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A Fool-Proof Formula to Easy Withdraw Funds IQ Option
If you are on our home page select ‘withdraw funds’ on the right-hand side panel. If you are in the trade room click on the profile icon and select withdraw funds.
Withdraw funds using trade room
You will be redirected to the withdrawal page. Specify the amount you would like to withdraw.
Minimum and maximum withdrawal amount at IQ Option
The minimum withdrawal amount is two dollars. In order to withdraw an amount less than two dollars, you should contact IQ Option support team. The maximum withdrawal amount is 1 million dollars.
Withdrawal page with card withdrawal tab
For deposits made from bank cards, you should first withdraw your deposited amounts back to your card in the form of a refund. And afterwards, you can withdraw your profit using any other available payment method.
Withdrawal with other payment methods
Withdrawal statuses at IQ Option
Your withdrawal requests and withdrawal statuses are displayed on the withdrawal page. After a withdrawal request is made it receives the ‘Requested’ status for the funds to be transferred to an e-wallet or the ‘Request in process’ status for a refund to a bank card.
Funds will be transferred to your card or e-wallet after the request receives the ‘Funds sent’ status. The request receives the ‘Hold’ status when a client has to provide the documents that should be approved by the company. If a request receives the ‘Cancelled’ status it means it has not been processed and the withdrawal has failed.
Withdrawal request – possible statuses
How long it takes to withdraw funds at IQ Option?
Withdrawal requests take up to three business days to process. Some withdrawals can take longer than you expect as the withdrawal time also depends on the payment service provider and the payment method.
It is approximately one day for e-wallets and up to seven to nine days for banks.
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Withdrawal to bank card
There are situations when you are not able to withdraw funds to your bank card. It happens when you didn’t make a deposit from a bank card.
Another reason may be that your withdrawal amount exceeds the amount of your deposit. In this case, you can only withdraw the total amount of your deposits over the last 90 days to your card.
Withdrawal to bank card at IQ Option
And the exceeded amount must be withdrawn to an e-wallet or bank transfer with a fee. If your card is expired, is invalid or doesn’t support the international transactions, IQ Option won’t be able to transfer money to your card.
Have a nice trading experience.
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Tips for deposit and withdrawal money on binary account. Know best method how to deposit and withdraw funds from IQ Option trading account
People have always been striving to increase their assets and get new instruments of income. Having first appeared in the 1970s, the Forex market had rapidly begun to become the most promising instrument for making investments, starting by gold rush among beginners. Professional and experienced traders multiply their capitals by tens but particular twists and turns exist in this industry, therefore, hurrying is equal to losing.
Working out the best way for you: how will you earn money?
Most beginner traders are interested in how this market may bring in money and what is the best recommendation that always works. In fact, all traders have their own way of trading. Specialists call the first few months the most trustworthy and naive time, which is also connected with inevitable losses. Someone may lose all their funds while others lose half their the initial deposit, etc.
Some brokers offer demo binery accounts and such options become perfect to start with. Losing virtual money is much better than wasting real assets. Besides, each market participant has to define his individual purpose. If you are selecting earning money as your main purpose, the wrong strategy leads to losses and then more losses. Over time, a trader understands that results are more important.
Professionalism is the key to success in every sphere and trading is not an exception. You should obtain profound knowledge concerning the functioning of the industry , follow financial and political news, test existing strategies and invent new ones. Constant progress brings success. That is a law that must be remembered by new entries. At the same time, selecting a particular jurisdiction becomes of much account as well. You are obliged to follow the laws of the country you live in to avoid any problems with the government.
Peculiarities of an account opening and trading in Malaysia
Malaysia hails this instrument of investments offering rather favorable conditions for brokers. Moreover, many companies have selected Malaysia for their headquarters after the new requirements the EU has adopted concerning the industry. A Malaysian license for brokerage can be easily obtained while the corporate law tax is only 3%.
Speaking of traders, they also are free to earn money using different platforms, both national and foreign ones. No limitations are introduced by the government. The only demand is that taxes on income according to the state norms must be paid. The minimal tax rate is just 1% for individuals who earn less than 20 000 MYR (Malaysian Ringgit) or $4800 annually while the maximal tax rate is 28% that is levied in case of the annual income of more than 1 000 000 Ringgit (over 240 000 USD). Those who earn less than 5 000 MYR ($1200) per year are tax-free.
