Currencies Min Deposit Min Withdrawal Processing Time* Reference
Deposit: 3 blockchain confirmations Withdrawal: 1 working day
Deposit: 3 blockchain confirmations Withdrawal: 1 working day
Deposit: 3 blockchain confirmations Withdrawal: 1 working day
Deposit: 3 blockchain confirmations Withdrawal: 1 working day
Note: Figures have been rounded.
The minimum amount for withdrawal will vary depending on the latest exchange rates.
Your withdrawal will be processed in one business day (Monday to Friday 9:00 am–5:00 pm GMT+8) unless stated otherwise.
Additional processing time may be required by your bank or money transfer services for the funds to be credited to your payment account.
Partner With Us
In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).
Outside the EU, financial products are offered by Binary (SVG) LLC, Hinds Building, Kingstown, St. Vincent and the Grenadines; Binary (V) Ltd, Govant Building, Port Vila, PO Box 1276, Vanuatu, regulated by the Vanuatu Financial Services Commission (view licence); Binary (BVI) Ltd, Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands, regulated by the British Virgin Islands Financial Services Commission (licence no. SIBA/L/18/1114); and Binary (FX) Ltd., Lot No. F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan, Malaysia, regulated by the Labuan Financial Services Authority to carry on a money-broking business (licence no. MB/18/0024).
This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, Japan, or to persons under age 18.
The products offered via this website include binary options, contracts for difference (“CFDs”) and other complex derivatives. Trading binary options may not be suitable for everyone. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money. Before trading in the complex products offered, please be sure to understand the risks involved and learn about Responsible Trading.
In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).
In the Isle of Man and the UK, Synthetic Indices are offered by Binary (IOM) Ltd., First Floor, Millennium House, Victoria Road, Douglas, IM2 4RW, Isle of Man, British Isles; licensed and regulated respectively by (1) the Gambling Supervision Commission in the Isle of Man (current licence issued on 31 August 2020) and by (2) the Gambling Commission in the UK (licence reference no: 39172).
In the rest of the EU, Synthetic Indices are offered by Binary (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta; licensed and regulated by (1) the Malta Gaming Authority in Malta (licence no. MGA/B2C/102/2000 issued on 01 August 2020), for UK clients by (2) the UK Gambling Commission (licence reference no: 39495), and for Irish clients by (3) the Revenue Commissioners in Ireland (Remote Bookmaker’s Licence no. 1010285 issued on 1 July 2020). View complete Regulatory Information.
Binary.com is an award-winning online trading provider that helps its clients to trade on financial markets through binary options and CFDs. Trading binary options and CFDs on Synthetic Indices is classified as a gambling activity. Remember that gambling can be addictive – please play responsibly. Learn more about Responsible Trading. Some products are not available in all countries. This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, or to persons under age 18.
Trading binary options may not be suitable for everyone, so please ensure that you fully understand the risks involved. Your losses can exceed your initial deposit and you do not own or have any interest in the underlying asset.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with Binary Investments (Europe) Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
How Binary Option Robot Can Change Your Life? Check This Out!
IQ Option: Deposit and Withdrawal Methods in Binary Options We Will Reveal The Cheapest and Most Trustworthy Banking Methods
How to Make Money with Binary Option Robot
Top Binary Option Robots in Russia
Claim your free binary option robot, get started with three easy steps:
Name of Robot
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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Deposit and Withdrawal Methods in Binary Options in South Africa
The subject of deposit and withdrawal methods in binary options is an important one, and while we do live and work in a highly modern age, not all traders know all the important detail connected with this.
Considering just how popular binary options trading is in South Africa, being well-informed on crucial matters such as this one is not something that should be neglected.
The purpose of this guide is precisely that, to explain and emphasise important aspects connected to deposit and withdrawal methods in binary options.
We will discuss this subject in general terms but will also focus our attention to the ones in South Africa.
Usual Deposit and Withdrawal Methods
In the general sense, there are several usual deposit and withdrawal methods available in both South Africa and around the world.
Bank wire transfer is the one which has been around the most with credit and debit cards following and lastly, nowadays, e-wallet providers have also become quite popular.
While these payment methods are suitable for the various financial transaction, in most cases people use credit/debit cards and bank wire.
But, as we mentioned e-wallets are starting to be used more and more and this payment method is especially popular in binary options trading.
Bank Wire Transfer – Binary Options
Bank wire transfer is a way to execute deposits and withdrawals in binary options trading and South African traders as well as those around the world use this method.
The bank wire transfer is conducted either between a bank and a company of between two banks.
This manner of payment also demands that South African traders provide information such as their account number, bank address and SWIFT number.
One of the shortcomings of bank wire transfer is the fact it takes longer to conduct deposit and withdrawals this way.
