Established in 2008, AnyOption is one of the most respected binary options brokers in the industry today. Based in Cyprus, they are regulated by the Cyprus Securities Exchange Commission (CySEC). As a CySEC regulated broker, they do not accept U.S based clients or U.S citizens. Nevertheless the fact that AnyOption is regulated has its own set of benefits for binary options traders.
First of all, AnyOption is legally obliged to operate its business under a set of rules as defined by the European Parliament under the MiFID directives. In other words, AnyOption cannot operate its trading services based on its own whims and fancies but instead they have to abide by the guidelines and regulatory requirements as laid out by CySEC.
For example, the funds that you have deposited at AnyOption must be held in bank accounts held at Tier 1 banks. Secondly, AnyOption must keep its operational funds separated from its clients’ funds in segregated bank accounts.
These measures are to ensure that AnyOption take all the necessary steps to help safeguard the funds of their traders from any legal impediments which may arise as a result of any lawsuit filed by any of AnyOption’s creditors. Also these measures help to ensure that AnyOption does not abuse the funds of its traders and uses them for the benefit of AnyOption.
Finally, the funds that you have deposited at AnyOption are covered by the Investors Compensation Fund (ICF) scheme to which AnyOption is a member. Under the ICF scheme, your money is protected up to 20,000 euros in the event of fraud or insolvency on the part of AnyOption.
Given all these measures in place with AnyOption, you do not have to worry about depositing your money at this broker. They also make it easy for you to fund your trading account by supporting deposits through credit/debit cards, bank wire transfer and various internationally established web wallet portals. Given the ease with which one can deposit money at AnyOption, it is only natural to ask about what the withdrawal process is like with AnyOption.
There have been a lot of horror stories flying around on the internet about the difficulties which some traders have when trying to withdraw their money from their brokers. Most of these traders are given the runaround by their brokers or simply get ignored when they try to initialize a withdrawal request. In fact, withdrawal problems are the most common complaints aired by disgruntled binary options brokers regarding their traders. Nevertheless and fortunately, none of the above mentioned issues are applicable to AnyOption. In fact, this broker has one of the most straightforward withdrawal procedures around.
The Verification Process
Before all else, in order to withdraw your funds at AnyOption, you need to go through the verification process. The verification process is where AnyOption tries to establish your real identity, that is whether you are really who you say you are. To do this, AnyOption requires you to submit several documents which include copies of a government issued ID such as a drivers license, identity card or passport. And to establish your location and address, you need to submit a recent copy of your utility bill with your name and address clearly shown. All these measures are necessary to comply with anti money laundering protocols as well as to prevent monies in your trading account being withdrawn by any unauthorized individuals. So if you cannot verify your identity and address, then you will have difficulties in withdrawing your money. A lot of traders complain about the hassles of having to verify their identity but they plainly forget that should the money in their trading accounts have originated from criminal proceeds, AnyOption will be held accountable. The same goes for monies which are withdrawn by unauthorized individuals. AnyOption is accountable for monies that go missing in their clients’ trading accounts.
Hence, it is advisable that you go through the verification process before you deposit any money with AnyOption. This way if there is any problem in establishing your identity, your money will not be held up due to the problems encountered.
The Withdrawal Process
To initiate the withdrawal process at AnyOption, log in to your trading account at AnyOption’s website and click on the “My Account” tab at the top of the page. Next, click on the “Withdraw” button located on the left side of the screen. Once you have done that, you will be presented with two withdrawal options, “Withdraw To Credit Card” or by “International Wire Transfer”.
Withdrawal through Credit Card
This option is only available if you have specified a credit card during the account opening process and has used the card to make a deposit at AnyOption. Take note that the amount withdrawn cannot exceed the amount that you have deposited using your credit card. Any amount which is in excess of the amount that you have initially deposited will be transferred to your bank account by wire transfer.
Withdrawal by Bank Wire
AnyOption has provided this method of withdrawal for traders who did not provide a credit card for depositing funds with them. For bank wire transfer, you need to specify the bank and account to where you want the funds to be transferred to. In addition, you need to provide the applicable IBAN and SWIFT code. To avoid any complication, you have to ensure that the details of the bank account, such as your name and address must match the details in the documents used for verifying your identify and address.
AnyOption has also provided a “Reverse Withdraw” feature in case you want to cancel your withdrawal request. This feature is particularly useful when you find that after making your withdrawal request that you have insufficient funds to trade.
To cancel your withdrawal request, simply click on the “Reverse Withdraw” button on your “My Account” page. Next, choose which withdrawal requests that you want to cancel (in cases where there are multiple withdrawal requests) and then click “Submit”. Once you have done that, the withdrawal request will be cancelled and the funds immediately credited back into your trading account. Nevertheless, you can only reverse a withdrawal request within the three days from the time you initiated the withdrawal. Once the three days timeline has passed, you will no longer be able to cancel your withdrawal request.