The rate of inflation is rather low in the country therefore traders use the market for getting profits, not saving money.
Convenient conditions for traders: IQ Option platform review
Obtaining profound knowledge is just the first step to success. Most traders are looking for a reliable broker by comparing different indexes and conditions. IQ Option has managed to be among the top ones. Such a platform tends to be convenient for both new entries and professionals providing diverse functionality.
Advantages of IQ Option:
- This broker is the legal one that protects traders from all countries. Licenses of respected financial regulators empower the broker, providing a full complex of services.
- Traders get access to different markets. Apart from flat currencies, stocks and digital currencies can also be traded.
- IQ Option deposit and withdrawal is provided in the shortest terms. Numerous options are offered for clients.
- The platform is constantly developing, offering users the most innovative decisions for quick and effective trading.
- User-friendliness of the platform is also evident. New entries obtain educational instruments and a demo account, while professionals get a real trade room where the trading process is controlled by them.
How to make a deposit to Malaysian IQ Option accounts: available methods
After confirmation of registration, every trader gets a demo account a priori. IQ Option takes care of its users, therefore, you get 10 000 US dollars on your demo account and you are free to refill it as many times as you wish.
As for real trading, you need to deposit funds. You can do this via bank payment systems, e-wallets or wire transfers (applying to a Malaysian bank).
Using bank cards for depositing funds
Most people use their debit or credit cards in their everyday life, therefore, this IQ Option deposit method is the most appreciated. The algorithm of funds depositing is rather simple. Click on ‘Deposit’ in the upper right corner and then choose the ‘Top up your account’ option. A bank card is the first option offered for a client. VISA, Master Card and Maestro payment systems are available.
To complete the operation, a trader must insert basic information including your card number (only your cards are available to be used), expiry date, a card holder and the three numbers of CVC. Pick the currency and amount in the same window and then press ‘Continue’ to complete the operation. Usually, the transaction is performed instantly, but sometimes, the operation takes up to 3 business days. The minimal and maximal amount of a deposit is limited by $10 and 1 000 000 USD respectively.
Using e-wallets to transfer assets
Electronic wallets are the second most widespread method of depositing funds. The platform works with numerous systems but Skrill and Neteller are the most in-demand IQ Option deposit methods for traders. These systems provide the best conditions. Moreover, such e-wallets are widely used by the Malaysian traders because there are no restrictions by the government.
To use such deposit options, you must perform the same actions (click ‘Deposit’ and select funds to be deposited to a real account). Then pick the preferable e-wallet, indicate the currency and amount, and press ‘Continue’. You will be redirected to the webpage of the chosen electronic payment system where the transfer should be completed. Funds are expected to be sent instantly.
Wire transfer from Malaysian banks
Funds can be deposited through bank transfer. The platform works with several Malaysian banks including the following ones: Bank Negara Malaysia, Bangkok bank, CIMB bank, etc. In order to understand whether a particular bank is supported by the platform, calling the customer support service is highly recommended.
When depositing funds, there exist some limitations. For instance, in USD, the minimal deposit amount is $15 while maximal one is limited by 12 000 US dollars. When depositing funds in Malaysian Ringgit, minimal and maximal limits are 50 and 50 000 consequently. The time taken depends on each particular bank.
How to withdraw assets from IQ Option real account?
Money can be withdrawn from real accounts only. Training ones do not include such an option. Moreover, IQ Option withdrawal Malaysia is only accessible after verification that includes sending scans of your ID and (if necessary) a picture of your bank card to the indicated email address.
According to the general rules, traders cannot withdraw less than 2 USD but for some cases the exception can be made (you will need to contact customer support service concerning this issue). A trader may transfer 1 000 000 USD (or equivalents in other currencies) from his account per day over as many transactions as desired
Funds withdrawal should be provided by the same method you have previously deposited assets. For instance, when transferring 700 USD from your credit card, traders are obliged to withdraw money to the same card.
Withdrawing to bank cards: general requireents
IQ Option implies a particular hierarchy of withdrawal methods, and transfers to bank payments systems are the top of that hierarchy. Moreover, an IQ Option withdrawal limit exists for such a method.
The amount of withdrawing funds cannot exceed the amount of your deposit. For instance, if you send 1500 USD to your account and then want to withdraw $4000, you must withdraw $1 500 to your bank card and the rest of the assets with other methods.
No fees are imposed while the processing time of the operation may take up to 3 business days.