In most cases, it takes up to several days before funds are delivered to the traders’ account.
Additionally, with bank wire transfer traders may also expect an additional fee, usually around $25 – $30 that has to be paid but this does vary from one binary broker to the next.
Credit/Debit Card Payment
Still the most popular payment method in the world as well as in South Africa, card payment has held this position for a long period of time.
There are two types of cards – credit and debit cards. The notable difference being that debit cards take the funds directly from the bank account.
On the other hand, credit cards function in a way that the funds will be taken from the bank account on a specific, pre-arranged day of the month to cover the cost.
Maestro Card is the most popular debit card while Visa, American Express and MasterCard are the three most popular credit cards.
Naturally, these cards are the most popular one on the global level. However, there are various cards available according to the country of residence.
Considering the advanced technology available in the 21st century, South African traders as well as those worldwide, now have a new online payment method on disposal.
Soon after they appeared, e-wallets became one of popular deposit and withdrawal methods in binary options. E-wallets provide safe, fast and easy payment method.
The fact that there are a fine variety of e-wallets makes this payment method even more appealing for binary traders.
To be able to execute payments via e-wallet, trades just have to log into their e-wallet account and then put in the amount for withdrawal or deposit.
There are indications supported by financial specialists, which point that e-wallets will become the prevalent payment method in the future.
This trend is notable in South Africa too, as an increase of 66% was noted concerning e-wallet payments. Mobile phone payment is also gaining popularity in South Africa.
As expected, some e-wallet providers charge a fee, typically around $10 while others do not. With popular e-wallet providers, South African traders can also get a card which may be used on ATMs or to do money transactions.
Skrill E-wallet in Binary Options
One such e-wallet provider is Skrill Moneybookers.
This e-wallet, which has been available since 2001 under the name Moneybookers, Skrill was rebranded in 2020 and is now available in 200 countries around the world and with an option to use 40 different currencies.
Opening a Skrill account is simple, straightforward and free. Interested South African traders have to provide an email address and then create their password, and provide personal info and the account will be created. For a retailer that accepts Skrill, no fee will be charged.
According to the information available on their site, the same goes for receiving money on the Skrill account while uploading funds onto the Skrill account is usually free or there might be some small charge. Sending money with Skrill wallet is charged with 1.9% of the sent amount and the charge will never exceed €20.
It is also possible to obtain Skrill Prepaid MasterCard which does not require any document and is available in four different currencies – GBP, EUR, USD and PLN.
Skrill has become very popular payment method in binary options industry due to its simplicity as well as safety. Plenty of popular and well-established brokers support this payment method for both deposits and withdrawals.
Brokers such as 24option, IQ Option, AnyOption, Daweda Exchange and StockPair provide South African traders the use of Skrill for deposits and withdrawals in binary options.
PayPal E-wallet in Binary Options
Together with Skrill, PayPal is among best-known e-wallets and it is frequently used by binary options traders, both in South Africa and globally.
It was founded in 1998 and since then they have grown into one of the largest Internet payment companies.
According to the latest information, PayPal is servicing 202 markets and their customers may hold, receive and send funds in 25 currencies.
They also provide a mobile app which is suitable for Android and iOS.
All the above payment methods are suitable for both deposits and withdrawals in binary options South Africa it is most common that brokers will charge fees for bank wire withdrawals though is also becoming more frequent that brokers offer first withdrawal in a month free of charge.
Additional Payment Methods – South Africa
Aside from the above-mentioned credit/debit cards and e-wallets, there are some other payment methods which are becoming popular in South Africa.
PaySafe Card is one of them, as they provide swift and safe financial transaction in South Africa and there are several binary brokers who also offer this payment method for their deposit and withdrawal process.
First National Bank or FNB is the oldest bank in South Africa and it provides a varied set of services and depots and withdrawal methods. It also provides South African traders to use e-wallets like Skrill, PayPal, Ukash and Neteller as well as their own FNB e-wallet.
What we discovered for this binary guide is the fact South African traders are able to make payments via a popular processing service called Payfast.
PayFast is a payment service which is available for all traders in South Africa to use it and have more simple and secure way of money transfer. It is connected to all four major banks in South Africa.
Let’s not forget how PayFast offers traders option to use Bitcoin for their money transfer.
There are also some local e-wallets South African traders might use and which include:
Cell Pay Point – e-wallet provider which is not limited to credit cards and those South Africans who have an account with FNB can use their mobile phones to carry out payments
FlickPay – e-wallet which utilises wiGroup technology specialised for mobile transactions and which first became available in 2020
Zapper – a South African smartphone app available since 2020 and which is becoming more and more popular for financial transactions
We advise all South Africans looking to trade binary options to contact the customer support service and check with them if any of the alternative payment methods in South Africa may be used with a broker of their choice.
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