Time Scale for Withdrawals
All withdrawal requests at AnyOption are processed within three business days from the time the withdrawal request was made. As mentioned earlier, during these three days you may cancel with a withdrawal request at any time. Once the three days has passed, the status of your withdrawal request will be changed to “Processed” status and no reversal of withdrawal is possible.
As for the amount of time for the funds to appear on your credit card or in your bank account, this will depend on the individual banking provider or credit card issuer. They may require additional time to process the fund transfer before posting the amount transferred to your credit card or bank account. Since there is a possibility of third parties requiring additional time to complete the fund transfer from AnyOption to your credit card or bank account, AnyOption is unable to provide a definitive timescale for the completion of the withdrawal request. Because of this, AnyOption has also stated that they reserve the right to delay or cancel the processing of a client’s withdrawal requests until there is a final approval for any outstanding deposit transactions. But normally, you can expect the money to be posted to your credit card or bank account within 7 to 10 business days.
AnyOption accepts different types of major currencies such as Euros, Pound Sterling, Russian Ruble, Turkish Lira or Swedish Krone for deposits. The type of currency is specified during the account opening stage and once determined cannot be changed. As such, all withdrawals will be in the currency specified by the trader for his trading account. And if the trading currency is different from the local currency used by the trader, there will be a conversion fee which you have to be aware off.
Security of Withdrawal Request
AnyOption takes the security of its website seriously. To protect all their transactions between their servers and their clients’ computers, all corresponding internet traffic is encrypted using the latest encryption technology such as SSL (Secure Socket Layer) technology and real time card processing system. In fact, the level of security is the same as those used by the international banking industry.
Minimum Withdrawal Amount
AnyOption does not impose a minimum withdrawal amount per se. In fact, they allow you to withdraw any amount that you want. However if the amount withdrawn is less than the minimum deposit requirement, you will be charged a withdrawal fee. Hence to avoid any unnecessary fees, you should only make a withdrawal when there are sufficient funds to meet the minimum deposit requirement threshold.
As an AnyOption client, you are entitled to make one free withdrawal per month (must pass minimum deposit requirement threshold). Any subsequent withdrawal made during the same calendar month is then subjected to a withdrawal fee of $30 (or equivalent currency in euros).
In line with the industry practice, AnyOption also offers bonuses as an incentive for trading with them. These bonuses can be a standard type bonus or a non standard type bonus. Normally, these bonuses are subjected to a wagering requirement before you are allowed to withdraw them or the profit accrued from trading with these bonuses. At AnyOption the standard wagering parameter imposed for the withdrawal of these bonuses is 15 times the bonus amount. For example, let’s assume you make a deposit of $100 into your trading account and are given a deposit bonus of 50%. This means you now have a trading account balance of $150, $100 in cash and $50 in bonus. In order for you to withdraw the $50 bonus, you are required to meet a trading volume of $50 x 15 = $750 before you are entitled to withdraw this bonus.
A lot of traders fail to read the terms and conditions which are attached to the bonuses which they have accepted and this causes problems for them when they try to withdraw the entire balance in their trading account. According to AnyOption’s terms and conditions, you are entitled to withdraw the cash balance in your trading account at any time together with all the profits that are attributed to them. There is no restriction of any kind as far as your cash balance is concerned.
As mentioned earlier, problems usually arise when a trader tries to withdraw both his cash balance and bonus balance without understanding the requirements. First of all upon claiming the bonus, a trader has three months to fulfill the total wagering requirement. If the 3 months lapses without the total wagering requirement being fulfilled, then the bonus and the corresponding profits derived from trading with the bonus is considered forfeited and the trader have no legal standing to claim the bonus amount.
Withdrawal Amount Including Partial Bonus
An even more complicated scenario is when a trader tries to withdraw an amount which includes partially the bonus. Again, AnyOption is very clear about this situation. According to the terms and conditions, this will constitute an automatic cancellation of the bonus and the corresponding profits. Section 3.4 of AnyOption’s terms and condition states “In cases, where the Client makes a withdrawal request for a total amount that includes part or all of the Bonus amount and profits derived from it, the withdrawal request will also constitute an automatic bonus cancellation/waive request. As the Total Wagering Requirement has not been met, the Client is entitled to withdraw only the total Cash Balance and any profit attributed to it…”
So what can you withdraw after accepting a bonus offer from AnyOption? For example, if you deposit $500 and receive a 50% deposit bonus, your total wagering requirement would be $3750. This means you need to trade a total trading volume of $3750 within a period of 3 months before you are entitled to withdraw the $250 bonus (50% of deposit) that you received from AnyOption. If the trading volume of $3750 is not met within the 3 months and you try to withdraw an amount which includes the bonus, then your bonus of $250 will be cancelled automatically.