Using this option is rather simple. Pick the desired bank card in the withdrawal menu and insert the necessary information into the fields.The IQ Option withdrawal proof is simple as well because the system checks whether a trader uses his card or not. In the second case, the operation is banned.
Withdrawing to e-wallets: recommendations for Malaysian traders
As it has been mentioned, Neteller and Skrill are two systems that experience widespread among Malaysians. When using Neteller, citizens and foreign residents face some difficulties. For instance, the system deals with particular banks while Skrill is more affordable. Users of Skrill are able to withdraw their funds to any Malaysian bank account. A fee of $5.8 is imposed.
The platform itself charges no fees for assets withdrawal to e-wallets. The processing time is up to 3 business days. In order to use this method, select Neteller or Skrill in the withdrawal menu and then you will be redirected to the webpage of those systems where the transaction can be completed.
Withdrawing assets to bank accounts directly
Wire transfers allow sending your assets directly to your account. Such a payment method is less in demand due to the extended processing time and additional fees.
IQ Option withdrawal bank transfer can be directed to the same banks that have been used for deposits. Traders are also highly recommended to call support service to get information on which Malaysian banks are available for wire transfers.
Problems concerning assets withdrawal
Upon picking the most appropriate way of assets transfer and confirming the operation, the request is registered by the system.
A user may follow its status in ‘Withdrawal requests’ list. ‘Funds sent’ means that assets were sent to your account. When money has not been received or the status has not been turned into ‘Funds sent’, all IQ Option withdrawal problems should be solved by customer support. Traders are recommended to call specialists as soon as possible and describe their situation in detail. We will reply shortly!
IQ Option вывод денег
IQ option несомненно очень популярный брокер, особенно у новичков. Это не удивительно. Рекламы брокера предостаточно, минимальный депозит 10$- двумя словами «куда ниже?»; минимальная покупка опциона такая же – 1$. А чего стоит демо-счет на 1000 долларов и без пополнения депозита. И все это в красивой обвертке, выгодно выделяющейся на фоне других.
У всех новичков приходящих к этому брокеру возникает закономерный вопрос:
1) как обстоят дела у IQ Option с выводом денег?
2) как долго брокер выводит деньги?
3) какие условия вывода средств у брокера?
Теперь давайте обо всём по порядку. Завести и вывести деньги у брокера – это не проблема . Как видим из скрина пополнить счет нам предлагают несколькими способами на выбор, это: Банковская карта, WebMoney: рубль, доллар или евро, Yandex Money, менее популярные у нас Scrill и Neteller.
Сама я у этого брокера не торгую. Т.к. этот брокер не подходит мне для торговли по новостям экономического календаря из-за медленной работы платформы во время открытия сделки, часто случающимся проскальзываниям, одной лишней цифрой в котировках активов. Да и дизайн сайта отвлекает своей красотой от живого графика. И ещё, что очень важно для меня, брокер не выводит на банковскую карточку сумму большую, чем сумма пополнения депозита.
Вас я ни в коем случае не отговариваю, считаю, что это вполне достойный брокер для знакомства с опционами.
Как долго брокер выводит заработанные деньги? Вот какую информацию мне удалось найти у службы поддержки брокера в одной из социальных сетей.
Обратите внимание, это время поступления денег на электронный кошелек или банковскую карточку после подтверждения вывода менеджером. Что ж, вполне всё оперативно, на электронный кошелек деньги поступают в течении суток, а на банковскую карту 7-9 банковских дней (это зависит в первую очередь от вашего банка, а не от брокера).
Вот что удалось мне узнать, как быстро менеджеры обрабатывают заявку трейдера на вывод.
Тоже вполне оперативно, немного проигрывает брокерам, с которыми я торгую, у Utrader это занимает ровно один день!
Какие условия вывода средств у брокера? Это конечно же верификация торгового счета, как и у всех цивилизованных брокеров. Для верификации потребуется цветная скан-копия паспорта страницы с Вашей фотографией, полным именем и подписью, а так же копия карты с обеих сторон (если пополняли депозит с карты Visa, Maestro, Master Card).
Помните что этот брокер не выводит на банковскую карточку сумму денег большую, чем сумма пополнения депозита. Так что заработанные деньги Вам придется выводить на электронные кошельки, помните об этом.
Как итог, я хочу сказать. При выводе денег на банковскую карточку у вас всегда должно быть 1-2 недели в запасе. На электронные кошельки деньги выводятся на много быстрее.
