Deposit and withdraw methods of Binary Options

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  • Binarium
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  • Binomo
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7 Binary Options

For quite some time already binary options trading has been becoming increasingly popular. But despite being a very famous trading industry, many people are still not hundred percent sure what it is.

Binary options trading provides people around the world with the tools to analyze and draw conclusions from the market trends. This knowledge, consequently, helps them place trades and earn high payouts throughout them. With binary options, traders are able to calculate the risk before investing their time and money into it.

Among many things that might be confusing for beginner binary options traders, one is for sure deposit and withdrawal methods that each individual broker offer. As it differs from broker to broker, sometimes a trader needs to conduct some extra research on whether the broker of his choice supports a particular payment methods. And there are plenty of options out there: e-wallets, debit or credit cards, bank wire, etc. They all allows traders to deposit and withdraw their earned funds in various ways and have different benefits to them.

Binary Options Trading and Its Assets

If you are still not sure what “binary options” means, the exact definition would be “has two possible outcomes”. This signifies that a trader can predict whether the underlying asset will decrease or increase in price by choosing to buy “put” or “call”. There are only two possible options for your investment, and you need to choose one of them before proceeding with your trade.

Buying “call” option means that a trader believes that the price of this particular underlying asset will increase. Choosing “Put”, consequently means that their belief is that the price will decrease on the market.

Before investing, you should make sure to conduct the necessary analysis and understand the trend behind the price movement of each individual asset you are planning to trade on. Since you only have two options – put or call – the decision and, more importantly, understanding behind that decision play a crucial role in whether or not your trade will be successful.

Understanding how this system works is important, as well as what assets there are available for investment. There are several of them that are the most common:

  • Forex is definitely the most famous binary options trading online out there. It’s a combination of many world currencies such as EUR, USD, GBP, JPY, AUD;
  • Commodities is the asset that is connected with prices for Gold, Oil, Silver, Coffee and more goods;
  • Stocks is the one that lets you follow many international companies from very different industries such as banking, insurance, technology and many more.

Withdrawal Methods in Binary Options Trading

As we have discussed already, 21st-century trading market offers the abundance of payment methods. Since technology provided us with new ways to transfer our money to various destinations around the world, the number of these methods has just been growing. However, some of them are pretty common and offered by the majority of brokers.

So what are those methods?

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
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  • Binomo
    Binomo

    2nd in our ranking!

  • Bank Wire. This is probably the oldest method that has its own benefits, such as its reliability. However, over the course of the past years, this method has been decreasing in popularity. This is mostly because it takes longer than traders are prepared to wait for (1-3 days) and the banks normally take some fee for processing it.
  • Debit or credit card. This method has been the most common for online payment for many years. It’s universal and can be used anywhere in the world, it’s convenient and it’s cheaper. There are minor drawbacks to it, but it is still very likely to stay the most popular method.
  • E-Wallets. In the 21st century, e-wallets are quickly gaining popularity as well. This is an online payment system that lets each party to conduct secure payments online. Apart from binary options trading, it is also often used in e-commerce for online shopping around the world.

Online Service Providers of Binary Options Trading

Let’s talk about e-wallets a bit more. As you can imagine, there are many providers of this online service. We have separate articles about each of them as it is important to understand even small important to understand even small differences between them. But we’ll try to summarize the most important points here.

  • PayPal. The first and the most notable online payment service out there. Founded in 1988, it’s available in 190 countries in the world and supports 24 different currencies. It accepts nearly all existing debit and credit cards such as Visa Card, MasterCard, and Maestro. It’s especially popular in the US, India and Europe.
  • Skrill. This platform was previously known us Moneybookers and only in 2020 changed its name. It is very similar visually to PayPal. Skrill is available in 200 countries of the world and supports transfers in 40 different currencies. One of the things that set Skrill is a special Skrill MasterCard for all their users.They are supported by many reputable binary options traders, 24option and IQ Option just to name a few.
  • Neteller. This platform might be a bit less famous than PayPal or Skrill but is definitely worth attention. It provides MasterCard to their customers for easier access to their income and is also supported by many binary options brokers.

Binary Options Trading Withdrawal and Deposit Methods in Different Countries

Is there any way to choose payment system based on your country? Well, not really, you should always base your decision on your individual preference. But we can look at some statistics that tells us what payment methods traders prefer in different countries.

