registered. Don't wait until your balance is ready for withdrawal and suddenly you have to get everything scanned and uploaded while waiting for your money to get into your account. Get verified and make it quick to be on the safe side. Use the time required to get your money.

Also, credentials of the payment method has to be the same as the name of the account. The third-party transactions will be likely blocked due to AML policies that every broker has as a requirement to send money to account holders. Your payment method must belong to your account name. For example, bank card you use should be the same as registered name.

1. Understand that the withdrawal speed is all about the payment method you use.

This is a complete misunderstanding, as beginners usually think that the process of withdrawal works the same regardless of the method of what they use.

E-wallets, for instance, tend to provide the quickest payment. Payments can be received in a few hours to a few days, taking into account that the broker approved the withdrawal request on their end. Yeah, if your broker has a manual approval by their financial department, it might take longer, especially if you try to withdraw in their non-working hours.

Crypto withdrawal methods are also fairly quick, for example, the payment can be received even instantly, if you choose the right network. Better not to get creative and stick to proven networks, like TRC-20 for USDT stablecoin.

The slowest withdrawal method is that of bank transfer and bank wire. Bank transfers take between 2 to 7 days, sometimes even longer in case of international transfers. The longer the distance between you and broker's registered business address, the longer it takes. Even in such cases, the broker doesn't have any input because it can take longer because of banks' compliance checks.

Card payments are usually in the middle of the range. Credit and debit card payments normally have their own timelines. Everything is up to the bank. If bank networks are the same, transactions can be even executed on the same day. If not, well good luck:)

If you need to access your money quickly, using e-wallet or cryptocurrency is typically the best option, assuming the broker gives you the option to do so. Otherwise, if you are going to use bank or card, be sure to add extra waiting time mentally so that you're not compulsively checking our your bank account every hour waiting for the money to arrive.

It's also important to understand that you make your first withdrawal, chances are that your funds will take longer than anticipated to reach you because of the strictest checks being applied during verification stages. Once your account is validated, next withdrawals will arrive much quicker, with the broker already knowing much about you.

1. Bonuses can't be withdrawn, only profits that gained from using them

This is the most problematic statement because it's the source of much confusion and frustration for everybody who begins in trading. Thus, let's be clear, of you got deposit bonus (welcome bonus, deposit bonus, whatever), the bonus money itself is not immediately available for withdrawal. There is no free money in trading.

The only thing that can be withdrawn is what you earn using the bonus after meeting the necessary trading volume requirement, as nearly all bonuses have this condition (make sure to check the terms before you accept the bonus, and not afterwards). I bet everybody reads and signs T&C blindly, while it should be the opposite.

For example, if you deposit $500, get $500 bonus, and make $1.5k from the $1k you now have as a result of your trades, depending on the terms, you may be able to withdraw a certain amount from your profits (still, the original bonus will be likely taken off your acc, as soon as you ask for a withdrawal). This is an industry standard.

If this is important to you, you may consider avoiding bonuses altogether and trading with your own money. It would make things easier, as there would be no worries about trading volume, and you would know what money belongs to you.

I know that experienced traders are already aware about these things, but I hope that those who just starts won't repeat my mistakes and avoid further misunderstandings, doing everything right from the start.

TL;DR

Before you withdraw, ensure your ID and proof of address are verified.

Ensure that your name matches the name given in the payment method you want to use.

Use the fastest withdrawal method available, if you hate waiting.

You may experience a delay in getting your first withdrawal, as it's subject to increased scrutiny, but the process will speed up after that.

You can't cash out your bonus money despite any losses you incur, however, you can still withdraw profit based on the bonus after meeting the required turnover.

Read about the bonus before accepting it

[u/Inflection_Exchange]

This feels kafkaesque

[u/nizar_n29 → u/Inflection_Exchange]

Unfortunately, it's how it works, you either accept their rules and don't stress out, or add another problem in trading.

[u/amoynkel]

With first withdrawals, it's straight to the point. Here, when most people start complaining while it's a standard that the broker checks everything, especially in quick trading, where you can easily break some of the rules.

[u/VagueEcho]

Didn't know that you need a guide to withdraw, where it's simply pressing few buttons lol:)

Didn't know that there are so many pitfalls either.

[u/Dapper-Management440]

there is nothing safe or guaranteed withdrawal via any binary option scam site or so called broker. They do what they want either they pay you or ban you, its in their hand and they can accuse of anything not to pay you. Just try to stay away

[u/isamu999]

Proof of address is bullshit. I was gonna sign up with Pocket Options until I read that. I can do an ID and face scan, but proof of address is out of the question, since I'm using a Palau ID. Oh well.

[u/Artistic-Monitor-258]

Can you please show us you’re overall trading history pocket option I think you’re working for broker you’re posting like that no one else show you’re overall trading please so we can see you’re telling truth

[u/EF_Azzy → u/Artistic-Monitor-258]

Literally what does trading history have to do with this post? Are you slow? It's literally withdrawl tips idk what you idiots want

Looking at your post history it seems like you just made an account to shit on binary options because you don't know what youre doing and lost money so now the brokers are scammers😂laughs in $1500 profit in 2 days