Binary Option Deposit and Withdrawal Methods
Since 2008, the Binary Options trading and the binary option robot industry has become very famous between traders from all around the world. Many people have heard about the Binary Options industry, but they still do not know what exactly this is.
Binary Options is a way that allows many traders around the world to calculate and analyze market trends, which will give them a possibility to achieve success and high payouts on the financial market. Through binary option, industry traders should be able to see the potential risk before investing their time, effort and capital.
Binary Options Trading and Its Assets
For those who have ever wondered what the word binary stands for; literally, it is “having two parts”. It means that you as a trader on the market should predict the “Call” or “Put”. In Binary Options Trading, you have only two possible investments and you should choose one, before taking any future actions.
The “Call” option is when a trader predicts the rise of some type of an investment on the financial market. The “Put” option in the Binary Options Trading is when the trader predicts the fall of some investment.
These two options are very basic and also very important for every trader. For example, if your interest is gold and you are following the global market for trading gold, you should be able to choose between these two options. Also, you should understand all analysis connected with the binary investment in gold if you want your investment move to be successful and bring you the payment that you have predicted from before.
Understanding how binary options trading works, it is time to know where you can invest and what assets are usually traded. There are several common assets that people believe in them and are having successful binary options trading moves:
- Forex is one of the most famous online binary options trading around the world. It is a combination of many worldwide currencies such as USD, EUR, GBP, JPY, and AUD;
- Commodities is the one connected with prices for Gold, Oil, Silver, Coffee and more goods;
- Stocks are where you can follow many international companies and corporations from a variety of industries such as automotive industry, banking, insurance and more.
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IQ Option: Deposit and Withdrawal Methods in Binary Options We Will Reveal The Cheapest and Most Trustworthy Banking Methods
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Claim your free binary option robot, get started with three easy steps:
- Name of Robot
- Min. Investment
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1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
3. Decide on how much you want to Invest
Then you need to decide how much you want to invest in the commodity and when that investment will expire.
4. Collect your Earnings
Finally, you collect your earnings (the good part!)
TABLE OF CONTENT
For many brokers, binary options and option robot is a simple way to predict all threats on the financial market with good option signals before you get involve with your money and time. Also, every trader should know that binary options brokers like IQ option for example, are offering different e-wallet providers, debit cards and bank wire, which allows traders to deposit and withdraw their earned funds.
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Withdrawal Methods of Binary Options Trading
In 21 st Century, there are many different ways for payment. You can be paid from anywhere in the world at any time; thanks to the technology and online payment possibilities. Withdrawal methods of binary options trading are different for different countries. However, most of them are common and can be done through credit or debit card, e-wallet and more.
Every binary options trader should be aware of the benefits of the different online payment methods. Here is a list of several most common withdrawal methods of binary options trading that can be used almost in every country in the world:
- Bank Wire. This payment method of binary options trading is maybe the oldest one and the most common. It is a payment method that can be done between two different banks in one or three days. For some binary options traders, this is a slow transfer process and it is not acceptable if you rush with the payment. Plus, there is always a fee that the banks are taking in order to complete the transaction successfully and on time. If you want to do a deposit money through this payment method, all you need to provide are IBAN, the SWIFT code, and a name of the account holder.
- A debit and credit card. In the past years, debit and credit cards have become one of the most used methods for making an online transaction. A debit card is given by the bank with the name of the bank account holder and a unique number only for that specific holder. Having a debit card will provide you better opportunities to transfer your payment from binary options trading. Also, it can be used anywhere in the world. It is the same with the credit card, but the only difference is that withdrawal process can be successful instantly from the moment of sending the payment and it is immediately visible on the debit card. On the other hand, banks are searching for a monthly fee for the credit cards that should be paid on a specific date once a month. There are several popular credit cards that you should know such as Visa, MasterCard, American Express and more.