  • The United Kingdom. In the UK, traders mostly prefer online payments to other payment methods. The most popular methods are credit or debit cards and PayPal. There are around 23 million PayPal accounts registered in the UK at the moment.
  • France. According to the statistic, 57% of people in France are using debit or credit cards (MasterCard, Visa Card, and Carte Bleue). Other traders opt for payment with Allopass and UCash.
  • Germany. Here, 58% of traders are using bank wire and only 35% credit cards. Even less opt for other more modern methods.
  • Spain. There is a more holistic picture in Spain: as many as 97% are opting for debit or credit cards to pay their bills or transfer money elsewhere.
  • Italy. Similar to Spain, as many as 73% would opt for credit cards. The rest will choose e-wallets with PayPal being the most popular option.
  • Russia. In this part of the world, QIWI is very popular, which is similar to PayPal in the way it works. Not so many as in other countries, but still some people would opt for debit or credit cards.
  • Denmark, Sweden and Finland. Finally, Scandinavian countries would normally also choose to pay with a credit card that people find reliable and safe.

If you are still choosing a payment method and not sure which to go with, this information can be very useful for you as you might want to choose the one that seems to be the most reliable in your region. But are there any other guideliness for choosing?

Which Payment Method is the Best for You?

No one can tell you for sure which method is better for you. This depends on your needs and deposit and withdrawal amounts. But here are some things to consider:

  • How often do you want to withdraw?
  • How much do you usually withdraw?
  • How long are you prepared to wait?
  • What aspect of security are important for you?

By answering these questions and reading our detailed articles about each payment method, you will be able to choose the one that is just right for you.

Start trading now by opening a FREE account on one of our recommended brokers.

Deposit and Withdrawal Options

Trading binary options is an exciting and often fast-paced way to make money. But before you can get to this point, there are some things that need to be taken care of. Banking is one of the biggest issues that traders need to address, and this includes both deposits and withdrawals to and from a trading account. If you’ve never used a binary options broker before, you likely have some questions about this. Hopefully, we can answer all of those questions here. We encourage you to speak with a customer service representative at the broker you’re thinking of using before you make a deposit if you have any further questions.

Deposits

Making a deposit at a binary options broker is pretty simple, but it’s not always an immediate process. First, you need to create an account with the broker of your choice. You will need to supply your name, country of residence, email address, and create a password. These are the bare minimum things that all brokers require, although most require a bit more info than this.

Next, you will need to make your first deposit. Before you do so, be sure that this is the right broker for you. If they have a demo trading account, use it extensively before you make a decision. Some brokers will require that you make a deposit before you can gain access to the demo account. In these cases, make the minimum deposit. If you don’t like the broker’s platform after demo trading, just withdraw your deposit.

When you’re completely sure that you’re at the right broker, then go ahead with your deposit. Select the currency that you will be using. Once you do this, it is not something that can be changed. Usually, this is an easy decision. Now, decide how you’re going to fund your account. All brokers accept deposits via credit card and wire transfer, and most allow you to use various e-wallets like CashU, Skrill/MoneyBookers, and Neteller. The correct deposit method will vary from person to person. Credit cards and e-wallets ensure that funds go on your account instantly, but wire transfers take a bit longer. Again, the right method will depend on you and your needs.

When you are selecting a broker, you need to be positive that it’s the right broker for you. There are several things to consider, but the big ones include the legality and the reputation of the broker, whether or not the broker offers good rates, and whether or not they have the underlying assets and the trade types that you want to use. There are a number of other factors, but these are the big ones and should be your primary focus before looking at the other influential factors that will sway your decision.

Withdrawals

The withdrawal process tends to be very easy if you go through a legal, regulated, and reputable broker. Most of the time, you will just need to click a few buttons, type in the amount that you wish to withdraw, click a few more buttons, and then wait for the money to show up in your account. Most reputable brokers can get your money to you in a week or less.

Any broker that is worth using will require you to submit paperwork before they will process your withdrawal request. This involves a government issued ID, proof of residency (a copy of your utility bill with your house address on it works fine here), and if you used a credit card, a copy of the front and back of your card. This is to prevent fraud and these documents have become the industry standard for binary options traders to prove that they are who they say they are.

Our recommendation? We suggest turning in your paperwork as soon as you can after you’ve made your initial deposit. This way, you’ll be sure to have all of the kinks worked out before you need to make a withdrawal. If there are any issues, a customer service rep will alert you and you can fix them before it becomes a pressing matter.

Things to Look Out For

Most brokers require that you use the same method that you used for a withdrawal that you used for the deposit. This can present a problem if you are withdrawing more than what you deposited with a credit card as most brokers will not allow you to withdraw more than what you deposited with a card because it presents them with extra fees. In this event, you will need to make your withdrawal to your card first, and then use an alternate withdrawal method afterward. Depending on the broker, this could create an extra fee for you. Plus, many brokers charge hefty withdrawal fees when you use a wire transfer or make more than one withdrawal in a month. More often than not, while a credit card deposit is a quick way to get started, it can create issues down the road. They are easily surpassed in most instances, but it’s important that you check with your broker first so there are no unpleasant surprises when it comes to getting your money back where it belongs: in your pocket.

