There are a lot of reasons to switch brokers. Some do it very often, and some do it only once. Whatever the reason, here are the steps you need to take to switch brokers. If you take these 3 steps in the order presented here, everything will be fine.
Step 1: find a good new broker
Don’t throw away your old shoes before you get new ones is a popular saying, and it is as applicable to shoes as it is to brokers. Okay, maybe you can do a couple of days without a broker, but it’s still better to find one as soon as possible. As you may know, there are hundreds of brokers out there, and most of them are not worth your time. If you haven’t got a clue where to start searching, use our exclusive binary options broker flow chart below to find the best broker by answering a few easy questions (click for full size).
Step 2: close your account at the old broker
It’s best to close your old account and let the broker know you’re leaving – especially if you still have money in your account! Ask the broker to close up your account. Send a payout request to make sure what’s left in your broker account will be transferred to your bank account. Allow the transfer to take a few workdays. If this is your first payout request, don’t be alarmed if the broker asks for some extra documents – this is a normal fraud prevention procedure.
Step 3: set up your new broker account
Getting installed at a new broker is like getting installed in your new home. Take some time to get everything right, so that you feel comfortable with it. You can use your account manager to get you up to speed with everything the new broker has to offer you. When you’re all set, you can start placing trades.