- E-Wallet payment method. This virtual account seems to be one of the most reliable and quick online payment methods in the 21 st Century. It is an online payment service for customers from all over the world. It is easy and fast to use and it can transfer the payment without any additional problems. If you want to use the e-wallet payment method, all you have to do is to register with your information on the online platform. Besides binary options trading, this payment method is also used for online shopping around the world. People trust in e-wallet because the information from their original debit and credit card are never shared with anyone and they are saved and protected from any identity frauds. The registration process of an e-wallet service is pretty simple and a fast process to do. All you have to do is to provide basic information such as your full name, address, and date of birth. These personal data are also protected just like the ones with credit and debit card information. These are providers which do not charge any fee per transaction. But, there are some providers which are charging a low fee such as $10 or even lower. This is still acceptable for many binary options traders because e-wallet is a trustworthy way to do a payment transaction of the work that has been done on the financial market. Some of the popular e-wallet service providers are Skrill, PayPal, Neteller and others.
Online Service Providers of Binary Options Trading
As it was mentioned above, there are many different e-wallet service providers for online payment of binary options trading. It is necessary to know a few important information for each service provider and to be able to choose the right one for you and your financial success in the binary options trading world.
Most used online service providers of binary options trading are:
- PayPal. Almost every one of us has heard about PayPal. It is a top used online payment platform. There are many customers from all around the world who are choosing PayPal as their first choice when it comes to the best online payment method. PayPal was founded in 1998 and until today, it is available in 190 countries in the world and supports 24 different currencies. PayPal platform is also searching for basic personal information when you are registering for the first time. What makes PayPal different from other online payment methods is the documentation evidence that should be uploaded by members to prove their identity. Also, PayPal supports almost every debit and credit cards such as Visa Card, MasterCard, and Maestro Card. You can find this online payment provider highly popular in the US, India and everywhere around Europe.
- Skrill. Maybe some of you remember this online payment platform when it was Moneybookers. In 2020, the name was replaced with Skrill, which provides amazing and quality payment services for their customers. This almost new online payment platform can be compared with PayPal. You can find in 200 countries in the world and it is available in 40 different currencies. One of the best moves of Skrill was creating a special Skrill MasterCard for all their customers. This card can be used everywhere around the world and can withdraw money on the ATMs all over the world. According to their information, the Skrill MasterCard can be used on more than 1.9 million ATMs around the world. People find this so amazing and they are constantly using their services, especially binary options traders. If you are one of the binary options traders, you should definitely know that the majority of professional and best binary option brokers supports Skrill payment methods. Some of those binary options traders are 24option, IQ Option, Banc de Binary, and others.
- Neteller. Maybe it is not so famous like PayPal and Skrill, but Neteller is one more quality online payment provider suitable for transactions of binary options trading. Neteller is also providing MasterCard for their customers for easier access to their incomes. This online payment provider does not charge any fee and if you withdraw money from ATMs, the fee is 4 EUR.
Traditional banking methods
Binary Options Trading Withdrawal and Deposit Methods in Different Countries
After knowing most of the important deposit and withdrawal methods of binary options trading, it is very useful if you know how popular they are in your country and which one is the best to use.
Here is a list of several countries in the world and their use of payment methods of binary options trading:
- United Kingdom. In the UK, online payments are very popular, especially if you are a part of the binary options industry. Usually, in this country, people are using debit and credit cards. However, PayPal is the third most popular online payment method and according to latest data, there are 23 million PayPal accounts in the UK. This includes people from Britain, Wales and Ireland.
- France. According to the latest research, almost 57 percent of people in France are using credit and debit cards. Most used are MasterCard, Visa Card, and Carte Bleue. This last card is actually a debit card and allows payments without any permission of the bank. Also, the latest online payment transaction can be done through SMS or telephone through Allopass and UCash payment methods.
- Germany. In Germany, there are many people who are interested in binary options trading and because of that, they are using many different payment methods. Around 58 percent of people in Germany are using bank wire method to transfer their funds from their binary options trading activity, while35 percent of Germans are trusting and using debit and credit card payment. PayPal is also popular in this European country together with GiroPay and Rate Pay, which are special German payment methods.
- Spain. An interesting fact about Spain is that even 97 percent of people are trusting and using debit and credit cards. PayPal, Allopass and Teleingreso are other popular ways to transfer your funds of binary options trading. Besides that, data are showing that Spanish people are using these payment methods also for online deposits on betting sites and online gambling.
- Italy. Italian people are similar to Spanish, because almost 73 percent are using credit and debit cards. Also, PayPal is their favorite payment provider when it comes to binary options trading. Diners Card, MasterCard and Carta Si are the most famous and used credit cards across Italy.