Accepting Additional Non Standard Bonus
With reference to the above example, suppose you accept an additional promotional bonus of $200 from AnyOption within the 3 month period from the date of the first bonus, this can also affect the amount that you can withdraw as the total wagering requirement has changed to include an additional $3000 ($200 x 15). So now the total wagering requirement is $3750 + $3000 = $6750.
If for example you decide to make a withdrawal after making a total trading volume of $6000 two weeks after accepting the 2nd non standard promotional bonus of $200, what you can withdraw is as follows:
- Trading Volume Required
- $500 Cash balance
- No volume requirement needed. The full amount can be withdrawn at any time.
- $250 Deposit Bonus
- Trading Volume requirement of $3750. Requirement is met: ($6000 – $3750 = $2250 balance)
- $200 Non Standard Promotional Bonus
- Trading Volume requirement of $3000.
- Requirement is not met ($2250 – $3000 = negative $750)
Because the requirement from the 2nd bonus is not met, the amount of the bonus ($200) will be deducted from the total balance from the trader’s account. From the original balance of $950 in the trader’s account, what is now available for withdrawal is just $750 ($950 – $200).
As we have seen from the above, AnyOption is very clear about its withdrawal procedures. Problems usually arise when traders neglect to read and understand the various terms and conditions which are attached to the bonuses which they have accepted. If you feel that by accepting the bonus this makes the situation complicated, then you can always turn down the bonus offer from your broker.
In the event that you are having problems withdrawing your money and the customer support team is unable to resolve it, you can always file a complaint with AnyOption. As a regulated broker, AnyOption values its pristine reputation and tries its best to resolve any problems which their traders might encounter. For the sake of transparency and accountability, they have set up a Compliance Department within the company to resolve any complaints without any undue delays.
Complaints Handling Procedure
To file a complaint with AnyOption, complete the Customer Complaint Form and submit it the form back to AnyOption by email to firstname.lastname@example.org. Once the complaint has been emailed, you will receive a written acknowledgement within 5 business days and be issued a reference number. Your case will then be investigated by the Compliance Department based on all relevant evidence including those provided by you. A response will normally be issued by the Compliance Department within 4 weeks explaining the outcome of the investigation. If for any reason there will be a delay, you will also be notified by AnyOption explaining the reasons for the delay.
From our detailed review of AnyOption’s withdrawal process, traders should have no difficulties in withdrawing their money from this broker. Their withdrawal procedures are clear cut and straight forward. Terms and conditions are reasonable and so are the fees charged for additional withdrawals over and above the one free monthly withdrawal. Their total wagering requirement is also extremely reasonable and not unattainable. In fact, AnyOption offers the most lenient wagering requirement for the withdrawal of its bonuses. Other brokers in the binary options industry are imposing a total wagering requirement of 30 times the bonus level which is near impossible to achieve unless you are able to come out ahead in all your trades. This is one of the key benefits of with a well established broker like AnyOption. Another key benefit is the fact that they are regulated and operate in a professional manner.
- On Developing a Financial Prediction System: Pitfalls and Possibilities (Stefan Zetke)
- Innovating Development Finance – From Financing Sources to Financial Solutions (Garin Navishinkar)
- Internal brand factors driving successful financial services brands (Lesly Chernatony)
- An inquiry into the motivations of knowledge workers in the Japanese financial industry (Izumi Kubo)
- Client-server implementation: some management pointers (P. Duchessi)
- Urban development corporations: Parliamentary pointers towards assessment (David Judge)
- The Innovest Austrian Pension Fund Financial Planning Model InnoALM (Aloyis Reger)
- Soft law – second best solution or a privatisation of social rights? Some pointers for a future discussion
- From Pipes to Scopes: The Flow Architecture of Financial Markets (Karin Knorr)
- Pointers to government policies for technical innovation (Roy Rothwell)
- Risk Measurement, Risk Management, and Capital Adequacy in Financial Conglomerates (Andrew Kuzitkes)
- Software patent ruling gives pointers for diagnostics (Charlotte Harrison)
- The Ethical Dimension of Financial Institutions and Markets (Antonio Argonada)
- Inhabiting Technology: The Global Lifeform of Financial Markets (Karin Knorr)
- Mobile Phones and Financial Services in Developing Countries: a review of concepts, methods, issues, evidence and future research directions (Richard Duncombe)
- Some pointers on resource sharing in Asia and Oceania: The Philippines (Serin Qiafon)
- How Should Fiscal Policy Respond to the Economic Crisis in the Low Income Commonwealth of Independent States ? Some Pointers from Tajikistan (Martin Brownbridge)
- Keeping up gendered appearances: representations of gender in financial annual reports (Yvonne Benschope)
- The resurgence of human values in today’s organizations: pointers from the Buddha (Joan Marques)