How to Read Binary Brokers Terms and Conditions

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How to Read Binary Brokers Terms and Conditions

Let’s look at some Terms & Conditions in order to understand in practical terms.

In order to speed up and simplify the analysis, copy and paste the Terms in MS Word, and look for the keywords “withdraw” and “bonus”, and you will find the most delicate and important sections for you.But first let’s look at how to understand the Cyprus phone number list  location of the legal office and the competent jurisdiction.

Broker’s legal head office

If you want to know where the legal office of the broker is located, not always the address indicated in the “contacts” section is the legal address, because for marketing purposes the address mentioned could be the one of the call center or, even more frequently, only the phone numbers, email addresses, IM and online chat tools are shown. In order to know without doubt the legal jurisdiction of the broker (and of the disputes arising between the broker and the customers), you have to look in the Terms & Conditions, and see if within the first clauses the corporate name and the address of the broker are published; if in the Terms & Conditions this information is not given, then it is necessary to look at the end of Terms & Conditions and find at least the legal jurisdiction competent in case of legal disputes arising between the broker and the customers: you won’t know the precise address but at least the country where the broker is located.Here are a couple of examples.In the first, the Terms & Conditions of the broker indicate precisely corporate name (that we have hidden) and legal address.”1. This Agreement is entered into by [broker name] registered under the laws of _The British Virgin Islands having its registered office at [broker’s address] (hereinafter referred to as: the “Company”) and yourself (hereinafter referred to as: “you” or “Customer”) (In this Agreement the Company and you may be referred to collectively as the: “Parties”).”In the second, only the jurisdiction competent for legal disputes is indicated (Cyprus), which means that the broker is legally located in Cyprus.12 Law and Jurisdiction The laws of the state of Cyprus shall govern the use of the Site and all its consequences including the Terms of Use. The competent court in Larnaca, Cyprus shall have sole jurisdiction over any matter involving use of the Site.”Now let’s proceed with the two most delicate point of the Terms & Conditions: the withdrawal process and the restrictions attached to the bonus.

Withdrawal process

With “withdraw” you will get also “withdrawal”, “withdrawing” etc. In these sections you will find the conditions of the withdrawal procedure: documents to be submitted, data verification process by the broker for security purposes, number of days the broker reserves for the whole process, the ways and the fees of the money transfer from the broker to the credit card or the bank account of the trader. It is important to know that the data and personal documents controls are necessary for the anti-laundering laws, and that for the same reasons the broker will transfer to the credit card, from which the first deposit originated, an amount not higher  b2c phone list that the deposits and will transfer the excess amount to the bank account of the trader. All this means that the broker must accurately control the trader identity and the bank account to be credited. Usually, from these sections you can see brokers who want a fair number of days to perform the security controls and brokers who take advantage of the need to control the data and require up to 15 to 20 days before transferring the money. Also the withdrawal fees differ a lot among brokers, and also this must be taken into consideration in selecting the broker.

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