- Benelux Countries. Belgium, Luxembourg and Netherlands, as part of Benelux countries, are very developed when it comes to binary options trading and withdrawal methods. Dutch people use mostly iDEAL, which is a similar service for online payments like PayPal and it is established in 2005. Through this online payment provider, you can make a direct transaction from one bank to another. For people in Belgium and Luxembourg, a trustworthy payment method are credit and debit cards. One of the most famous cards is Visa Card, but also you can find the JCB card, which is famous for these three countries.
- Russia. In the biggest country in the world, people want to use QIWI a special Russian online payment method. Also, almost every e-wallet payment method is popular in Russia and people are having trust in all online payment providers. Yandex Money and WebMoney are other reliable and quality payment methods and they are used most for binary options trading. Not so high, but a significant percentage of Russian are using debit and credit card as their payment methods.
- Denmark, Sweden and Finland. Scandinavian countries have a high percentage of trust in credit card payment method, especially when it comes to withdrawing money in binary options trading. For example, in Denmark most of the people are using Dankort, a payment method which is including an international debit card that can be used as a debit card. This means that even outside Denmark, you can withdraw money from ATMs with this special Visa Dankort. In Sweden and Finland, a high percentage of people are using bank wire transfer for binary options trading. Klarna is another popular payment method in Sweden and it is used by 20 percent of people in this Scandinavian country. Also, this payment method is used in Denmark, Finland, Norway, Germany and Austria.
If you are living or working in one of these countries, all these information and data can be very useful for your future when it comes to payment methods for withdrawing money of binary options trading. In addition, if you are traveling a lot in these countries, you can be informed of what payment method is the best while you are staying there.
But, if you are living and working in the US, keep reading because the next info is about payment methods of binary options trading in the US.
Deposit and Withdrawal Methods of Binary Options Trading in the USA
The binary options industry is also very popular in the US. This industry is more developed in the US than other parts of the world. For binary options traders transferring their funds from the successful investment on financial market, it has never been too easy, if they are located in the US.
In this country, almost every online payment method is available and is working just perfect. In the past years, a majority of people who are living and working in the US are using credit cards as their payment method. However, after the appearance of e-wallet and the fast development of online payment providers, US citizens have changed credit cards with this payment method, especially when it comes to deposit and withdrawal money of binary options trading.
PayPal is actually on the top when it comes to using online payment methods in the US. People really trust this payment provider and are so satisfied and happy to have it. Also, PayPal is the reason why people are still using credit cards in the United States. They need to connect this online payment provider with their credit card, so they can be able to withdraw money from ATMs across the country and even abroad.
According to the latest data, 79 percent of people in the United States are using PayPal like their primary payment method. Binary options traders in the US believe of the quality services that this e-wallet is providing for their customers, unlike people from Europe who are still focusing on credit and debit cards and also bank wire transfers.
Payment options are various in binary options
Deposits and Withdrawal Methods in South Africa
The South African currency is known as ZAR (South African Rand). Currently, you can get US$ 7.6 for every 100 ZAR.
The south African market has emerged as one of the fastest growing markets and it has been adding new traders at an exponential rate. The traders having an inclination for the online binary trading uses different deposits and withdrawal methods including debit or credit cards, bank wire transfer, and popular e-wallets.
Debit and Credit cards
There are several choices for South Africans to execute their financial transactions through debit or credit cards.
The South African financial market is dominated by four large banks, also known as “Big Four”. These banks are NedBank, The Standard Bank, The First National Bank, and the Absa Group Ltd. These banks provide various cards (credit and debit) to their customer for ease of transactions and online financial dealings. The VISA card holds the leadership position in the South African market with more than 48 percent market share. Besides VISA cards, the citizens of the South Africa enjoy services of MasterCard and the American Express cards.
Another widely used card is the Virtual card in the South African market. It serves as a preferred mode of online payment and is issued by various banks. The virtual card is a prepaid debit card which doesn’t have a physical presence but can be used for the online financial transactions. The virtual card works on the principle that the end user can load the requisite funds to spend on online purchase and also, they can withdraw funds through the virtual card to their associated bank accounts.
The Central Bank of South Africa (The South African Reserve Bank) has recognized the e-money and the liability of equivalent monetary value has been assigned to the issuer of the e-money. Meaning, the issuing authority is liable to pay the real money equivalent to e-money to the holder.
Alternative Payment Methods
One of the oldest banks in the South Africa, First National Bank, provides several choices for depositing and withdrawing funds. Along with banks, there are several financial service providers who provide e-wallets to enable digital financial transactions in the country. The leading e-wallets in the South African region are Skrill, Moneybookers, PayPal, Neteller, Ukash, amongst others.
