PlusOption Withdrawal Policy
A group of financial experts came together and established a new brokerage in 2015 called PlusOption. According to the team behind this broker, their aim was to provide traders with a variety of assets to invest in and also added educational materials to help them. While the claims were big, they didn’t turn out as expected. After all, PlusOption is an offshore unregulated broker and that alone was a warning sign about their legitimacy. However, if you take a look at the customer reviews of the brokerage, you would discover that it was the PlusOption withdrawal policy that was highlighted the most.
Let’s take a look at what the PlusOption withdrawal process entails:
Step 1: Verify your account
Like every other brokerage, PlusOption also had an account verification process in place before it would allow its clients to withdraw their sum. The account holders were asked to submit some documents to the broker in compliance with the anti-money laundering regulations. Due to this, the broker only allowed transfers to accounts that were strictly under the name of the client. The verification process of the broker is quick and simple; you just have to provide the following documents:
Proof of ID: This involves submitting a valid official identity card, passport or driver’s license that is issued by the government. It should contain the client’s full name, photo and address.
Proof of Address: In order to provide the broker with proof of address, clients have to submit a utility bill or bank statement that has their name and address on it. It is essential to ensure that these documents are not more than three months old.
Copy of debit/credit Card: If you are planning to use your card to make deposits and withdrawals, you need to submit a copy of the respective card. Copies of both sides should be submitted and you should also sign your card. Your name and last four digits should be included in the front copy and signature in the back copy. Cover the rest of the information for security reasons.
Step 2: Start Withdrawal Request
On paper, the PlusOption withdrawal process seems very straightforward as you can open a request in just a few clicks. After your documents have been accepted by PlusOption and your account has been approved, traders had to login to their account and select the My Account option. Once this page opened, the Withdrawal option could be selected. Doing so would open a box on which the amount to be withdrawn had to be entered.
Plus Option Withdrawal Policy
Once again, the PlusOption withdrawal policy was very much like other brokerage companies on the surface. Traders could only withdraw funds to cards with which deposits had been made. But, once you begin the process, you would realize the real scam. First, the withdrawal amount through credit cards couldn’t exceed the amount you have invested with the broker. Other additional amounts can only be withdrawn through bank wire transfer.
What is fishy about it? PlusOption withdrawal amounts start at 50 EUR, USD or GBP. However, when it comes to bank wire transfers, they can only be made when the account balance reaches at least $100 in their account. Another red flag was that PlusOption withdrawal and bonus policy indicated that traders who hadn’t met the requirements outlined wouldn’t be allowed to make a withdrawal. Yet, even when requirements were met, traders still had a lot of problems when they tried to withdraw money.
PlusOption withdrawal led to a number of problems for traders. Some complained about having their account frozen by the broker and some even had their account completely blocked. Some of the traders discovered that they couldn’t login into their account after they had submitted their withdrawal request. Other complaints that were made regarding PlusOption withdrawal policy was that traders had their account emptied, but they didn’t receive the funds. They were also unable to get in touch with the broker’s customer support and no one responded to their calls.
The bonus policy tempted people to invest their money with PlusOption, but this bonus also had strings attached to it. These surfaced later on and soon people realized that it wasn’t easy to withdraw the money they had invested or that they had earned through trading. Lots of traders also lost the money they had invested and were not able to earn anything. As a matter of fact, the broker encouraged clients to deposit more money in their account after they had lose a large sum of money. While traders were still dealing with these problems, they got to know that PlusOption had shut down its operations.
There was a notice on their website that the broker had shut down their operations and they were no longer offering any financial services to their clients. The announcement further said that all open transactions with the broker were closed on March 15th, 2019. However, this was not the case as a number of traders still had withdrawable funds left in their account. PlusOption indicated in their announcement that people who still had their funds stuck could get in touch with customer support for assistance.
But, as it turns out, there was no PlusOption withdrawal and people were not able to recover their funds. Thousands of brokers who had invested massive amounts of money with the broker were left empty handed as there was no way for them to get their funds back. Every single penny that they deposited was wiped out from their account or they were unable to access their account in order to submit a withdrawal request. If they were able to submit a request, it would be sent for approval, but it wouldn’t get approved at all.
Conclusion
The bottom line was that while PlusOption checked all the boxes in regard to their services, it was an unregulated broker. The PlusOption withdrawal policy was the major scam as it ensured that while traders were able to deposit their money, they couldn’t withdraw their funds and were left with no money in the end.
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