Another thing to pay attention to is the trade through requirements that accompany bonuses. Because of changing laws, not as many brokers currently offer signup bonuses as used to, but some still do. If you have a bonus in your account, you might not have fully earned all of your bonus cash yet. There is typically a 30 to 40 times trade through bonus, so if you have a $1,000 bonus waiting in your account, you will need to have traded at least $30,000 before that $1,000 is yours to keep. Bonuses shouldn’t be a huge concern to you, but don’t be surprised if they aren’t as easy to get as you had originally thought. Keep this in mind as you go about making your withdrawal so you can avoid the disappointment of losing this.

Conclusion:

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How to Deposit and Withdraw Funds

In order to trade with a Binary Options broker for real money of course a deposit is required. However, withdrawing funds must also be considered. All traders want to earn money. And sooner or later a successful trader wants to withdraw his winnings. One of the defining aspects of the quality of an online binary options broker is the speed at which they can execute a withdrawal order and it has also become one of the most obvious factors in choosing a broker.

Beginners to options trading do not always understand how deposits and withdrawals work. This is why we show you here the most important points regarding the transfer of funds to and from a Binary Options broker.

1. Payment Method

Besides credit cards and bank transfer, there are hundreds of other payment methods available. These all have their advantages and disadvantages. Especially in vogue are the so-called eWallets, ie virtual wallets that are linked to a credit card or bank account. The most popular among these are PayPal, Skrill (Moneybookers) and Neteller. These eWallets can be used to quickly and easily make transfer funds and are offered often as banking options from Binary Options brokers.

Such eWallet payment methods are recommended especially for Binary Options traders because money can quickly be deposited and withdrawn. While it can take a few days to deposit money by bank transfer, with an eWallet this happens almost instantly. One of the things to be mindful of, however, is the possibility that the ewallet will not be accessible in your country. One of the difficulties of having 100% web-based brokers are that they are still subject to legal jurisdictions and some will not ba available in certain countries. Whilst this is a problem being slowly resolved, for some of the most convenient online payment systems such as Paypal this can be a significant obstacle so it is worth checking the availability of these before you decide to register with a particular broker.

When choosing a method for his deposits, one has also the check in advance how he can make a withdrawal. Usually withdrawals at Binary Options brokers have to be made using the same method that was also used for the deposit. The main reason for this is the security aspect. Even if someone would hack a password and gain access to the trading account, he cannot withdraw that money to his own bank account.

2. Personal Data and Proof of Identity

Safety of the funds must have the highest priority at brokers. A broker has to prevent all forms of money laundering or fraud in general. Make sure that when you sign up at a broker that you use your real name and that also the other data like your birth date is correct before clicking on the “open account” button. With inaccurate data you might run the risk of getting problems, at the latest when you want to withdraw your winnings. Additionally, online payment providers such as Paypal have fiary stringent systems in place for you to verify your identity before being able to transfer money in either direction. Again, if your registration information is incoherent with this it may be difficult for you to make to transaction without providing further evidence of identity.

Also make sure to have up-to-date copies of the required documents. When opening an account, or at the latest when you want to withdraw money, the broker will request a proof of identity from you. These documents can be uploaded electronically. But obviously the name on the passport or identity card must be the same as the name you entered when signing up. In addition to this, brokers usually request a proof of your address. For this reason, you will also have to upload a scan or a picture of a recent utility bill. The address there must also match the address you entered when signing up.

3. Bonus Offers and Cashing Out Problems

It happens again and again: You registered at a Binary Options broker and claimed a bonus on your first deposit. You are trading successfully for a while. Now it’s time to reward yourself and to cash out your winnings. Or you might not be satisfied with the platform or with the support and want to withdraw your remaining balance. What can happen now is that the broker refuses to proceed with your cash out because you previously received a bonus. Often, brokers require you to make a certain turnover of the bonus amount before you can withdraw your money. So make sure to read and understand the bonus requirements before you deposit money.

A bonus is interesting because it increases your winnings. But be aware that cashing out might become difficult as long as you haven’t cleared the bonus. And don’t start making more risky trades just to clear your bonus faster.

4. Fees for Deposits and Withdrawals

Financial transactions cost money. The payment provider wants to earn money with every transfer. And the broker might want you to trade more and therefore introduce high fees or a minimum withdrawal amount.

When depositing funds brokers usually pay the fees. When withdrawing funds, they want you to pay the transaction fees. This might range from 1-2% (for eWallets like Skrill) up to fixed fees (for example 30$ for a wire transfer).

But not all Binary Options brokers act like this. Many of our recommended brokers allow you to withdraw money at least once a month at no cost, with costs of about 30$ for additional cash outs in the same month. If it happens that you are left with just 100$ on your account you should think twice about whether to pay these fees or to just wait until the next month begins.

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IQ Option is one of the largest trading platforms in the world, with over 7,000,000 accounts opened. Your money is safe thanks to segregated trust accounts for cliends’ funds. And profit payouts are among the fastest in the finance industry. Start now!

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

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