The First National Bank also offers e-wallets, which enables several modes of payments including money transfer to cell phone numbers. The customers are can utilize any of the following POS (Point of Sale) method to initiate the transaction with the bank: the bank’s website, the mobile banking, the mobile application, and through their nationwide ATMs. The PayPal is also enabled with the bank for transferring funds from the bank’s account.
As discussed, the South African market offers several e-wallets to the traders originating from the region. Besides the popular e-wallets, local companies also offer e-wallets to the residents of the South Africa.
M-Pesa: One of the largest cellular operator, the Vodafone, provides a mobile-based platform for the online transactions which is known as the M-Pesa (wherein M stands for Mobile and Pesa stands for money in Swahili). It is a secure and safe platform to transfer funds without a bank through SMS.
Zapper: Launched in 2020, the Zapper mobile application has been gaining momentum in the region for convenient and secure money transfers.
FlickPay: Another mobile based e-wallet which is popular amongst South Africans, is the FlickPay, which is powered by WiGroup – a company specialized in the mobile transactions. It enables safe and secure transactions along with simple user interface.
CellPay: Recently launched e-wallet, the CellPay, not only enables payment through credit cards, it also allows transactions directly from the First National Bank accounts.
How to Withdraw Winnings?
The withdrawal process at almost all the broker falls in the same category. This helps you, if you learn the withdrawal process at one brokerage site, the same process can be reused at the other websites.
The following text outlines the generic steps of withdrawal process which is followed by the most brokers.
Select the Amount: To initiate the withdrawal from a binary options broker website, the first and foremost thing is to identify and reach out to the financial handling page. Then you have to enter the amount you wish to withdraw. There are certain brokers who put cap of minimum withdrawal amount, meaning you are allowed to initiate withdrawal only if you meet their terms and conditions for the withdrawal.
This is definitely disheartening for the small or retail traders, as these traders don’t indulge into heavy trading and don’t meet the volume requirements.
Select the payment vehicle: once you have selected the amount of money you wish to withdraw in accordance with the terms and conditions of the website, you are required to select the payment vehicle which will assist in transferring funds to your account. The binary brokers offer a variety of options to transfer the funds to customers account including wire transfers, e-wallets, credit or debit cards, and Money bookers.
There is a limitation with most of the binary brokers in selecting the payment method, they restrict the withdrawal only through the mode which was utilized during depositing the funds.
Confirm: After completion of above steps, all you required is to confirm the transaction. The payment processing staff will then evaluate your request and if found valid, they will process it to initiate the payment. The payment takes between 4 to 7 days to reflect in your own account depending upon the payment method you had selected earlier.
Waiting period: The payment will not reflect in your credit or debit card as soon as you have confirmed the transactions. The main reason behind the delay is that it is not an automated process and requires human intervention to complete the transaction.
Generally, several traders are making a request for withdrawals on a daily basis, and all the request needs to be thoroughly screened by the payment processing staff of the binary broker. This leads to delay in processing the request, resulting in delay of 4 to 7 days.
Can You Withdraw Anytime?
The simplest answer is YES; you can withdraw your money at any time at a legit broker site and if someone restricts it then consider that there is something fishy with the website. Having said that, the immediate withdrawal needs to meet certain conditions described in the terms and conditions of the page to qualify for the payment.
The binary brokerage website offers lucrative bonuses to persuade the investor or trader to register on their site. Once you have received such bonuses, you have to forego your right of immediate withdrawal and the withdrawal is only possible when certain volume or other conditions are met as described in the website’s T&C page.
Generally, these conditions include, generating a volume as specified or executing number of transaction or both. Once such conditions are fulfilled then traders are allowed to withdraw their winnings as well as the bonus money. This makes a lot of business sense, for instance, if broker allows traders to withdraw funds immediately then the traders might just register on the brokerage site, make a deposit and get bonuses, and then immediately make a withdrawal request to draw both deposit and bonus amount.
In case the traders have received the bonuses but are haven’t fulfilled the terms of the bonuses, then the traders are allowed to withdraw only the winning amount from transaction carried out by both funds (deposits and bonuses).
