Ways to deposit and withdraw funds in binary options
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. 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. 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. 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. 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. Keep this in mind as you go about making your withdrawal so you can avoid the disappointment of losing this. Essentially, what this does is takes advantage of the bonuses that major binary brokers tend […]. Using an e-wallet to pay for your binary options trading can be really simple, especially if you use these services already.
Withdrawing funds from your trading account is a quick and secure process, much like making a deposit. When logged into your account you should be able to easily find the withdrawal area. Select the amount that you would like to withdraw which will be base currency specified and confirm the action.
If this is your first withdrawal then you might need to submit some proof of identity to the broker to make sure that you are who you say you are. Such documents can include a valid Passport, Photo Identification a copy of a recent utility bill and a copy of your credit card details. Just like when depositing funds, to withdraw from your account some time limits may apply. Depending on the method you have chosen to receive your earnings, you may incur a longer waiting period.
Time limits differ per broker so check with them on any variations. Some binary options brokers may charge a withdrawal fee to remove your funds from your account, this varies depending on the broker and can also differ depending on the method of withdrawal you have chosen. Ready to start to trade binary options online? Learn how to lower you trading risks with the right binary options strategy.