Issues Related to Withdrawals from Binary Options Brokers
In the beginning, the scouting trader looks at google by typing “XYZ Broker Review” to get an idea about the brokerage house and research further to get the reviews from the real users. Depending upon the number of years the broker has been in the business, the scouting trader will find some positive and some negative feedback regarding the withdrawal procedures.
You can definitely take help of our reviews on the website to know more about various brokers. The majority of complaints about the withdrawal exists because of either the withdrawal procedure or with the bonus withdrawal. The following text describes both the issues and how to overcome it.
The Withdrawal Procedure: The process devised by the brokerage house to initiate and complete the withdrawal transaction is called the withdrawal procedure. As in any legit business, the cash out requires you to fulfill certain formalities before initiating the withdrawals. These are standard requirements which are being followed by almost all the brokers and they include formalities related to Anti-Money Laundering and Know Your Customer guidelines. These requirements assess whether the trader who is registering is the same as he declares himself on the site through some valid documents. The broker assesses the trader through an identity proof and address proof.
The following list of documents is requested by almost all the brokers, specifically who are regulated by the Cyprus Securities and Exchange Commissions. There might be some variations in the requirements and you should check the terms of withdrawal to get the complete knowledge for your choice of broker.
- Identity Proof – To validate the identity of the individual who is enrolling on the brokerage site, they require a copy of either the passport, driving license, or the national ID.
- Address Proof – In order to assess whether the trader has a same address of resident as indicated while registering on the website, they request for the latest utility bill, latest tax bill, bank statement, or credit card statement.
- Credit or Debit card – In case you want to withdraw funds to your credit or debit card, then you must send a copy of back and the front side of the credit card. For security purpose, you are allowed to black out the center 8 digits of the credit card number on the front, and CVV number at the back side of the credit card. We request you to follow this security measures at all times and without fail.
- SWIFT Code – For withdrawal direct to your bank accounts, you are required to submit the SWIFT Code confirmation from the respective bank.
The above document list is for understanding and is not exhaustive. Please check the individual brokerage site to get the full list of requirements for the respective broker.
The bonus Amount: This is another parameter wherein most of the complaints can be seen. The brokerage houses provide bonuses to attract the user to register on their website. However, many individuals think that the bonuses will be credit immediately and they can withdraw funds immediately along with the bonuses, and this way then can make money without even risking anything. You will have to understand that there is nothing called “FREE” in the world, and the bonuses are an instrument to attract you to register. While bonuses are good, they do come with certain preconditions which include either volume fulfillment or transaction fulfillment or both.
You will have to acquaint yourself with the individual broker’s bonus policy from their terms and conditions so that you don’t get heartburns.
Overall, it is requested and it is must for every trader or investor to read the terms and conditions of the website carefully before committing themselves to the respective binary broker.
Which Payment Method is the Best for You?
It is never too late to do another research when it comes to deposit and withdrawal methods of binary options trading. If you see the bigger picture, all these payment methods mentioned above are reliable and worth trying.
However, it is also a nice move if you consult with an experience binary options trader who has already used some of these payment methods and can tell you his or her experience and satisfaction. There is no better review from a person who has already tried some product or service by its own. In this way, you will know which online payment method is good for your future career as a binary options trader and which one is not.
Also, think about trying more than just one of the mentioned payment methods. You can be surprised how much beneficial it can be when you are using more sources of income and more platforms to transfer and use your money, from your financial success as a binary options trader.
Binary options industry is a great way to earn some money and be successful. All you have to do is to act smart and be careful with your calculations and analysis. Take some time to learn more about the way on how to do a successful analysis that will increase your income in the financial market.
Think about having a mentor, who will advise you not only for the deposit and withdrawal methods of binary options trading, but also for the whole process of working in this industry.
Also, when you think about which payment method you should choose, think about the location that you are currently staying. Make a good calculation of what country gives you the best payment method of binary options trading payments. In addition, always check the fees that are usually charged with these payment methods. You do not want to lose money once you are earning with making analysis and calculations on the financial market.
As it was mentioned before, there are some free payment methods that you can use, but first check if it is suitable for your country too. However, most of these deposit and withdrawal payment methods of binary options trading are charging small fees in order to do the money transaction. You can rely more on the safety than on the fee that they will charge you with every transaction.
Safety of your personal and professional information and data should be a priority, so it is better for you to check all reviews and rates about the different payment methods of binary options trading that you will choose. A good review does not mean that it will offer you a strong protection of your data. Always keep that in mind!
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